Item 5GCity of Southlake, Texas
MEMORANDUM
February 14, 2002
TO: Billy Campbell, City Manager
FROM: Shana K. Yelverton, Assistant City Manager (ext. 1429)
SUBJECT: Approve first amendment to contract of sale by and between ECN Enterprises,
Inc., and the City of Southlake, extending the property inspection period for an
additional sixty days.
Action Requested: Approval of amendment to contract of sale with ECN Enterprises, Inc.,
granting purchaser an extension of the property inspection period for an
additional sixty days from the end of the original inspection period, scheduled
to expire on or about March 8, 2002.
Background
Information: The City of Southlake contracted to sell property at Randol Mill and FM 1709
to ECN Properties on December 11, 2001. This is the property commonly
referred to as the "DPS West residual property." Since that time, ECN has
contacted approximately 40 potential users, most of whom have received site
packages. Of the 40 companies contacted, ECN has received preliminary
indications of interest from six, but have not talked specifics with any yet.
The current contract provides for a 90 day feasibility and 60 day closing with
no provision for extensions. ECN is requesting a 60 day extension of the
feasibility period, upon expiration of the current one, which expires on or
about March 8, 2002.
Financial
Considerations: There are no direct financial considerations.
Citizen Input/
Board Review: The Southlake Crime Control and Prevention District agreed to the sale of the
property at a specified amount. However, other contract provisions were
determined by the City Council. SCCPD Board President Martin Schelling is
aware of the request and has expressed no problems with an extension.
Legal Review: The first amendment to the contract has been provided to the City Attorney for
review.
Alternatives: City Council may grant the request or deny it.
Supporting
Documents: First amendment to the contract of sale
Billy Campbell, City Manager
May 5, 2011
Page 2
Staff
Recommendation: Staff recommends approval of the amendment to the contract.