4.8.
CC Regular Session
- Meeting Date:
- 06/13/2017
- Submitted For:
- Patrick Brama
- By:
- Patrick Brama, Administrative Services
Information
Title:
Approve Aeon Purchase Agreement: Multiple Actions
Purpose/Background:
INTRODUCTION
The City approved a purchase agreement (PA) with Aeon, a Twin-Cities based workforce housing developer, in June of 2016 (attached). Said purchase agreement was split in two phases. The first phase is currently under official plat/ site plan review. The second phase, was described within the original PA, as an option to purchase (5 year option).
Aeon has indicated, their several financing partners are requiring the two land transactions split into two separate PAs (rather than a two-phased single PA). Therefore, the nature of this case is administrative. Staff is attempting to meet Aeon's request. No major changes to the terms and conditions are occurring as a result of this request. The major change is simply the approach. Aeon has indicated they are still very interested in the phase two project, and still intend to bring a project forward next year.
PURPOSE
BACKGROUND
For background information on Aeon, workforce housing, or the previously approved case, please see attached. Also attached are concept site layouts and renderings for phase 1 and phase 2.
The City approved a purchase agreement (PA) with Aeon, a Twin-Cities based workforce housing developer, in June of 2016 (attached). Said purchase agreement was split in two phases. The first phase is currently under official plat/ site plan review. The second phase, was described within the original PA, as an option to purchase (5 year option).
Aeon has indicated, their several financing partners are requiring the two land transactions split into two separate PAs (rather than a two-phased single PA). Therefore, the nature of this case is administrative. Staff is attempting to meet Aeon's request. No major changes to the terms and conditions are occurring as a result of this request. The major change is simply the approach. Aeon has indicated they are still very interested in the phase two project, and still intend to bring a project forward next year.
PURPOSE
(1) Consider approval of the attached Second Amendment to the original Purchase Agreement between the City and Aeon. This amendment eliminates all language related to phase two.
(2) Consider approval of the attached second Purchase Agreement with Aeon, for the second phase of their proposed development. This creates a stand alone PA for the second phase.
(2) Consider approval of the attached second Purchase Agreement with Aeon, for the second phase of their proposed development. This creates a stand alone PA for the second phase.
BACKGROUND
For background information on Aeon, workforce housing, or the previously approved case, please see attached. Also attached are concept site layouts and renderings for phase 1 and phase 2.
Notification:
Observations/Alternatives:
NA
Funding Source:
NA
Recommendation:
STAFF REVIEW
Staff has no concerns with this request, as it is simply a change to approach, and administrative in nature.
EDA REVIEW
Staff has no concerns with this request, as it is simply a change to approach, and administrative in nature.
EDA REVIEW
- The EDA reviewed this case on 06/08/2017.
- The EDA voted 6-0 to approve the attached amendment and new purchase agreement.
- The EDA had little discussion, as they felt this case was administrative in nature.
Action:
Motion to approve the attached:
(1) Second Amendment to the original Purchase Agreement between the City and Aeon; subject to final amendments by the City Attorney.
(2) Second Purchase Agreement with Aeon, for the second phase of their proposed development; subject to final amendments by the City Attorney.
(2) Second Purchase Agreement with Aeon, for the second phase of their proposed development; subject to final amendments by the City Attorney.
Attachments
- Original PA, Amendment 2 (phase 1)
- Second PA (phase 2)
- Phase 1 (concept map and renderings)
- Phase 2 (concept map and renderings)
- May 2016 Aeon Case and Background Info
- Original PA
- 060817 Draft EDA Minutes
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 06/08/2017 03:36 PM |
- Form Started By:
- Patrick Brama
- Started On:
- 06/06/2017 11:06 AM
- Final Approval Date:
- 06/08/2017