(A) The Mayor is authorized to enter into a binding option, with the consideration being the final report/s received by the city that results from the studies conducted by the city concerning Old Albuquerque High School, to purchase the Old Albuquerque High School at a price determined by the Real Property Division of the city's Planning Department but not in excess of $2,175,000 which shall include hazardous materials removal to be performed by the owner. This sale price is supported by the appraisal provided by Brooks, Lomax, and Fletcher to the city. The option to purchase may contain a price which exceeds this amount if approved by the City Council. The option shall comply with the process and provisions of the city's “Manual of Policies and Procedures for Acquisition of Real Property,” effective September 1, 1989, except the minimum period for the option shall be four months.
(B) The option shall not be exercised and a final purchase agreement entered into except by vote of the Council; transmittal of such proposal to purchase the Old Albuquerque High School property shall only be conveyed to the Council accompanied by:
(1) The final Advisory Task Force report, which shall include proposals on how the improvement of the property could include substantial opportunity for other public agencies and private parties to share substantially in the project through a public-private or public-public partnership; and
(2) A report from the Mayor on the proposed source of the funds to purchase the property.
(Res. 221-1989, approved 12-28-89)
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