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2 <br />the City has reached a sale price of $519,080 for the 2.24 acres. The purchase is subject to a 180 <br />day buyer contingency period with options for four, sixty day extensions. Under the terms of the <br />agreement buyer will; <br />1) Execute a restrictive covenant prohibiting use of property for automobile/truck repair, <br />car wash or a motor fuel station; <br />2)Purchase the property located at 7691 Lake Drive (the “Broker” Property). The sale will <br />not close without this purchase. <br />3)Dedicate to City drainage and utility easements and right-of-way for 77th/Marketplace <br />Drive realignment. <br />4) Make a refundable earnest money deposit of $5,000. Each extension will require an <br />additional $1,000 deposit. <br />The agreement also requires that the portion of the property (.2 acres of 7685 Lake Drive), lying <br />south of the proposed right-of-way, will revert to the City, at no cost, if the purchase of abutting <br />land is not made within 3 years. <br />The City and Buyer will split the platting costs equally. The City agrees to complete the plans and <br />specifications for the road realignment prior to closing and authorize advertisement for bids <br />within 30 days of the property closing. <br />The City Council approved the 1st Reading on August 28, 2023. <br />RECOMMENDATION <br />Staff is recommending approval of the 1st Reading of Ordinance No. 09-23. <br />ATTACHMENTS <br />1.Ordinance No. 09-23