Consider proposed change to purchase agreement - Edgewood Development (Portions may be closed to the public)

Last fall, Edgewood Development entered into an option agreement to acquire one of two parcels in The COR.

In December of 2012, Edgewood noticed HRA counsel that they had accepted the terms outlined in the purchase agreement for Site A, and asked to proceed to closing.  Shortly thereafter, their agent presented evidence of their earnest money, but they have not submitted the executed agreement to counsel, nor has the earnest money been deposited at the title company as required in the purchase agreement.

Edgewood has submitted a request for the HRA's consideration to modify the agreement.

The development team would like the HRA's direction on how to proceed as there are timing issues with the preparation and recordation of the plat as outlined in the purchase agreement.

The development team recommends the HRA consider the proposed request and provide direction on how to proceed with the project.

A copy of the proposed amendment will be forwarded to all HRA members in a separate email.

N/A

The HRA can proceed in one of two options:

Approve the proposed amendment, or craft a variation of the amendment, to the terms of the purchase agreement and adjust the project schedule accordingly.

Or

Direct HRA counsel to notice termination of the option agreement and release the property for consideration by other parties.