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Request to Close on Land Prior to Site Plan Approval <br /> The request to close on the land prior to site plan approval is atypical and risky for the Buyer. The Buyer will not <br /> have City approvals prior to the land closing. The City will still require Blue Line Collision to enter into a Right of <br /> Re-Entry Agreement and have it filed as part of the land closing. This agreement will ensure the City that the <br /> development project is completed to the City's satisfaction within 16 months after closing. In the event that the <br /> Buyer does not perform,the City has the right to take back the land at no cost to the City and retain the land <br /> transaction proceeds or impose a special assessment of$50,000. The amendment to the Right of Re-entry <br /> Agreement replaces the typical reference to formal site plan approval and the development permit and replaces it <br /> with the submitted site plan project description subject to satisfactory City approval. City Attorney Knaak has <br /> reviewed the amended Right of Re-entry Agreement and has confirmed that it provided the same protections for the <br /> City as the original version. <br /> Alternatives: <br /> 1. Recommendation to City Council to approve Amended form of Right of Re-Entry Agreement as presented. <br /> (Staff recommendation) <br /> 2. Recommendation to City Council to approve Amended form of Right of Re-Entry Agreement with changes. <br /> 3. Something else. <br /> Funding Source: <br /> This case is being handled as part of normal Staff duties. <br /> Recommendation: <br /> Staff recommends a recommendation to the City Council of the attached Amended form of Right of Re-Entry <br /> 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 could be modified. <br /> Action: <br /> Motion to recommend that the City Council approve the attached Amended form of Right of Re-Entry Agreement <br /> for Lots 1 and 3, Block 1, Riverside West Rearrangement, subject to City Attorney review. <br /> Attachments <br /> Site Location Map -Parcel 40 <br /> ACTION -Revised Right of Re-Entry Agreement <br /> Revised Site Plan and Elevations <br /> REFERENCE -Executed Purchase Agreement <br /> Form Review <br /> Inbox Reviewed By Date <br /> Sean Sullivan(Originator) Sean Sullivan 08/03/2022 12:04 PM <br /> Brian Hagen Brian Hagen 08/05/2022 08:33 AM <br /> Form Started By:Sean Sullivan Started On:08/01/2022 12:32 PM <br /> Final Approval Date:08/05/2022 <br />