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Item 5GCity of Southlake, Texas MEMORANDUM February 14, 2002 TO: Billy Campbell, City Manager FROM: Shana K. Yelverton, Assistant City Manager (ext. 1429) SUBJECT: Approve first amendment to contract of sale by and between ECN Enterprises, Inc., and the City of Southlake, extending the property inspection period for an additional sixty days. Action Requested: Approval of amendment to contract of sale with ECN Enterprises, Inc., granting purchaser an extension of the property inspection period for an additional sixty days from the end of the original inspection period, scheduled to expire on or about March 8, 2002. Background Information: The City of Southlake contracted to sell property at Randol Mill and FM 1709 to ECN Properties on December 11, 2001. This is the property commonly referred to as the "DPS West residual property." Since that time, ECN has contacted approximately 40 potential users, most of whom have received site packages. Of the 40 companies contacted, ECN has received preliminary indications of interest from six, but have not talked specifics with any yet. The current contract provides for a 90 day feasibility and 60 day closing with no provision for extensions. ECN is requesting a 60 day extension of the feasibility period, upon expiration of the current one, which expires on or about March 8, 2002. Financial Considerations: There are no direct financial considerations. Citizen Input/ Board Review: The Southlake Crime Control and Prevention District agreed to the sale of the property at a specified amount. However, other contract provisions were determined by the City Council. SCCPD Board President Martin Schelling is aware of the request and has expressed no problems with an extension. Legal Review: The first amendment to the contract has been provided to the City Attorney for review. Alternatives: City Council may grant the request or deny it. Supporting Documents: First amendment to the contract of sale Billy Campbell, City Manager May 5, 2011 Page 2 Staff Recommendation: Staff recommends approval of the amendment to the contract.