Consider Extension to Purchase Agreement - The Residence at The COR

The current purchase agreement, as amended by previous HRA actions, has a date of August 15th, 2011 as the final date for the buyer to waive it's contingencies and proceed to close.

Prior to this meeting, the HRA will consider the current deal structure proposed, as well as several options for the construction financing on the project.

Based on discussions in the work session, the HRA could chose to either extend the contingency to allow for further discussions on the project, or to allow the contingency to expire. There are no financial impacts to the extension, and the completed extension document is enclosed for your consideration which extends the contingency date to November 1, 2011.

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Approve the proposed extension as presented, and direct the development team to execute the extension.