HomeMy WebLinkAbout2018-05-29 PACKET 05.01.
TO: Economic Development Authority
Charlene Stevens, City Administrator
FROM: Jennifer Levitt, Community Development Director
Christine Costello, Economic Development Director
DATE: May 23, 2018
RE: Langdon Flats and Majestic Ballroom Site Redevelopment
Background
Land Use and Transit
Langdon Village was originally settled in the 1870’s as a railroad stop on the St. Paul and
Chicago Railroad. Today the 45-acre area includes 12 residential properties and two
commercial properties. One of these commercial parcels, the former Majestic Ballroom, is
currently vacant. Approximately eight acres in Langdon are owned by the City of Cottage Grove
Economic Development Authority (EDA) and were acquired to facilitate redevelopment in the
area. Currently the EDA owned land is leased to a farmer until redevelopment takes place.
Figure 1. The EDA owned land is circled in red and the Majestic Ballroom is highlighted in yellow.
EDA
Langdon Flats and Majestic Ballroom Site Redevelopment
May 23, 2018
Page 2 of 9
In the 1990s, the Red Rock Corridor was included as part of the regional commuter rail plan.
Langdon Village would have served as a commuter rail location for the proposed transitway
from Hastings to Union Depot in St. Paul. In 2007 a federal analysis was conducted for the
commuter rail service and it was determined that it would be more appropriate for the long term
solution that a commuter bus service in the corridor be built to build the demand for service.
The City of Cottage Grove still sees the Langdon Village area as a viable redevelopment
opportunity even with the change in locations for bus rapid transit (BRT) stations, which will be
located on the East Point Douglas Road side of Highway 61/10.
Figure 2. Langdon Village site layout from 2007 commuter rail analysis.
The City’s Comprehensive Plan guides Langdon Village as a mixed-use development. A site
plan was created for Langdon Village that includes a variety of land use designations and
roadway alignments to allow for a development that provides for a walkability. The City has
used this site plan as a guiding document for the future redevelopment of Langdon Village area.
The mixed-use designation allows a combination of commercial and medium to high density
residential development. Currently, a combination of commercial and residential zoning is in
place. Rezoning will need to be completed as future redevelopment opportunities come
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Langdon Flats and Majestic Ballroom Site Redevelopment
May 23, 2018
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forward. City utilities do not serve the entire Langdon Village area, so as redevelopment takes
place utilities will need to be extended to serve redevelopment in the area.
MWF Proposal
In February 2018, MWF Properties approached the City with a proposed plan for workforce
housing. MWF Properties proposed a 176 unit, four-story building at the former Majestic Ballroom
site in the Langdon Village area. At the March 21st, 2018 City Council workshop MWF Properties
received feedback on their proposal from the City Council. The City Council expressed that they
were not opposed to the housing project but felt the Majestic Ballroom’s visibility to Highway 61/10
was more suited for commercial development, and that another location in Langdon Village was
more suitable for housing development. The feedback from the City Council provided staff and
MWF Properties the opportunity to reevaluate locations within Langdon Village that would be
appropriate for housing development. It was determined that the EDA owned property would
provide a great location for housing development and also met the intent of the original Langdon
Village site plan.
MWF Properties provided a Letter of Intent (LOI) for the EDA-owned property which will provide
a guarantee to MWF Properties that the EDA will work exclusively with them on a
EDA
Langdon Flats and Majestic Ballroom Site Redevelopment
May 23, 2018
Page 4 of 9
purchase/development agreement for the development of a housing project on the EDA owned
parcels. In return, MWF Properties will move forward with their purchase agreement for the
Majestic Ballroom site and then as part of the purchase agreement/development agreement for
the EDA owned property the land will be exchanged. This will provide the EDA with site control
of the Majestic Ballroom site for future redevelopment of a commercial purpose. In order to
maintain the timeline for MWF Properties proposed workforce housing financing through
Washington County a LOI is the first step that needs to be considered in order to maintain the
June 1st deadline to submit a letter to Washington County that MWF Properties will be applying
for workforce housing funding for their project.
Figure 3. Map of EDA owned 6.85 acres site and Majestic Ballroom site of 6.87 acres.
A City Council workshop was held on May 2nd to review the revised housing development by
MWF Properties on the EDA property. The City Council provided feedback on the building
orientation and aesthetic design of the building. MWF Properties has modified the site plan
address the feedback they received from the City Council; below is a concept layout of the
building.
