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(4)Inspection Period <br /> February 28,2017 <br /> (5)Extension Option <br /> If the buyer decides to extend the PA,they will be required to place $5,000 of additional non-refundable <br /> dollars in earnest for each 60 day extension. <br /> (6) Construction Deadline&Incentive Payments <br /> Phase 1 completed by 03/01/18 (72,000 sf), $155,000 payment,certificate of occupancy required. <br /> Phase 2 completed by 03/01/21 (51,840 sf), $155,000 payment,certificate of occupancy required.* <br /> *additional$100,000 if phase 2 completed by 03/01/19 <br /> (7) Commissions&Reassignment <br /> This project is anticipated to be reassigned from Platinum Properties to HK Ramsey LLLC. Jeff Hagan, of <br /> Platinum Properties,will be a partner in the new HK Ramsey entity. This is called out in the PA, section 18. <br /> Additionally,the PA now includes a split commission payment between Platinum Properties and CBRE(split <br /> of 7%). <br /> Funding Source: <br /> NA <br /> Recommendation: <br /> (1) This purchase agreement MAY be discussed in closed session(sale price, and deal terms). Staff will send the <br /> EDA a closed session MEMO before the EDA meeting. <br /> (2) The City invited Platinum Properties Group to apply for a business subsidy($7,500)in September.Platinum <br /> Properties did apply, and Ehlers did complete an an audit/underwriting. Please see attached Ehlers MEMO for <br /> results. <br /> (3) The EDA and City Council reviewed this project in September(09/01 and 09/13), and provide general direction <br /> to continue working with the developer on this project. <br /> (4) The Planning Commission met regarding this project on 09/01 from a land use perspective. Generally, the <br /> Planning Commission is excited for this project, and comfortable with the proposed land use--from a very <br /> preliminary perspective. Below are specific comments: <br /> .Commissioner VanScoy believed this was a great fit for the proposed property. <br /> .Commissioner Nosan understood this development had a retail element and questioned if the site had <br /> adequate parking. Community Development Director Gladhill explained the site was permitted to have <br /> commercial retail recreation and had sufficient parking. <br /> .Commissioner Nosan believed this was an exciting development. <br /> .Commissioner Brauer agreed and wished this development was closer to The COR. <br /> .Commissioner Andrusko was excited about the project,but had some concerns with the proposed terms. <br /> Action: <br /> Motion to: <br /> Recommend the City Council approve the attached purchase agreement with Platinum Properties for 9.3 acres of <br /> city-owned land. <br /> NOTE: we do expect some minor changes with the purchase agreement to occur before Council review on <br /> 10125. Council review will also include a resolution and public hearing related to the business subsidy. <br /> Attachments <br />