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re- aligned Sunwood Drive. In order to complete the terms of the grant award, the City Council must certify that it holds fee -title ownership for the roadway. Currently, the HRA holds fee -title ownership, with an appropriate legal document provided that allowed construction to commence. The Plat of COR TWO was the proposed mechanism to convey fee -title ownership to the City. However, it should be noted that there are other viable options to address the grant award. These options include, but are not limited to, conveying a permanent road easement via quit claim deed or the recording a right -of -way plat. A right -of -way plat would dedicate the necessary right -of -way for Sunwood Drive, but would not satisfy certain terms of purchase agreements with the HRA, nor provide the necessary buildable parcels necessary to facilitate the projects referenced above. Staff has not prepared an estimate for these two (2) options at this time, as direction from the HRA was to prepare estimates to revise the COR TWO plat. Given the situation with Sophia Ramsey, an alternative platting scenario is being proposed and this case seeks the HRA's direction as to how they would like to proceed. The new scenario would require a redraft of the plat, and modifications to the existing easements and real estate documents. The attached sketch outlines the proposed modification to the plat, and the remnant parcels created (Outlots B and C). The following will outline two (2) options to consider as it relates to reimbursement of the costs to revise the plat and associated documents. Option # 1 would be to revise the plat. Option #2 would be to revise the plat -AND - require Sophia Ramsey, LLC to enter into a documented agreement to reimburse the HRA the costs to revise the plat. Option #1 - Revise the Plat To simply revise plat and proceed to record and close on contracted lots, the following actions will be required: 1. Revise Plat and resubmit for County Approval 2. Resubmit to City Council for approval of revised plat. 3. Revise completed easements and agreement exhibits related to the access and utilities. 4. Revise Existing real estate documents and gain approval of amendments. 5. Estimated Cost - $8,000 ($5,000 in surveying costs [see attached work order] + $3,000 in legal costs [estimated only)) Option #2 - Revise the Plat -AND- require Reimbursement Agreement with Sophia Ramsey, LLC To additionally enter into an agreement with Sophia Ramsey, LLC related to their acquisition of parcels and eventual platting is a bit more complicated. 1. Perform all Steps # 1 through #4 above 2. Prepare amendment to Agreement Related to the Plat of COR TWO to include a requirement that Sophia Ramsey, LLC reimburse the cost to revise the Plat of COR TWO. 3. Estimated Cost - $16,000 ($5,000 in surveying costs [see attached work order] + $11,000 in legal costs [estimated only)). City Staff recommends that at minimum, some sort of written agreement be secured to outline the agreement for reimbursement of costs by Sophia Ramsey, LLC. It is Staffs understanding the HRA legal counsel is working on a potential Memorandum of Understanding that could be in executable form that would fit within Option #1 above. Staff further acknowledges that Option # 1 will be required if the site plans for Lots 3 through 5 (Sunwood Retail) are to move forward without the inclusion of Lots 1 and 2 (Sophia Ramsey, LLC). Some, or all of these costs could be recovered through the sale of the remnant parcels to Sophia Ramsey. It is noted that this expense has not currently been budgeted within the HRA budget. Recommendation: