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HRA Regular Session Meeting Date: 11/12/2013 By: Tim Gladhill, Community Development Information 5. 2. Title: Approve Work Order for Installation of Sign in COR TWO/Sunwood Retail Area per Real Estate Contract with McDonald's USA, LLC Purpose/Background: On December 19, 2012, the HRA entered into a Real Estate Contract with McDonald's USA, LLC for the purchase of Lot 2, Block 1, COR TWO. The Contract is attached to this case. Per Paragraph 12 of the Contract, the HRA is responsible for constructing two (2) signs: 1. Southeast corner of Sunwood Drive and Armstrong Boulevard, on Lot 2 (McDonald's Site) (150 square feet) 2. At the easterly shared entrance of Lots 1-3, Block 1 COR TWO, on Lot 3 (Convenience Gas Location) (75 square feet) These two (2) signs will be shared by Lots 1-3, Block 1, COR TWO. Each lot would have one (1) tenant panel on each sign. The signs are illustrated in Exhibts D of the Contract. It is anticipated that the cost of the sign will be divided evenly between the three (3) lots. Under the Contract, McDonald's has agreed to pay for a third of the cost of construction. The remaining two-thirds (2/3) would be anticipated to be reimbursed at time of sale of those two (2) lots. The interim funding for the remaining two-thirds (2/3) would be the land sale proceeds from the McDonald's sale. The proposed signs comply with the approved Master Sign Plan for The COR. Staff is proposing that the proposed Kasota Stone/Limestone face be constructed as Dryvit as a cost savings alternative. Dryvit is a plaster finish similar to Stucco that can be finished to provide a similar look to the original design of The COR Master Sign Plan. Staff requested quotes from approximately five (5) sign vendors and received responses from two (2) sign vendors. Staff requested quotes for a Kasota Stone finish as original contemplated in the Master Sign Plan. In addition, Staff requested that vendors provide a lower -cost alternative to Kasota Stone. A summary of quotes is attached to this case for review. The lowest quote was provided by DeMars Signs with an estimated cost of $75,000 (when factoring electrical connection services). Please note: this quote does not include the planter as shown on the attached drawings. The HRA could add said planter at an additional cost of $5,000. It is hereby noted that the electrical service construction is still estimated and will need to come back under separate contract at a future date. Both quotes received note that the electrical service connection is to be done by others. Staff has received verbal quotes of $15,000 and is generally comfortable with said quotes. It is anticipated that this price may reduce once site conditions are better understood. However, Staff will secure at least three (3) quotes for electrical service and bring that component back for approval at a future date. Notification: No notification is required. Observations/Alternatives: