Consider Counter-Offers for Parcel at SW Quadrant of Sunwood and Ramsey Boulevard (portions may be closed to the public)

At November 1st meeting of the HRA, consideration was given to two offers received for the parcel located at the southwest quadrant of Sunwood Drive and Ramsey Boulevard.  The offers consider the purchase of between one and two acres of property for similar retail uses. We conveyed the HRA's direction to both parties, and have received counter-offers from both that reflect adjustments in purchase price, closing schedules, and the provision of off-site improvements.

The development team has spent some time with both parties to prepare reasonable counter-offers that address the direction of the HRA and requests the HRA review and consider their responses.  Copies of the current offers and site plans will be provided at the meeting.

The development team recommends the HRA review the proposed offers and provide direction in selecting an offer to move toward purchase agreement.

Direct the development team to work with the preferred buyer to prepare contract documents reflecting the final deal structure proposed.