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1) Sales price remains at $6.15 million plus an estimated $85,000 <br />in closing costs; <br />2) extension to July 1, 2023 with closing by August 30, 2023 and <br />City to release $75,000 (non-refundable) from initial $184,500 <br />escrow deposit to seller towards purchase price; <br />3) Extension Option 1 –if exercised, closing will extend to <br />September 30, 2023 and City to deposit an additional $50,000 <br />(non-refundable); and <br />4) Extension Option 2 –if exercised, closing will extend to October <br />30, 2023, but no additional deposit required. <br />City currently has approx $2.95 mil in local, State and federal <br />housing/homeless targeted funds allocated for acquisition. <br />On February 22, Finance Committee recommended to City Council <br />to allocate up to $3.2 million in FY22-23 surplus General Fund for <br />gap funding for motel acquisition. <br />If awarded, Homekey may reimburse City for the gap funding. <br />Purchase & Sale Agreement Extension Terms <br />8