Adopt Resolution #25-206 Approving First Amendment to Purchase Agreement and RORE; CorTrust Bank

Purpose:
The purpose of this case is to consider approval of a First Amendment to Purchase Agreement and Right of Re-Entry Agreement; CorTrust Bank on Part of Outlot B, COR Five, which will be platted into Lot 1, Block 1 COR SIX 

Background:
This item is generally a housekeeping item to update the future legal description and to extend the Inspection Period to allow for City Council approval of the Site Plan before the Buyer needs to issue the "Notice to Proceed".  The project, terms of the agreements, principals, company and end user remain the same, but the platted legal description is changing for some documents and the Inspection Period is proposed to be extended from September 15, 2025 to December 31, 2025.  This extension will allow the Site Plan and Plat to be reviewed by the Council and approved so that the Developer/Buyer can be confident moving forward with the project.  This project has always been a 2026 build so the development timeline is unchanged.
 

Notification is not required.

CorTrust Bank, N.A. has notified the City that it needs more time to submit its site plan/land use application and plat application and needs an extension to the Inspection Period.  CorTrust asked for an extension to November 26, 2025 (See attached letter) but Staff is requesting that it be extended to December 31, 2025 in the event that the approval process runs longer than anticipated. The principals/owners involved in project remain the same. The pertinent terms of the purchase and right of re-entry agreements (purchase price, land being sold, project definition, certificate of occupancy timing) have not changed aside from the updated legal based on the upcoming Plat and granting more time to gain Site Plan and Plat approval.   The City Attorney Knaak has reviewed the First Amendment and revised Right of Re-Entry Agreement and has "approved them as to form".

Alternatives:
1) Resolution #25-206 Approving First Amendment to Purchase Agreement and Right of Re-Entry Agreement; COR Trust Bank (as presented); subject to City Attorney review.
2) Resolution #25-206 Approving First Amendment to Purchase Agreement and Right of Re-Entry Agreement; COR Trust Bank(with changes); subject to City Attorney review.
3) Something else.

This case is being handled as part of normal Staff duties.

Staff recommends adoption of Resolution #25-206 Approving First Amendment to Purchase Agreement and Right of Re-Entry Agreement; CorTrust Bank (as presented)

Motion to Adopt Resolution #25-206 Approving First Amendment to Purchase Agreement and Right of Re-Entry Agreement; CorTrust Bank (as presented); subject to City Attorney review.