CITY of ALBUQUERQUE
SEVENTEENTH COUNCIL
COUNCIL BILL NO.
R-07-332 ENACTMENT NO. ________________________
SPONSORED BY: Isaac Benton
RESOLUTION
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Authorizing the City to Accept the Assignment of the Option Agreement from the Wheels Museum and to Exercise the Option; Authorizing the Use of Appropriated Monies for the Purchase of the Railyard (Benton)
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AUTHORIZING THE CITY TO ACCEPT THE ASSIGNMENT OF THE OPTION AGREEMENT FROM THE WHEELS MUSEUM AND TO EXERCISE THE OPTION; AUTHORIZING THE USE OF APPROPRIATED MONIES FOR THE PURCHASE OF THE RAILYARD.
WHEREAS, the Wheels Museum and Old Locomotive Shops, LLC, entered into an option agreement on or about March 12, 2007, for The Wheels Museum to acquire that property generally referred to as the “Railyards”, which is approximately 27.32 acres of land, more or less; and
WHEREAS, to date, the City has paid $190,000 to Old Locomotive Shops, LLC, as consideration for that option agreement; $100,000 was paid from grant funds available to the City to acquire land and to plan, design and construct a wheels museum; and $90,000 was paid from grant funds available to the City to acquire the railyard property; and
WHEREAS, as of this date, the estimated cost to fully exercise the option on or before December 28, 2007 is $8,609,750, exclusive of closing costs estimated to be at least $860,975; and
WHEREAS, as of this date, the City has available grant funds, general funds, other funds and reserves appropriated in the amount of $6,576,054 that can be used to acquire the railyard property; and
WHEREAS, the option agreement provides that prior to the closing date, the optionee can assign its rights and delegate its duties and obligations to the City of Albuquerque without the prior written approval of the optionor, and The Wheels Museum has assigned the option agreement to the City of Albuquerque; and
WHEREAS, While there is no master plan for the railyard property at this time, the City an...
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