ITEM TITLE:
Consider approving a "Purchase and Sale Agreement and Settlement Agreement" between School House Slough, Inc. and the Lawton Water Authority in the amount of $2,875,000.00 for the purchase by the Authority on behalf of the City of Lawton of improvements made by School House Slough Inc., as well as: (a) personal property, (b) appurtenances and other rights associated with the improvements or personal property, (c) School House Slough Inc.'s interest in any leases or occupancy agreements with third-party tenants currently within the property, (d) a copy of any existing plans and specifications for the improvements and any surveys, environmental studies, engineering reports and other technical information owned by School House Slough Inc., and (e) all January 1, 2023 electricity meter readings relating to or taken from any location at the property, or the last meter readings in the custody, control, or possession of School House Slough Inc. prior to the termination of School House Slough's lease that relate to or were taken from any location on the property; said agreement also addressing other issues relating to the transaction, providing a release from School House Slough Inc. of claims it may have against the Lawton Water Authority and the City of Lawton, providing a release by the Lawton Water Authority of claims it may have against School House Slough Inc.; and if the agreement is approved, authorize the execution of the agreement and any other action necessary to effectuate payment to School House Slough Inc.
INITIATOR: Timothy Wilson - Acting City Attorney
STAFF INFORMATION SOURCE: Timothy Wilson - Acting City Attorney; John Ratliff - City Manager; Joe Dunham - Finance Director
BACKGROUND: The City of Lawton ["City"] owns Lake Lawtonka. The City has leased its water system to the Lawton Water Authority ["Authority"]. The Authority, with the City's consent, leased the land commonly known as Schoolhouse Slough to School House Slough, ...
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