HomeMy WebLinkAbout2015-12-08 PACKET 04.03.A.
TO:
Economic Development Authority
FROM:
Jennifer Levitt, Community Development Director/City Engineer
DATE:
December 3, 2015
RE:
Primrose Schools – Letter of Intent
Background/Discussion
The City of Cottage Grove received a Letter of Intent (LOI) from Primrose Schools dated October
30, 2015 for the purchase of the vacant city owned parcel north of Ruby Tuesdays. The LOI
includes a purchase price of $650,000. The LOI is enclosed for your review.
Currently, the EDA is requesting proposals for Development and Operation of a Hotel on that same
parcel. The RFP deadline was extended until December 11, 2015 to allow interested parties to
complete their proposals for the site. The price for the land as outlined in the RFP is $675,000. The
current direction from the EDA is to pursue a hotel on the subject site, given that direction it is
recommended to reject the offer made for the site.
Recommendation
It is recommended that the EDA reject the offer from Primrose Schools for the purchase of the City
owned land north of Ruby Tuesdays (Parcel 08.027.21.34.0019).