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Observations: <br />Key terns for the Purchase Agreement are below: <br />Real Estate Tax ID Number: 28-32-25-23-0023. Lot 2, Block 1, COR FOUR, (Parcel 42a) <br />Acreage Approximately 1.16 acres or 50,529 SF <br />Asking Price $404,236 ($8.00 / SF) <br />Offer Price $404,236 ($8.00 / SF) — Net $279,236 ($5.52/SF) (based on cost estimate of <br />construction of 20 space parking lot on Northstar Marketplace site and connection to Take 5 development) <br />Earnest Money $15,000 Non-refundable upon Notice to Proceed being executed. <br />Inspection Period 180 days from Effective Date (Date City Council approves) (city requires plat (If <br />needed)/ site plan approval before sale) <br />Closing Within 30 days of Notice to Proceed. <br />Commission 3.5% commission for Jones Lang LaSalle Brokerage and 3.5% to CBRE. <br />Extensions to Close Developer will deposit $5,000 in escrow for each 30-day extension (2 extensions <br />allowed) Once extensions are made the money becomes non-refundable. <br />City take care of Provide existing plat information and updated Title Commitment. <br />Performance City to require construction of a minimum 1,800 SF commercial/retail building (Take <br />5 Oil Change) compliant with COR Zoning requirements and obtain a Certificate of Occupancy 12 months after <br />Closing. If this is not done, the City may exercise the Right of Re -Entry. In addition, the Developer will be <br />responsible for construction of 20 space parking lot on Northstar Marketplace site and connection to Take 5 <br />development and future plat (if needed) for Remnant building site. <br />Right of Re -Entry A Right of Re-entry Agreement requiring a C/O within 12 months of closing will be <br />required for the Take 5 Oil Change Development. The Right of Re -Entry will not require the developer to develop <br />the remnant parcel. <br />Site Plan:_ <br />This site plan has not yet gone through formal site plan review and shall not be considered as any indication of <br />compliance with Zoning Code. Planning Staff however, has reviewed the plan, provided input on the plan and is <br />generally happy with it with some minor modifications. Official site plan review might result in required changes <br />to the attached site plan. <br />Alternatives: <br />1) Recommendation to City Council to approve Purchase Agreement and Right of Re -Entry Agreement with <br />Garage RE LLC (Take 5) (as presented); subject to City Attorney review. <br />2) Recommendation to City Council to approve Purchase Agreement and Right of Re -Entry Agreement <br />with Garage RE LLC (Take 5) (with changes); subject to City Attorney review. <br />3) Reject offer from Garage RE LLC (Take 5) and Continue to Market the Property to Other Users. <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 February 8, 2024 and unanimously made the following recommendation: <br />Motion by Member Stewart, seconded by Member Johnson, to recommend to City Council to approve Purchase <br />Agreement and Right of Re -Entry Agreement with Garage RE LLC (Take 5)(as presented); subject to City <br />Attorney review. <br />Motion carried. Voting Yes: Chairperson Wiyninger, Members Stewart, Johnson, Howell, Lindahl, MacLennan, <br />and Riley. Voting No: None. Absent: None. <br />