4.7.
CC Regular Session
- Meeting Date:
- 11/22/2011
- By:
- Darren Lazan, Housing & Redevelopment Authority
Information
Title:
Consider Amendment to Purchase Agreement - Suite Living
Background:
At it's Regular Meeting following the City Council, the HRA will consider the proposed fourth amendment to the purchase agreement with Toti Development for the Suite Living project in The COR. The City Council is party to that agreement and accordingly should act on the extension as well.
The proposed amendment extends the closing date from November of 2011 to January 15, 2012. Mr. Winges with Toti development will be in attendance to discuss the current schedule and proposed closing schedule at the HRA.
This amendment includes a non-refundable fee of $20,000 for the 60 day extension period outlined. Together with the original $50,000 earnest monies, this payment brings the total amount of funds paid to $95,000, with only $50,000 applied to the purchase price at closing.
The proposed amendment extends the closing date from November of 2011 to January 15, 2012. Mr. Winges with Toti development will be in attendance to discuss the current schedule and proposed closing schedule at the HRA.
This amendment includes a non-refundable fee of $20,000 for the 60 day extension period outlined. Together with the original $50,000 earnest monies, this payment brings the total amount of funds paid to $95,000, with only $50,000 applied to the purchase price at closing.
Recommendation:
The development team recommends the City Council approve the proposed Fourth Amendment to the Purchase Agreement, subject to the HRA approval.
Funding Source:
N/A
Council Action:
Approve the Fourth Amendment to the Purchase Agreement with Toti Development subject to the HRA approval at their regular meeting to follow.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | adietl | 11/17/2011 03:16 PM |
- Form Started By:
- dlazan
- Started On:
- 11/17/2011 02:42 PM
- Final Approval Date:
- 11/17/2011