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HRA Special Session Meeting Date: 11/20/2012 By: Darren Lazan, Housing & Redevelopment Authority Information Title: Approve Reinstatement of Purchase Agreement - West Real Estate/SuperAmerica 5. 1. Background: The HRA and Kona Properties, LLC ("Kona") entered into that certain Purchase Agreement dated as of September 4, 2012 which was amended by Amendment No. 1 to Purchase Agreement in September of 2012. Kona assigned its interest in the Agreement to Purchaser by a certain Assignment and Assumption of Purchase Agreement with an effective date of September 10, 2012, and Purchaser assumed the obligations of Kona therein. This agreement was approved by the HRA In late October of 2012, the buyer was presented with the prospect of constructing the initial improvements previously contemplated to be completed by the buyer of Lot 3, Block 1, COR TWO to remain on schedule. They agreed to make those improvements, but requested an extension on their agreement to restructure their real estate deal to accomodate the HRA request. Because of the timing of their request, we were unable to get on an agenda in a timely manner, and they were forced to tender a friendly termination until the timing issues could be resolved. These issues have been resolved, and the buyer has agreed to reinstate the agreement with the noted modifications to the schedule. Notification: Observations: Recommendation: The development team recommends the HRA approve the amended and reinstated purchase agreement. Funding Source: N/A Council Action: Approve the Amended and Restated Purchase Agreement with West Real Estate for the purchase of Lot 5, Block 1, COR TWO, subject to review and approval by HRA legal counsel. Attachments Reinstatement of Purchase Agreement Original Purchase Agreement Assignment of Purchase Agreement Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 11/15/2012 04:25 PM Form Started By: Darren Lazan Started On: 11/15/2012 03:04 PM