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South .Heed Redevelopment Commission <br />Regular Meeting — August 17, 2007 <br />6. NEW BUSINESS (CONY.) <br />A. South Heed Central Development Area <br />(4) continued... <br />the motion.. The motion passed on a vote of <br />:four to one with 'Mr. Pec l owsl i opposed. <br />(5) Commission approval requested for <br />Resolution Igo. 2369 approving and <br />accepting a counter{ offer from and a <br />Contract of ' urc ease and Sale with Key <br />S.B., L. ,C4 and other related matters. <br />Ms. Laurent noted. that Resolution No. 2369 <br />outlines a negot.i.ated counter -offer fro the <br />. innian Company for tl�e :fey. a��.l 1 l a <br />and approves a Contract for Purchase and <br />Sale of Property fi afi. ing to i.s of the <br />prof ect. <br />The approved MOU outlined a total <br />investni.ent on the Commission's part of <br />00,000 in the project.. A purchase price of <br />$ 00,000 was agreed to, in consideration of <br />the vatue of the property as well as amortized <br />Maintenance and taxes that would be <br />assumed by the Developer in a lease-back <br />scenario. In addition, the Commission <br />committed to put $200,000 toward <br />improvements to the .Plaza. <br />The counter offer proposes a purchase price <br />for the Plaza of $400,000 and releases the <br />on nission of its additional $200,000 <br />capital expenditure on Plaza improvements,, <br />obligating the Developer to construct the <br />agreed upon improver ents and finalizing the <br />sale only upon completion of the work. Staff <br />and legal counsel feel that this proposal is <br />mutually beneficial in efficiently advancing <br />