HomeMy WebLinkAboutResolution - 2023-R0206 - Real Estate Sales Contract with Kathleen A. Harold at 3402 Upland AveResolution No. 2023-RO206
Item No. 6.16
April 25, 2023
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the act of the City Manager in executing, on behalf of the City of Lubbock, a
Real Estate Sales Contract for the purchase of real property, by and between the City of
Lubbock and Kyle W. and Kathleen A Harold, and all related documents is hereby ratified in
full. Said Contract is attached hereto and incorporated in this resolution as if fully set forth
herein and shall be included in the minutes of the City Council
Passed by the City Council on
APPROVED AS TO CONTENT:
Erik Rejino, Assistant City Manager
t
Am s, Deputy Ci orney
April 25, 2023
RES.ACKNOWLEDGE AND RADIFY 3402 Upland Contract
4uthentlslgn ID: 1-BA77-14G13552h4"d
Resolution No. 2023-RO206
11 TEXAS REACTORS
COMMERCIAL CONTRACT - IMPROVED PROPERTY
USE OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF THE TEXAS ASSOCIATION OF REALTORM INC IS NOT AUTHORIZED
®Texas Association of REALTORSO, Inc. 2022
PARTIES: Seller agrees to sell and convey to Buyer the Property described in Paragraph 2. Buyer agrees
to buy the Property from Seller for the sales price stated in Paragraph 3. The parties to this contract are:
Seller: Kvle W. and Kathleen A Harold
Address:
Phone:
Mobile:
Buyer: City of Lubbock
E-mail:
Fax or Other:
Address: 1314 Ave K, Lubbock, TX 79401 _
Phone: (806)559-3775 Zoltan E-mail: zfekete@mylubbock.com
Mobile: Fax or Other:
2. PROPERTY:
A. "Property" means that real property situated in Lubbock County, Texas at
3402 Upland Ave, Lubbock, TX 79407 (address)
and that is legally described on the attached Exhibit or as follows:
Bilk AK SEC 39 AB 228 TR All
B. Seller will sell and convey the Property together with:
(1) all buildings, improvements, and fixtures;
(2) all rights, privileges, and appurtenances pertaining to the Property, including Seller's right, title, and
interest in any minerals, utilities, adjacent streets, alleys, strips, gores, and rights -of -way;
(3) Seller's interest in all leases, rents, and security deposits for all or part of the Property;
(4) Seller's interest in all licenses and permits related to the Property;
(5) Seller's interest in all third party warranties or guaranties, if transferable, relating to the Property or
any fixtures;
(6) Seller's interest in any trade names, if transferable, used in connection with the Property; and
(7) all Seller's tangible personal property located on the Property that is used in connection with the
Property's operations except: refrigerator, washer 8t dryer
(Describe any exceptions, reservations, or restrictions in Paragraph 12 or an addendum.)
(If mineral rights are to be reserved an appropriate addendum should be attached.)
(If the Property is a condominium, attach Commercial Contract Condominium Addendum (7XR-1930) or
(TXR-1946).)
3. SALES PRICE: At or before closing, Buyer will pay the following sales price for the Property:
A. Cash portion payable by Buyer at closing ......................... $ 500,000.00
B. Sum of all financing described in Paragraph 4 ..................... $
C. Sales price (sum of 3A and 3B) ........... �� �,,�� ............ $ 500,000.00
(TXR-1801) 07-08-22 Initialed for Identification by Selle,.o „ . I YAY hand B Page 1 of 15
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Karen Higgins Produced with Lone Wolf Transactions (zipFonn Edition) 717 N Harwood St, Suite 2200, Dallas, TX 75201 www.lwolf.com
4uthentisign ID: 6tf> 008•ED11•5A77.14G8652F4F5B
Commercial Contract - Improved Property concerning 3402 upland Ave. Lubboek. TX 79407
4. FINANCING: Buyer will finance the portion of the sales price under Paragraph 3B as follows:
A. Third Party Financing: One or more third party loans in the total amount of $ This
contract:
(1) is not contingent upon Buyer obtaining third party financing.
(2) is contingent upon Buyer obtaining third party financing in accordance with the attached
Commercial Contract Financing Addendum (TXR-1931).
❑ B. Assumption: In accordance with the attached Commercial Contract Financing Addendum (TXR-1931),
Buyer will assume the existing promissory note secured by the Property, which balance at closing will
be $
[ C. Seller Financing: Buyer will deliver a promissory note and deed of trust from Buyer to Seller under the
terms of the attached Commercial Contract Financing Addendum (TXR-1931) in the amount of
5. EARNEST MONEY:
A. Not later than 3 days after the effective date, Buyer must deposit $ $5,000.00 as earnest money
with Lubbock Abstract and Title (title company)
at 1216 Texas Ave (address) Gail Wilcoxson (closer).
If Buyer fails to timely deposit the earnest money, Seller may terminate this contract or exercise any of
Seller's other remedies under Paragraph 15 by providing written notice to Buyer before Buyer deposits
the earnest money.
B. Buyer will deposit an additional amount of $ with the title company to be made
part of the earnest money on or before:
H
(i) days after Buyer's right to terminate under Paragraph 7B expires; or
(ii)
Buyer will be in default if Buyer fails to deposit the additional amount required by this Paragraph 5B
within 3 days after Seller notifies Buyer that Buyer has not timely deposited the additional amount.
C. Buyer may instruct the title company to deposit the earnest money in an interest -bearing account at a
federally insured financial institution and to credit any interest to Buyer.
6. TITLE POLICY, SURVEY, AND UCC SEARCH:
A. Title Policy:
(1) Seller, at Seller's expense, will furnish Buyer an Owner's Policy of Title Insurance (the title policy)
issued by any underwriter of the title company in the amount of the sales price, dated at or after
closing, insuring Buyer against loss under the title policy, subject only to:
(a) those title exceptions permitted by this contract or as may be approved by Buyer in writing; and
(b) the standard printed exceptions contained in the promulgated form of title policy unless this
contract provides otherwise.
(2) The standard printed exception as to discrepancies, conflicts, or shortages in area and boundary
lines, or any encroachments or protrusions, or any overlapping improvements:
X (a) will not be amended or deleted from the title policy.
(b) will be amended to read "shortages in areas" at the expense of ❑ Buyer ❑ Seller.
