Consider First Amendment to Purchase Agreement with Gigi's Salon and Spa, Inc.

Purpose:
Gigi's Salon and Spa has requested the City extend the Inspection Period from May 30, 2020 to July 30, 2020 due to the Covid-19 Pandemic and its impact on the operations of Salons and Spas. 

Background:
The Covid-19 Pandemic has impacted retail and service businesses greatly.  Most of these businesses have been closed completely or have been able to operate on a very limited basis.  As of May 14, 2020, Salons and Spas are still unable to be open for business.  The uncertainty as to when these businesses will be able to re-open, and to what capacity, is cause for concern by business owners.  Staff believes the request to extend the Inspection Period to allow for more certainty of operation for the business owner is warranted.

The Buyer is required to give a Notice to Proceed by the Inspection Period date.  Providing a Notice to Proceed starts the clock for scheduling the Closing (30 days, unless Buyer purchases an extension) per the terms of the Purchase Agreement.

N/A

Staff has drafted the attached First Amendment to Purchase Agreement.  The only change from the Original Purchase Agreement is to change the Inspection Period from May 30, 2020 to July 30, 2020.  

This action is being covered under Staff duties.

Staff recommends the the EDA recommend approval of the attached First Amendment to Purchase Agreement to the City Council; subject to City Attorney review.

Motion to recommend approval of the attached First Amendment to Purchase Agreement to the City Council; subject to City Attorney review.