Get email alerts on the Contract Termination topic
No spam. Unsubscribe anytime.
Council approves $59,000 buyout to terminate 2016 development agreement with Raskovics
Summary
The council approved an agreement that ends a 2016 purchase-and-development agreement with Peter and Lori J. Raskovic. The termination requires a $59,000 payment from the purchasers to the city and satisfaction of the mortgage; the council voted unanimously.
A committee member presented an agreement terminating the purchase-and-development agreement dated Oct. 18, 2016, between the city and purchasers Peter and Lori J. Raskovic. The record states the 2.95-acre parcel covered by the earlier agreement remains unimproved and that the parties negotiated a buyout.
"The purchasers shall make a payment of $59,000 to the city," the committee member read. The termination agreement provides that upon completion of the payment and related conditions the 2016 purchase-and-development agreement will be null and void and neither party will have ongoing obligations under that earlier contract.
The motion to approve the termination was seconded, the clerk called the roll and members voted unanimously to approve. The agreement will be signed when presented to the buyers and the city will satisfy the mortgage as described in the termination language.
AI generated
The text on this page is AI generated. Summaries, highlights, analysis, and video transcripts are all produced from the original source material.
AI can make mistakes, so if you spot one, and we will fix it for everyone.
Note: the source content is unaltered by us. Any content source we link to, be it a video, an audio recording, or a document, is presented exactly as its publisher released it. That publisher is usually a government body, sometimes an individual official or another organisation.
