Agenda - Council - 02/12/2019 - Laserfiche WebLink

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CC Regular Session 7. 2. Meeting Date: 02/12/2019 By: Sean Sullivan, Community Development Information Title: Adopt Resolution #19-048 Approving Purchase Agreement for Lots 1, 2 and 3, Block 1, COR TWO; Case of RGH RAMSEY, LLC (Portions may be closed to the public) Purpose/Background: RGH RAMSEY, LLC has made an offer on three (2) City -owned parcels at the southwest intersection of Armstrong Boulevard and Sunwood Drive. The attached Term Sheet outlines the key deal points in this real estate transaction. RGH RAMSEY, LLC wishes to execute a purchase agreement according to the general terms and conditions outlined in the attached Term Sheet. The proposed purchase price is within the City's approved deal range for this parcel; however, it would require site plan approval compliant with COR zoning and vision. The proposed purchase agreement includes a conceptual development concept for review. The developer has expressed the need to have time to secure tenants and has asked for a longer time periods and the ability for extensions to close to accomplish this. The time periods, and extensions outlined in the term sheet and PA deviate slightly from our standard practice and recent transactions, but are appropriate in retail settings. It should be noted that a majority of recent purchase agreements have been for housing projects, and a deviation from policies and procedures from that template are appropriate. In return, the Developer has agreed to increased earnest money for extensions. The details of the term sheet are attached to this case. The Ramsey EDA met on January 10, 2019 and recommended approval of the form and general terms of the purchase agreementatached to Resolution # 19-048. The deadines in the current purchase agreement that Staff is asking the City Council to consider have been extended out one month from the original purchase agreement the EDA reviewed due to the timing of action of this item. The Developer has provided Staff with a proposed site plan. Notification: Notification is not required. Observations/Alternatives: This site plan has not yet gone through site plan review and shall not be considered as any indication of compliance with Zoning Code.. This is being shown for illustrative purposes only. Official site plan review might result in required amendments to the attached site plan. Funding Source: This case is being handled as part of normal Staff duties. Recommendation: Staff recommends adoption of the attached Resolution # 19-048 including the Purchase Agreement, which provides flexibility in the final determination of the site layout; subject to City Attorney approval. Action: