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CITY COUNCIL <br />AGENDA ITEM 6E <br /> <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br /> <br />MEETING DATE: September 12, 2016 <br /> <br />TOPIC: Consider 2nd Reading of Ordinance 10-16, Approving Sale of <br />Land to Dupont Holdings, LLP. <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />INTRODUCTION <br /> <br />Staff is requesting City Council approval of the sale of land to Dupont Holdings, LLC for the <br />Fox Road extension. <br /> <br />BACKGROUND <br /> <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 /> <br />The City Council approved the acquisition of the Comcast property at the August 22, 2016 <br />meeting in the amount of $100,000. In accordance with the escrow agreement the funds equal <br />to the purchase price have been placed into escrow with the City. The first reading of <br />Ordinance No. 10-16 was also held on the same date. <br /> <br />RECOMMENDATION <br /> <br />Staff is recommending approval of the 2nd Reading of Ordinance No. 10-16. <br /> <br />ATTACHMENTS <br /> <br />1. Ordinance No. 10-16 <br />2. Purchase Agreement with Dupont Holdings, LLP <br />