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Council approves purchase contract for property at 17 S. 300 E.; seller to complete 1031 exchange
Summary
Council ratified a purchase contract for 17 South 300 East, authorizing the mayor to execute closing documents; staff said the seller plans a 1031 exchange and the purchase will be covered in a January budget amendment.
Council approved Resolution R‑2024‑40 on Nov. 12 to ratify a real estate purchase contract for property located at 17 South 300 East in Alpine, placing the parcel under contract and authorizing the mayor to execute closing documents.
Staff said the purchase price is fixed in the contract and that the seller intends to complete a 1031 exchange; timing is the only remaining issue, as the seller is arranging space for ongoing contracting equipment. The city manager said the contract allows flexibility for timing and possible extensions. The city will include the transaction in budget amendments scheduled for January to account for the purchase.
Councilmember Jason Thielen made the motion to approve the resolution and Councilmember Kelly Law seconded; roll‑call votes indicated unanimous support among members present.
The approval moves the purchase to the closing and contracting phase; staff will coordinate the closing timeline with the seller and prepare any required budget amendments.
