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STAFF ORIGINATOR: <br />MEETING DATE: May 9, 2016 <br />TOPIC: <br />CITY COUNCIL <br />AGENDA ITEM 6H <br />Michael Grochala, Community Development Director <br />i. Consider Resolution No. 16-95, <br />Acquisition from Comcast, Saddle <br />Extension <br />ii. Consider First Reading of Ordinance <br />Sale of Land to Dupont Holdings, LLP. <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />Approving Land <br />Club Fox Road <br />10-16, Approving <br />Staff is requesting City Council approval of the land purchase from Comcast and the sale of <br />same land to Dupont Holdings, LLC for the Fox Road extension. <br />BACKGROUND <br />On April 11, 2016 the City Council adopted Resolution No. 16-13 approving the development <br />agreement for Saddle Club 2nd Addition which required the future extension of Fox Road <br />through property currently owned by Comcast. The agreement was contingent on the <br />Developer and City entering into a purchase agreement for land necessary to construct the <br />connection. In May of 2016 the City entered into a Land Acquisition Escrow Agreement <br />providing for the City's acquisition of the Comcast parcel and sell of said land to developer. <br />Staff has finalized the agreement with Comcast to purchase the property in the amount of <br />$100,000. The purchase agreement for the sale of said land in the same amount has also been <br />finalized. In accordance with the escrow agreement the funds equal to the purchase price have <br />been placed into escrow with the City. <br />RECOMMENDATION <br />Staff is recommending approval of Resolution No. 16-95 and the 1' Reading of Ordinance No. <br />10-16. <br />ATTACHMENTS <br />1. Resolution No. 16-95. <br />2. Purchase Agreement with Comcast <br />3. Ordinance No. 10-95 <br />4. Purchase Agreement with Dupont Holdings, LLP <br />