Agenda - Economic Development Authority - 02/10/2022

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J Inspection 180 days from Effective Date (Date City Council Approves) (city requires plat/site plan Period approval before sale). Closing Within 30 days of Notice to Proceed. Extensions Developer will deposit$10,000 in escrow for each 60 day extension (2 extensions I� allowed) Once extensions are made the money becomes non-refundable. 17- City to require construction of a minimum 10,000 SF building and obtain a Certificate of Performance Occupancy 16 months after Closing. If this is not done, the City may exercise the Right of Re-Entry. Alternatives: 1. Recommendation to City Council to approve Purchase Agreement and Right of Re-Entry Agreement as presented. (Staff recommendation) 2. Recommendation to City Council to approve Purchase Agreement and Right of Re-Entry Agreement with changes. 3. Something else. Funding Source: This case is being handled as part of normal Staff duties. Recommendation: Staff recommends a recommendation to the City Council of the attached Purchase Agreement and Right of Re-Entry Agreement as presented, subject to City Attorney review. As noted above. Planning Commission has yet to review this site concept so this will be handled during the site plan application process and is likely to change. Action: Motion to recommend that the City Council approve the attached Purchase Agreement and Right of Re-Entry Agreement for Purchase Agreement for Lot 4, Block 1, Riverside West, subject to City Attorney review. Attachments Site Location Map -Parcel 40 ACTION -DRAFT Purchase Agreement ACTION -Draft Right of Re-Entry Agreement Term Sheet Proposed Replat Form Review Inbox Reviewed By Date Sean Sullivan(Originator) Sean Sullivan 02/01/2022 02:59 PM Brian Hagen Brian Hagen 02/02/2022 02:37 PM Kurt Ulrich Kurt Ulrich 02/03/2022 02:08 PM Form Started By:Sean Sullivan Started On:01/31/2022 04:15 PM Final Approval Date:02/03/2022