Agenda - Council - 06/24/2025 - Laserfiche WebLink

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CC Regular Session Meeting Date: 06/24/2025 By: Sean Sullivan, Community Development 5. 20. Title: Adopt Resolution #25-150 Approving First Amendment to Purchase Agreement and Right of Re -Entry Agreement for Part of Outlot D, Waterfront Village; Capital Real Estate (Chipotle) Purpose/Background: Purpose: The purpose of this case is to consider approval of a First Amendment to Purchase Agreement and the Right of Re -Entry Agreement with Capital Real Estate (Chipotle, Taco Bell) on Part of Outlot D, Waterfront Village which will be platted into Lots 1, 2 and 3, Block 1, Bunker Lake Crossing. This case also is to consider approval assigning the buyer from Capital Real Estate, Inc. to Bunker Lake Crossing LLC (Same principals) Background: This item is a housekeeping item to identify the newly platted legal and assignment of Buyer for the required sales resolution and right of re-entry agreement and to confirm the purchase price of $981,000 for the larger land acreage to be used for development signage. The project, terms of the agreements, principals, company and end users remain the same as previously presented. Notification: Notification is not required. Observations/Alternatives: Capital Real Estate has completed the preliminary and final plat for the Chipotle anchored development. The new legal descriptions need to be approved via resolution for the sale of City property. The legal description also needs to be updated to Lots 1, 2 and 3, Block 1, Bunker Lake Crossing in the Purchase Agreement and Right of Re -Entry Agreement. The Buyer is being assigned from Capital Real Estate, Inc. to Bunker Lake Crossing LLC with principals/owners involved in project remaining the same. The pertinent terms of the purchase and right of re-entry agreements (purchase price, land being sold, project definition, requirement to build a Chipotle, and certificate of occupancy timing have not changed). 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 First Amendment to PA and Right of Re-entry Agreement and has "approved them as to form". Alternatives: 1) Resolution #25-150 Approving First Amendment to Purchase Agreement and Right of Re -Entry Agreement for Part of Outlot D, Waterfront Village; Capital Real Estate (Chipotle) (as presented); subject to City Attorney review. 2) Resolution #25-150 Approving First Amendment to Purchase Agreement and Right of Re -Entry Agreement for Part of Outlot D, Waterfront Village; Capital Real Estate (Chipotle) (with changes); subject to City Attorney review. 3) Something else. Funding Source: This case is being handled as part of normal Staff duties. Recommendation: