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AN ORDINANCE <br />TO AUTHORIZE PURCHASE OF PROPERTY <br />AT 207 SOUTH FIRST STREET (City Tax Map 28-71) <br />FROM RAE DEVELOPMENT CORPORATION <br />WHEREAS, Rae Development Corporation is the contract -purchaser of property <br />designated as Parcel 71 on City Real Estate Tax Map 28 (the 'Property"), and has offered to sell <br />said Property to the City for the purchase price of $324,000.00; and <br />WHEREAS, the City owns three (3) parcels adjoining the Property and intends to combine <br />the subject Property with the adjoining parcels for development, pursuant to the recommendation <br />of the Director of Strategic Planning; now, therefore <br />BE IT ORDAINED by the Council of the City of Charlottesville, Virginia that the City <br />Manager is hereby authorized to execute a sales contract, in form approved by the City Attorney, <br />to purchase the above -referenced Property (City Tax Map Parcel 28-71) for the purchase price of <br />$324,000.00 from Rae Development Corporation and/or the current owner. The City Attorney <br />is hereby authorized to take whatever steps are necessary to effect the closing of said property <br />transaction on November 17, 1998, or as soon thereafter as the City is able to obtain adequate title <br />insurance and a physical survey of the property, and all contingency provisions of the contract <br />have been satisfied. <br />• <br />Approved by Council <br />November 16, 1998 <br />I AA <br />Cjg/rk of City Council <br />• <br />