Laserfiche WebLink
Notification is not required. <br />Observations/Alternatives: <br />Observations: The proposed site (27-32-25-33-0006) will be +/- 4.14 acres upon completion of the <br />Final Plat. The purchase price is $600,000 ($3.32 / SF). This price per/SF is within the approved "deal <br />range". Staff understands that the square footage of building does not maximize the site potential. <br />However, the developer is asking to be able to put in excess parking so that it can accommodate <br />multiple events and keep all its customers onsite. A copy of the preliminary site concept plan is <br />attached but will likely be modified. This was a city generated lead for a city un-listed parcel, so only Premier <br />Commercial Properties (Buyer Broker) will receive 3% commission. <br />The following Purchase Agreement items are worth highlighting: <br />Earnest $10,000, Nonrefundable after a Notice to Proceed has been given by the Buyer. <br />Money <br />Inspection 180 days from Effective Date (Date City Council Approves) (city requires plat/ site plan <br />Period approval before sale). <br />II Closing liWithin 30 days of Notice to Proceed. <br />Extensions Developer will deposit $10,000 in escrow for each 60 day extension (2 extensions <br />i allowed) Once extensions are made the money becomes non-refundable. <br />Performance I City to require construction of a minimum 22,000 SF building and obtain a Certificate <br />of Occupancy 16 months after Closing. If this is not done, the City may exercise the i Right of Re -Entry Agreement. <br />Project Profile: <br />Acreage: 4.14 Acres <br />Use: Indoor Recreation <br />Customer Count: 400-500 per week <br />Building Size: 22,000 SF with 8,000 or more SF expansion <br />Project Budget : 5M <br />Estimated Tax Assessed Project Valuation: 3.5M-4.5M <br />Tax Estimate: $98,000 - $127,000 <br />City Portion: 15K - 19K (not including fiscal disparities) <br />Jobs On Site: 3-4 FT and 15-20 PT <br />Alternatives: <br />1. Recommendation to City Council to approve Purchase Agreement and Right of Re -Entry Agreement as <br />presented. (Staff recommendation) <br />2. Recommendation to City Council to approve Purchase Agreement and Right of Re -Entry Agreement with <br />changes. <br />3. Something else. <br />Funding Source: <br />This case is being handled as part of normal Staff duties. <br />Recommendation: <br />