Agenda - Council - 10/27/2020 - Laserfiche WebLink

Home

of a larger plat Staff is recommending that the the City not require a Right of Re -Entry Agreement for U.S. Homes Corporation. The following items are worth highlighting: [Earnest Moneys $10,000, Nonrefundable after a Notice to Proceed has been given by the Buyer. Inspection Period Ends on April 7, 2020 (city requires plat / site plan approval before sale). Closing �IWithin 30 days of Notice to Proceed. Extensions Developer will deposit $5,000 in escrow for each 60 day extension (2 extensions allowed) Once extensions are made the money becomes non-refundable. Performance Plat /Site Approval. A Right of Re -Entry Agreement is not being recommended as part of this transaction. Alternatives: 1. Approval of Purchase Agreement of Outlot B, Alpha Development 2nd Addition as presented; subject to City Attorney Review (Staff/EDA recommendation) 2. Approval of Purchase Agreement with changes; subject of City Attorney Review 3. Something else. Funding Source: This case is being handled as part of normal Staff duties. Recommendation: The EDA reviewed this item at the October 8, 2020 meeting and recommends approval of the attached Purchase Agreement for Outlot B, Alpha Development 2nd Addition as presented, subject to City Attorney review. Action: Motion to Adopt Resolution #20-245 Approving Purchase Agreement for Outlot B, Alpha Development 2nd Addition - US Home Corporation; subject to City Attorney approval. Site Location Map Resolution #20-245 ACTION - Draft Purchase Agreement - Lennar Term Sheet Excerpt of 10.8.20 Draft EDA Minutes Attachments Form Review Inbox Reviewed By Date Sean Sullivan (Originator) Sean Sullivan 10/20/2020 12:42 PM Tim Gladhill Tim Gladhill 10/22/2020 09:58 AM Kurt Ulrich Kurt Ulrich 10/22/2020 01:17 PM Form Started By: Sean Sullivan Started On: 10/08/2020 10:35 AM Final Approval Date: 10/22/2020