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UNFINISHED BUSINESS

Fourth Amendment to Purchase and Sale Agreement with PHBGF Ventures, LLC

Approval

All due diligence matters contemplated under the Purchase & Sale Agreement have been completed and the parties wish to amend the Agreement for the following reasons:

• The description of the real property has been amended to account for portions of the property that were retained by the City of Bradenton for future municipal purposes related to parking, right of way and sidewalk improvements;

• To include the Agreed upon Form for the Incentives Agreement which has negotiated by the parties; 

• During the course of Purchaser's inspection of the property, purchaser's environmental consultant identified evidence of a potential recognized environmental condition due to the proximity of the property to a former dry cleaning business.  Based on this finding, the Seller, Purchaser, and CRA have agreed that the CRA will pursue a Brownfield Area designation of the site, and further to allow Purchaser the option to pursue the approval of a Brownfield Site Rehabilitation Agreement "BSRA" for the Site with FDEP at Purchaser's sole cost and expense, and to conduct F.A.C. site rehabilitation, as necessary, to pursue the successful completion of the BSRA as evidenced by a Site Rehabilitation Completion Order ("SRCO").  The Amendment sets forth the two Consultants that have been agreed to for service as Purchaser's consultant.  

• The Amendment further sets forth that the CRA has agreed to contribute an amount not to exceed $9,900.00 towards the total of the Brownfield Designation Costs, Purchaser's BSRA costs and SRCO costs.  

• The City, as seller, agrees to cooperate with Purchaser in pursuit of any Voluntary Cleanup Tax Credits afforded to the Purchaser upon completion of the BSRA and any additional tax credits Purchaser may claim for its intended development of the property as affordable housing.  

N/A

Reviewed and approved by Blalock Walters.

Motion to approve the Fourth Amendment to Purchase and Sale Agreement with PHBGF Ventures, LLC and authorize execution by the Mayor.