Title
Resolution to Approve a Project Milestone Extension to the Option Agreement for the Purchase of Land at 350 S. Fifth Avenue
Memorandum
Attached for your review and action is a resolution to approve a Project Milestone Extension to the Option Agreement with XY, LLC for the purchase of the City owned property at 350 S. Fifth Avenue (old YMCA property).
On September 24, 2007, City Council approved the Option Agreement with XY, LLC for the purchase of the subject property, R-456-9-07. The Option Agreement was signed on October 12, 2007. It gives XY, LLC a continuing option to purchase the City property if and so long as XY, LLC complies with all the terms and conditions within the Option Agreement, including timely meeting of a series of clear Project Milestones and Project Goals. The deadlines for the various Project Milestones and Project Goals are set forth in the Option Agreement.
Below is the status of certain Project Milestones whose deadlines have occurred to date, and that XY, LLC is fully responsible for meeting:
A. [Section 8.A.a] XY, LLC filed a Revised Site Plan for the Revised Project and certain exhibits and accompanying documents and materials required or appropriate under applicable City ordinances, at approximately 12:00 noon EDT on August 27, 2007. Delivered on schedule.
B. [Section 8.A.b] XY, LLC simultaneous with filing its Revised Site Plan, delivered and submitted to the City a written and executed acknowledgment from AATA staff, acknowledging that it has reviewed, is satisfied with, and consents to the filing of the Revised Site Plan. Delivered on schedule.
C. [Section 8.A.c] XY, LLC delivered to the City a Pre-Approval Letter and Certificate duly executed by the Michigan Economic Growth Authority (“MEGA”), evidencing pre-approval of the issuance of Brownfield tax credits for the Revised Project on October 11, 2007. Delivered on schedule.
D. [Section 8.A.e] XY, LLC provided the City with a joint venture agreement by October 15...
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