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(5) Extension Option <br />If the buyer decides to extend the PA, they will be required to place $2,500 of additional non-refundable dollars in <br />earnest for each 30 day extension. <br />CONSIDERATIONS <br />- development fees ($35,100 parks, $9,425 trails, $21,814 water, $14,638 sewer, $5,967 stormwater) <br />-tax base (about $2,500 total per home, about 1/3 goes to the City, 13 homes) <br />- consumers (drive traffic to The COR) <br />- development of challenged site (history of weak or no development interest) <br />- City's completion of regional storm water connection will be triggered <br />- low price ($5,000, less CBRE commission* and closing fees, will result in little land proceeds) <br />*Staff is currently negotiating with CBRE re the commission payment on this project. A resolution will be outlined <br />at the EDA meeting. <br />Funding Source: <br />NA <br />Recommendation: <br />Consider alternatives in closed session. <br />Action: <br />Consider alternatives in closed session. <br />Attachments <br />Purchase Agreement <br />Reference Map <br />Storm Water Map <br />Reference Images <br />DRAFT COR THREE PLAT <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 04/01/2016 03:18 PM <br />Patrick Brama Patrick Brama 04/01/2016 03:54 PM <br />Form Started By: Patrick Brama Started On: 04/01/2016 10:56 AM <br />Final Approval Date: 04/01/2016 <br />