June 24, 2005
Mr. Dave Corliss
Assistant City Manager
PO Box 708
6 E. 6th St.
Lawrence, Kansas 66044
Dear Dave:
On behalf of the owners of the former E&E Display Group building located at 910 E. 29th Street, Lawrence, Kansas, I would like to request that the pending sale of the property to Haskell Property, L.L.C., be considered at the June 28, 2005 Lawrence City Commission meeting as a “walk-on” item.
I was initially engaged to market this property for sale in May of 2004, at which time E&E was still in operation. After many months of national exposure, almost a dozen tours with prospective buyers and/or tenants, tours with local and national economic development personnel, and one prior contract that was canceled by a different prospective buyer, my clients, White Property Management, L.L.C., received another written offer on the property. That offer was negotiated several times back and forth, to achieve this current price. I subsequently recommended to my clients that they accept what in my professional opinion was a “best and final” offer. Considering the time the property had been on the market, the high level of exposure and declining interest shown, and the rapidly deteriorating condition of the property, my clients entered into this agreement to sell the property to Haskell Property, L.L.C. on May 31, 2005.
This buyer has named the property in question as an “acquisition” property in a tax-deferred 1031 exchange. In order to meet the legal requirements of completing their exchange, they must close this transaction by the end of June. The sellers therefore request that at the June 28, 2005 meeting, the Lawrence City Commission approve the terms and conditions of the sale, and authorize the Mayor to execute the special warranty deed prepared by Phil Lacey, Gilmore & Bell, bond counsel to the City of Lawrence, and as recommended by Mike Davies, Douglas County Bank, trustee.
Please let me know if you have any questions, or if you would like any additional information on this transaction.
Sincerely,
Marilyn Bittenbender
Grubb & Ellis|The Winbury Group
Agent for the Sellers