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Mr. Gleason needs to extend the "inspection period" within the attached purchase <br /> agreement. As the agreement reads, he cannot extend past January 16, 2017 (via <br /> Amendment #1). However, Mr. Gleason needs a 60-day extension (to March 16, <br /> 2016). He has indicated he is willing to place an additional $2,500 in escrow for the <br /> extension. <br /> NOTE: below is a snapshot of Mr. Gleason's escrow account accumulation. After <br /> this case, he will be at step 4--and will have deposited $12,500 on a $155,000 <br /> purchase agreement. <br /> (1) $5,000 per original agreement <br /> (2) $2,500 per lease amendment#1, for 60 days <br /> (3) $2,500 per lease amendment 91, for 60 days <br /> (4) $2,500 per lease amendment#2, for 60 days (this case) <br /> (5) $2,500 per lease amendment#2, for 60 days (future option) <br /> Notification: <br /> NA <br /> Observations/Alternatives: <br /> NA <br /> Funding Source: <br /> NA <br /> Recommendation: <br /> Staff is comfortable with the proposed amendment/request. Staff believes the <br /> original inspection period (due diligence period) for this particular site was very <br /> aggressive (about 3 months). This is a challenging site/project. The developer is <br /> displaying clear progress, and is nearing the finish line. The developer is putting <br /> down hard money. If another extension is requested by the developer, staff will ask <br /> for additional earnest dollars. <br /> Action: <br /> Motion to: <br /> Approve the attached Amendment 92 to the Purchase Agreement between the City of Ramsey and Life Style <br /> Properties Inc.; subject to final review and amendments by the City Attorney. <br /> Attachments <br /> Original PA <br /> PA Amendment 1 <br /> PA Amendment 2 <br /> Form Review <br /> Inbox Reviewed By Date <br /> Kurt Ulrich Kurt Ulrich 01/05/2017 03:29 PM <br /> Form Started By:Patrick Brama Started On: 12/09/2016 05:35 PM <br />