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Money zPzu,uuu, i-ionrerunuauie after a r4ouce to rroceeu nas peen given Dy the rsuyer. <br /> Inspection 180 days from Effective Date (Date City Council Approves) (city requires plat/site plan <br /> Period approval before sale). <br /> Closing ::]Fwithin 30 days of Notice to Proceed. <br /> Extensions Developer will deposit $10,000 in escrow for each 60 day extension (2 extensions <br /> allowed) Once extensions are made the money becomes non-refundable. <br /> City to require construction of a minimum 10,000 SF building and obtain a Certificate of <br /> Performance Occupancy 16 months after Closing. If this is not done, the City may exercise the Right <br /> LofRe-Entry. <br /> Alternatives: <br /> 1. Adopt Resolution#22-042 Approving Purchase Agreement and Right of Re-Entry Agreement for Lot 4, <br /> Block I.Riverside West; as presented. (Staff/EDA recommendation) <br /> 2. Adopt Resolution#22-042 Approving Purchase Agreement and Right of Re-Entry Agreement for Lot 4, <br /> Block 1,Riverside West with changes. <br /> 3. Something else. <br /> Funding Source: <br /> This case is being handled as part of normal Staff duties. <br /> Recommendation: <br /> The EDA met on February 10, 2022 and adopted a motion with a recommendation to the City Council to approve <br /> the attached Purchase Agreement and Right of Re-Entry Agreement as presented, subject to City Attorney review. <br /> As noted above. Planning Commission has yet to review this site concept so this will be handled during the site <br /> plan application process and is likely to change. <br /> Action: <br /> Motion to adopt Resolution#22-042 Approving Purchase Agreement and Right of Re-Entry Agreement for Lot 4, <br /> Block 1, Riverside West(as presented); subject to City Attorney review. <br /> Attachments <br /> Site Location Map -Parcel 40 <br /> ACTION-Resolution#22-042 <br /> ACTION-DRAFT Purchase Agreement <br /> ACTION-Draft Right of Re-Entry Agreement <br /> Term Sheet <br /> Proposed Replat <br /> Form Review <br /> Inbox Reviewed By Date <br /> Sean Sullivan(Originator) Sean Sullivan 02/10/2022 10:20 AM <br /> Brian Hagen Brian Hagen 02/16/2022 10:26 AM <br /> Kurt Ulrich Kurt Ulrich 02/17/2022 09:51 AM <br /> Form Started By:Sean Sullivan Started On:02/04/2022 04:31 PM <br /> Final Approval Date:02/17/2022 <br />