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Section 2.2 of the agreement states, if there are issues that would prevent a sale moving forward including, but not limited to, economic feasibility, financing, zoning, the local government comprehensive plan, redevelopment potential, structural components of any improvements, governmental restrictions and requirements, availability of utilities, concurrency issues, physical condition, subsoil conditions, environmental matters, and such other matters as may be of concern to Buyer.... Buyer shall have until the Feasibility Date in which to determine whether the Property is acceptable to Buyer, in its sole discretion, in all respects. If Buyer finds the Property to be unacceptable and elects not to proceed with the transaction contemplated hereby, Buyer shall, on or before the Feasibility Date, give written notice of termination to Seller in the form attached hereto as Exhibit B ("Termination Notice and Agreement"). The feasibility date is listed as 5:00 pm on Monday, February 29, 2016. The closing date is listed as 2:00pm on Tuesday, March 1, 2016. FUNDING: Option 1: Cancel the Contract. No funding required Option 2: Purchase the land and reserve for future use. If it is to be used for Utility purposes, utilize impact fee funds. If it is to be used for other purposes, utilize Optional Sales Tax Funds. Option 3: Purchase land and pursue Storm Water Park/ TMDL removal. Utilize Optional Sales Tax Funds. Option 4: Purchase and develop reservoir as water source for new Water Treatment Plant. Funds for the land purchase are derived from capital funding. Capital fund revenues are generated from impact fees. Furthermore, new growth has created the need for the expansion or construction of the facilities, and that new growth will benefit from the expansion or construction of the facilities. ACCOUNT NO.: Option Description Account Number Amount 1 Cancel Contract N/A $0 2 Purchase & Reserve For future tbd $1,000,000 3 Storm water Park/TMDL Use: Opt. Sales Tax 31524338-066510 $1,000,000 4 Land 471-161002 $1,000,000 RECOMMENDATION: Due to the extremely high costs not only for the capital portion required to construct the reservoir and surface water treatment plant but for the expensive operation and maintenance costs 1:\Utilities\UTILITY - Engineering\WATER\Alternative Water Supply\Portofino Preserve aka Blackstone 83 acre site\Due Diligence Report for BCC 02_16_2016\Agenda - Due Diligence Report and OPC for 83 acre site for BCC meeting 02_16_2016 v2 cmc.docx Page 13 of 14 111