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Observations: The proposed site will be +/- 1.24 acres upon completion of the Final Plat which is <br />slightly smaller than originally envisioned. The new proposed legal description is Lot 1, Block 1, Affinity <br />at the COR 2nd Addition. Based on a proposed building size of 5,020 SF, staff believes that the <br />proposed site acreage better accommodates the development size. The purchase price would be <br />adjusted to $323,346 ($6.00 / SF) if the acreage in the preliminary plat does not change. This price <br />per/SF is within the approved "deal range". A copy of the site plan submitted to the Planning <br />Commission is attached but could change slightly. This was a city generated lead for a city listed parcel so <br />CBRE and JB Vang will each receive 3% commission. <br />The following items are worth highlighting: <br />Earnest � <br />� $10,000, Nonrefundable after a Notice to Proceed has been given by the Buyer. <br />Money <br />Inspection F271 days from Effective Date (Date City Council Approves) (city requires plat/ site plan <br />Period � approval before sale). (Extended from April 30, 2023 to June 30, 2023) <br />N 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 />r City to require construction of a minimum 4,500 SF building and obtain a Certificate of <br />Performance � Occupancy 16 months after Closing. If this is not done, the City may exercise the <br />Right of Re -Entry Agreement. <br />Alternatives: <br />1. Adopt Resolution #23-102 Approving Second Amendment to Purchase Agreement and Right of Re -Entry <br />Agreement as presented. (Staff recommendation) <br />2. Adopt Resolution #23-102 Approving Second Amendment to Purchase Agreement and Right of <br />Re -Entry Agreement with changes. <br />3. No Action (PA would terminate and Property would be put back on the market) <br />4. Something else. <br />Funding Source: <br />This case is being handled as part of normal Staff duties. <br />Recommendation: <br />Staff recommends that the City Council to approve Second Amendment to Purchase Agreement and <br />Right of Re -Entry Agreement for Part of Outlot C, Affinity at the COR (as presented); subject to City <br />Attorney review. <br />Action: <br />Motion to Adopt Resolution #23-102 Approving Second Amendment to Purchase Agreement and Right <br />of Re -Entry Agreement for Part of Outlot C, Affinity at the COR as presented; subject to City Attorney <br />review <br />Attachments <br />Site Location Map <br />ACTION - Resolution #23-102 COR Trust <br />