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HRA AGENDA ITEM <br />Item No.: 1 Date: July 24 , 2017 <br />Item Description: Consider Purchase Agreement of Orono Woods Land <br />Presenter: Doug Reeder Agenda Orono Housing and <br />Executive Director Section: Redevelopment <br />Authority <br />Purpose. To hold a public hearing on the sale of the land where Orono Woods is located and <br />approve a purchase agreement for the sale of the land <br />2. Background. When Orono Woods was built the Orono Housing and Redevelopment Authority <br />retained ownership of the land under the building as part of a developer's agreement and a ground lease. <br />At this time the Orono Woods Apartments are being sold and the new owners are requesting that the HRA <br />sell the property to the new owner for $1. At the same time the new owners will execute a Declaration of <br />Restrictive Covenants and an amendment to the Developers Agreement which will keep most of the <br />intended requirements of the ground lease. The City Council has already approved the Declaration of <br />Restrictive Covenants and the amendment to the Developers Agreement. <br />3. Staff Recommendation. I recommend that Orono Housing and Redevelopment Authority approve <br />the purchase agreement to sell the land under Orono Woods, The Declaration of Restrictive Covenants <br />and the Amendment to the Development Agreement <br />COUNCIL ACTION REQUESTED <br />1. Hold the Public Hearing <br />2. Motion to approve the Purchase Agreement for the sale of the land under Orono Woods, The <br />Declaration of Restrictive Covenants and the Amendment to the Development Agreement. <br />Exhibit <br />Exhibit A. Purchase Agreement <br />Exhibit B. Declaration of Restrictive Covenants <br />Exhibit C. Amendment to the Developers Agreement <br />Prepared By: W <br />Reviewed By: 1L5z <br />Approved By: W, <br />