HomeMy WebLinkAboutResolution - 072469K - Purchase Option Agreement- Concentric Engineering Co- East1_2 Of Section 33 Blka - 07_24_1969RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock Be and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock a PURCHASE OPTION
AGREEMENT between the CITY OF LUBBOCK and CONCENTRIC ENGINEERING
COMPANY attached herewith which shall be spread upon the minutes of the
Council and as spread upon the minutes of this Council shall constitute and be a
part of this Resolution as if fully copied herein in detail.
ed by the City Council this 4th day of
TTEST:
Lowe, City Sc&cretary-
PROVED :
Z,2�eWX�-
red O. Senter, Jr., City Forney
No Text
1.
:':'�'•:
For and in consideration of the sum of TEN AND N01100
DOLLARS ($10.00) cash in hand paid by the City to Concentric
and for other good and valuable considerations as hereinafter
set forth, the receipt of all of which is hereby acknowledged...'::.
and confessed, Concentric does hereby grant to the City
the option to purchase the said tract of land from Felton,
described above, subject to the terms and provisions shown "
below. .
2.
i
Concentric is presently submitting to -the City a proposal
`
for a shredding and baling garbage processing plant that
T
would be owned and operated by the City. The purpose of
this Purchase Option Agreement is to make it possible for
the City to be assured that it can acquire the above described
tract of land, under the conditions herein outlined, if the
City elects to purchase a shredding and baling garbage
processing plant from Concentric or any other corporation -
or person.
3.
If the City contracts with Concentric to build a shredding and
baling garbage processing plant, the City shall have the option
to purchase the said tract of land from Felton for a price of
$88,000.00 and no further payment will be made to Concentric.
The City shall be required to pay any closing costs that
1
..
Concentric.is obligated to pay under Concentric's agreement
with Felton. The option must be exercised on or before
September 21,
�1969.
4.
If the City contracts with a corporation, company, or person
other than Concentric to build a shredding and baling garbage
•
a
No Text