Agenda - Council - 02/23/2016 - Laserfiche WebLink

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commence, and allows the City to utilize the financial guarantee to construct an interim cul-de-sac that best matches post -demolition conditions of the former municipal center (recommended). 2. Do not grant one-year extension to the Development Agreement and call on financial guarantee to complete interim cul-de-sac as part of the demolition project. Regarding the Purchase Agreement for Phase 2 The Purchase Agreement as it relates to Phase 2 calls for closing within 30 days of notification from the City to G S Land, LLC of the completion of the demolition of the former municipal center. The timing of this project is outlined in the previous case on this agenda. The Developer has requested to be able to delay closing until 2017 to reflect current market conditions. Phase 1 still has approximately thirty (30) vacant, available lots for construction. Staff is supportive of the request if the Developer provides compensation in exchange for the request in change in terms of the contract. Staff recommends $15,000 in earnest money, $5,000 of which immediately becomes non-refundable. The Buyer/Developer objects to this recommendation. Alternatives 1. Grant request for one-year extension to Purchase Agreement with the establishment of a $15,000 escrow, $5,000 of which is non-refundable (staff recommendation, G S Land objects). 2. Grant request for one-year extension without additional compensation (G S Land Recommendation, Staff objects). 3. Do not grant request for extension and re -market remaining developable area (subsequent staff recommendation). Original agreement will stand as -is. Funding Source: All costs associated with processing the request for extension to the Development Agreement are the responsibility of the Developer. Recommendation: Staff recommends approving the request for extension based on the recommended term sheet attached (including establishment of new real estate escrow). Action: Motion to adopt Resolution #16-02-042 granting request for extension to Purchase Agreement and Development Agreement, both by and between the City and G S Land, LLC. Attachments Site Location Map Harvest Estates Phase 1 Harvest Estates Full Plan Set Original Development Agreement (Phase 1) Original Purchase Agreement (Phase 2) Developer's/Buyer's Request for Extension Staff Proposed Term Sheet Resolution # 16-02-042 Form Review Inbox Reviewed By Date Patrick Brama Patrick Brama 02/19/2016 08:53 AM Tim Gladhill (Originator) Tim Gladhill 02/19/2016 09:10 AM Tim Gladhill (Originator) Tim Gladhill 02/19/2016 09:10 AM Kurt Ulrich Kurt Ulrich 02/19/2016 09:56 AM Form Started By: Tim Gladhill Started On: 02/19/2016 07:37 AM