EDA
Langdon Flats and Majestic Ballroom Site Redevelopment
May 23, 2018
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Figure 4. Preliminary site layout for Langdon Flats.
The City Council was supportive of the Rochester architectural building design as shown below.
EDA
Langdon Flats and Majestic Ballroom Site Redevelopment
May 23, 2018
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Figure 5. Picture of MWF Properties multi-family housing built in Rochester, MN.
Infrastructure
On March 21st, the City Council authorized a feasibility report to review the costs associated with
roadway and utility extensions to service the proposed Langdon Flats project. The proposed
public improvement project is outlined below.
EDA
Langdon Flats and Majestic Ballroom Site Redevelopment
May 23, 2018
Page 7 of 9
Figure 6. Roadway and utilities extension that need to be developed for Langdon Flats.
Initial discussions with 3M, who is a predominate land owner to the south of Langdon Village area
took place on May 8thto discuss the extension of West Point Douglas Road through to the
Innovation Road interchange. Providing additional access to the Langdon Village area will make
the area more marketable and attractive for development. The key element is to find a way to
extend West Point Douglas Road to Innovation Road to support the anticipated growing traffic
demands of the area and enable further economic growth and development along the frontage
road. In addition, Washington County has committed to updating and reviewing the Southwest
Transportation Study that was complete in 2008. A review of the County plan will help facilitate a
bigger picture discussion of serving the Langdon Area and the Business Park.
The City requested a Phase 1 Environmental Site Assessment to be completed as part of
preparing for the land purchase. The Phase 1 has been completed by Braun Intertec Corporation
and no environmental conditions were found on the cultivated agricultural parcel owned by the
EDA. Site borings will also be performed on the former Majestic Ballroom site.
Langdon Master Plan Update
On March 21st the City Council requested that the master plan for the Langdon area be updated
to reflect the changes associated with the Bus Rapid Transit (BRT) master plan study that was
completed by Washington County. The original master plan for Langdon had included a
commuter rail station and associated parking and other supporting services to support that form
of transit service. The revised Master Plan as shown below supports and integrates the
proposed Langdon Flats project.
EDA
Langdon Flats and Majestic Ballroom Site Redevelopment
May 23, 2018
Page 8 of 9
Figure 7. Updated Langdon Village Concept Plan.
A neighborhood meeting was held on May 7th with the residents in the Langdon area to review
the new master plan, the proposed Langdon Flats proposal, and the proposed public infrastructure
project. There were 22 residents in attendance at the neighborhood meeting. A positive outcome
of the meeting was developing a working relationship with United Steelworkers Local 11-00418
the owners of the Old Langdon School, they are interested in finding ways to partner and help
preserve the historic features of the building.
Discussion and Next Steps
The following steps will be necessary to facilitate the MWF Properties proposal to move forward:
1. Purchase Agreement – Execute the purchase agreement for MWF Properties to purchase
the EDA-owned parcel in exchange for the Majestic Ballroom property.
2. Letter of Support – A letter of support is necessary to help bolster MWF Property’s
application to Minnesota Housing Finance Agency. MWF Properties will be seeking
various financial assistance for project to enable the project to move forward.
Future actions that will be needed:
1. TIF – Establishing a TIF district and TIF plan
2. Completion of the feasibility report for the public infrastructure
3. Public hearings necessary for a Chapter 429 project to order the improvements
EDA
Langdon Flats and Majestic Ballroom Site Redevelopment
May 23, 2018
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4. Finalization of environmental documents for closing on the property
5. Planning Commission for a PUD and Site Plan review
6. Historic preservation for the Old Langdon School Building
7. Continued engagement with 3M on the extension of West Point Douglas Road
th
8. Further review and analysis of 100 Street road alignments to Innovation Road
Recommendation
1. Authorize the EDA President and Executive Director to execute Purchase Agreement with
MWF Properties for the purchase of the EDA-owned parcels of land located in the Langdon
Village area.
2. Recommend the City Council authorize a letter of support to Minnesota Housing Finance
Agency for the Deferred Funding and Housing Tax Credit.
