Adopt Resolution #24-084 Approving First Amendment to Purchase Agreement with Norhart Architecture LLC

The purpose of this case is to consider an extension to the Inspection Period to allow for Norhart Architecture to complete the Site Plan approval process prior to issuing the "Notice to Proceed" required by the executed Purchase Agreement dated September 6, 2023. 

Per the terms of the executed Purchase Agreement, the Inspection Period expires on May 2, 2024.  Norhart has submitted a site plan application for a 223 Unit, amenity-rich apartment project in Ramsey.  Norhart was on track for a March 2024 Planning Commission meeting date but ran into major issues relating to the civil engineering for their site plan.  Norhart has now hired a new Civil Engineer and is on track for the April 25, 2024 Planning Commission Meeting.  Based on this new timeline, the soonest the City Council could issue the necessary approvals would be by May 28, 2024. Staff is requesting that the City Council extend the Inspection Period from May 2, 2024 to May 31, 2024 to allow for Norhart to receive approvals for the site plan and zoning prior to issuing the "Notice to Proceed". Also included in the First Amendment, would be the insertion of the updated Legal Description (Lot 1, Block 7, Waterfront Village) on the plat being filed by Centra for the Waterfront Village project.  The square footage of the Property legally described in the First Amendment to Purchase Agreement is reduced from 174,240SF to 168,797SF based on the Final Plat of Waterfront Village.  The Purchase Price remains at $2.50 / SF and is formally reduced from $435,600 to $421,993.  All other terms of the purchase agreement remain unchanged.

None required

Norhart Architecture is on track for site plan review at the April 25, 2024 Planning Commission Meeting.  In order for a company to safely move forward with a project and to issue a Notice to Proceed, site plan approval is expected.  The soonest all site plan approvals could be obtained is May 28, 2024.  The attached First Amendment to Purchase Agreement extends the Inspection Period to May 31, 2024 to allow Norhart to receive necessary approvals and updates the legal description of the land to be platted.  The First Amendment to Purchase Agreement also adds the platted legal description and adjusted square footage for the Property.  The City Attorney has reviewed the First Amendment to Purchase Agreement and has "approved it as to form".

Alternative Include:
1) Motion to Adopt Resolution #24-084 Approving First Amendment to Purchase Agreement with Norhart Architecture LLC (As presented); subject to City Attorney review
2) Motion to Adopt Resolution #24-084 Approving First Amendment to Purchase Agreement with Norhart Architecture LLC (As presented); subject to City Attorney review
3) Something else

This action is being covered under staff duties