Approval of an Assignment and Assumption of Purchase and Sale Agreement between NuCiti Capital Partners, LLC, and Lone Star BlackJack Oak, LLC, and  authorizing the City Manager to execute the Agreement

Staff Report & Agenda Item Details

<strong><em>Reading and Public Hearing</em></strong><br><br>On June 3, 2025, City Council approved Resolution R-25-5045, accepting a Letter of Intent from NuCiti Capital Partners, to purchase 22 acres of City-owned land at the Northern Gateway, and on August 5, 2025, by Resolution R-25-5063, entered into a Purchase and Sale Agreement with NuCiti Caital Partners for the purchase of the property, an the option to purchase the remaining 15 acres.<br><br>The Purchase and Sale Agreement permits NuCiti to assign its rights with the seller's (City) written permission, and is seeking City Council approval to do so by entering into an Assignment and Assumption of Purchase and Sale Agreement with Lone Star BlackJack Oak, LLC. This agreement is for the 22 acres and an option to purchase the remaining 15 acres, for a total of 37 acres.<br><br>Approval of this item will authorize the City Manager to accept and execute the Assignment and Assumption of Purchase and Sale with Lone Star BlackJack Oak, LLC.

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