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Attached to this case is a preliminary layout of the bank reviewed previously. A second layout shows an <br />example of a second small building to the north of the bank on land the City is proposing to retain under <br />this new site plan. Staff has reviewed the proposed layout(s) is generally acceptable to the site plan <br />and has conveyed the requirements of the COR and building height along Sunwood Drive to the <br />Developer. The City and Buyer have agreed to the following items on the Term sheet listed below: <br />Real Estate -Tax ID Number: Portion of 28-32-25-24-0020. Part of Outlot B, COR FIVE (Part of Parcel 48A) <br />Acreage - Approximately + / - 0.73 acres or (31,799 SF) Subject to Final Plat <br />Asking Price - $190,794 ($6.00 / SF) (SF Subject to change based on approved Plat) <br />Offer Price - $190,794 ($6.00 / SF) (SF Subject to change based on approved Plat) <br />Earnest Money - $10,000. Non-refundable upon Notice to Proceed being executed. <br />Inspection Period - 180 days from the later of Effective Date (Date City Council approves) or a fully executed <br />PA is delivered to buyer (city requires plat/ site plan approval before sale) <br />Closing - Within 30 days of Notice to Proceed. <br />Commission - This was a City generated lead for a CBRE Listed property. Per the terms of the listing agreement, <br />the City will pay 3% of gross sales price to CBRE. <br />Extensions to Close - Buyer will deposit $10,000.00 in escrow for each 60-day extension (2 extensions allowed) <br />Once extensions are made the money becomes non-refundable. <br />City take care of - Provide existing ALTA Survey and updated Title Work. The Buyer will contract to plat the <br />property as part of the site plan process. <br />Performance - City to require construction of commercial/retail buildings compliant with COR Zoning <br />requirements and obtain a Certificate of Occupancy 16 months after Closing. The Buyer will enter into a Right of <br />Re -Entry Agreement with minimum building square footage requirements of 5,000 SF. The Buyer will also <br />construct all internal roadways onsite for the drive-thru and north access to Zeolite Street NW at the cost of the <br />Buyer. The City may exercise the Right of Re -Entry if performance requirement is not met. <br />Assignment - Requires city approval if not same owners / company. <br />Contingencies - None at this time <br />Review <br />• EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry <br />• Planning Commission - (Staff To Be Determined): Land Use, Development Agreement, Site Plan, Plat <br />• City Council: Final Approval on both items <br />Alternatives include: <br />1) Recommendation to City Council to approve Purchase Agreement and Right of Re -Entry Agreement with <br />CorTrust Bank for the Sale and Development of Part of Outlot B, COR FIVE (as presented) Subject to City <br />Attorney Review <br />2) Recommendation to City Council to approve Purchase Agreement and Right of Re -Entry Agreement with <br />CorTrust Bank for the Sale and Development of Part of Outlot B, COR FIVE (with changes) Subject to City <br />Attorney Review <br />3) Something else <br />Funding Source: <br />N/A <br />Recommendation: <br />Recommendation to City Council to approve Purchase Agreement and Right of Re -Entry Agreement <br />with CorTrust Bank for the Sale and Development of Part of Outlot B, COR FIVE (as presented) <br />Subject to City Attorney Review <br />Outcome/Action: <br />Motion to recommend to City Council to approve Purchase Agreement and Right of Re -Entry <br />Agreement with CorTrust Bank for the Sale and Development of Part of Outlot B, COR FIVE (as <br />presented) Subject to City Attorney Review <br />