Attachment
Purchase Agreement
City Council Letter of Support MHFA
COTTAGE GROVE
ECONOMIC DEVELOPMENT AUTHORITY
WASHINGTON COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 2018-004
A RESOLUTION APPROVING THE PURCHASE OF PROPERTY FROM MWF
PROPERTIES, INC. AND SALE OF PROPERTY TO MWF PROPERTIES, INC. FOR
DEVELOPMENT PURPOSES
Whereas, the Cottage Grove Economic Development Authority (“EDA”) desires to
purchase certain real property legally described on Exhibit A, attached hereto (“Majestic
Property”); and
Whereas, the EDA, desires to sell certain real property legally described on Exhibit B,
attached hereto (“EDA Property”); and
Whereas, MWF Properties, Inc. (“Developer”) desires sell the Majestic Property to the
EDA and purchase the EDA Property from the EDA for the purpose of developing a multifamily
project, which will provide decent, safe and sanitary housing for families; and
Whereas, on May 29, 2018, the EDA held a public public hearing on the sale of the EDA
Property and the EDA considered all the information presented at the public hearing.
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the Cottage
Grove Economic Development Authority as follows:
The purchase of Majestic Property and sale of the EDA Property is in the public interest of the
City and its people, furthers its general plan of providing safe and sanitary housing and furthers
the aims and purposes of Minn. Stat. Sections 469.001 to 469.047 and 469.090 to 469.108; and the
appropriate officials are authorized to take such action to effectuate such purchase and sale.
th
Passed this 29 day of May, 2018.
Myron Bailey, President
Attest:
Charlene Stevens, Executive Director
EXHIBIT A
MAJESTIC PROPERTY
Blocks 15, 16, 18 and 19 of the Village of Langdon, lying South of Minnesota Trunk Highway 61
and 10, together with all vacated streets within the foregoing described property and all vacated
streets contiguous thereto and particularly thereto the East one-half of Rice Street in the plat of
Langdon.
PID: 21.027.21.41.0015
21.027.21.41.0016
21.027.21.41.0013
21.027.21.41.0012
EXHIBIT B
EDA PROPERTY
Blocks 4, 5 and 14, and Lots 3, 4, 5 and 6, Block 13 in the Village of Langdon, according to the
plat thereof on file and of record in the office of the County Recorder in Washington County,
except the North 30 feet of the East 30 feet of said Block 4.
PID: 21.027.21.41.0011
21.027.21.41.0006
21.027.21.41.0007
21.027.21.41.0009
PURCHASE AGREEMENT
THIS PURCHASE AGREEMENT(this “Agreement”) is made and entered into effective as of
May 29, 2018(“Effective Date”), by and betweenMWF PROPERTIES, LLC, a Minnesota limited
liability company, its successors and assigns, 7645 Lyndale Avenue South, Minneapolis,
Minnesota 55423(“MWF”) and Cottage Grove Economic Development Authority, a public body
corporate and politic under the laws of Minnesota, 12800 RavineParkway South, Cottage Grove,
Minnesota 55016 (the “EDA”).
RECITALS
WHEREAS, MWF has a purchase agreement, attached hereto as Exhibit C,to purchase
the real property legally described on Exhibit A (the “MWF Property”); and
WHEREAS,the EDA owns the real property legally described on Exhibit B (the “EDA
Property”) (the MWF Property and the EDA Property are sometimes referred to herein as the
“Properties,” or in the singular, the “Property”); and
WHEREAS,MWF desires to acquire the EDA Property from theEDA in exchange for
the MWF Property, and the EDA desires to acquire the MWF Property in exchange for the EDA
Property; and
WHEREAS, MWF desires to undertakethe construction of 4-story 174 unit multi-family
residential buildingon the EDA Property; and
WHEREAS,the EDA desires to acquire the MWF Property for purposes of facilitating
redevelopment of the MWF Property.
NOW THEREFORE, for mutual consideration of which the parties hereby acknowledge,
the parties agree as follows:
1.Exchange.Upon satisfaction of the terms and conditions of this Agreement, as hereinafter
provided and referenced inthis Agreement, MWFshall transfer to the EDAall of MWF’s
right, title and interest in and to the MWFProperty, and the EDAshall transfer to MWF
all of the EDA’s right, title and interest in and to the EDAProperty.
2.Warranties and Representations.MWFand the EDAhereby warrantand represent to
the other that, as of the date hereof, each of the following is true and accuratewith regard
to the Property that they are transferring to the other:
A.That there is no existing, pending or, to the best of either party’sknowledge,
threatened violation, litigation, condemnation, suit, action, or proceeding before
any court or administrative agency affecting their respective Property.
