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The Citrequires the developer to enter into a Riaht of Re -Entry Aareement per the terms of the <br />Purchase Agreement. A Right of Re -Entry Agreement has been drafted for consideration of approval <br />by the City Council. The Right of Re -Entry areement includes "Act of God" Language as well as a <br />requirement to terminate the Right of Re -Entry Agreement once the Developer responsibilities are met. <br />Alternatives: <br />1)Approval of Resolution #23-125 Approving Second Amendment to Purchase Agreement and Right <br />Re-Entryareement for Ramsey Properties, LLC (as presented): subject to City Attorney Review <br />(Staff/EDA recommendation). <br />2)Approval of Resolution #23-125 Approvina Second Amendment to Purchase Aareement and Right <br />Re-Entryareement for Ramsey Properties, LLC (with changes)• subject to City Attorney Review. <br />3) Something else. <br />Funding Source: <br />This case is being handled as part of normal Staff duties. <br />Recommendation: <br />The EDA recommended approval of the 2nd Amendment to Purchase Agreement at the June 8, 2023 meeting. <br />Staff has provided a draft Right of Re -Entry Agreement as outlined in the Purchase Agreement for consideration <br />by the City Council. <br />Action: <br />Motion to adopt Resolution #23-125 Approving Second Amendment to Purchase Agreement and Right <br />of Re -Entry Agreement for Ramsey Properties, LLC <br />Site Location Map <br />ACTION - Resolution #23-125 <br />ACTION - Second Amendment to PA <br />ACTION -Right of Re -Entry Agreement <br />Request for Extension <br />REFERENCE -Purchase Agreement (Executed) <br />REFERENCE - 1st Amendment to PA (Executed) <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Sean Sullivan (Originator) Sean Sullivan 06/08/2023 09:11 AM <br />Brian Hagen Brian Hagen 06/08/2023 10:13 AM <br />Form Started By: Sean Sullivan Started On: 06/02/2023 01:36 PM <br />Final Approval Date: 06/08/2023 <br />