(3) Within 15 days after the effective date, Seller will furnish Buyer a commitment for title insurance
(the commitment) including legible copies of recorded documents evidencing title exceptions. Seller
authorizes the title company to deliver the commitment and related documents to Buyer at Buyer's
address. _
(TXR-1801) 07-08-22 Initialed for Identification by Sell, nd Bu Page 2 of 15
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4utllentisign ID: 6R 08•tu11-BA77-14@l6021.4"t5
Commercial Contract - Improved Property concerning 3402 upland Ave. Lubbock,TX 79407
B. Survey: Within 10 days after the effective date:
(1) Buyer will obtain a survey of the Property at Buyer's expense and deliver a copy of the survey to
Seller. The survey must be made in accordance with the: (i) ALTA/NSPS Land Title Survey
standards, or (ii) Texas Society of Professional Surveyors' standards for a Category 1A survey
under the appropriate condition. Seller will reimburse Buyer (insert
amount) of the cost of the survey at closing, if closing occurs.
(2) Seller, at Seller's expense, will furnish Buyer a survey of the Property dated after the effective date.
The survey must be made in accordance with the: (i) ALTA/NSPS Land Title Survey standards, or
(ii) Texas Society of Professional Surveyors' standards for a Category 1A survey under the
appropriate condition.
0 (3) Seller will deliver to Buyer and the title company a true and correct copy of Seller's most recent
survey of the Property along with an affidavit required by the title company for approval of the
existing survey. If the existing survey is not acceptable to the title company, X Seller ❑ Buyer
(updating party), will, at the updating party's expense, obtain a new or updated survey acceptable
to the title company and deliver the acceptable survey to the other party and the title company
within 30 days after the title company notifies the parties that the existing survey is not acceptable
to the title company. The closing date will be extended daily up to 30 days if necessary for the
updating party to deliver an acceptable survey within the time required. The other party will
reimburse the updating party None (insert amount or percentage) of the cost of the
new or updated survey at closing, if closing occurs.
C. UCC Search:
❑ (1) Within days after the effective date, Seller, at Seller's expense, will furnish Buyer a Uniform
Commercial Code (UCC) search prepared by a reporting service and dated after the effective date.
The search must identify documents that are on file with the Texas Secretary of State and the
county where the Property is located that relate to all personal property on the Property and show,
as debtor, Seller and all other owners of the personal property in the last 5 years.
X (2) Buyer does not require Seller to furnish a UCC search.
D. Buyer's Objections to the Commitment. Survey. and UCC Search:
(1) Within 15 days after Buyer receives the last of the commitment, copies of the documents
evidencing the title exceptions, any required survey, and any required UCC search, Buyer may
object to matters disclosed in the items if: (a) the matters disclosed are a restriction upon the
Property or constitute a defect or encumbrance to title to the real or personal property described in
Paragraph 2 other than those permitted by this contract or liens that Seller will satisfy at closing or
Buyer will assume at closing; or (b) the items show that any part of the Property lies in a special
flood hazard area (an "A" or "V" zone as defined by FEMA). If the commitment or survey is revised
or any new document evidencing a title exception is delivered, Buyer may object to any new matter
revealed in such revision or new document. Buyer's objection must be made within the same
number of days stated in this paragraph, beginning when the revision or new document is delivered
to Buyer. If Paragraph 613(1) applies, Buyer is deemed to receive the survey on the earlier of: (i) the
date Buyer actually receives the survey; or (ii) the deadline specified in Paragraph 6B.
(2) Seller may, but is not obligated to, cure Buyer's timely objections within 15 days after Seller
receives the objections. The closing date will be extended as necessary to provide such time to
cure the objections. If Seller fails to cure the objections by the time required, Buyer may terminate
(TXR-1801) 07-08-22 Initialed for Identification by Sell �i ilk and B Page 3 of 15
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Commercial Contract - Improved Property concerning 3402 UWand Ave, Lubbock, TX 79407
this contract by providing written notice to Seller within 5 days after the time by which Seller must
cure the objections. If Buyer terminates, the earnest money, less any independent consideration
under Paragraph 713(1), will be refunded to Buyer.
(3) Buyer's failure to timely object or terminate under this Paragraph 6D is a waiver of Buyer's right to
object except that Buyer will not waive the requirements in Schedule C of the commitment.
7. PROPERTY CONDITION:
A. Present Condition: Buyer accepts the Property in its present condition except that Seller, at Seller's
expense, will complete the following before closing:
B. Feasibility Period: Buyer may terminate this contract for any reason within 50 days after the
effective date (feasibility period) by providing Seller written notice of termination.
(1) Independent Consideration. (Check only one box and insert amounts.)
X (a) If Buyer terminates under this Paragraph 7B, the earnest money will be refunded to Buyer less
$ 100.00 that Seller will retain as independent consideration for Buyer's
unrestricted right to terminate. Buyer has tendered the independent consideration to Seller
upon payment of the amount specified in Paragraph 5A to the title company. The independent
consideration is to be credited to the sales price only upon closing of the sale. If no dollar
amount is stated in this Paragraph 71311 Lor if Buver fails to deposit the earnest money. Buyer
will not have the right to terminate under this Paragraph 7B.
(b) Not later than 3 days after the effective date, Buyer must pay $ as
independent consideration for Buyer's right to terminate by tendering such amount to the title
company. Buyer authorizes escrow agent to release and deliver the independent consideration
to Seller at any time upon Seller's request without further notice to or consent from Buyer. If
Buyer terminates under this Paragraph 7B, the earnest money will be refunded to Buyer and
Seller will retain the independent consideration. The independent consideration will be credited
to the sales price only upon closing of the sale. If no dollar amount is stated in this Paragraph
7B(2.) or if Buyer fails to pay the independent consideration. Buyer will not have the right to
terminate under this Paragraph 7B.
(2) Feasibility Period Extension: Prior to the expiration of the initial feasibility period, Buyer may extend
the feasibility period for a single additional period of _ days by delivering $
to the title company as additional earnest money.
(a) $ of the additional earnest money will be retained by Seller as additional
independent consideration for Buyer's unrestricted right to terminate, but will be credited to the
sales price only upon closing of the sale. If Buyer terminates under this Paragraph 7B, the
additional earnest money will be refunded to Buyer and Seller will retain the additional
independent consideration.
