2021-08-11 CC Packet - Laserfiche WebLink

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CITY OF CENTERVILLE REQUEST FOR COUNCIL ACTION Agenda Item # Department: Requested Council Meeting Date: August 11, 2021 City Administrator VIII.1 TITLE OF ISSUE: Block 7 Purchase Agreement For City To Sell Block 7 To Centra Homes BACKGROUND AND SUPPLEMENTAL INFORMATION: The attached version of the Purchase Agreement affirmatively addresses each of the three issues raised by the Council, highlighted (in blue): - Project delays are capped at a maximum of 24 months. ("Force Majeure" Clause, Section 5.A.) - The property will be returned to the City if improvements are not completed within 24 months. ("Reverter" Clause, Section 5.B.) - The Developer will put funds in escrow to assure funding of the Homeowners Association in the event the project fails in the middle of construction and sale of units. ("HOA Pre-Funding" Clause, Section 5.D.) City Administrator and City Attorney recommend acceptance of this Purchase Agreement. If the Purchase Agreement is accepted, next steps would be drafting of site plans and a developer's agreement. COST AND SOURCE(S) OF FUNDING: Per attached Financial Commitment. REQUESTED COUNCIL ACTION: Motion to approve the attached Purchase Agreement with Centra North, LLC. SUPPORTED DOCUMENTS ATTACHED Motion By: ____________________________________ Resolution Ordinance Contract Minutes Plan Map Second By: ____________________________________ Vote Record: Aye Nay _____ _____ Other (specify) ____________ _____ _____ Love _____ _____ _______________________________________________________________ _____ _____ Koski _____ _____ Montain _______________________________________________________________ Administration Department Use: Refer to: _________________________________ Consent Tabled Until: ______________________________ Regular Other: ___________________________________