Item Coversheet

Council Communication

Department: Legal
Case/Project No.:
Submitted by: Richard Wade 		Resolution 20-262
ITEM 7.F.		Council Action: 10/26/2020
Description

Resolution authorizing the Mayor to execute the Amendment to Purchase Agreement with Opus Development Company, L.L.C.
Background/Discussion

The City entered into a Purchase Agreement with Opus Development Company, L.L.C. on October 28, 2019 (attached hereto). Opus is in the process of completing its due diligence on the property but some of that is subject to review and approval by the Army Corp. of Engineers. They are seeking additional time to avoid penalties under the Agreement so an amendment is needed. 
Recommendation

Approval of this Resolution is recommended.
ATTACHMENTS:
DescriptionTypeUpload Date
Original Purchase Agreement with OpusAgreement10/19/2020
Proposed Amendment to Purchase Agreement with OpusAgreement10/19/2020
Resolution 20-262Resolution10/20/2020