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Community Assets & <br /> Development Department <br /> <br /> MEMORANDUM <br /> <br /> <br />DATE: December 29, 2016 <br /> <br />TO: Economic Development Commission <br /> <br />FROM: Janice Gundlach, Asst. Director of Community Assets & Development/Planning Director <br /> <br />SUBJECT: Item IV_C, APi Option Update <br /> <br />Staff was contacted by APi the week of December 19th regarding a request to have until January 31st to <br />make a decision on whether or not to move forward with their option. Based on communications with <br />APi representatives, it seems APi may be considering an actual project verses paying for an extension (or <br />delay). Staff has communicated to APi the City won’t move forward with any other development <br />interests until at least February 1st, even though their option rights expire at the end of 2016. <br /> <br />Meanwhile, Pulte Homes has been in constant contact with staff and continue to be interested in <br />building townhomes in 2017. In fact, Pulte submitted a Letter of Intent to purchase the land on <br />November 21, 2016 (see attached), which was forwarded to Council as information-only via their <br />December 2, 2016 Weekly Memo. Staff has communicated to Pulte that the City is still working with Api <br />and if/when that changes Pulte will be notified. <br /> <br />APi representatives indicated they will provide updates to City staff prior to January 31st as they become <br />available. Staff is hopeful the City and APi can reach an agreement to develop the two acre parcel in <br />question, whether it be an extension or actual project consistent with the current option terms of the <br />Redevelopment Contract in effect. <br /> <br />Attachment <br /> Pulte Letter of Intent (11-21-2016) <br /> <br />