Title
Approval of Amendment No. 3 to the Purchase, Sale and Development Agreement for Real Property Located in the Incorporated County of Los Alamos Commonly Referred to as 3661 and 3689 Trinity
Recommended Action
I move that Council approve amendment No. 3 to the purchase, sale and development agreement for real property located in the incorporated County of Los Alamos commonly referred to as 3661 and 3689 Trinity.
County Manager's Recommendation
The County Manager recommends that Council approve this amendment as requested.
Body
On February 25, 2021, the County and Pet Pangaea LLC, owned by Dr. Cyndi Wells, entered into a Purchase, Sale and Development Agreement (PSDA) for the county-owned properties at 3661 and 3689 Trinity Drive (Attachment D.) Under the terms of this PSDA, Pet Pangaea would purchase the subject parcels for the development of a mixed-use building containing a 6,967 square foot ground-level retail space (relocated Pet Pangaea) and four second-story apartments. The PSDA included a 120-day due diligence period with the option for an extended due diligence period upon delivery of ten thousand dollars ($10,000).
The option to extend the due diligence period was exercised, and then the County additionally approved two amendments to the PSDA to further extend the due diligence period without an additional deposit. On October 25, 2021, the County approved PSDA Amendment No. 1 (Attachment C), a requested 180-day due diligence period extension to accommodate the time needed for the removal of miscellaneous debris found during the County's decommissioning and removal of existing underground utilities on the site. On April 5, 2022, the County approved PSDA Amendment No. 2 (Attachment B), a requested 180-day due diligence period extension to provide the additional time needed by the purchase to obtain site plan approval. Based on the original PSDA and both amendments, the extended due diligence period is scheduled to expire on October 18, 2022.
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