(b) Buyer authorizes escrow agent to release and deliver to Seller the following at any time upon
Seller's request without further notice to or consent from Buyer:
(i) The additional independent consideration.
(ii) (Check no boxes or only one box.)
all or $ of the remaining portion of the additional earnest money,
which will be refunded to Buyer if Buyer terminates under this Paragraph 7B or if Seller
defaults under this contract.
(TXR-1801) 07-08-22 Initialed for Identification by Sell, nd Bu r Page 4 of 15
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Karen Higgins Produced with Lone Wolf Transactions (zipForm Edition) 717 N Harwood St, Suite 2200, atlas, TX 75201 www.lwolf.eom
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Commercial Contract - Improved Property concerning 3402 Upland Ave, Lubbock, TX 79407
If no dollar amount is stated in this Paragraph 7B(2) as additional earnest money or as additional
independent consideration, or if Buyer fails to timely deliver the additional earnest money, the
extension of the feasibility period will not be effective.
C. Inspections. Studies. or Assessments:
(1) During the feasibility period, Buyer, at Buyer's expense, may complete or cause to be completed
any and all inspections, studies, or assessments of the Property (including all improvements and
fixtures) desired by Buyer.
(2) Seller, at Seller's expense, will turn on all utilities necessary for Buyer to make inspections, studies,
or assessments.
(3) Buyer must:
(a) employ only trained and qualified inspectors and assessors;
(b) notify Seller, in advance, of when the inspectors or assessors will be on the Property;
(c) abide by any reasonable entry rules or requirements of Seller;
(d) not interfere with existing operations or occupants of the Property; and
(e) restore the Property to its original condition if altered due to inspections, studies, or
assessments that Buyer completes or causes to be completed.
(4) Except for those matters that arise from the negligence of Seller or Seller's agents, Buyer is
responsible for any claim, liability, encumbrance, cause of action, and expense resulting from
Buyer's inspections, studies, or assessments, including any property damage or personal injury.
Buyer will indemnify, hold harmless, and defend Seller and Seller's agents against any claim
involving a matter for which Buyer is responsible under this paragraph. This paragraph survives
termination of this contract.
D. Property Information:
(1) Delivery of Property Information: Within days after the effective date, Seller will deliver to
Buyer the following to the extent in Seller's possession: (Check all that apply.)
❑(a) a current rent roll of all leases affecting the Property certified by Seller as true and correct;
(b) copies of all current leases, including any mineral leases, pertaining to the Property, including
any modifications, supplements, or amendments to the leases;
❑ (c) a current inventory of all personal property to be conveyed under this contract and copies of
any leases for such personal property;
LI (d) copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller
will not pay in full on or before closing;
❑ (e) copies of all current service, utility, maintenance, and management agreements relating to the
ownership and operation of the Property;
(f) copies of current utility capacity letters from the Property's water and sewer service provider;
(g) copies of all current warranties and guaranties relating to all or part of the Property;
(h) copies of fire, hazard, liability, and other insurance policies that currently relate to the Property;
(i) copies of all leasing or commission agreements that currently relate to the tenants of all or part
of the Property;
(j) a copy of the "as -built" plans and specifications and plat of the Property;
(k) copies of all invoices for utilities and repairs incurred by Seller for the Property in the 24 months
immediately preceding the effective date;
❑ (1) a copy of Seller's income and expense statement for the Property from
to ;
❑ (m)copies of all previous environmental assessments, geotechnical reports, studies, or analyses
made on or relating to the Property;, ..
(TXR-1801) 07-08-22 Initialed for Identification by Sell and B Page 5 of 15
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Commercial Contract - Improved Property concerning 34Q2 Upland Ave, Lubbock. TX 79407
H(n) real and personal property tax statements for the Property for the previous 2 calendar years;
(o) Tenant reconciliation statements including, operating expenses, insurance and taxes for the
Property from to ; and
❑ (p)
(2) Return of Property Information: If this contract terminates for any reason, Buyer will, not later than
10 days after the termination date: (Check all that apply.)
❑ (a) return to Seller all those items described in Paragraph 7D(1) that Seller delivered to Buyer in
other than an electronic format and all copies that Buyer made of those items;
❑ (b) delete or destroy all electronic versions of those items described in Paragraph 7D(1) that Seller
delivered to Buyer or Buyer copied in any format; and
❑ (c) deliver to Seller copies of all inspection and assessment reports related to the Property that
Buyer completed or caused to be completed.
This Paragraph 7D(2) survives termination of this contract.
E. Contracts Affecting Operations: Until closing, Seller: (1) will operate the Property in the same manner
as on the effective date under reasonably prudent business standards; and (2) will not transfer or
dispose of any part of the Property, any interest or right in the Property, or any of the personal property
or other items described in Paragraph 2B or sold under this contract. After the feasibility period ends,
Seller may not enter into, amend, or terminate any other contract that affects the operations of the
Property without Buyer's written approval.
8. LEASES:
A. Each written lease Seller is to assign to Buyer under this contract must be in full force and effect
according to its terms. Seller may not enter into any new lease, fail to comply with any existing lease,
or make any amendment or modification to any existing lease without Buyer's written consent. Seller
must disclose, in writing, if any of the following exist at the time Seller provides the leases to the Buyer
or subsequently occur before closing:
(1) any failure by Seller to comply with Seller's obligations under the leases;
(2) any circumstances under any lease that entitle the tenant to terminate the lease or seek any offsets
or damages;
(3) any non -occupancy of the leased premises by a tenant;
(4) any advance sums paid by a tenant under any lease;
(5) any concessions, bonuses, free rents, rebates, brokerage commissions, or other matters that affect
any lease; and
(6) any amounts payable under the leases that have been assigned or encumbered, except as security
for loan(s) assumed or taken subject to under this contract.
B. Estoppel Certificates: Within days after the effective date, Seller will deliver to Buyer estoppel
certificates signed not earlier than by each tenant that leases space
in the Property. The estoppel certificates must include the certifications contained in the current version
of TXR Form 1938 - Commercial Tenant Estoppel Certificate and any additional information requested
by a third party lender providing financing under Paragraph 4 if the third party lender requests such
additional information at least 10 days prior to the earliest date that Seller may deliver the signed
estoppel certificates.
