2.2.
HRA Work Session
- Meeting Date:
- 01/17/2012
- By:
- Darren Lazan, Housing & Redevelopment Authority
Information
Title:
Consider Offer to Purchase Property - Sunwood/Ramsey and Sunwood/Armstrong (portions may be closed to the public)
Background:
The development team has received an offer to purchase two properties at the corners of Sunwood Drive and Armstrong Boulebard, as well as Sunwood Drive and Ramsey Boulevard. We have worked through several iterations of the proposed purchase agreements and are currently scheduled to present the final form for approval at the January 24th regular meeting of the HRA and City Council.
The buyer has indicated their interest in purchasing both properties, commencing construction on the Ramsey Boulevard site first, followed by the Armstrong Boulevard site. Exact construction starts remain uncertain. This sequencing does, however, lend itself well to the timing related to the Sunwood realignment project.
The current proposal contemplates two agreements. First, a simple purchase agreement with the buyer for the acquisition of the site on Ramsey Boulevard. This has a proposed sale price and development timeline associated, and stands alone as an agreement. The second would be an agreement for a right of first refusal on the Armstrong site, that would also carry a restrictive covenant for convenience store uses west of Zeolite on HRA owned property. The covenant would only be recorded if the buyer closed on the property and operated both facilities. If, during the period of this agreement another party come forward to consider a convenience store use, the buyer would need to close on the property or waive their right. This agreement would allow us to finalize the configuration of Sunwood and the other interested parties on the Sunwwood retail site before entering into a final purchase agreement.
The buyer has indicated their interest in purchasing both properties, commencing construction on the Ramsey Boulevard site first, followed by the Armstrong Boulevard site. Exact construction starts remain uncertain. This sequencing does, however, lend itself well to the timing related to the Sunwood realignment project.
The current proposal contemplates two agreements. First, a simple purchase agreement with the buyer for the acquisition of the site on Ramsey Boulevard. This has a proposed sale price and development timeline associated, and stands alone as an agreement. The second would be an agreement for a right of first refusal on the Armstrong site, that would also carry a restrictive covenant for convenience store uses west of Zeolite on HRA owned property. The covenant would only be recorded if the buyer closed on the property and operated both facilities. If, during the period of this agreement another party come forward to consider a convenience store use, the buyer would need to close on the property or waive their right. This agreement would allow us to finalize the configuration of Sunwood and the other interested parties on the Sunwwood retail site before entering into a final purchase agreement.
Recommendation:
The development team recommends the HRA consider the proposed sale configuration and provide direction as to final contract documents to be presented for approval on January 24th.
Funding Source:
N/A
Council Action:
Direct the development team to prepare final documents reflecting discussion and present for approval at the January 24th Meeting of the HRA and City Council.
Attachments
No file(s) attached.
Form Review
- Form Started By:
- dlazan
- Started On:
- 01/12/2012 12:01 PM
- Final Approval Date:
- 01/12/2012