41-01 Real Property Sale - Virginia Marti

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12650 Detmlt Avenue EXHIBIT A Lakewood, Ohio 44107 · (216) 521-7580 · (216) 228-2514 FAX RE2, !'. PROPERTY S.4 I'.E AGREEMENT This SA! .~. AGllRF~MENT dated as of this....., day of ,2001, is made by and between The Virginia Marti, Inc. dba Virginia M_arti College (the "College") and the City of Lakewood, Ohio (the "City"), a municipal corporation and political subdivision in and of the State, and duly authorized and validly existing under the laws of the State, and, the owner of the property (PP~ 312-33-017) located at 11726-28 Detroit Avenue and 1385-87 Hird Avenue, Lakewood, Ohio. WI-IRRRAS, the City of Lakewood, holds title in fee simple to permanent parcel number 312-33-017, located at 11726-28 Detroit Avenue and 1385-87 Hird Avenue, Lakewood, Ohio; and WHEREAS, it is in thc public interest to see that this property be returned to an economically viable and tax generating use; and WHRREAS, the City has completed Phase I and Phase H Environmental Assessments of the property utilizing Community DeVelopment Block Grant dollars and a Cuyahoga County Brownfield Technical Assistance Grant; and WHEREAS, as a result of thc Phase I and Phase H Assessments, Asbestos-Containing Materials (ACMs) were identified and an Underground Storage Tank was discovered on the subject proper/y; and WHEREAS, it' was determined that certain environmental conditions required remediation prior to'the sale of said property to a subsequent purchaser; and WHRREAS, the Lakewood City Council by a vote of at least five (5) members elected thereto determined through Resolution No. 7574-01 adopted by City Council on July 16, 2001 that the City should seek funding through the Cuyahoga County Brownfield Redevelopment Loan to proceed with the purchase and enviromental remediation of said property. It was further deemed that this action was necessary to facilitate the resale of said property to create an economically viable and tax generating use for this property; and