Agenda - Council - 09/13/2016 - Laserfiche WebLink

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NA Recommendation: Staff is comfortable with the proposed amendment/ request. Staff believes the original inspection period (due diligence period) for this particular site was very aggressive (about 3 months). Extending this agreement to November is a more realistic timeline (about 5 months for due diligence). The policy question here --is the Council okay with Mr. Gleason paying only $2,500 for the 60-day extension? The original purchase agreement calls for $2,500 for a 30-day extension. Given the general historic lack of interest in this site, the many site challenges, and the fact that the developer is still pushing this project forward (in comparison to the be benefits this development will bring to the City), staff is comfortable with recommending approval of the proposed amendment. If another extension is requested by the developer, staff will ask for additional earnest dollars. Action: Motion to: Approve the attached amendment to the Purchase Agreement between the City of Ramsey and Life Style Properties Inc.; subject to final review and amendments by the City Attorney. Attachments Lifestyle Construction Services PA Amendment 1 09082016 PA Extension Amendment Request 05 10 16 Purchase Agreement Lifestyle Properties and City of Ramsey Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 09/08/2016 02:08 PM Form Started By: Patrick Brama Started On: 08/30/2016 04:14 PM Final Approval Date: 09/08/2016