Agenda - Council - 09/10/2024 - Laserfiche WebLink

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CC Regular Session New 6. 12. Meeting Date: 09/10/2024 By: Sean Sullivan, Community Development Title: Adopt Resolution#24-252 Approving First Amendment to Purchase Agreement,Right of Re-Entry Agreement and Development Agreement for Lot 2, Block 1, COR FOUR; T5 Ramsey LLC (Take 5) Purpose/Background: Purpose: The purpose of this case is to consider approval of a First Amendment to Purchase Agreement, a Right of Re-Entry Agreement and Development Agreement with T5 Ramsey LLC (Take 5, flea Garage RE LLC) on Lot 2, Block 1, COR FOUR which will be platted into Lots 1 and 2, Block 1, GH Ramsey. Background: This item is a housekeeping item to assign the entity interest from Garage RE LLC to T5 Ramsey LLC so the land transaction can close and the Right of Re-Entry Agreement will be enforceable. The project,terms of the agreements,principals, company and end user remain the same, only the business/owner entity name and the platted legal description is changing for some documents. Notification: Notification is not required. Observations/Alternatives: Garage RE LLC has notified the City that T5 Ramsey LLC will be the business/owner of the Take 5 project. The principals/owners involved in project remain the same. The pertinent terms of the purchase and right of re-entry agreements (purchase price, land being sold,project definition, requirement to build 20 space parking lot on adjacent parcel, certificate of occupancy timing)have not changed aside from the updated legal based on the approved GH Ramsey Final Plat. As mentioned previously,this is merely a housekeeping item to ensure that the land transaction can close seamlessly and the project can be completed. The City attorney has reviewed the deed of conveyance, development agreement, and right of re-entry agreement and has "approved them as to form". Alternatives: 1) Resolution #24-252 Approving First Amendment to Purchase Agreement, Right of Re-Entry Agreement and Development Agreement for Lot 2, Block 1, COR FOUR; T5 Ramsey LLC (Take 5) (as presented); subject to City Attorney review. 2) Resolution #24-252 Approving First Amendment to Purchase Agreement, Right of Re-Entry Agreement and Development Agreement for Lot 2, Block 1, COR FOUR; T5 Ramsey LLC (Take 5) (with changes); subject to City Attorney review. 3) Something else. Funding Source: This case is being handled as part of normal Staff duties. Recommendation: