5.1.
HRA Regular Session
- Meeting Date:
- 11/22/2011
- By:
- Darren Lazan, Housing & Redevelopment Authority
Title:
Consider Amendment to Purchase Agreement - Suite Living
Background:
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.
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 HRA approve the proposed Fourth Amendment to the Purchase Agreement with Toti Development and direct staff to execute the agreement.
Funding Source:
N/A
Council Action:
Approve the proposed Fourth Amendment to the Purchase Agreement with Toti Development and direct staff to execute the agreement.
Attachments
Form Review
- Form Started By:
- dlazan
- Started On:
- 11/17/2011 03:05 PM
- Final Approval Date:
- 11/17/2011