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DEVELOPMENT SERVICES MEMORANDUM <br /> Memo No. 13-78 <br /> November 26, 2013 <br /> TO: Honorable Mayor Michael T. McElroy and City Council <br /> FROM: Ryan P. McCrady, City Manager <br /> Billy Tyus,Assistant City Manager <br /> SUBJECT: Amendment to Contract of Sale with Harrison Management Group, LLC <br /> for Property Located at Mound Center. <br /> SUMMARY RECOMMENDATION: Staff recommends approval of said amendment <br /> extending the periods to satisfy or waive contractual conditions until January 7, <br /> 2014. <br /> BACKGROUND: The City has for some time now been working to finalize the <br /> development of Mound Center,the retail destination located at the intersection of <br /> U.S. 51 and Mound Road. We reached an agreement in principal with Harrison <br /> Management Group LLC to bring a new Ashley Furniture and other entities to <br /> Mound Center as the next phase of development,approving a contract for the sale of <br /> Lot 2 on site in October 2013. The sale contract gave a period of 45 days for certain <br /> conditions to be met, one of which was the entering into of a redevelopment <br /> agreement.A draft agreement is now being reviewed and, thus,this extension is <br /> being requested. <br /> POTENTIAL OBJECTIONS: None <br /> INPUT FROM OTHER SOURCES: N/A <br /> STAFF REFERENCE: Questions concerning this item should be forwarded to City <br /> Manager Ryan McCrady at 424-2801 (rmccrady@decaturil.gov) or Billy Tyus at <br /> 424-2727 or (btyus@decaturil.gov). <br />