(TXR-1801) 07-08-22 Initialed for Identification by Sell *. , I�/ I� nd Buy Page 6 of 15
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4uthen0slon ID: 6 08-ED11-idA77-14D6BbZh4hDt3
Commercial Contract - Improved Property concerning
9. BROKERS:
A. The brokers to this sale are:
Principal Broker: Exp Realty Cooperating Broker: WestMark Commercial
Agent: Hacee Hughes
Address:
Phone & Fax: (806)319-0607
E-mail: hacee.hughes@exprealty.com
License No.:
Agent: Karen Higgins/Alison Blalock
Address: 4105 84th Street
Lubbock. Tx 79423
Phone & Fax: (806)776-2833 (806)776-2821
E-mail: khiggins _ccirnmet AblalocklMccim.net
License No.: 9000344
Principal Broker: (Check only one box) Cooperating Broker represents Buyer.
X represents Seller only.
represents Buyer only.
is an intermediary between Seller and Buyer.
B. Fees: (Check only (1) or (2) below.)
(Complete the Agreement Between Brokers on page 14 only if (1) is selected.)
(1) Seller will pay Principal Broker the fee specified by separate written commission agreement
between Principal Broker and Seller. Principal Broker will pay Cooperating Broker the fee specified
in the Agreement Between Brokers found below the parties' signatures to this contract.
7X (2) At the closing of this sale, Seller will pay:
Principal Broker a total cash fee of:
X 3.000 % of the sales price
Cooperating Broker a total cash fee of:
[X� 3.000 % of the sales price.
The cash fees will be paid in Lubbock County, Texas. Seller authorizes
the title company to pay the brokers from the Seller's proceeds at closing.
NOTICE. Chapter 62, Texas Property Code, authorizes a broker to secure an earned commission
with a lien against the Property.
C. The parties may not amend this Paragraph 9 without the written consent of the brokers affected by the
amendment.
10. CLOSING:
lont
[ki
The date of the closing of the sale (closing date) will be on or before the later of:
(1) days after the expiration of the feasibility period.
5/31123 (specific date).
(2) 7 days after objections made under Paragraph 6D have been cured or waived.
B. If either party fails to close by the closing date, the non -defaulting party may exercise the remedies in
Paragraph 15. mr N^}
(TXR-1801) 07-08-22 Initialed for Identification by Selle�, nd B r Page 7 of 15
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4uthentla10n ID: 6F 008•ED11•BA77.1405552F4F55
Commercial Contract - Improved Property concerning 3402 Upland Ave, Lubbock, TX 7941117
C. At closing, Seller will execute and deliver to Buyer, at Seller's expense, a general ❑X special warranty
deed. The deed must include a vendor's lien if any part of the sales price is financed. The deed must
convey good and indefeasible title to the Property and show no exceptions other than those permitted
under Paragraph 6 or other provisions of this contract. Seller must convey the Property:
(1) with no liens, assessments, or Uniform Commercial Code or other security interests against the
Property which will not be satisfied out of the sales price, unless securing loans Buyer assumes;
(2) without any assumed loans in default; and
(3) with no persons in possession of any part of the Property as lessees, tenants at sufferance, or
trespassers except tenants under the written leases assigned to Buyer under this contract.
D. At closing, Seller, at Seller's expense, will also deliver to Buyer:
(1) tax statements showing no delinquent taxes on the Property;
(2) a bill of sale with warranties to title conveying title, free and clear of all liens, to any personal
property defined as part of the Property in Paragraph 2 or sold under this contract;
(3) an assignment of all leases to or on the Property;
(4) to the extent that the following items are assignable, an assignment to Buyer of the following items
as they relate to the Property or its operations:
(a) licenses and permits;
(b) service, utility, maintenance, management, and other contracts; and
(c) warranties and guaranties;
(5) a rent roll current on the day of the closing certified by Seller as true and correct;
(6) evidence that the person executing this contract is legally capable and authorized to bind Seller;
(7) an affidavit acceptable to the title company stating that Seller is not a foreign person or, if Seller is
a foreign person, a written authorization for the title company to: (i) withhold from Seller's proceeds
an amount sufficient to comply with applicable tax law; and (ii) deliver the amount to the Internal
Revenue Service together with appropriate tax forms; and
(8) any notices, statements, certificates, affidavits, releases, and other documents required by this
contract, the commitment, or law necessary for the closing of the sale and the issuance of the title
policy, all of which must be completed and executed by Seller as necessary.
E. At closing, Buyer will:
(1) pay the sales price in good funds acceptable to the title company;
(2) deliver evidence that the person executing this contract is legally capable and authorized to bind
Buyer;
(3) sign and send to each tenant in the Property a written statement that:
(a) acknowledges Buyer has received and is responsible for the tenant's security deposit; and
(b) specifies the exact dollar amount of the security deposit;
(4) sign an assumption of all leases then in effect; and
(5) execute and deliver any notices, statements, certificates, or other documents required by this
contract or law necessary to close the sale.
F. Unless the parties agree otherwise, the closing documents will be as found in the basic forms in the
current edition of the State Bar of Texas Real Estate Forms Manual without any additional clauses.
11. POSSESSION: Seller will deliver possession of the Property to Buyer upon closing and funding of this sale
in its present condition with any repairs Seller is obligated to complete under this contract, ordinary wear
and tear excepted. Any possession by Buyer before closing or by Seller after closing that is not authorized
by a separate written lease agreement is a landlord -tenant at sufferance relationship between the parties.
(TXR-1801) 07-08-22 Initialed for Identification by Sell d IYV� and Bu Page 8 of 15
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authentisign IU: eti 08-t:U11-M//-141r0002h4"d
Commercial Contract - Improved Property concerning 3402 Upland Ave, Lubbock, TX 79407
12. SPECIAL PROVISIONS: The following special provisions apply and will control in the event of a conflict
with other provisions of this contract. (If special provisions are contained in an Addendum, identify the
Addendum here and reference the Addendum in Paragraph 22D.)
KAK . ll .
HICK y.
The sales price is based on approximately 41,889 sf at approximately $11.94 per square foot.
