Agenda - Council - 08/23/2022 - Laserfiche WebLink

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II Performance City to require construction of a minimum 10,000 SF building and obtain a Certificate of 'I Occupancy 16 months after Closing. If this is not done, the City may exercise the Right II of Re -Entry. Request to Close on Land Prior to Site Plan Approval The request to close on the land prior to site plan approval is atypical and risky for the Buyer. The Buyer will not have City approvals prior to the land closing. The City will still require Blue Line Collision to enter into a Right of Re -Entry Agreement and have it filed as part of the land closing. This agreement will ensure the City that the development project is completed to the City's satisfaction within 16 months after closing. In the event that the Buyer does not perform, the City has the right to take back the land at no cost to the City and retain the land transaction proceeds or impose a special assessment of $50,000. The amendment to the Right of Re-entry Agreement replaces the typical reference to formal site plan approval and the development permit and replaces it with the submitted site plan project description subject to satisfactory City approval. City Attorney Knaak has reviewed the amended Right of Re-entry Agreement and has confirmed that it provided the same protections for the City as the original version. Alternatives: 1. Adopt Resolution #22-187 Approving Amendment to Right of Re -Entry Agreement and Authorizing Sale of Lots 1 and 3, Block 1, Riverside West Rearrangement (as presented); subject to City Attorney review. 2. Adopt Resolution #22-187 Approving Amendment to Right of Re -Entry Agreement and Authorizing Sale of Lots 1 and 3, Block 1, Riverside West Rearrangement (with changes); subject to City Attorney review. 3. Something else. Funding Source: This case is being handled as part of normal Staff duties. Recommendation: The EDA met on August 11, 2022 and unanimously voted to make a recommendation to the City Council to approve the attached Amended form of Right of Re -Entry Agreement as presented, subject to City Attorney review. As noted above. Planning Commission has yet to review this site concept. This will be handled during the site plan application process and the plan could be modified. Action: Motion to Adopt Resolution #22-187 Approving Amendment to Right of Re -Entry Agreement and Authorizing Sale of Lots 1 and 3, Block 1, Riverside West Rearrangement (as presented); subject to City Attorney review. Attachments Site Location Map - Parcel 40 ACTION - Resolution #22-187 ACTION - Revised Right of Re -Entry Agreement Revised Site Plan and Elevations REFERENCE - Executed Purchase Agreement REFERENCE - Excerpt from Draft EDA Minutes 8.11.22 Inbox Sean Sullivan (Originator) Brian Hagen Form Started By: Sean Sullivan Form Review Reviewed By Sean Sullivan Brian Hagen Date 08/15/2022 09:20 AM 08/18/2022 02:18 PM Started On: 08/11/2022 02:24 PM