Title
Resolution to Approve an Amendment to the Option to Purchase Agreement with Village Green Residential Properties LLC to extend the Term of the Agreement (8 Votes Required)
Memorandum
On February 20, 2007, Council approved an Option to Purchase Agreement with Village Green Residential Properties LLC for the sale and redevelopment of City owned property located at the corner of First and Washington Streets. The Option was valid through February 20, 2008 with one available extension for 90 days which could be approved by the City Administrator.
On January 1, 2008, the developer requested the extension due to an unanticipated delay in completing negotiations with the DDA regarding the parking structure design. The City Administrator approved the extension on January 7, 2008 resulting in a contract expiration date of May 20, 2008.
The DDA Board approved the parking design at a Special Meeting on January 25, 2008, and Village Green started the City's normal development process by submitting for Site Plan Approval on January 28, 2008. Given the anticipated amount of time necessary to complete the City's planning process, obtain Council approval for the project and negotiate a condominium agreement between the City and the developer, staff recommends amending the Option Agreement to expire September 30, 2008 with one additional 90 day extension available subject to the City Administrator's approval.
Additionally, with more specific information available about the design of the project, the City has requested and Village Green has agreed to authorize the placement of a City antenna for wireless voice and data access on the building as part of the amendment term subject to space availability and without a user fee to the City.
Approval of the amendment is recommended.
Staff
Prepared by: Tom Crawford, CFO and Mary Joan Fales, Senior Assistant City Attorney
Reviewed by: Tom Crawford, CFO, Financial & Administrattive Services Area Administra...
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