Laserfiche WebLink
CC Regular Session <br />Meeting Date: 11/22/2011 <br />By: Darren Lazan, Housing & <br />Redevelopment Authority <br />Information <br />Title: <br />Consider Amendment to Purchase Agreement - Suite Living <br />4. 7. <br />Background: <br />At it's Regular Meeting following the City Council, the HRA will consider the proposed fourth amendment to the <br />purchase agreement with Toti Development for the Suite Living project in The COR. The City Council is party to <br />that agreement and accordingly should act on the extension as well. <br />The proposed amendment extends the closing date from November of 2011 to January 15, 2012. Mr. Winges with <br />Toti development will be in attendance to discuss the current schedule and proposed closing schedule at the HRA. <br />This amendment includes a non - refundable fee of $20,000 for the 60 day extension period outlined. Together with <br />the original $50,000 earnest monies, this payment brings the total amount of funds paid to $95,000, with only <br />$50,000 applied to the purchase price at closing. <br />Notification: <br />Observations: <br />Recommendation: <br />The development team recommends the City Council approve the proposed Fourth Amendment to the Purchase <br />Agreement, subject to the HRA approval. <br />Funding Source: <br />N/A <br />Council Action: <br />Approve the Fourth Amendment to the Purchase Agreement with Toti Development subject to the HRA approval at <br />their regular meeting to follow. <br />Fourth Amendment - Suite Living <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Amy Dietl 11/17/2011 03:16 PM <br />Form Started By: Darren Lazan Started On: 11/17/2011 02:42 PM <br />Final Approval Date: 11/17/2011 <br />