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ITEM: APPROVAL OF SEVENTH AMENDMENT TO PURCHASE AND SALE AGREEMENT WITH WELLINGTON PROPERTY OWNER LLC
REQUEST: Approval of Seventh Amendment to the Purchase and Sale Agreement with Wellington Property Owner LLC.
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EXPLANATION: Related Ross has executed a loan term sheet with Starwood for land acquisition, infrastructure, and project construction financing for the above project. The loan documentation is currently being processed and is expected to close between mid-July and August, 2026. Related Ross would like to align the real estate closing with the finance closing and is therefore requesting the option to exercise two additional 30-day extensions of the closing date. The current closing is scheduled for June 22, 2026. The first extension therefore would run from June 22 through July 21, 2026. The second extension, if needed, would run from July 21 through August 21, 2026. Related has agree to pay $135,000 per extension, which fees will be credited toward the purchase price at closing. This amendment has no effect on the closing of the school parcel, which has remaining available extensions until October 21, 2026.
BUDGET AMENDMENT REQUIRED: NO
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY: YES
FISCAL IMPACT: NONE
WELLINGTON FUNDAMENTAL: Responsive Government
RECOMMENDATION: Approval of Seventh Amendment to Purchase and Sale Agreement with Wellington Property Owner LLC, nunc pro tunc to June 21, 2026.