Title
Amend Ordinance S-43138 Authorizing Disposition and Redevelopment Agreement with Ironline Partners, LLC, for Sale and Redevelopment of City-Owned Property at 135 N. 2nd Ave. (Ordinance S-43587)
Description
Request to authorize the City Manager, or his designee, to amend City Contract 144573-DRA-0 with Ironline Partners, LLC, (Developer) to amend terms pertaining to the due diligence period and extend the close of escrow by 90 days.
Report
Summary
Staff has successfully entered into a disposition and redevelopment agreement with Ironline Partners, LLC, City Contract 144573-DRA-0, for the sale and redevelopment of the City-owned former Human Resources (HR) Building at 135 N. 2nd Ave. The Developer has started their due diligence items but needs additional time to perform a thorough review of the building. Working with staff, the Developer has secured commitments for adequate parking for the building. Staff requests the following amendments to the Ordinance:
1) An additional 90 days be added to the current due diligence period.
2) The Developer shall receive sufficient permits to commence the project and close escrow by Sept. 30, 2017.
All other terms and conditions of this ordinance and City Contract 144573-DRA-0 shall remain in full force and effect.
Concurrence/Previous Council Action
City Council originally approved Ordinance S-43138 on Jan. 11, 2017.
Location
The former HR Building is located at 135 N. 2nd Ave.
Department
Responsible Department
This item is submitted by Deputy City Manager Paul Blue and the Community and Economic Development Department.