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Home My WebLink About2016-05-04 PACKET 07.I. Cottage J Grove ��er� Pride and Qro�P�rity Me�t Clt�/ COUI'1CII CONSENTAGENDA Acfion Request Form �'I' Meeting Date 5/4/2016 Department Community Development Title of Request Gardenworld Purchase Agreement Extension Staff Recommendation Approve the second amendment to Gardenworld's purchase agreement. ATTACH MENTS: Description Type Upload Date Gardenworld Purchase Agreement Extension Memo Cover Memo 4/27/2016 Gardenworld 2nd Amendment Purchase Agreement gackup Material 4/28/2016 - Signed TIMOTHY J.KUNTZ DANIEL J.BEESON �E �N D E R� *KENNETH J ROHLF oSTEPHEN H.FOCHLER ��'� � 4JAYP.KARLOVICH ANGELA M.LUTZ AMANN *KORINE L.LAND o*DONALD L.HOEFT IL�LE'R� P•�. DARCY M.ERICKSON � DAVID S.KENDALL BRIDGET McCAULEY NASON .�TT[}RNE�-S .�T L..�T�' TONA T.DovE BRADLEY R.HUTTER HAROLD LEVANDER 1910-1992 ARTHUR GILLEN 1919-2005 •ROGER C.MILLER MEMO 19z4_zoo9 *ALSO ADMITTED IN WISCONSIN 4ALS0 ADMITTED IN NORTH DAKOTA DALSO ADMITTED IN MASSACH[JSETTS oALSO ADMITTED IN OKLAHOMA TO: Mayor Bailey and Members of the City Council FROM: Kori Land, City Attorney DATE: Apri127, 2016 RE: Gardenworld Recently you approved an extension of a contingency period related to the financing of the project for Gardenworld. Gardenworld has requested an additional extension to May 11, 2016, which is the anticipated closing date. This amendment will be considered by the EDA at its upcoming meeting. RECOMMENDATION: Approve The Second Amendment to Purchase Agreement 633 SOUTH CONCORD STREET•SUITE 400• SOUTH SAINT PAUL,MINNESOTA 55075•651-451-1831•FAX 651-450-7384 OFFICE ALSO LOCATED IN SPOONER,WISCONSIN SEC+i�1�D �►MENDMEI�'T TQ P'URCHA�E AG�E14ZEl'�T THIS SECUNi} AME�iIIMEl'�T TCl PURCHASE A+GREEMENT {this "Agreemient"}is et�tered into as of , 2�p 1 G (the "Effective I)ate"}, by and betwee� the C�t#a�� Grove E�onomic L�evelapment Authc�rity, a public body corporate and politic under the Iaws of Minneso�t�, (ref�rred to h�reina�ter as "EDA��), and Belijah L.L.0 (referred to h�r�inafter as "Buyer��), REC�TAL� Recitai No. l. E�A and Grardenworld, Inc., predecessor in interest t� Buyer, entered intc� a purchase agree�ne�t an Deeember 8a 2015 {"Furchasc� Agreement"� for the pur��ase and sa,le of real pr�perty identified in th.� Purchase Agre�me�t. Re�cital 1'�0.2. C?n c►r about February 5�, 2016, th� P�.�rchase A�reement was �,ssigned frc�m C'rardenworld, Inc. to Buyer. �tccita�l�o. 3. t�n �or about March 29, 2(}��, the EL7►A gran.ted an exterr�sion c�f�he cc�nti��ency p��iod for Section S.1A�11�regarding fiztancing to Aprz129,��16. Reeital 1'�0.3. Buyer has requested ant��her ext�nsion of the cc�ntingency peric�d f�r Section�.1A�11)regarding financing to May 1 l,201F�. �.ecital Nt�. 4. The E�A does nc�t�bje�t to a�extensicrn fc�r the fman:cing pexioc�. NCIW, THEREFURE, $uyer a�d EDA agree tl��.t the contingency perioc� for Sectic�n 5.1A(l.1)regarding financing shal�be e�tended to May I 1, 2016. [remainder of page intentic�nal�y blan�] L3-1 Il�T A{GREEMEl�TT, the parties heretc� h�ve here�n�ca set their h�..nds as t�f the date hereinbefc,re f�st wri�ten. [Signa�ire page tc�Acnendment ta Purchase Agreement by EL�A] CC�TT.�GB GR�VE ECt��tt�MIC DEVEL4PMENT ACTTHC3RI�'Y By Myron Bailey Its Pre�ident By Charlene R. Stevens Its Executive Directc�r I�-2 [Signature pa�e ta Amendment tt�Purchase Agreement by�e�ijah L.L.C.] BELIJAH L.L.G B � � ��. �i an der Sm Its Chief Financia�tJfficer D-3 �:a� �� TINIOTI�X J.KUNTZ �1.'.��1��1.`��r� L7ANIEl�J.SEESC}N �ICEItNETH J.RO�II.F oSTEPI-�N H.FOCHLER ��T�� r ¢JAYP,KARLC7VICFI j ,�t�tCrELt4 TvI.L�.3'I'Z Alvlt-1NI� *xc��L.r�� ❑*DQNALD L.H(7EFT ��I�L�� `.��. ��.E��a� __.. I)AV7D 5.KENNDALL _ - BRII)�ET Mc�AULEY At#5C3N .��'��,��.�i,�S.' �i,� �.r.'�i� TC7NAT.CJ(7VE BRAt3LEY R.HUTTER HARt?L17 LEVANDEl2 1410.1942 ARTI'�T,IFt�1I.I�EN 7��4-2aos r RpCrER C.MII,LER ��1�� 7 924-2004 J *ALSp AUM�TTFP li�W[SCONS]N '�ALSO ADMYI'IF.PI IN NpRTH DAKOTA �ALSL1 AC�MTT`IED IIV MASS.ACHUSET3"8 OftL54 ADC�.QTT�n IN OKLAROMA T4: Mayor Bailey and M+em��rs+�f the City Council FRCIM: Kor�i Land, City Attorn�y DATE: Aprii 2�, 201� T:E: ��rdenworid Recently you approved an extensic�n of� cc�ntingency peric�d related tc� the financing af the praject for Gardenworld. �G�a..rdenworld has requested an additional extensic�n to May 11, 2016, which is the anticipated clasing d�tc, Tl7is amendment wi��be cansidered by the EDA at its upefltning meeting. REC(�11ti11�NT�1�T`It�N: Approve The�ect�nd Amendment t�Purchas� Agree�nent &33 SC)UTEI CtJJNCt�RI3 STt�EET•StITI'E 400• SQUTH S��,II*IT PA.LTL,MFi�NE5t3TA 55075•651-451-1&31 1 FAX 651-450-7384 Ok'FICE ALSC}LOCATE�t IN SI't7C}hTER,WfSCONSIAt