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.
