Title
Introduction of Incorporated County of Los Alamos Ordinance No. 727; an Ordinance Authorizing the Sale of Certain County-Owned Real Property Commonly known as 110 Entrada Drive (Lot 6B-2), for an Amount of $1,600,000 to 110 Entrada, LLC, for Real Property Located in the Incorporated County of Los Alamos
Recommended Action
I introduce, without prejudice, Incorporated County of Los Alamos Ordinance No. 727; an Ordinance authorizing the sale of Certain County-owned real property commonly known as 110 Entrada Drive (Lot 6B-2) to 110 Entrada, LLC, for Real Property Located in the Incorporated County of Los Alamos and assure it is published as provided in the County Charter.
County Manager's Recommendation
The County Manager recommends Council introduce this Ordinance as presented.
Body
This Ordinance authorizes the County Manager execute the Purchase, Sale and Development Agreement (PSDA) for the vacant County-owned property commonly known as 110 Entrada Drive (Lot 6B-2.) Under the terms of this Ordinance and attached PSDA, 110 Entrada, LLC (the Developer"), the Developer has agreed to purchase the property for $1,600,000 and develop the property to include:
(1) 50,000 square foot flex-lab/office building; and (2) two 5,000 square foot green house buildings, and parking as depicted in the PSDA Concept Plan (see Attachment A). Additionally, the PSDA establishes Due Diligence, Site Plan and FAA Approval, and Permit Approval periods, each requiring the Developer deposit $20,000 for each defined period and requested predefined extension periods. At the expiration of each prescribed approval period, the previous and most recent deposit becomes non-refundable and applicable to the purchase of the property.
A copy of the February 2, 2022 appraisal report for the property, providing the property with a valuation of $1,500,000, is included as Attachment B.
This Ordinance No. 727 is scheduled for public hearing on March 5, 2024, unless otherwise decided by Council.
Fiscal and Staff Impact/Planned Item
There should be minimal staff impact due to the sale of these parcels.
Alternatives
Council could choose to not introduce the Ordinance and the sale and development would not proceed, or Council could direct staff to amend the proposed ordinance and related agreement.
Attachments
A - Incorporated County of Los Alamos Ordinance No. 727
B - 110 Entrada Drive (Lot 6B-2) Appraisal Report dated February 22, 2022