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Council approves sale contingency for City Hall after disclosures about asbestos and financing
Summary
Council approved a purchase-and-sale agreement for the City Hall building at 708 9th Street with updated contingencies: extended feasibility dates, a buyer financing contingency and a seller disclosure noting potential asbestos; staff said the sale is 'as is' with required disclosures.
The Benton City Council voted to authorize the mayor to sign a purchase-and-sale agreement for the City Hall building at 708 9th Street, after staff and legal counsel reviewed updates to the contract and disclosures.
Council member (speaker introducing the resolution) summarized changes to the PSA: the feasibility contingency date moved from Dec. 19 to Jan. 19 and the closing date moved to Feb. 9 (or sooner). Legal counsel said the buyer’s obligations are contingent on obtaining new financing.
Staff highlighted a seller’s disclosure (Form 17) that lists potential hazards. Councilors noted a study indicating the presence of asbestos on the property and agreed the PSA will proceed as an "as is" sale with disclosures to ensure the buyer is aware of environmental issues.
Council also reviewed several addenda to the PSA, including a utility-charges addendum clarifying that unpaid utility charges must be satisfied at closing, a financing addendum making the sale contingent on buyer financing, and an optional-clauses addendum updating the legal description.
After discussion and a motion, the resolution passed. Councilors said they expect cleanup of personal property in the building before transfer and that the updated contingency dates will provide additional time for due diligence.
