Consider Extension to Purchase Agreement with Capstone Homes for Outlot C, Alpha Development

The purpose of this case is to consider an extension to the Purchase Agreement for a portion of Outlot C, Alpha Development.

Notification is not required.

As part of the Riverstone development, the City entered into a Purchase Agreement with Capstone Homes for a portion of Outlot C. This would facilitate the eventual realignment of Puma Street consistent with the approved infrastructure plan for the area.

Phasing of the Riverstone development has not reached this area yet. The Purchase Agreement is set to expire in July.

Options:

1. Subdivide Outlot C, transfer parcel to Capstone, and vacate right of way for Puma Street. Since Puma Street is not actually being realigned until Riverstone's phasing reaches this area, the City would in turn need to secure a temporary road easement until Puma is realigned. This can create complications with this phase of Riverstone is platted.
2. Extend Purchase Agreement until the above is accomplished via standard approval process.

This case is being handled as part of normal Staff duties. Details of the Purchase Agreement are included in the attached document.

Staff recommends that the Purchase Agreement be extended by two (2) years to coincide with potential phasing of Riverstone. This portion of the parcel does not have value being sold to a third-party as a standalone parcel. The value is in including with the adjacent development.

Motion to recommend that the City Council extend the Purchase Agreement by two (2) years.