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5. 17. <br /> CC Regular Session <br /> Meeting Date: 05/28/2024 <br /> Primary Strategic Plan Initiative: {g!gud_pd8g!gI <br /> Information <br /> Title: <br /> °Jil it'Qn. Gant Gant= Nom Please Note: this item was removed from the Consent Agenda and will <br /> come back at a future meeting. <br /> Purpose/Background: <br /> The purpose of this case is to consider approval of a revised Right of Re-Entry Agreement inserting the legal <br /> description for the newly platted Waterfront Village and to update the sales resolution with the updated lot count <br /> of 108 and adjusted purchase price. Staff considers this request a clerical change based on updated information. <br /> Staff anticipates a closing date in June of 2024. The Developer is expected to commence site improvement <br /> grading sometime in the summer with roads and utilities to follow afterwards. The City will be working on road <br /> construction and utilities for Zeolite Street NW and a segment of West Ramsey Parkway NW during the 2024 <br /> construction season. Both projects will be coordinated to ensure minimal impacts for each party. <br /> Notification: <br /> N/A <br /> Time Frame/Observations/Alternatives: <br /> A revised Right of Re-Entry Agreement inserting the new legal description and dates of the Purchase Agreement <br /> and First Amendment to Purchase Agreement are the only changes to this document. Updating the Sales <br /> Resolution from 103 units to 108 units results in a new purchase price of$671,112 which is an increase of <br /> $31,070. Centra will still be responsible for a payment of$256,600 for its portion of construction of the segment <br /> of West Ramsey Parkway on the southern boundary of their development. <br /> Alternatives: <br /> 1) Motion to adopt Resolution #24-147 Approving Right of Re-Entry Agreement and the Sale of Portion <br /> of Outlot A, Ramsey Properties Addition; Centra Homes LLC - (as presented); subject to City Attorney <br /> Review <br /> 2) Motion to adopt Resolution #24-147 Approving Right of Re-Entry Agreement and the Sale of Portion <br /> of Outlot A, Ramsey Properties Addition; Centra Homes LLC - (with changes); subject to City Attorney <br /> Review <br /> 3) Something else <br /> Funding Source: <br /> N/A <br /> Recommendation: <br /> Motion to adopt Resolution #24-147 Approving Right of Re-Entry Agreement and the Sale of Portion of <br /> Outlot A, Ramsey Properties Addition; Centra Homes LLC - (as presented); subject to City Attorney <br /> Review <br />