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HRA Special Session <br />Meeting Date: 10/16/2012 <br />By: Darren Lazan, Housing & <br />Redevelopment Authority <br />Information <br />5. 6. <br />Title: <br />Approve Option Agreement - Edgewood Management Group (portions may be closed to the public) <br />Background: <br />At a previous work session, the HRA provided consensus direction to proceed with the preparation of an agreement <br />with Edgewood Management Group for the sale of property within The COR. <br />As you may recall, there was extensive discussion as to the site location and pricing strategies for this potential sale. <br />Notification: <br />Observations: <br />The development team has prepared an option agreement and associated purchase agreements allowing Edgewood <br />60 days to perform certain internal studies and select one of two sites outlined. The related purchase agreement <br />would then be effective, granting them additional time to perform their due diligence on the selected site, and <br />eventually close on that parcel. <br />The development will provide the agreement to HRA members via separate email prior to the meeting. <br />The Development team will review all components of the proposed sale at the meeting. <br />Recommendation: <br />The development team recommends the HRA accept the option and purchase agreements outlined and adapt a <br />resolution allowing the HRA Chair and Executive Director to execute the agreement. <br />Funding Source: <br />N/A <br />Council Action: <br />Accept the option and purchase agreements outlined and adapt a resolution allowing the HRA Chair and Executive <br />Director to execute the agreement. <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 10/11/2012 02:54 PM <br />Form Started By: Darren Lazan Started On: 10/11/2012 09:29 AM <br />Final Approval Date: 10/11/2012 <br />