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CC Regular Session <br />Meeting Date: <br />04/14/2026 <br />Primary Strategic Plan Initiative: Promote economic growth and development. <br />5. 8. <br />Title: <br />Adopt Resolution # 26-089 Approving Release of Right of Re -Entry Agreement - Bunker Lake Crossing LLC <br />(Chipotle) <br />Purpose/Background: <br />The purpose of this case is to receive Council approval to fully release the Right of Re -Entry Agreement with <br />Bunker Lake Crossing LLC for the Chipotle project. <br />Bunker Lake Crossing LLC has completed construction of a 2,300 SF Chipotle on Lot 3, Block 1, Bunker Lake <br />Crossings and received its Certificate of Occupancy required in the Right of Re -Entry Agreement recorded as <br />document number 626788.003 on August 5, 2025. The purpose of the Right of Re -Entry Agreements are to <br />prevent land speculation and to ensure that projects are built in a timely manner. Bunker Lake Crossing LLC has <br />completed the project prior to the July 25, 2026 deadline and has no further obligations from the Right of <br />Re -Entry Agreement. In order to clear title, a release of the Right of Re -Entry document is required. The City <br />Attorney has reviewed the Release of Right of Re -Entry Agreement and has approved it as to form and <br />effectiveness. <br />Notification: <br />None required <br />Time Frame/Observations/Alternatives: <br />Bunker Lake Crossing LLC has completed all the requirements of the Right of Re -Entry Agreement for the <br />Chipotle project. As such, the Right of Re -Entry Agreement and its encumbrances should be released <br />for Bunker Lake Crossing LLC to clear title. <br />Alternatives include: <br />1) Adopt Resolution # 26-089 Approving Release of Right of Re -Entry Agreement - Bunker Lake <br />Crossing LLC (Chipotle) (as presented); subject to City Attorney review <br />2) Adopt Resolution # 26-089 Approving Release of Right of Re -Entry Agreement - Bunker Lake <br />Crossing LLC (Chipotle) (with changes); subject to City Attorney review <br />3) Something Else <br />Funding Source: <br />No funding is required. Bunker Lake Crossing LLC to pay for recording fees for filing of the release document <br />Recommendation: <br />Staff recommends adoption of Resolution # 26-089 Approving Release of Right of Re -Entry Agreement - <br />Bunker Lake Crossing LLC (Chipotle) (as presented); subject to City Attorney review <br />Outcome/Action: <br />