02/05/13 Special - Laserfiche WebLink

Home

Development Manager Lazan explained Edgewood Development cannot perform on the first agreement because it goes hard on February 15, 2013. Edgewood Development is hoping the HRA will consider an extended period of time before the earnest money goes hard to allow coming to terms. Motion by Commissioner Kuzma, seconded by Commissioner Elvig, to allow a 30-day extension of the escrow soft period for due diligence, subject to receipt of the earnest money. Further discussion: Mr. Fischer stated it is workable if the HRA gives a 60-day extension for due diligence and then the money goes hard; however, Edgewood Development will walk if the money goes hard immediately. Amended motion by Commissioner Kuzma, seconded by Commissioner Elvig, to allow a 60-day extension of the escrow soft period for due diligence, subject to receipt of the earnest money. Motion carried. Voting Yes: Chairperson Backous, Commissioners Kuzma, Elvig, LeTourneau, Riley, Strommen, and Tossey. Voting No: None. Commissioner Strommen left the meeting at 9:34 p.m. 5.01: Consider Work Order to Revise the COR TWO Plat and Associated Documents Development Manager Lazan reviewed the staff report and presented two options for consideration: Option 1.) Simply revise the plat and proceed to record and close on contracted lots; or, Option 2.) Revise the plat and require a Reimbursement Agreement with Sophia Ramsey, LLC related to their acquisition of parcels and eventual platting. Development Manager Lazan indicated it is the recommendation of the Development Team to approve Option 1 at an estimated cost of $8,000 to modify the plat of COR TWO and revise the documents necessary to record the plat. Upon successful platting, the HRA would grant the access easements over the HRA lots as shown in the current documents. HRA Executive Director Ulrich stated staff supports Option 1 and finds the estimated costs to be reasonable to complete that project. He noted it may be possible to negotiate a cost sharing with Sophia Ramsey. Commissioner Elvig asked what could potentially go wrong when the timing is staggered, such as snags with the survey process. Development Manager Lazan agreed that any time you retool, there are some risks so they tried hard to mitigate them. He noted the HRA will end up with two remnant parcels for which they have no use if Solomon does not go forward. Sophia Ramsey would get the right-of-way they would get anyway. He felt that in the interim, it sits nicely if the HRA can tolerate holding two the remnant parcels. Development Manager Lazan explained the PINs would be set when the plat is filed. Housing and Redevelopment Authority / February 5, 2013 Page 5 of 7