Agenda - Council - 12/14/2021 - Laserfiche WebLink

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Purchase Structure: Phase I with an Option on Phase II (see Exhibit A) Acreage Approximately+/- 6.97 acres or(303,613 SF) Subject to Final Plat Asking Price$1,518,065 ($5.00/SF) (SF Subject to change based on approved Plat) Offer Price $4.50 per SF ($1,366,258) (SF Subject to change based on approved Plat) for both Phase I and Phase II Earnest Money$10,000 Non-refundable upon Notice to Proceed being executed. Additional Earnest Money will need to be provided for Phase 2. Inspection Period 180 days from the later of Effective Date (Date City Council approves)or a fully executed PA is delivered to buyer(city requires plat/site plan approval before sale) ***Inspection period will be increase 180 days per Lot closing(see Exhibit A for Lots) Closing Within 30 days of Notice to Proceed. Commission This was a City generated lead for a CBRE Listed property. Per the terms of the listing agreement, the City will pay 3% of gross sales price to CBRE. Extensions to Close Developer will deposit$10,000.00 in escrow for each 90-day extension(2 extensions allowed) Once extensions are made the money becomes non-refundable. ***The Developer will be granted 2 additiona190-day extensions per Lot purchase closing with the terms stated above. (the extra 30 days (60 to 90) is required due to the platting process and the time it is taking Anoka County to review incoming plats) City take care of Provide existing ALTA Survey and updated Title Work. The Developer will contract to plat the property as part of the site plan process. City will work with Anoka County to secure a Right in,Right out access for Veterans Drive on to Ramsey Blvd as part of the platting process. Performance City to require construction of commercial/retail buildings compliant with COR Zoning requirements and obtain a Certificate of Occupancy one year after Closing of each lot. The inspection period will be increase by 180 days per Lot/phase closing. The Developer will enter into a Right of Re-Entry Agreement with minimum building square footage requirements for Lots 1,2, 3 and 5,which will establish the time period to close and construct the minimum improvements for each lot. The City may exercise the Right of Re-Entry if performance requirement is not met. Minimum SF for each lot: Lot 161000 Lot 2 550 Lot 3 900 Lot 4 31000 Lot 5 201000 Assignment Requires city approval if not same owners/company. Alternatives include: 1)Adopt Resolution#21-348 Approving Purchase Agreement for Part of Outlot A, Java Auto Parts (as presented); subject to City Attorney Review 2)Adopt Resolution#21-348 Approving Purchase Agreement for Part of Outlot A, Java Auto Parts (with changes); subject to City Attorney Review 3) Something else. Funding Source: