Title
Order: That the Mayor be authorized to sign a Letter of Intent with Jefferson Apartment Group for purchase of office space for use as City Hall
Order: That the Mayor be authorized to sign the attached Letter of Intent with Jefferson Apartment Group for purchase of space for use as City Hall:
RE: City Hall Office Condominium/City of Malden
Proposed Purchase Price and Terms
On behalf of Jefferson Apartment Group, LLC ("JAG"), I am pleased to issue this proposal outlining the terms and conditions by which JAG will sell an office condominium to the City of Malden for its use as a Malden City Hall.
1.
Property:
The property being referenced is approximately 42,225 sf to be contained within the so-called 'North Building' as part of Jefferson Apartment Group's proposed redevelopment of Malden Government Center located at 200 Pleasant Street in Malden, MA. The property will be conveyed as a condominium unit to the City of Malden. The proposed location is illustrated on the attached Exhibit A.
The parties expressly agree that the City of Malden shall retain no construction oversight rights or responsibilities, nor shall the City retain any cost exposure except as it pertains to any changes requested by the City as outlined in section 3, 'Additions to Purchase Price', and that the city is entering into an agreement to purchase an office space condominium and not entering into a construction agreement. The City's responsibilities and rights shall be limited to approval of the shell to be delivered in accordance with Exhibit B.
Seller shall deliver the Property in the condition described in Exhibit B and to establish the appropriate condominium regime to enable a fee simple transaction.
2.
Purchase Price:
The Purchase Price will be Ten Million, Eight Hundred Thousand Dollars ($10,800,000) which will be paid in two installments:
a) Four Million Dollars ($4,000,000) will be paid simultaneous with JAG's closing on the Malden Government Center pro...
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