Title
Incorporated County of Los Alamos Ordinance No. 724; an Ordinance Authorizing The Sale Of Certain County-Owned Real Property Commonly Known As 375 20th Street, To Pet Pangaea, LLC, A New Mexico Limited Liability Company, And Upon, And Only Upon, The Effective Date Of This Ordinance, Terminating The Existing Purchase, Sale And Development Agreement For Real Property Located In The Incorporated County Of Los Alamos Commonly Referred To As 3661 & 3689 Trinity Authorized By Ordinance No. 705
Recommended Action
I move that Council adopt Incorporated County of Los Alamos Ordinance No. 724; An Ordinance Authorizing The Sale Of Certain County-Owned Real Property Commonly Known as 375 20th Street, To Pet Pangaea, LLC, A New Mexico Limited Liability Company, and Upon, and Only Upon, The Effective Date Of This Ordinance, Terminating the Existing Purchase, Sale and Development Agreement for Real Property Located in the Incorporated County of Los Alamos Commonly Referred to as 3661 & 3689 Trinity Authorized by Ordinance No. 705. I further move that, upon passage, the Ordinance be published in summary form.
County Manager's Recommendation
The County Manager recommends Council adopt Incorporated County of Los Alamos Ordinance No.724.
Body
This Ordinance authorizes the sale of County-owned property identified as one parcel of land located at 375 20th Street to Pet Pangaea, LLC, through a Purchase, Sale, and Development Agreement (PSDA), attached as Exhibit “A” to this Ordinance (Attachment A). If approved, upon the effective date of this Ordinance, the PSDA will replace, supersede, and effectively terminate the PSDA with Pet Pangaea LLC for the County-owned properties commonly known as 3661 and 3689 Trinity Drive (Trinity Project) which was authorized by Ordinance No. 705.
Dr. Cyndi Wells, the owner and operator of Pet Pangaea, LLC, is seeking to instead purchase and develop the County-owned vacant property commonly known as 375 20th Street, located at the southwest corner of Trinity Drive and 20th Street.
Under the terms of this Ordinance and attached PSDA, Pet Pangaea LLC has agreed to purchase the property ‘as is’ for the appraised amount of $420,000 and develop a mixed-use building containing a 7,000-square-foot retail (pet store) and four apartments on the second floor. Exhibit B of the PSDA illustrates the concept development plan for the site. The PSDA establishes due diligence, site plan approval, and permit approval periods. The PSDA also transfers the $20,000 Earnest Money from the Trinity Project to this project, effectively terminating the Trinity Project Agreement. Upon the transfer of the Earnest Money from the Trinity Agreement to this PDSA for the sale of 375 20th Street, the Trinity Agreement shall automatically terminate, and each party mutually agrees to unconditionally waive, release, and discharge the other party from any and all rights and benefits under the Trinity Agreement and all obligations, claims, causes of action, costs, direct and consequential damages, liabilities or claims of any kind, known or unknown, arising or which may in the future arise from the Trinity Agreement.
Incorporated Los Alamos County Ordinance No. 724 was introduced on May 23, 2023. A typographical/scrivener’s error was identified; Attachment B shows the correction as redlined.
Fiscal and Staff Impact/Planned Item
There should be minimal staff impact due to the sale of these parcels.
Alternatives
Council continue the public hearing to a later date and request more information.
Council rejects the ordinance.
Attachments
A - Publication Notice
B - Ordinance No. 724 and Purchase, Sale, and Development Agreement (Corrected)
C - Appraisal Report for properties, including 375 20th Street