Agenda - Council - 11/26/2019 - Laserfiche WebLink

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CC Regular Session Meeting Date: 11/26/2019 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development Information 7. 1. Title: Adopt Resolution # 19-277 Approving Purchase Agreement for Part of Outlot A, COR Stone Brook Academy; Case of GiGi's Salon and Spa, Inc. (Portions may be closed to the public) Purpose/Background: The City of Ramsey and GiGi's Salon have been negotiating the terms of a purchase agreement over the past two months. Gigi's Salon has agreed to the attached purchase agreement according to the general terms and conditions outlined on the attached Term Sheet. The proposed purchase price is within the City's approved deal range for this parcel; however, it still will require site plan approval through the normal zoning process. The proposed purchase agreement includes a development concept previously reviewed by the EDA and Planning Commission. The lot configuration as currently presented allows leaves over 1.5 acres for a future project. The time periods, and extensions outlined in the term sheet and PA are consistent with the standard template. Notification: Notification is not required. Observations/Alternatives: The following items are worth highlighting: Earnest $5,000, Nonrefundable after a Notice to Proceed has been given Money by the Buyer. Inspection 180 days from Effective Date (Date City Council Approves) (city Period requires plat/ site plan approval before sale). 'Closing 'Within 30 days of Notice to Proceed. 'Developer will deposit $1,000 in escrow for each 60 day Extensions extension (2 extensions allowed) Once extensions are made the money becomes non-refundable. City to require construction of a minimum 5,000 SF building and Performance obtain a Certificate of Occupancy one year after Closing. If this is not done, the City may exercise the Right of Re -Entry. Funding Source: This case is being handled as part of normal Staff duties. Recommendation: The EDA reviewed the attached purchase agreement at its November 14, 2019 meeting and unanimously recommendec City Council approval. Action: