Archive for Sedona land settlement

Sedona parking lot and road moving ahead

By R. Oliphant
Tuesday, January 13th, 2015

College moves ahead with Sedona parking lot and road per settlement with adjacent landowner

UNDER CONSTRUCTIONConstruction of the parking lot and road adjacent the Sedona Center is moving ahead.  The road and parking lot became available after the College settled a ten-year-old access dispute with an adjoining landowner.  

The parking lot will accommodate approximately 90 autos and is scheduled for completion by February 15, 2015.  The road  is a joint venture between the College and Sathcupa, LLC, which is the owner of the Cultural Center. The new road will connect the Sedona Center with the parking lot and property further to the west. It is scheduled to be complete in mid-February.

 

Categories : Construction, Sedona Campus, Sedona land settlement

Option to purchase land in Sedona

By R. Oliphant
Wednesday, October 22nd, 2014

Governing Board has yet to consider 60 day purchase option of Sedona property

Sketch of land transfer

As a part of the deal settling the land issue at the Sedona campus, the landowner offered the Community College a 60 day option to purchase a parcel of land and building adjacent the campus. It appears the 60 days to exercise the option have passed and that the Governing Board has not bothered to publicly discuss the pros and cons of such a purpose. As of the October 15 Board meeting, it had apparently left any decision on the purchase to the College Administration.

It is known that the Administration toured the option property. The decision by the Board to not discuss the option raises a fundamental question of whether the Governing Board has turned major policy decisions such as exercising the 60 day option into the hands of the Administration. If so, many will argue that it has abandoned its duty to residents of the County.

Categories : Sedona land settlement

Sedona property settlement repurchase agreement

By R. Oliphant
Thursday, September 18th, 2014

Cultural Park property owners given repurchase right in final property settlement documents

AGREEMENTThe Sathcupa Corporation, which owns the Sedona Cultural Park property, received a right of first refusal to repurchase the Sedona Center as a part of the final property settlement reached in August. Under the agreement, the Community College is obligated to notify Sathcupa of its intent to sell the College Property at least 45 days before entering into any binding agreement to sell the Property to any third party. The Sathcupa Corporation then has the right, within 30 days thereafter, to purchase the College Property for the 96% of fair market value as determined by an appraisal reasonably approved by the Community College and Sathcupa.

Section 14 of the final agreement containing the repurchase clause follows below:

14. Right to Repurchase. At the Closing, the parties shall record a ocument terminating Sathcupa’s right to repurchase as set forth in the First Amendment to Covenants, Conditions and Restrictions, recorded on December 17, 2002, Book 3985, Page 262, in the Yavapai County Recorder’s Office and the Corporation Special Warranty Deed, recorded on September 11, 1998, Book 3600, Page 519, in the Yavapai County Recorder’s Office, and terminating Sathcupa’s right of first refusal as set forth in Section 7.3 in the Old CC&Rs. In its place, YC shall grant Sathcupa a right to repurchase the YC Property if YC elects to sell the YC Property. YC shall notify Sathcupa of its intent to sell the YC Property at least 45 days before•entering into any binding agreement to sell the YC Property to any third party, and Sathcupa shall have the right, within 30 days thereafter, to purchase the YC Property for the 96% of fair market value as determined by an appraisal reasonably approved by YC and Sathcupa (“Repurchase Price”). If Sathcupa does not timely or properly exercise its right to repurchase, YC may for one year thereafter sell the YC Property to any third party for the Repurchase Price (or greater), without any further rights of Sathcupa to purchase the YC Property. If YC does not sell the YC Property for the Repurchase Price (or greater) before the expiration of that one-year period, Sathcupa’s right to repurchase shall be reinstated, and (a) a new appraisal and (b) new notice from YC to Sathcupa shall be required before YC may sell the YC Property.

Categories : Sedona Campus, Sedona land settlement

Sedona land settlement

By R. Oliphant
Thursday, September 18th, 2014

60 day option to purchase additional land contained in Sedona land settlement not publicly discussed by Governing Board

The Community College was given a 60-day option to purchase additional land adjacent the Sedona Center as a part of the land settlement with the current owners of the Cultural Park property. The option available to the Community College includes a large business building locally referred to as the Miller Building that is located on this land.

There has been no public discussion of this provision by the Governing Board. The following is the language found in section 17 of the settlement agreement and a copy of the sketch contained in the agreement.

17. Option to Purchase Additional land. Sathcupa hereby grants YC an option to purchase the corner parcel bordered by Highway 89A, Cultural Park Place and the Sathcupa Exchange Parcel, as depicted on Exhibit B (the “Option Parcel”). YC may exercise this option by giving written notice to Sathupa on or before 60 days after the Closing Date (the “Option Deadline”). If YC fails to exercise this option on or before the Option Deadline, the option will lapse. The purchase price for the Option Parcel shall be fair market value as determined by an appraisal, but in no case less than One Million Five Hundred Thousand Dollars ($1,500,000), reasonably approved by YC and Sathcupa and with an effective date within 60 days of the Option Deadline. If YC exercises the option, the parties will enter into a written agreement that will set forth the closing date, the purchase price (based on the appraisal), the title and property review period, the closing cost allocations, and any other standard provisions customary and necessary for such a purchase and sale. YC’s purchase shall be subject to any current lease(s) with tenants encumbering the Option Parcel. A separate escrow shall be opened with Stewart Title & Trust of Phoenix, Inc. for the sale of the Option Parcel.

Sketch of land transfer

 

Categories : Sedona Campus, Sedona land settlement