Laserfiche WebLink
Staff recommend approval of he Purchase Agreement as presented. <br />Key Items included in the Purchase Agreement and Right of Re -Entry Agreement include: <br />Real Estate Tax ID Number: Part of 28-32-25-22-0107. Part of Outlot D, Waterfront Village, (Part <br />of Parcel 46) <br />Acreage Approximately 3.17 acres (138,085 SF) to 3.34 acres (145,490 SF) <br />Asking Price $1,104,680 to $1,163,920 ($8.00 / SF) <br />Offer Price $966,596 ($7.00 / SF) for 3.17 acres or $981,000 ($6.74 / SF) for 3.34 Acres (Subject <br />to change based on Final Plat and compliance for signage on Southeast Corner of Bunker Lake Blvd and <br />Armstrong Blvd) <br />Earnest Money $25,000. Non-refundable upon Notice to Proceed being executed. <br />Inspection Period 180 days from Effective Date (Date City Council approves 1-14-25?) (city requires <br />plat, site plan approval before Closing) <br />Closing Within 30 days of Notice to Proceed. <br />Commission 5% commission to CBRE. (Estimated to be $48,329.80 to $49,050) No other <br />Commission paid to any other parties. <br />Extensions to Close Developer will deposit $10,000 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 site information, plat information in possession of City and updated <br />Title Commitment. <br />Performance City to require construction of a minimum 2,200 SF Chipotle restaurant compliant <br />with COR Zoning requirements and obtain a Certificate of Occupancy 12 months after Closing. If this is not <br />done, the City may exercise the Right of Re -Entry. Buyer will construct turn lane off Armstrong Blvd to Property <br />at Buyer Cost. <br />Right of Re -Entry Certificate of Occupancy (C/O) to be obtained for Chipotle Restaurant 12 months <br />from Date of Closing. $50,000 penalty or to right by City to re -acquire Property at a cost less Closing Costs and <br />Commission paid by City. <br />Assignment Requires city approval if not same owners / company. <br />Contingencies Approval of turn lane off Armstrong Blvd NW by Anoka County. 3.34 acre purchase <br />price of $981,000 dependent on viability of signage to be constructed at SE Corner of Armstrong and Bunker <br />Lake Boulevards. If signage not viable the price reverts to $966,596. <br />Alternatives Include: <br />1) Recommendation to City Council to Approve Purchase Agreement and Right of Re -Entry Agreement <br />with Capital Real Estate, Inc. (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 Capital Real Estate, Inc. (with changes); subject to City Attorney review. <br />3) Something Else <br />Staff is looking for a recommendation from the EDA. <br />Funding Source: <br />This action is being handled under normal staff duties. <br />Recommendation: <br />Recommendation to City Council to Approve Purchase Agreement and Right of Re -Entry Agreement <br />with Capital Real Estate, Inc. (as presented); subject to City Attorney review. <br />Outcome/Action: <br />