Approve Option Agreement - Edgewood Management Group (portions may be closed to the public)

At a previous work session, the HRA provided consensus direction to proceed with the preparation of an agreement with Edgewood Management Group for the sale of property within The COR.

As you may recall, there was extensive discussion as to the site location and pricing strategies for this potential sale.

The development team has prepared an option agreement and associated purchase agreements allowing Edgewood 60 days to perform certain internal studies and select one of two sites outlined.  The related purchase agreement would then be effective, granting them additional time to perform their due diligence on the selected site, and eventually close on that parcel.

The development will provide the agreement to HRA members via separate email prior to the meeting.

The Development team will review all components of the proposed sale at the meeting.

The development team recommends the HRA accept the option and purchase agreements outlined and adapt a resolution allowing the HRA Chair and Executive Director to execute the agreement.

N/A

Accept the option and purchase agreements outlined and adapt a resolution allowing the HRA Chair and Executive Director to execute the agreement.