Consider Offer to Purchase Land - Sunwood Retail Area (portions may be closed to the public)

The development team has received an offer to purchase the area known as the Sunwood retail area. With significant interest in these parcels continuing to develop, Osborne Capital, the developers currently proposing on the West30 portion of the project, has expressed an interest in acquiring roughly five acres of land created by the realignment of Sunwood Drive at Armstrong Boulevard.

With this acquisition, the developer would assume the completion of pending deals, and manage the development of the parcels. Osborne has indicated this interest as a means to accelerate the larger development process, mobilize and commence efforts sooner, and have some demonstrated progress to build from.

The proposed offer is for less on a per-foot basis than the current offers being considered by several buyers, but the HRA would realize the benefit of passing the costs of closing three or four projects, their legal and closing costs, and the time to complete four sales versus one. A sale of this nature would also provide all land sale proceeds prior to, or near the completion of Sunwood rather than staggered throughout 2012/2013 if the HRA proceeded with the sales individually.

The development team recommends the HRA consider the proposed sale of property to Osborne Capital as outlined in the meeting, and provide direction on the completion of documents outlining the sale.

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Based on discussion, direct the development team to either work with the proposed buyer of the five acre parcel at Sunwood Drive and Armstrong Boulevard, or continue efforts with individual buyers.