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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 the development at closing. The Subordination <br />Agreement will simply remove the ability to have the City to re-enter and take back the land but will retain the <br />ability to impose up to an $800,000 penalty ($20,000 for each Certificate of Occupancy not issued per the <br />schedule of the Right of Re -Entry Agreement). <br />Alternatives: <br />1) Motion to adopt Resolution #24-147 Approving Right of Re -Entry Agreement, Subordination <br />Agreement and the Sale of Portion of Outlot A, Ramsey Properties Addition; Centra Homes LLC - (as <br />presented); subject to City Attorney Review <br />2) Motion to adopt Resolution #24-147 Approving Right of Re -Entry Agreement, Subordination <br />Agreement and the Sale of Portion of Outlot A, Ramsey Properties Addition; Centra Homes LLC - (with <br />changes); subject to City Attorney 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, Subordination Agreement <br />and the Sale of Portion of Outlot A, Ramsey Properties Addition; Centra Homes LLC - (as presented); <br />subject to City Attorney Review. <br />Outcome/Action: <br />Motion to adopt Resolution #24-147 Approving Right of Re -Entry Agreement, Subordination Agreement <br />and the Sale of Portion of Outlot A, Ramsey Properties Addition; Centra Homes LLC - (as presented); <br />subject to City Attorney Review. <br />Attachments <br />Site Location Map <br />ACTION - Resolution #24-147 <br />ACTION - Right of Re -Entry - Revised <br />ACTION - Subordination Agreement <br />Reference - 1 st Amendment to PA (Executed) <br />Reference - Original Purchase Agreement - Centra Homes (Executed) <br />Form Review <br />Inbox Reviewed By Date <br />Brian Hagen Brian Hagen 06/06/2024 11:41 AM <br />Form Started By: Sean Sullivan Started On: 05/31/2024 04:01 PM <br />Final Approval Date: 06/06/2024 <br />