02/05/13 Special - Laserfiche WebLink

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The Development Team that the HRA proceed with Option #1 ($8,000) to modify the plat of COR TWO, and revise documents necessary to record the plat. The Development Team recommends the HRA propose the transfer of the remnant parcels shown as Outlots B and C to Sophia Ramsey, LLC with the condition that they re -plat the parcels before December 31, 2013, and reimburse the HRA for all expenses in making the modifications to the plat. Upon successful platting of those parcels, the HRA would grant the access easement over the HRA lots as shown in the current documents. The HRA would hold the remnant parcels and the access easement as security for Sophia Ramsey's contribution to the costs associated with this effort. Funding Source: Funding for preparation of the revised plat and associated documents has been proposed as an internal loan from The COR revolving fund, subject to repayment from Sophia Ramsey, LLC, and /or proceeds from closing on the three HRA parcels created with this plat (the Sunwood Retail Area). Sophia Ramsey has indicated that they would participate in the costs associated with this effort in exchange for the remnant parcels, and a permanent access easement. Council Action: Motion to authorize the Executive Director to execute a work order with Landform Professional Services in the amount not to exceed $5,000, to authorize $3,000 in HRA legal counsel fees for a total of $8,000, and to direct the development team to proceed with the modification to the plat of COR TWO and revise documents necessary to record the plat. Motion to direct HRA counsel to prepare an agreement with Sophia Ramsey, LLC related to the eventual platting of their parcels, and their contribution to the costs of revising the plat. - Contingent upon- • Analysis by the City's Planning and Engineering Division supporting the viability of the attached sketch; • Subject to review by the City Attorney as to legal form. Sketch of Plat Modification Work Order - Revise plat Attachments Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 01/31/2013 02:10 PM Tim Gladhill Tim Gladhill 01/31/2013 03:22 PM Diana Lund Diana Lund 01/31/2013 03:38 PM Kurt Ulrich Kurt Ulrich 01/31/2013 04:53 PM Hakanson Anderson Engineering Kathy Schmitz 01/31/2013 05:00 PM Form Started By: Darren Lazan Started On: 01/30/2013 Final Approval Date: 01/31/2013