Adopt Resolution #24-147 Approving Right of Re-Entry Agreement and Sale of a Portion of Outlot A, Ramsey Properties Addition; Centra Homes Please Note: this item was removed from the Consent Agenda and will come back at a future meeting. 

The purpose of this case is to consider approval of a revised Right of Re-Entry Agreement inserting the legal description for the newly platted Waterfront Village and to update the sales resolution with the updated lot count of 108 and adjusted purchase price. Staff considers this request a clerical change based on updated information.  Staff anticipates a closing date in June of 2024.  The Developer is expected to commence site improvement grading sometime in the summer with roads and utilities to follow afterwards.  The City will be working on road construction and utilities for Zeolite Street NW and a segment of West Ramsey Parkway NW during the 2024 construction season. Both projects will be coordinated to ensure minimal impacts for each party.

 

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A revised Right of Re-Entry Agreement inserting the new legal description and dates of the Purchase Agreement and First Amendment to Purchase Agreement are the only changes to this document. Updating the Sales Resolution from 103 units to 108 units results in a new purchase price of $671,112 which is an increase of $31,070.  Centra will still be responsible for a payment of $256,600 for its portion of construction of the segment of West Ramsey Parkway on the southern boundary of their development.  

Alternatives:
1) Motion to adopt Resolution #24-147 Approving Right of Re-Entry Agreement and the Sale of Portion of Outlot A, Ramsey Properties Addition; Centra Homes LLC - (as presented); subject to City Attorney Review
2) Motion to adopt Resolution #24-147 Approving Right of Re-Entry Agreement and the Sale of Portion of Outlot A, Ramsey Properties Addition; Centra Homes LLC - (with changes); subject to City Attorney Review
3) Something else

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