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Observations/Alternatives: <br />Alternative 1: Grant Imperial Development Company an extension of time, per the attached proposed amendment to <br />the original PA. This allows our Agreement for development to continue. This extension also affords Imperial that <br />much more time (additional 180 days) to say no to developing in Ramsey. <br />Alternative 2: Decline granting Imperial Development Company an extension of time threatening the likelihood of a <br />development occurring on this parcel. Staff does not recommend this alternative. As discussed previously, this site <br />is bound by recorded restrictions from the previous Seller, Amoco/BP Products of North America. Very few uses <br />are allowed on this property until 2020, at which point the restrictions expire. Other uses do exist; however, given <br />proximity to similar allowable uses along the HWY 47 corridor, Staff and CBRE feels the marketability of this site <br />is limited. This site will continue to be marketed allowing for other leads to "fill the pipeline"; should the <br />development of a Dollar General not occur, we could have a lead due to continued marketing. To date their is no <br />other active lead for this property. <br />Recommendation: <br />Staff recommends a motion allowing for execution of the attached Amendment to the original Purchase Agreement <br />between the City of Ramsey and Imperial Development Company. <br />Action: <br />Motion to execute the attached Amendment to the original Purchase Agreement between the City of Ramsey and <br />Imperial Development Company. <br />Attachments <br />Revised Addendum <br />Executed PA <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 08/07/2014 08:35 AM <br />Form Started By: Ted LaFrance Started On: 08/01/2014 03:24 PM <br />Final Approval Date: 08/07/2014 <br />