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HRA Regular Session Meeting Date: 01/08/2013 By: Darren Lazan, Housing & Redevelopment Authority Information Title: Consider Offer to Purchase Property - Lot 3, Block 1, COR TWO (Portions may be closed to the public) 5. 3. Background: At several meetings throughout 2012, the HRA and the City Council considered the offer by M&W Holdings to purchase a parcel in the plat of COR TWO. The owner of M&W Holdings, Mr. Jeff Wise, was a sitting council member at the time. Through this process, an agreement outlining the HRA's purchase of property owned by M&W Holdings on the west side of Armstrong was considered in conjunction with, and conditioned upon the sale of HRA Property in the plat of COR TWO. The terms of the agreement were finalized and the HRA and city council approved those agreements in mid-2012. After issues related to Mr. Wise's status as a council member were expressed, the HRA chose not to execute the approved deal, and the decision to act on the agreement was postponed until the new year when Mr. Wise's term concluded. Notification: Observations: The terms of the deal outlined and approved in 2012 were based on the assumption that the project would move forward as a 2012 construction project. Because that did not happen, the economics of the deal have changed for Mr. Wise, and he has modified his offer accordingly. The revised offer contains two modifications, one affecting the agreement to purchase the existing property west of Armstrong, and one related to the sale of property in COR TWO. The details of the proposed deal will be sent to HRA Members via separate email. Recommendation: The development team recommends the HRA review the revised offer to purchase Lot 3, Block 1, COR TWO, and either provide direction on a response to the offer, or direct the execution of the agreement and proceed to closing. Funding Source: N/A Council Action: