2019.11.04 CC Packet - Laserfiche WebLink

Home

Date listed in paragraph 5 below as well as the other requirements herein. Buyer's exercise of the Option is contingent upon the Buyer satisfying all express and implied conditions hereunder. 4. Exercise of Option/ClosiM Date. Buyer shall exercise the Option during the Option Term and before the Option Expiration Date by providing written notice to Seller of the exercise of the Option. The notice of exercise of Option shall be made by buyer by delivering written notice to the Seller at its address below. The written notice of exercise of Option shall constitute exercise of the Option on the Real Property. Thereafter, subject to submission of development plans, City review and (receipt of necessary) approvals the purchase and closing of the Real Property by Buyer from Seller shall occur no more than ten (10) days after the a building permit is issued for the Real Property and the City of Hugo has approved land use applications and a development agreement, all documents are recorded, issued a building permit, and issued a notice to proceed. In the alternative, if the City of Hugo has not approved land use applications, then the option shall expire upon 10 days of the date of issuance of its findings. a. Incremental Exercise of Option: It is expressly understood and agreed that the exercise of the option shall be in phases (Phases land 2) as set forth herein unless waived by the City in writing. Specifically, the following deadlines for exercise and performance must be met: (1.) Phase 1-shall consist of not less than 1 acre and not more than 2 acres of the Real Property. The option must be fully and properly exercised not later than April 30, 2020 (Option Expiration Date). In addition, all approvals shall be sought and, if issued at all, issued not later than April 30, 2020. Construction of public and private improvements shall be substantially complete as determined by the City not later than December 31, 2020. (2.) Phase 2-shall consist of the remaining acreage of the Real Property. The option must be fully and properly exercised not later than April 30, 2021 (Option Expiration Date). In addition, all approvals shall be sought and, if issued at all, issued not later than April 30, 2021. Construction of public and private improvements shall be substantially complete as determined by the City not later than December 30, 2021. 5. Additional ARproval Criteria: Additional criteria for approval of any option phase herein shall include, but not be limited to: a. Whether the architectural quality, building plans, site plan, and proposed use of the Property meets the Downtown Design Guidelines or the development criteria as determined by the City Council outlined below: b. A full service restaurant or some form of event center or family entertainment venue is desired, situated so that the customers and public will benefit from views over the lake according to plans approved by the city council. Secondary retail, service and housing uses may be considered. C. A development and phasing plan is required and agreed to in writing with all development complete within 3 years. 3