Agenda - Council - 02/25/2025 - Laserfiche WebLink

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Attached to this case is a preliminary layout of the bank reviewed previously. A second layout shows an example of a second small building to the north of the bank on land the City is proposing to retain under this new site plan. Staff has reviewed the proposed layout(s) is generally acceptable to the site plan and has conveyed the requirements of the COR and building height along Sunwood Drive to the Developer. The City and Buyer have agreed to the following items on the Term sheet listed below: Real Estate-Tax ID Number: Portion of 28-32-25-24-0020. Part of Outlot B, COR FIVE (Part of Parce148A) Acreage-Approximately+/-0.73 acres or(31,799 SF) Subject to Final Plat Asking Price- $190,794($6.00/SF) (SF Subject to change based on approved Plat) Offer Price- $1901794 ($6.00/SF) (SF Subject to change based on approved Plat) Earnest Money- $10,000. Non-refundable upon Notice to Proceed being executed. Inspection Period - 180 days from the later of Effective Date (Date City Council approves) or a fully executed PA is delivered to buyer(city requires plat/site plan approval before sale) Closing-Within 30 days of Notice to Proceed. Commission- This was a City generated lead for a CBRE Listed property. Per the terms of the listing agreement, the City will pay 3%of gross sales price to CBRE. Extensions to Close-Buyer will deposit$10,000.00 in escrow for each 60-day extension(2 extensions allowed) Once extensions are made the money becomes non-refundable. City take care of-Provide existing ALTA Survey and updated Title Work. The Buyer will contract to plat the property as part of the site plan process. Performance- City to require construction of commercial/retail buildings compliant with COR Zoning requirements and obtain a Certificate of Occupancy 16 months after Closing. The Buyer will enter into a Right of Re-Entry Agreement with minimum building square footage requirements of 5,000 SF. The Buyer will also construct all internal roadways onsite for the drive-thru and north access to Zeolite Street NW at the cost of the Buyer. The City may exercise the Right of Re-Entry if performance requirement is not met. Assignment-Requires city approval if not same owners/company. Contingencies-None at this time Review .EDA(Sean): Land Transaction/Purchase Agreement/Right of Re-Entry .Planning Commission- (Staff To Be Determined): Land Use, Development Agreement, Site Plan,Plat .City Council: Final Approval on both items Alternatives include: 1)Adopt Resolution#25-045 Approving Purchase Agreement and Right of Re-Entry Agreement for the Sale of Part of Outlot B, COR FIVE (as presented) Subject to City Attorney Review 2)Adopt Resolution #25-045 Approving Purchase Agreement and Right of Re-Entry Agreement for the Sale of Part of Outlot B, COR FIVE (with changes) Subject to City Attorney Review 3) Something else Funding Source: N/A Recommendation: The EDA met on February 13, 2025 and passed a motion recommending approval of Purchase Agreement and Right of Re-Entry Agreement for the Sale of Part of Outlot B, COR FIVE; Subject to City Attorney Review (See attached draft minutes) Outcome/Action: Motion to Adopt Resolution #25-045 Approving Purchase Agreement and Right of Re-Entry Agreement for the Sale of Part of Outlot B, COR FIVE (as presented) Subject to City Attorney Review Attachments