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Inspection 211 days from Effective Date (Date City Council Approves) (city requires plat/ site plan <br /> Period approval before sale). (Extended from March 30, 2023 to April 30, 2023) <br /> Closing Within 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 /> Performance City to require construction of a minimum 3-5000 SF building and obtain a Certificate <br /> of Occupancy 16 months after Closing. If this is not done, the City may exercise the <br /> L _ Right of Re-Entry Agreement. <br /> Alternatives: <br /> 1. Recommendation to City Council to approve First Amendment to Purchase Agreement and Right of <br /> Re-Entry Agreement as presented. (Staff recommendation) <br /> 2. Recommendation to City Council to approve First Amendment to Purchase Agreement and Right of <br /> Re-Entry Agreement with changes. <br /> 3.No Action(Keeps the current Purchase Agreement in place) <br /> 4. 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 to approve First Amendment to Purchase <br /> Agreement and Right of Re-Entry Agreement for Part of Outlot C, Affinity at COR (as <br /> presented); subject to City Attorney review. <br /> As noted above, Planning Commission has yet to review this site concept. This will be handled during the site <br /> plan/plat application process and could change. <br /> Action: <br /> Motion to recommend that the City Council to approve First Amendment to Purchase Agreement and <br /> Right of Re-Entry Agreement for Part of Outlot C,Affinity at COR(as presented); subject to City Attorney <br /> review. <br /> Attachments <br /> Site Location Map <br /> ACTION-First Amendment to PA <br /> ACTION-Right of Re-Entry Agreement <br /> Reference -Amended Term Sheet <br /> Reference - Original Executed PA <br /> Reference -Res 422-186 <br /> Reference-Request for Extension- Cor Trust Bank <br /> Form Review <br /> Inbox Reviewed By Date <br /> Sean Sullivan(Originator) Sean Sullivan 02/27/2023 02:53 PM <br /> Brian Hagen Sean Sullivan 03/01/2023 09:31 AM <br /> Sean Sullivan(Originator) Sean Sullivan 03/01/2023 04:53 PM <br />