13. SALES EXPENSES:
A. Seller's Expenses: Seller will pay for the following at or before closing:
(1) releases of existing liens, other than those liens assumed by Buyer, including prepayment penalties
and recording fees;
(2) release of Seller's loan liability, if applicable;
(3) tax statements or certificates;
(4) preparation of the deed and any bill of sale;
(5) one-half of any escrow fee;
(6) costs to record any documents to cure title objections that Seller must cure; and
(7) other expenses that Seller will pay under other provisions of this contract.
B. Buyer's Expenses: Buyer will pay for the following at or before closing:
(1) all loan expenses and fees;
(2) preparation fees of any deed of trust;
(3) recording fees for the deed and any deed of trust;
(4) premiums for flood and hazard insurance as may be required by Buyer's lender;
(5) one-half of any escrow fee; and
(6) other expenses that Buyer will pay under other provisions of this contract.
14. PRORATIONS:
A. Prorations:
(1) Interest on any assumed loan, taxes, rents, and any expense reimbursements from tenants will be
prorated through the closing date.
(2) If the amount of ad valorem taxes for the year in which the sale closes is not available on the
closing date, taxes will be prorated on the basis of taxes assessed in the previous year. If the taxes
for the year in which the sale closes vary from the amount prorated at closing, the parties will adjust
the prorations when the tax statements for the year in which the sale closes become available. This
Paragraph 14A(2) survives closing.
(3) If Buyer assumes a loan or is taking the Property subject to an existing lien, Seller will transfer all
reserve deposits held by the lender for the payment of taxes, insurance premiums, and other
charges to Buyer at closing and Buyer will reimburse such amounts to Seller by an appropriate
adjustment at closing.
B. Rollback Taxes: If Seller's use or change in use of the Property before closing results in the
assessment of additional taxes, penalties, or interest (assessments) for periods before closing, the
assessments will be the obligation of Seller. If this sale or Buyer's use of the Property after closing
results in additional assessments for periods before closing, the assessments will be the obligation of
Buyer. This Paragraph 14B survives closing.
(TXR-1801) 07-08-22 Initialed for Identification by Selle_, nd Bu e Page 9 of 15
WestMark Commercial TCN Worldwide, 4105 84th Street Lubbock TX 79423 Phone: 06) 776-2833 Fax: (806) 776-2834 City of Lubbock
Karen Higgins Produced with Lone Wolf Transactions (zipForm Edition) 717 N Harwood St, Suite 2200, Dallas, TX 75201 www.twolf.com
4uthentisign ID: 69Ofl-ED11-BA77.14G8552F4F5B
Commercial Contract - Improved Property concerning 3442 Upland Aver Lubbock* TX 7940T
C. Rent and Security Deposits: At closing, Seller will tender to Buyer all security deposits and the following
advance payments received by Seller for periods after closing: prepaid expenses, advance rental
payments, and other advance payments paid by tenants. Rents prorated to one parry but received by
the other party will be remitted by the recipient to the party to whom it was prorated within 5 days after
the rent is received. This Paragraph 14C survives closing.
15. DEFAULT:
A. If Buyer fails to comply with this contract, Buyer is in default and Seller, as Seller's sole remedy(ies),
may terminate this contract and receive the earnest money, as liquidated damages for Buyer's failure
except for any damages resulting from Buyer's inspections, studies or assessments in accordance with
Paragraph 7C(4) which Seller may pursue, or
(Check if applicable)
enforce specific performance, or seek such other relief as may be provided by law.
B. If, without fault, Seller is unable within the time allowed to deliver the estoppel certificates, survey or the
commitment, Buyer may:
(1) terminate this contract and receive the earnest money, less any independent consideration under
Paragraph 713(1), as liquidated damages and as Buyer's sole remedy; or
(2) extend the time for performance up to 15 days and the closing will be extended as necessary.
C. Except as provided in Paragraph 15B, if Seller fails to comply with this contract, Seller is in default and
Buyer may:
(1) terminate this contract and receive the earnest money, less any independent consideration under
Paragraph 713(1), as liquidated damages and as Buyer's sole remedy; or
(2) enforce specific performance, or seek such other relief as may be provided by law, or both.
16. CASUALTY LOSS AND CONDEMNATION:
A. If any part of the Property is damaged or destroyed by fire or other casualty after the effective date,
Seller must restore the Property to its previous condition as soon as reasonably possible and not later
than the closing date. If, without fault, Seller is unable to do so, Buyer may:
(1) terminate this contract and the earnest money, less any independent consideration under
Paragraph 713(1), will be refunded to Buyer;
(2) extend the time for performance up to 15 days and closing will be extended as necessary; or
(3) accept at closing: (i) the Property in its damaged condition; (ii) an assignment of any insurance
proceeds Seller is entitled to receive along with the insurer's consent to the assignment; and (iii) a
credit to the sales price in the amount of any unpaid deductible under the policy for the loss.
B. If before closing, condemnation proceedings are commenced against any part of the Property, Buyer
may:
(1) terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of
the condemnation proceedings and the earnest money, less any independent consideration under
Paragraph 713(1), will be refunded to Buyer; or
(2) appear and defend the condemnation proceedings and any award will, at Buyer's election, belong
to: (a) Seller and the sales price will be reduced by the same amount; or (b) Buyer and the sales
price will not be reduced.
17. ATTORNEY'S FEES: If Buyer, Seller, any broker, or the title company is a prevailing party in any legal
proceeding brought under or with relation to this contract or this transaction, such party is entitled to
recover from the non -prevailing parties all costs of such proceeding and reasonable attorney's fees. This
Paragraph 17 survives termination of this contract.,,,,,.,, r a,�_
(TXR-1801) 07-08-22 Initialed for Identification by Sell �� �n� land Bum6g, Page 10 of 15
Westlklark Commercial TCN R orldwide, 4105 84tb Street Lubbock TX 79423 Phone: 06) 776-2833 Fax: (806) 776-2834 City of Lubbock
Karen Higins Produced with Lone Wolf Transactions (zipForm Edition) 717 N Harwood St, Suite 2200, Dallas, TX 75201 www.lwolf.com
4uthentlslgn ID:6F>£41 008•ED71-5A77.14G5662F4F68
Commercial Contract - Improved Property concerning 3402 Upload Ave- Lubiamsk._TX 79A07
18. ESCROW:
A. At closing, the earnest money will be applied first to any cash down payment, then to Buyer's closing
costs, and any excess will be refunded to Buyer. If no closing occurs, the title company may require
payment of unpaid expenses incurred on behalf of the parties and a written release of liability of the
title company from all parties.
