FY2006-05 Land Sale #15 Terms and ConditionsKODIAK ISLAND BOROUGH
RESOLUTION NO. FY2006 -05
Introduced by: Manager Gifford
Requested by: Manager Gifford
Drafted by: Manager Gifford
Introduced: 08/04/2005
Amended: 08/04/2005
Adopted: 08/04/2005
A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY
AUTHORIZING LAND SALE NUMBER FIFTEEN AND
ESTABLISHING TERMS AND CONDITIONS
WHEREAS, Kodiak Island Borough Code 18.30.20 requires the Borough Assembly to set the terms
and conditions of sale for the disposition of public lands; and
WHEREAS, the Planning and Zoning Commission has recommended and the Borough Assembly
has determined that certain lands are surplus to the Borough's needs.
NOW, THEREFORE, BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1:
Section 2:
The Kodiak Island Borough Assembly, in accordance with Title 18 of the Kodiak
Island Borough Code, authorizes the Manager or his designee to offer the following
lots for disposal by public outcry auction on October 22, 2005 at 1:00 p.m. in the
Borough Assembly Chambers:
1. Lot 15, Russian Creek Subdivision.
2. Lot 2, Block 1, Chiniak Alaska Subdivision
3. Lot 4, Block 1, Selief Estates
4. Tract H and a Portion of Tract G, Bells Flats Subdivision
Parcels sold at Land Sale Number Fifteen shall be subject to the following terms and
conditions:
1. Said parcels shall be appraised at fair market value as determined by the
Borough Assessor and the minimum acceptable bid at the auction shall be the
appraised value.
2. A deposit of ten percent (10 %) of the minimum bid amount will be required to
be deposited with the auctioneer at the auction. The deposit shall be cash or
verified funds in the form of a cashiers check or money order. The deposit
shall be credited to the down payment at the closing of the land sale and kept
by the seller should the transaction not be completed as required by this
resolution.
3. The term of the contract for the unpaid balance shall be ten (10) years.
4. The interest rate on the unpaid principal balance shall be ten (10) percent,
amortized monthly.
5. Payments on the unpaid principal shall be made on a monthly basis. The
Borough Finance Department will calculate equal payments amortized monthly,
with the uneven payment, if any, being the last payment due. All payments are
due beginning 30 days following the date of recording with any additional late
penalties calculated pursuant to KIB Ordinances. There is no penalty for
prepayment of all or part of the deed of trust but any prepayments shall be
credited to outstanding interest and then principal. Prepayment of the loan is
allowed so long as they are made in conjunction with a regular monthly
payment. Prepayments will not affect the amount of the monthly payment but
will reduce the loan term accordingly.
Kodiak Island Borough Alaska Resolution No. FY2006 -05
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ATTEST:
6. The purchaser shall execute a deed of trust for the unpaid balance plus
interest to secure payment of the note. The Borough Finance Department shall
hold the deed of trust unless the buyer desires it to be held as an escrow
account by a third party trustee acceptable to the buyer and seller. In that
event, the buyer shall be responsible for all costs associated with the trustee
and the escrow account. The time and place of the closing will be set by the
Borough manager or his agent, but shall be not less than ten (10) and not
more than twenty (20) working days after the signing of the purchase
commitment. The seller and buyer shall evenly split the expense of normal
closing and recording fees.
7. Any remaining unsold parcels shall be offered for sale, "over the counter,"
beginning at 8:00 am on the fifth working day following the public outcry
auction at the office of the Borough Finance Department on a first come, first
serve basis. The minimum sales price shall be the appraised \slue.
8. Any remaining unsold parcels not disposed of within six (6) months of the sale
date shall be withdrawn pending future evaluation and action.
9. All parcels will be conveyed by Quit Claim Deed subject to easements,
reservations, and restrictions of record.
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS FOURTH DAY OF AUGUST 2005
uZ�L lit .a�XY
J udith A. Niels\ CMC, Borough Clerk
KODIAK ISLAND BOROUGH
Kodiak Island Borough Alaska Resolution No. FY2006 -05
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