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7681 Lake Drive; 3) dedicate to City drainage and utility easements and right-of-way for <br />77th/Marketplace Drive realignment. 4) Make a refundable earnest money deposit of $5,000. <br />Each extension will require an additional $1,000 deposit. <br /> <br />The agreement also requires that the portion of the property (.2 acres), lying south of the <br />proposed right-of-way, will revert to the City, and no cost, if the purchase of abutting land is not <br />made within 3 years. <br /> <br />The City and Buyer will split the platting costs equally. The City agrees to complete the plans <br />and specifications for the road realignment prior to closing and authorize advertisement for bids <br />within 30 days of the property closing. <br /> <br />RECOMMENDATION <br /> <br />Staff is recommending approval of the 1st Reading of Ordinance No. 09-23. <br /> <br />ATTACHMENTS <br /> <br />1. Ordinance No. 09-23 <br />2. General Location Map <br />