B. If one party makes written demand for the earnest money, the title company will give notice of the
demand by providing to the other party a copy of the demand. If the title company does not receive
written objection to the demand from the other party within 15 days after the date the title company
sent the demand to the other party, the title company may disburse the earnest money to the party
making demand, reduced by the amount of unpaid expenses incurred on behalf of the party receiving
the earnest money and the title company may pay the same to the creditors.
C. The title company will deduct any independent consideration under Paragraph 7B(1) before disbursing
any earnest money to Buyer and will pay the independent consideration to Seller.
D. If the title company complies with this Paragraph 18, each party hereby releases the title company from
all claims related to the disbursal of the earnest money.
E. Notices under this Paragraph 18 must be sent by certified mail, return receipt requested. Notices to the
title company are effective upon receipt by the title company.
F. Any party who wrongfully fails or refuses to sign a release acceptable to the title company within 7 days
after receipt of the request will be liable to the other party for: (i) damages; (ii) the earnest money; (iii)
reasonable attorney's fees; and (iv) all costs of suit.
G. Seller Buyer intend(s) to complete this transaction as a part of an exchange of like -kind properties
in accordance with Section 1031 of the Internal Revenue Code, as amended. All expenses in
connection with the contemplated exchange will be paid by the exchanging party. The other party will
not incur any expense or liability with respect to the exchange. The parties agree to cooperate fully and
in good faith to arrange and consummate the exchange so as to comply to the maximum extent
feasible with the provisions of Section 1031 of the Internal Revenue Code. The other provisions of this
contract will not be affected in the event the contemplated exchange fails to occur.
19. MATERIAL FACTS: To the best of Seller's knowledge and belief: (Check only one box.)
A. Seller is not aware of any material defects to the Property except as stated in the attached Commercial
Property Condition Statement (TXR-1408).
X B. Except as otherwise provided in this contract, Seller is not aware of:
(1) any subsurface: structures, pits, waste, springs, or improvements;
(2) any pending or threatened litigation, condemnation, or assessment affecting the Property;
(3) any environmental hazards or conditions that materially affect the Property;
(4) whether the Property is or has been used for the storage or disposal of hazardous materials or
toxic waste, a dump site or landfill, or any underground tanks or containers;
(5) whether radon, asbestos containing materials, urea -formaldehyde foam insulation, lead -based
paint, toxic mold (to the extent that it adversely affects the health of ordinary occupants), or other
pollutants or contaminants of any nature now exist or ever existed on the Property;
(6) any wetlands, as defined by federal or state law or regulation, on the Property;
(7) any threatened or endangered species or their habitat on the Property;
(8) any present or past infestation of wood -destroying insects in the Property's improvements;
(9) any contemplated material changes to the Property or surrounding area that would materially and
detrimentally affect the ordinary use of the Property;
(TXR-1801) 07-08-22 Initialed for Identification by Selle: L [&�
nd BL< Page 11 of 15
Westhlark Commercial TCN Worldwide, 4105 8416 Street Lubbock TX 79423 Phone: (81 776-2833 Fax: (806) 776-2834 City of Lubbock
Karen Higgins Produced with Lone Wolf Transactions (zipForm Edition) 717 N Harwood St, Suite 2200, Dallas, TX 75201 www.lwolf.com
4uthenusign ID: 111arr-14UMOZI-41-01:5
Commercial Contract - Improved Property concerning 3402 UOland Ave, Lubbock. TX 79407
(10) any material physical defects in the improvements on the Property; or
(11) any condition on the Property that violates any law or ordinance.
(Describe any exceptions to (1)-(11) in Paragraph 12 or an addendum.)
20. NOTICES: All notices between the parties under this contract must be in writing and are effective when
hand -delivered, mailed by certified mail return receipt requested, sent by a national or regional overnight
delivery service that provides a delivery receipt, or sent by confirmed facsimile transmission to the parties
addresses or facsimile numbers stated in Paragraph 1. The parties will send copies of any notices to the
broker representing the party to whom the notices are sent.
❑x A. Seller also consents to receive any notices by e-mail at Seller's e-mail address stated in Paragraph 1.
X B. Buyer also consents to receive any notices by e-mail at Buyer's e-mail address stated in Paragraph 1.
21. DISPUTE RESOLUTION: The parties agree to negotiate in good faith in an effort to resolve any dispute
related to this contract that may arise. If the dispute cannot be resolved by negotiation, the parties will
submit the dispute to mediation before resorting to arbitration or litigation and will equally share the costs
of a mutually acceptable mediator. This paragraph survives termination of this contract. This paragraph
does not preclude a party from seeking equitable relief from a court of competent jurisdiction.
22. AGREEMENT OF THE PARTIES:
A. This contract is binding on the parties, their heirs, executors, representatives, successors, and
permitted assigns. This contract is to be construed in accordance with the laws of the State of Texas. If
any term or condition of this contract shall be held to be invalid or unenforceable, the remainder of this
contract shall not be affected thereby. All individuals signing represent that they have the authority to
sign on behalf of and bind the party for whom they are signing.
B. This contract contains the entire agreement of the parties and may not be changed except in writing.
C. If this contract is executed in a number of identical counterparts, each counterpart is an original and all
counterparts, collectively, constitute one agreement.
D. Addenda which are part of this contract are: (Check all that apply.)
(1) Property Description Exhibit identified in Paragraph 2;
(2) Commercial Contract Condominium Addendum (TXR-1930) or (TXR-1946);
(3) Commercial Contract Financing Addendum (TXR-1931);
(4) Commercial Property Condition Statement (TXR-1408);
(5) Commercial Contract Addendum for Special Provisions (TXR-1940);
(6) Addendum for Seller's Disclosure of Information on Lead -Based Paint and Lead -Based Paint
Hazards (TXR-1906);
(7) Notice to Purchaser of Real Property in a Water District (MUD);
(8) Addendum for Coastal Area Property (TXR-1915);
(9) Addendum for Property Located Seaward of the Gulf Intracoastal Waterway (TXR-1916);
(10) Information About Brokerage Services (TXR-2501);
(11) Information About Mineral Clauses in Contract Forms (TXR-2509);
(12) Notice of Obligation to Pay Improvement District Assessment (TXR-1955, PID);
Qx (13) Non -realty items addendum
(Note: Counsel for Texas REALTORS@ has determined that any of the foregoing addenda which are promulgated by the
Texas Real Estate Commission (TREC) or published by Texas REAL TORSO are appropriate for use with this form.)