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B.Tothe best of either party’sknowledge, there are noadverseenvironmental
conditions affecting their respectiveProperty which would have a material negative
impact upon development of theirrespective Property. There are no underground
or above-ground storage tanks located on or about their respectiveProperty.MWF
Property is a former contaminated site, but has received a “No Action” letter from
the MPCA and the EDAacknowledges and accepts the MWFProperty as suitable
for its purposes.
C.That MWFand the EDAhave made arrangements to have fee simple ownership of
their respectivePropertyat the time of Closing, subject only to such matters that
appear on the record of title,andthat both parties have the full right and authority
to sell and convey their respective Property to the other as provided in this
Agreement.
D.The individualsexecuting this Agreement on behalf of each party havethe requisite
authority to execute this Agreement and such other documents as are contemplated
or to be delivered by such party herein, and to bind such party thereto; and each
partyhas the full and complete authority to sell their respectiveProperty.
E.Neither party is a foreign person, foreign partnership, foreign trust or foreign estate
as those terms are defined in Section 1445 of the Internal Revenue Code.
F.Neither party is in default in the performance of any of their respective obligations
under any easement agreement, covenant, condition, restriction or other instrument
relating to their respectiveProperty.
G.Their respectiveProperty will as of the Closing Date (hereinafter defined) be free
and clear of all liens, security interests, all encumbrances, leases, pledges or other
restrictions or objections to title, except as permitted by this Agreement.
H.Pursuant to Minn. Stat. §469.105 subd. 5, within one year of Closing,Buyer must
devote the EDA Property to the intended use described in the Recitals above or
begin work on the improvements to devote the EDA Property to that use or the
EDA may cancel the sale and title to the EDA Property will return to the EDA.
3.Title Matters:
A.Commitment. As soon as practicable after the date of this Agreement, MWFand
the EDA, at their respective sole cost and expense, shall obtain for their respective
Property a current Title Commitment for an Owner’s Title Policy(the
“Commitment”) issued by First AmericanTitle, NCS, Attn: Jim Erickson, 121
th
South 8Street, Suite 1250, Minneapolis, MN 55402(the “Title Company”),
showing the status of title of their respective Property and all exceptions, including
liens, encumbrances, easements, restrictions, rights-of-way, covenants,
reservations and other conditions, if any, affecting their respectiveProperty which
would appear in a title policy, if issued, and committing to issue such title policy to
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the other party inthe full amount of coverage required by each party for the
Property to be acquired by each such party under this Agreement at the Closing.
Accompanying such Commitment, each party shall also receive from the Title
Company legible copies of all documents affecting the Propertiesand referred to in
the Commitment. Each party shall pay the cost of obtaining any title policy.
B.Survey.Within five (5) days of the Effective Date,MWFshall provide to the EDA,
at MWF’sexpense, copies of allexistingsurveys of the Properties(the “Survey”).
C. Title Objection. If such Commitment described in Section 4.A.or the Survey
described in Section 4.B.shows exceptions, defects or other matters adverse to the
insurability of title and/or objectionable to either party, such partyshall make
written objection to the other of such exception within forty-five (45) daysof the
later to occur of (i) the Effective Date of this Agreement or (ii) receipt by each party
of both the Commitment and Survey. Neither party need object to mortgages or
monetary liens. If either party fails to cure such defectswithin fifteen (15) days of
receipt of a written objection andprior to the ClosingDate, or if either party notifies
the other of its decision not to cure or removesome or all of such defectswithin
fifteen (15)days of receipt of a written objection andprior to the Closing Date,then
the other party may either (a) terminate this Agreement by giving written notice
thereof, and neither party shall thereafter have any further rights, duties or
obligations hereunder, or (b) elect to proceed with the transfers of the Properties
subject to the objected matters. If not sooner satisfied, both parties shall satisfy any
mortgages or monetary liens at Closing. Any matters on the Survey and/or title not
objected to by either party shall be deemed “Permitted Encumbrances.”
4.Contingencies.Both parties’obligation to close this transaction and exchange the
Propertiesis contingent upon the satisfaction of each of the following(“Conditions”):
A.Each party shall have approved the Commitment described in Section 4.A.and the
Survey described in Section 4.B.and shall have received a “markup”of the
Commitment by which the Title Company unconditionally commits to insure each
party’stitle in the Property to be acquired by them in the amounts required by each
party, with such deletions as is required by each party, including, without limitation,
deleting the so-called “standard exceptions.”
