Consider Amendment to Purchase Agreement - The Residence at The COR

At a previous special meeting,  the HRA considered and approved the Fourth Amendment to the purchase agreement with Flaherty and Collins. This amendment extended the contingency dates to November 1st, 2011 but left the closing date as September 15th because it was anticipated at that time that the new agreement would be heard at the September 13th meeting.

After considerable work over the last two weeks it is apparent that the final documents would not be prepared in time for the September 13th agenda, and consideration of the final documents for this project has been scheduled for the September 27th regular meeting.

The previously approved Fourth Amendment was finalized, but not executed, so the attached document should be considered a replacement agreement resetting the contingency dates to November 1st, and the closing to December 1st to allow adequate time to review the final documents and execute accordingly.

It is recommended that the HRA consider the attached Fourth Amendment as a replacement to the previously approved amendment and direct the development team to execute and deliver the agreement to Flaherty and Collins.

N/A

Approve the revised Fourth Amendment to the Purchase Agreement for The Residence at The COR and direct the development team to execute the agreement as a replacement for the previously approved amendment.