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HRA Special Session <br />Meeting Date: 08/15/2011 <br />By: Darren Lazan, Housing & <br />Redevelopment Authority <br />Title: <br />Consider Extension to Purchase Agreement - The Residence at The COR <br />4. 1. <br />Background: <br />The current purchase agreement, as amended by previous HRA actions, has a date of August 15th, 2011 as the final <br />date for the buyer to waive it's contingencies and proceed to close. <br />Prior to this meeting, the HRA will consider the current deal structure proposed, as well as several options for the <br />construction financing on the project. <br />Recommendation: <br />Based on discussions in the work session, the HRA could chose to either extend the contingency to allow for further <br />discussions on the project, or to allow the contingency to expire. There are no financial impacts to the extension, <br />and the completed extension document is enclosed for your consideration which extends the contingency date to <br />November 1, 2011. <br />Funding Source: <br />n/a <br />Council Action: <br />Approve the proposed extension as presented, and direct the development team to execute the extension. <br />3rd Amendment to PA <br />4th Amendment to PA <br />5th Amendment to PA <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Heidi Nelson Heidi Nelson 08/12/2011 01:33 PM <br />Form Started By: Darren Lazan Started On: 08/12/2011 11:08 AM <br />Final Approval Date: 08/12/2011 <br />