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AGENDA ITEM 7B <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 8/25/03 <br />TOPIC: Real Estate Purchase Agreement with Legacy <br />Holdings Lino Lakes, LLC <br />Vote Required: 3/5 <br />BACKGROUND: <br />Hartford Group, Inc. (Legacy Holdings Lino Lakes, LLC) wishes to enter into a <br />purchase agreement with the City of Lino Lakes for approximately 11 acres of <br />city -owned property as part of the Woods Edge development (formerly called the <br />Village). The developer is proposing a mixed-use development consisting of <br />retail, office, for -sale townhomes, rental townhomes, senior apartments and <br />condos. <br />Staff has been working through a number of city and developer responsibilities <br />and schedules for completion of the approvals and a construction start of Spring <br />2004. <br />The major components of the purchase agreement include: <br />1. A purchase price of $4.50 per sq. ft. <br />2. $10,000 earnest money will be paid by the buyer for the first contingency <br />period of 365 days; and, if necessary, an additional $10,000 for a second <br />contingency period of 180 days; and an additional $10,000 for a third <br />contingency period of 120 days. The earnest money is non-refundable <br />should the buyer not meets its obligations under the agreement, but will <br />be credited toward the purchase price. <br />3. Conditions of the agreement include obtaining all municipal approvals for <br />a mixed-use redevelopment project on the combined city and adjacent <br />Tagg property; approval of the development plan within 60 days after <br />submittal; and an acknowledgement that city financial assistance will be <br />necessary to complete the project. <br />Options: <br />1. Adopt Resolution No. 03-135, approving a real estate purchase <br />agreement between Legacy Holdings Lino Lakes, LLC and the City of <br />Lino Lakes. <br />2. Return to staff with direction. <br />Recommendation: <br />Option 1 <br />