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HRA Special Session <br />Meeting Date: 07/31/2012 <br />By: Darren Lazan, Housing & <br />Redevelopment Authority <br />Information <br />Title: <br />Consider Offer to Purchase Land - Sunwood Drive/Armstrong (Portions may be closed to the public) <br />5. 2. <br />Background: <br />The HRA has previously contemplated the sale of property in the Sunwood Retail area to M&W Holding, LLC - the <br />owners of Wiser Choice Liquors. <br />This transaction is part of the City Council's purchase of M&W's current parcel located on the west side of <br />Armstrong in anticipation of the new Armstrong interchange. <br />The development team has completed the layout of this area, now has LOI's for all three parcels, and have been <br />able to work through the detailed easement, covenants, and restrictions necessary to execute a Purchase Agreement. <br />Notification: <br />Observations: <br />The Development team will send a detailed summary to the HRA via separate email prior to the meeting. <br />Recommendation: <br />The development team recommends the HRA approve the proposed purchase agreement, and direct the city <br />attorney to make final revisions as necessary, and execute all documents related to the transaction necessary to <br />close. <br />Funding Source: <br />N/A <br />Council Action: <br />Approve the proposed purchase agreement, and direct the city attorney to make final revisions as necessary, and <br />execute all documents related to the transaction necessary to close. <br />Site Location Map <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Darren Lazan 07/26/2012 02:46 PM <br />Darren Lazan (Originator) Darren Lazan 07/26/2012 03:11 PM <br />Kurt Ulrich Kurt Ulrich 07/26/2012 03:14 PM <br />Form Started By: Darren Lazan Started On: 07/26/2012 12:49 PM <br />Final Approval Date: 07/26/2012 <br />