Consider Third Amendment to the Real Estate Contract with McDonald's Corporation

Attached is the third amendment to the real estate contract with McDonald's.  This document is intended to be the final clean-up of outstanding issues prior to closing.

Not applicable

Since the original agreement was signed, the City has completed all of the site improvements (i.e., street, sewer and water, storm water system).  In addition, the plat of COR 2 was completed, and separated from the land to the south, so all the lots were re-numbered.  The contract is amended to take that into account.

Escrow accounts have been established that take into account a guarantee of suitable soils, completion of signage, and striping of the access drive.

Exhibit C, Restrictive Covenants, now apply fully to the other two lots in the development.  Previously, there was an exemption for wiser Choice because they were believed to be under contract for Lot 1.

The HRA is currently reviewing the document in detail and will forward any additional comments.

The City has the option to delay or reject the amendments as proposed, but doing so would delay the sale, subject to additional negotiation with the buyer.

Approve the Third Amendment to the Real Estate Contract with McDonald's USA, LLC, subject to the review and approval of the City Attorney.

Motion to approve the Third Amendment to the Real Estate Contract with McDonald's USA, LLC, subject to the review and approval of the City Attorney.