(TXR-1801) 07-08-22 Initialed for Identification by Sell, nd Bu Page 12 of 15
Westhlark Commercial j TCN Worldwide, 4105 84tb Street Lubbock TX 79423 Phone: 06) 776-2833 Fax- (806) 776-2834 City of Lubbock
Karen Higgins Produced with Lone Wolf Transactions (zipForm Edition) 717 N Harwood St. Suite 2200. Dallas. TX 75201 www.lwolf.com
4uthentl810n ID: 5 08•ED1I-BA77.14GB5521.4F5B
Commercial Contract - Improved Property concerning 3402 Upland Ave. Lubbock- TX 7907
E. Buyer may X may not assign this contract. If Buyer assigns this contract, Buyer will be relieved
of any future liability under this contract only if the assignee assumes, in writing, all of Buyer's
obligations under this contract.
23. TIME: Time is of the essence in this contract. The parties require strict compliance with the times for
performance. If the last day to perform under a provision of this contract falls on a Saturday, Sunday, or
federal reserve bank holiday, the time for performance is extended until the end of the next day which is not
a Saturday, Sunday, or federal reserve bank holiday.
24. EFFECTIVE DATE: The effective date of this contract for the purpose of performance of all obligations is
the date the title company receipts this contract after all parties execute this contract.
25. ADDITIONAL NOTICES:
A. Buyer should have an abstract covering the Property examined by an attorney of Buyer's selection, or
Buyer should be furnished with or obtain a title policy.
B. If the Property is situated in a utility or other statutorily created district providing water, sewer, drainage,
or flood control facilities and services, Chapter 49, Texas Water Code, requires Seller to deliver and
Buyer to sign the statutory notice relating to the tax rate, bonded indebtedness, or standby fees of the
district before final execution of this contract.
C. Notice Required by §13.257, Water Code: "The real property, described below, that you are about to
purchase may be located in a certificated water or sewer service area, which is authorized by law to
provide water or sewer service to the properties in the certificated area. If your property is located in a
certificated area there may be special costs or charges that you will be required to pay before you can
receive water or sewer service. There may be a period required to construct lines or other facilities
necessary to provide water or sewer service to your property. You are advised to determine if the
property is in a certificated area and contact the utility service provider to determine the cost that you
will be required to pay and the period, if any, that is required to provide water or sewer service to your
property. The undersigned purchaser hereby acknowledges receipt of the foregoing notice at or before
the execution of a binding contract for the purchase of the real property described in the notice or at
closing of purchase of the real property." The real property is described in Paragraph 2 of this contract.
D. If the Property adjoins or shares a common boundary with the tidally influenced submerged lands of
the state, §33.135, Texas Natural Resources Code, requires a notice regarding coastal area property
to be included as part of this contract (the Addendum for Coastal Area Property (7XR-1915) may be used).
E. If the Property is located seaward of the Gulf Intracoastal Waterway, §61.025, Texas Natural
Resources Code, requires a notice regarding the seaward location of the Property to be included as
part of this contract (the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway
(TXR-1916) maybe used).
F. If the Property is located outside the limits of a municipality, the Property may now or later be included
in the extra -territorial jurisdiction (ETJ) of a municipality and may now or later be subject to annexation
by the municipality. Each municipality maintains a map that depicts its boundaries and ETJ. To
determine if the Property is located within a municipality's ETJ, Buyer should contact all municipalities
located in the general proximity of the Property for further information.
G. If apartments or other residential units are on the Property and the units were built before 1978, federal
law requires a lead -based paint and hazard disclosure statement to be made part of this contract (the
Addendum for Seller's Disclosure of Information on Lead -Based Paint and Lead -Based Paint Hazards
(T)(R-1906) may be used).
(TXR-1801) 07-08-22 Initialed for Identification by Selle�,nd Bu Page 13 of 15
Westlllark Commercial TCN Worldwide, 4105 84th Street Lubbock TX 79423 Phone: 06) 776-2933 Fax: (806) 776-2834 City of Lubbock
Karen Higgins Produced with Lone Wolf Transactions (zipForm Edition) 717 N Harwood St, Suite 2200, Dallas, TX 75201 www.lwolf.com
4utnentisign ID: 6R> 1BCGl8-tU11-t5A77.14Ut505Zh4h5tl
Commercial Contract - Improved Property concerning 3492 Upland -Ave, LubbocL.IX79
H. Section 1958.154, Occupations Code requires Seller to provide Buyer a copy of any mold remediation
certificate issued for the Property during the 5 years preceding the date the Seller sells the Property.
Brokers are not qualified to perform property inspections, surveys, engineering studies, environmental
assessments, or inspections to determine compliance with zoning, governmental regulations, or laws.
Buyer should seek experts to perform such services. Buyer should review local building codes,
ordinances and other applicable laws to determine their effect on the Property. Selection of experts,
inspectors, and repairmen is the responsibility of Buyer and not the brokers. Brokers are not qualified to
determine the credit worthiness of the parties. NOTICE OF WATER LEVEL FLUCTUATIONS: If the
Property adjoins an impoundment of water, including a reservoir or lake, constructed and maintained
under Chapter 11, Water Code, that has a storage capacity of at least 5,000 acre-feet at the
impoundment's normal operating level, Seller hereby notifies Buyer: "The water level of the
impoundment of water adjoining the Property fluctuates for various reasons, including as a result of: (1)
an entity lawfully exercising its right to use the water stored in the impoundment; or (2) drought or flood
conditions."
PUBLIC IMPROVEMENT DISTRICTS: If the Property is in a public improvement district, Seller is
required by §5.014, Property Code to give Buyer a written notice concerning the obligation to pay
assessments. The form of the required notice is available as a part of the Notice of Obligation to Pay
Improvement District Assessment (TXR-1955).
