Agenda - Council - 04/12/2016 - Laserfiche WebLink

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(5) Extension Option If the buyer decides to extend the PA, they will be required to place $2,500 of additional non-refundable dollars in earnest for each 30 day extension. CONSIDERATIONS - development fees ($35,100 parks, $9,425 trails, $21,814 water, $14,638 sewer, $5,967 stormwater) -tax base (about $2,500 total per home, about 1/3 goes to the City, 13 homes) - consumers (drive traffic to The COR) - development of challenged site (history of weak or no development interest) - City's completion of regional storm water connection will be triggered - low price ($5,000, less CBRE commission* and closing fees, will result in little land proceeds) * CBRE has agreed to waive payment of a commission on this parcel until the sale of the parcel to the east, which is part of this listing, but will be sold separately. At that time, both sales will be considered as one transaction relative to the real estate commission. Alternatives The City Council may approve, modify, or reject this proposed Purchase Agreement. Discussion of the price for the property can occur in closed session. Funding Source: NA Recommendation: Authorize staff to execute a Purchase Agreement with Purmort Homes, Inc., for OUTLOT F of Ramsey Town Center 8th Addition, as outlined above, subject to the review and approval of the City Attorney. Action: Authorize staff to execute a Purchase Agreement with Purmort Homes, Inc., for OUTLOT F of Ramsey Town Center 8th Addition, as outlined above, subject to the review and approval of the City Attorney. Purchase Agreement Reference Map Storm Water Map Reference Images DRAFT COR THREE PLAT Attachments Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 04/08/2016 12:45 PM Form Started By: Kathy Schmitz Started On: 04/08/2016 12:02 PM Final Approval Date: 04/08/2016