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Earnest $10,000, Nonrefundable after a Notice to Proceed has been given by the Buyer. <br />Money <br />Inspection 211 days from Effective Date (Date City Council Approves) (city requires plat/ site plan <br />Period 1,approval before sale). (Extended from March 30, 2023 to April 30, 2023) <br />Closing Within 30 days of Notice to Proceed. <br />{r Developer will deposit $10,000 in escrow for each 60 day extension (2 extensions <br />Extensions � allowed) Once extensions are made the money becomes non-refundable. <br />r _1 City to require construction of a minimum 3-5000 SF building and obtain a Certificate <br />Performance 1 of Occupancy 16 months after Closing. If this is not done, the City may exercise the <br />J Right of Re -Entry Agreement. <br />Alternatives: <br />1. Adopt Resolution #23-056 Approving First Amendment to Purchase Agreement and Right of Re -Entry <br />Agreement as presented. (Staff recommendation) <br />2. Adopt Resolution #23-056 Approving First Amendment to Purchase Agreement and Right of Re -Entry <br />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 />The EDA met on March 9, 2023 and unanimously passed a motion to recommend to the City Council to <br />approve First Amendment to Purchase Agreement and Right of Re -Entry Agreement for Part of Outlot <br />C, Affinity at COR (as presented); subject to City Attorney review. <br />The Planning Commission has only had preliminary review of the concept and has communicated some suggested <br />changes to the developer. The Formal site plan/plat application process still needs to proceed and the Site plan <br />could change. <br />Action: <br />Motion to Adopt Resolution #23-056 Approving First Amendment to Purchase Agreement and Right of <br />Re -Entry Agreement as presented. <br />Attachments <br />Site Location Map <br />ACTION - <br />Resolution #23-056 <br />ACTION - <br />First Amendment to PA <br />ACTION - <br />Right of Re -Entry Agreement <br />Reference <br />- Amended Term Sheet <br />Reference <br />- Original Executed PA <br />Reference <br />- Res #22-186 <br />Reference- <br />Request for Extension - Cor Trust Bank <br />Form Review <br />