Title
A RESOLUTION OF THE URBAN RENEWAL AUTHORITY OF THE CITY OF COMMERCE CITY AUTHORIZING AND APPROVING THE FIRST AMENDMENT TO THE PURCHASE AND SALE AGREEMENT WITH DPC COMPANIES AT THE FORMER MILE HIGH GREYHOUND PARK FOR A RETAIL DEVELOPMENT
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Summary and Background Information:
On August 14, 2023, the Urban Renewal Authority of the City of Commerce City, Colorado (CCURA) entered into a Purchase and Sale Agreement (PSA) with DPC Companies regarding the acquisition and subsequent redevelopment of Tract B, a 6 acre tract of land located in the southwest corner of Mile High Greyhound Park.
Approval of this resolution will authorize the Executive Director to execute the First Amendment to said Purchase and Sale Agreement to extend the Marketing and Final Inspection Period from February 12, 2024 to May 13, 2024. Consistent with the terms contained with the First Amendment, Purchaser shall deliver to Escrow Agent an additional deposit of up to Fifteen Thousand Dollars and No/100 ($15,000.00) in accordance with the following schedule: (i) Five Thousand Dollars and No/100 Dollars ($5,000.00) within three (3) days after the Amendment Date; (ii) Five Thousand Dollars and No/100 Dollars ($5,000.00) within thirty (30) days after the Amendment Date; and Five Thousand Dollars and No/100 Dollars ($5,000.00) within sixty (60) days after the Amendment Date. Notwithstanding any other termination rights or opportunities for the Deposit to be released back to Purchaser under the Agreement, the Additional Deposit as and when deposited shall be non-refundable to Purchaser, and the Additional Deposit as and when deposited shall be promptly released to Seller if the Agreement is terminated.
Staff Responsible (Department Head): Bill Aiken, Director of Urban Renewal
Staff Member Presenting: Bill Aiken, Director of Urban Renewal
Financial Impact:
Funding Source:
Staff Recommendation: Approve Resolution URA RES 2004-003 as presented
Suggested Motion: Approve Resoluti...
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