K. LICENSE HOLDER DISCLOSURE: Texas law requires a real estate license holder who is a party to a
transaction or acting on behalf of a spouse, parent, child, business entity in which the license holder
owns more than 10%, or a trust for which the license holder acts as a trustee or of which the license
holder or the license holder's spouse, parent or child is a beneficiary, to notify the other party in writing
before entering into a contract of sale. Disclose if applicable:
26. CONTRACT AS OFFER: The execution of this contract by the first party constitutes an offer to buy or sell
the Property. Unless the other party accepts the offer by 5:00 p.m., in the time zone in which the Property
is located, on , the offer will lapse and become null and void.
READ THIS CONTRACT CAREFULLY. The brokers and agents make no representation or
recommendation as to the legal sufficiency, legal effect, or tax consequences of this
document or transaction. CONSULT your attorney BEFORE signing.
Seiler: Kvlc W. and Ka hleen A Harold Buyer:Cily of Lubbock
By. Authentl
By (signature):
Printed Name:
Title:
By: C4V o �b o
By (signature):
Printed me:
Title: 17-y 4 A, A1.9 LA--
By: Kathleen mid ., By:
By (signature
Printed Name.
Title:
By (signature):
Printed Name:
Title:
(TXR-1801) 07-08-22 Page 14 of 15
WestDlark Commercial TCN Worldwide, 4105 84th Street Lubbock TX 79423 Phone: (906) 776-2833 Fax: (806) 776-2834 City of Lubbock
Karen Higgins Produced with Lone Wolf Transactions (zipForrn Edition) 717 N Harwood St, Suite 2200, Dallas, TX 75201 www.lwolf.com
4utnent1810n ID: 6R . 1]B-tU1 145A77.14Gtl662h41.06
Commercial Contract - Improved Property concerning 3402 Upland Ave, Lubbock, TX 79407
AGREEMENT BETWEEN BROKERS
(use only if Paragraph 9B(1) is effective)
Principal Broker agrees to pay WestMark Commercial (Cooperating Broker) a
fee when the Principal Broker's fee is received. The fee to be paid to Cooperating Broker will be:
$ , or
x % of the sales price, or
% of the Principal Broker's fee.
The title company is authorized and directed to pay Cooperating Broker from Principal Broker's fee at closing.
This Agreement Between Brokers supersedes any prior offers and agreements for compensation between
brokers.
Principal Broker: _ eXp Realty LLC Cooperating Broker: WestMark Commercial
Authenh
By: Hacee Hu Aes 03/24/23
Seller's attorney:
Address:
Phone & Fax:
E-mail:
Seller's attorney requests copies of documents,
notices, and other information:
the title company sends to Seller.
Buver sends to Seller.
The title company acknowledges receipt of:
A. the contract on this day
B. earnest money in the amount of $ _
on
Title company:
By:
Assigned file number (GF#):
By: _
ATTORNEYS
Buyer's attorney
Address:
Phone & Fax:
E-mail:
Buyer's attorney requests copies of documents,
notices, and other information:
ethe title company sends to Buyer.
Seller sends to Buyer.
ESCROW RECEIPT
(effective date);
in the form of
Address:
Phone & Fax:
E-mail:
(TXR-1801) 07-08-22
WestMark Commercial' TCN Worldwide, 4105 84th Street Lubbock TX 79423 Phone: (806) 776-2833 Fax: (806) 776-2834
Karen Higgins Produced with Lone Wolf Transactions (zipForm Edition) 717 N Harwood St, Suite 2200, Dallas, TX 75201 www.lwolf.com
Page 15 of 15
City of Lubbock
laAWtiaign ID: 646COM04SMA-ED11.8A77-M8852F4F5B
APPROVED BY THE TEXAS REAL ESTATE COMMISSION (TREC) 10-10-11
12t FOR VOLUNTARY USE
qu.4 N0�5An
r]PeORTUHir!
NON -REALTY ITEMS ADDENDUM
TO CONTRACT CONCERNING THE PROPERTY AT
3402 UPLAND AVE LUBBOCK TX 79407, ,
(Address of Property)
A. For an additional sum of $ 1.00 and other and good valuable consideration, Seller shall
convey to Buyer at closing the following personal property (specify each item carefully, include
description, model numbers, serial numbers, location, and other information):
Seller to remove in keep shed
B. Seller represents and warrants that Seller owns the personal property described in Paragraph A free
and clear of all encumbrances.
C. Seller does not warrant or guarantee the condition or future performance of the personal property
conveyed by this document. Audwft
C/i� y o� vi�o�IC [KATHCEENA KI CE 04/03/23
Buyer ��y ,4 0.1,4 6 Q K Seller
KAATH�.EEN A KYLE
HAW( � Kf'CE 04/03/23
Buyer Seller
HAROLD W KYLE
This form has been approved by the Texas Real Estate Commission for voluntary use by its
licensees. Copies of TREC rules governing real estate brokers, salesperson and real estate
inspectors are available at nominal cost from TREC. Texas Real Estate Commission, P.O.
Box 12188, Austin, TX 78711-2188, 512-936-3000 (http://www.trec.texas.gov)
(TXR-1924) 10-10-11 TREC NO. OP-M
eXp Realty LLC, %00 Great Hills Trl #150W Austin TX 78759 Phone: 8063190670 Fax: 3402 UPLAND &
Hacce Hughes Produced with Lone Wolf Transactions (zipForm Edition) 231 Shearson Cr Cambridge, Ontario, Canada N1T 1J5 www (wolf corn
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As required by Chapter 2051.Oeospatial Data Products of the Government Code, this product to for Informational purposes 'Lubbock
and may not have been prepared for or be suitable for legal, engineering, or surveying purposes. It does not represent an TIXAS
on -the -ground survey and represents only the approximate relative location of prop" boundaries Digital Orthophotography - May 2022
City of Lubbock
Capital Project
Project Cost Detail
April 25, 2023
Capital Project Number:
Capital Project Name:
Encumbered/Expended
Contract 17130 with KHA for Design Services
Staff time
Agenda Item April 25, 2023
Land Acquisition Cost for 3402 Upland Ave
Encumbered/Expended To Date
92813
34h Street: Upland to Milwaukee - 22B
Estimated Cost for Remaining Appropriation
34th Street: Upland to Milwaukee - 22B Construction
Remaining Appropriation
Budget
1,161,600
2,531
500,000
1,664,131
838,400
197,469
Total Appropriation $2,700,000