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HRA Special Session <br />Meeting Date: 11/15/2011 <br />By: Darren Lazan, Housing & <br />Redevelopment Authority <br />Information <br />5. 2. <br />Title: <br />Consider Counter -Offers for Parcel at SW Quadrant of Sunwood and Ramsey Boulevard (portions may be closed to <br />the public) <br />Background: <br />At November 1st meeting of the HRA, consideration was given to two offers received for the parcel located at the <br />southwest quadrant of Sunwood Drive and Ramsey Boulevard. The offers consider the purchase of between one <br />and two acres of property for similar retail uses. We conveyed the HRA's direction to both parties, and have <br />received counter-offers from both that reflect adjustments in purchase price, closing schedules, and the provision of <br />off -site improvements. <br />The development team has spent some time with both parties to prepare reasonable counter-offers that address the <br />direction of the HRA and requests the HRA review and consider their responses. Copies of the current offers and <br />site plans will be provided at the meeting. <br />Recommendation: <br />The development team recommends the HRA review the proposed offers and provide direction in selecting an offer <br />to move toward purchase agreement. <br />Funding Source: <br />Council Action: <br />Direct the development team to work with the preferred buyer to prepare contract documents reflecting the final <br />deal structure proposed. <br />Form Review <br />Inbox Reviewed By Date <br />Heidi Nelson Heidi Nelson 11/10/2011 01:19 PM <br />Form Started By: Darren Lazan Started On: 11/10/2011 11:22 AIM <br />Final Approval Date: 11/10/2011 <br />