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described above for a purchase price of $250,000. The HRA's conveyance of the property to F & C will be subject <br />to a right of reverter in favor of the HRA which the HRA may exercise if F & C fails to substantially complete <br />construction on project on or before June 30, 2013 (subject to force majeure) or if, prior to the earlier of June 30, <br />2013 or substantial completion, F & C's lender commences foreclosure proceedings. <br />Recommendation: <br />Staff Recommends City Council approve the Purchase Agreement. <br />Council Action: <br />Approve Purchase Agreement. <br />Budgeted Y /N: N <br />Budgeted Year: 2011 <br />Fund: TIF <br />Funding: <br />TIF budgets amended to reflect expenditures. <br />Location Map <br />Residence Plans <br />Meeting Summary <br />Ehlers Memo <br />Purchase Agreement <br />Fiscal Impact <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 11/18/2010 04:00 PM <br />Form Started By: Darren Lazan Started On: 11/18/2010 10:30 AM <br />Final Approval Date: 11/18/2010 <br />