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Contract for Sale and Purchase for Unit C of Cornerstone, a Condominium (B)
Explanation
In 2014, Concept Companies, Inc. was a respondent to a Request for Proposals seeking developers interested in developing within and obtaining an anchor tenant for a Gainesville Community Redevelopment Agency (CRA) and City envisioned redevelopment of the Gainesville Technology Entrepreneurship Center area consisting of approximately 13.6 acres. Between 2014 - 2017, the City and CRA continued to refine the redevelopment plans for the Gainesville Technology Entrepreneurship Center area, including approval of a Master Plan for mixed-use development with up to six commercial buildings to be developed in two phases and to be known as the Cornerstone Project.
The City, CRA and Concept Companies, Inc. developed a Letter of Intent to set forth the Parties' general understandings as to the further negotiation and execution of a lease, option to purchase, and development agreement for building pads C and D (which were later combined into Condominium Unit C) within the Cornerstone Project. The Cornerstone Project and the parties intent has evolved over time; however, one constant has been the desire for Merieux NutriSciences to become the first anchor tenant for the Cornerstone Project. Concept Companies has now entered into a long-term lease with Merieux NutriSciences. On January 18, 2018, the City Commission approved the creation and filing of a Declaration of Condominium for the Cornerstone Project, in order to create parcels of land that may be legally conveyed to purchasers. As a result, the City and Concept Companies now desire to enter into a Contract for Sale and Purchase for Unit C, instead of a lease (with option to purchase) and development agreement. The Contract is included in the back-up.
One of the Special Conditions in the Contract requires the City, as owner of the GTEC parcel, to pay Condominium assessments for GTEC's use of the common elements (e.g., ...
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