Title
Resolution - Approval of Sale of Land and Improvements and Release from Lien for Williamson County - R Arellano
Other Info
Submitted By: Richard Arellano
Department: Operations
Financial Impact and Cost/Benefit Considerations: As Discussed in Executive Session
Discussion
The Cooperative will consider the sale of a portion of the real property and improvements located in Williamson County, Texas (the "Liberty Hill Property"). PEC owns the real property (the "Land") and improvements ("Improvements") on the Liberty Hill Property.
Body
WHEREAS, the Cooperative's Board of Directors has reviewed the Term Sheet for the sale of the Land and Improvements on the Liberty Hill Property in Williamson County as provided in Executive Session; and
WHEREAS, the Cooperative's Board of Directors hereby concludes that selling the Liberty Hill Property to Williamson County, Texas is in lieu and in reasonable anticipation of the taking of the Liberty Hill Property by eminent domain; and
WHEREAS, the Cooperative's Board of Directors hereby concludes that the sale price represents the fair market value for the Land and Improvements and that consideration for the sale also includes the obligation of Williamson County, Texas to reconstruct the detention pond on site; and
WHEREAS, the Land and Improvements constitute less than substantially all of the property in the Cooperative's possession constituting part of the Trust Estate (as defined in the Master Indenture); and
WHEREAS, the Cooperative's Board of Directors desires to obtain a release of the Lien (as defined in the Master Indenture) from the Trustee under the Master Indenture pursuant to Section 1.9(a) and a release from the Deed of Trust in order to sell the Land and Improvements; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the Cooperative hereby sell the Land and Improvements for the amount as discussed this day in Executive Session, with details of any such tr...
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