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HRA Regular Session Meeting Date: 04/23/2013 By: Jo Thieling, Administrative Services 5. 1. Information Title: Approve Letter of Intent with Sophia -Ramsey, LLC Background: In 2012 it was intended that the Coborn's retail center property (Sophia -Ramsey, LLC) was to have been included in the new plat for the Sunwood retail area known as COR 2. Subsequently, delay caused the plat not to be filed in 2012 and Sophia -Ramsey, LLC was unable to participate in the plat because they were unwilling to pay real estate taxes for the full year at the time the plat was filed in early 2013. The attached Letter of Intent (LOI) was negotiated by the HRA Attorney to address the issues associated with filing the plat now. Notification: None required. Observations/Alternatives: The HRA may approve, postpone, or reject this agreement. Staff recommends approving this document as it conceptually lays out the solution for a final agreement that will make sure all property transactions are properly recorded. As pointed out in the LOI, this is a non -binding document that simply lays out the intent of both parties. Not approving or postponing approval of this document would potentially delay the filing of the plat and possible delay land sales. The document has been approved by the HRA Attorney. Recommendation: Staff recommends approval of the LOI with Sophia -Ramsey, LLC as presented. Funding Source: Fees and costs associated with this document are considered part of the development costs of the COR 2 plat and are to be reimbursed with proceeds from land sales. Action: Approve the LOI with Sophia -Ramsey, LLC as presented. Attachments Sophia Ramsey LOI Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 04/18/2013 05:18 PM Form Started By: Jo Thieling Started On: 04/17/2013 05:29 PM Final Approval Date: 04/18/2013