Issue Statement:  On August 3, 2022, the City Commission adopted an ordinance authorizing the City Manager to enter into a Purchase and Sale Agreement (PSA) with Horizon of Oakland Park, LLC for the sale of the Oakland Park Downtown Properties. On November 30, 2022, the City approved the First Amendment to the PSA, extending the Inspection Period for twenty (20) days.   The City and Purchaser desire to enter into a Second Amendment to the PSA.  

Recommended Action: The City Commission adopt a resolution approving the Second Amendment to the Purchase and Sale Agreement to extend the Inspection and Seller's title cure periods up to and including February 18, 2023.

Background: Pursuant to Section 1.23 of the PSA, the Purchaser, Horizon of Oakland Park, LLC is in the Inspection Period conducting due diligence on the property. This period was extended by 20 days at the November 30, 2022 City Commission meeting as a Supplemental Agenda item in order to extend prior to the December 1, 2022 expiration date. In order to fully research pending title matters, the Purchaser seeks an additional sixty (60) day extension of the Inspection Period (Section 1.23)  and the City seeks a forty (40) day extension of the Seller's title cure period (Section 11.1(b)), both extensions to be concluded on and including February 18, 2023.

Since the execution of the PSA, the Purchaser has been in the Inspection Period performing due diligence assessment of the property including environmental, title and survey. The Purchaser requested an extension to the Inspection Period under the Original Agreement for additional time to complete its assessment.  Since the Inspection Period was due to expire on December 1, 2022, a Supplemental Agenda Item was presented and approved by the City Commission at its November 30, 2022 meeting.  In order to provide notice through the regular agenda process, this item is being submitted for approval of the requisite extensions. 

In order to fully research pending title matters, the Purchaser seeks an additional sixty (60) day extension of the Inspection Period (Section 1.23)  and the City seeks a forty (40) day extension of the Seller's title cure period (Section 11.1(b)), both extensions to be concluded on and including February 18, 2023.