Title
Consideration to Approve Amendment No. 1 to Purchase, Sale and Development Agreement for Real Property Located in the Incorporated County of Los Alamos Commonly Referred to as 110 Entrada Drive (Lot 6B-2)
Recommended Action
I move that Council approve Amendment No. 1 to Purchase, Sale and Development Agreement for Real Property Located in the Incorporated County of Los Alamos Commonly Referred to as 110 Entrada Drive (Lot 6B-2).
County Manager's Recommendation
The County Manager recommends that Council approve Amendment No. 1 as presented.
Body
On March 5, 2024, Council approved Ordinance 727 including the Purchase, Sale and Development Agreement (PSDA) for the sale of County property located at 110 Entrada Drive to 110 Entrada, LLC. Before the expiration of the Due Diligence period, 110 Entrada, LLC representation requested an extension of the Due Diligence Period for an additional one year to facilitate additional time needed to secure an anchor tenant agreement and construction financing.
Under the terms of the executed PSDA, 110 Entrada, LLC (the Developer"), has agreed to purchase the property for $1,600,000 and develop the property to include: (1) 50,000 square foot flex-lab/office building; and (2) two 5,000 square foot green house buildings, and parking. Additionally, the PSDA establishes Due Diligence, Site Plan and FAA Approval, and Permit Approval periods, each requiring the Developer deposit $20,000 for each defined period and requested predefined extension periods. At the expiration of each prescribed approval period, the previous and most recent deposit becomes non-refundable and applicable to the purchase of the property.
The Amendment No. 1 (Attachment B), extends the Due Dilligence Period, as requested, for an additional $20,000 of Earnest Money that is only refundable or non-refundable per the terns of the PSDA.
Alternatives
Council could choose to not approve Amendment No. 1 and the sale and development would not proceed. ...
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