B.MWF has obtained the financial and otherapprovals necessary to develop the EDA
Property.
C.The other conveyances, terms and conditions of this Agreement shall have occurred
and been satisfied.
D.This Agreement is subject to environmental review in accordance with 24 CFR Part
58 and final determination of desirability by the Minnesota Housing Finance
Agency.
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On or before the Closing Date, MWFshall do one of the following: (i) notify the
EDA in writing that the Conditions above have been satisfied or waived, or (ii)
notify the EDA in writing that the Conditions listed above have not been satisfied
or waived. If MWFgiveswritten notice as provided in (i) above, the Closing shall
occur on the Closing Date, unless this Agreement is canceled, terminated or
extended as provided in the Agreement. If MWFgives written notice as provided
in (ii) above,then this Agreement shall be canceled or terminatedand neither party
shall have any further obligations hereunder. In the event the MWFfails to give
written notice by the Closing Date regarding the satisfaction or waiver of any of the
Conditions above, those Conditions shall be deemed to have been waived.
Each party shall pay all costs and expenses related to or arising out of each party’sactivities
on the Property to be acquired by them and shall restore suchProperty to its original
condition after completing its tests and investigations. Each party shall indemnify, defend
and hold the other party and the Property to be acquired by them harmless from any and
all costs, expenses, liens (including mechanic’s liens), damages, claims and any other
liability (including reasonable attorneys’fees) arising out of or related to such party’s
activities on the Propertyto be acquired by themprior to Closing. The contingencies in this
Agreement arefor the sole benefit of each party.
5.Closing.Provided that this Agreement has not been canceled or terminated as allowed
herein, the Closing (herein the “Closing”) shall take place onor before December1, 2019
(the “Closing Date”). The Closing shall take place at TitleCompany. Delivery of
possession of the Propertiesshall occur on the ClosingDate.
On the ClosingDate,each party shall execute and deliver to the other party:
A.Awarranty deed conveying marketable title to theProperty conveyed by such party
subject only to the Permitted Encumbrances. The deed shall contain the provisions
required in Minn. Stat. §469.105 subd. 6, that if the EDA Property is not devoted
to its intended use as described in the Recitals within oneyear of closing, the EDA
may seek a judicial decree cancelling the sale;
B.Properly executed affidavits in the customary form stating that there are no
unrecorded interests, liens, judgments, mechanic liens, bankruptcies, etc. which
affect their respectiveProperty;
C.A transferor’s certification stating that such party is not a “foreign person,”“foreign
partnership,”“foreign trust”or “foreign estate”as those terms are defined in
Section 1445 of the Internal Revenue Code;
D.All documents and instruments that may be required of such party under applicable
law, including any revenue or tax certificates or statements, or any affidavits,
certifications or statements relating to the environmental condition of any of their
respectiveProperty;
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E.A settlement statement consistent with this Agreement executed by each party;
F.All other documents reasonably determined by either party or the Title Company
to be necessary to transfer their respective Property to the other party free and clear
of all encumbrances except those permitted under this Agreement;
6.Closing Costs.The partiesshall pay the following costs and expenses in connection with
the Closing:
A.Each party shall pay for the cost of obtaining any required title curative
documentsfor their respective Property;
B.Each party shall pay for recording fees for any title curative documentsfor their
respective Property;
C.Each party shall pay any deed tax or other realty transfer fees imposed upon the
transfer of their respectiveProperty;
D.Each party shall pay halfof the escrow or closing fees charged by the Title
Company;
E.Each party shall pay the cost to record itsdeeds related to this Agreement;
F.Each party shall pay their respective attorneys’fees;
G.Other costs to be paid by eitherparty set forth herein; and
H.All other expenses incurred by either party with respect to the conveyance of the
deedsand Closing under this Agreement, including but not limited to each parties’
respective attorneys’fees, are to be borne and paid exclusively by the party
incurring the same, without reimbursement except to the extent otherwise
specifically provided in this Agreement.
7.Taxes and Special Assessments.Each party shall pay all real estate taxes and special
assessments due in the years prior tothe year of Closing. All general real estate taxes and
special assessments certified and due and payable in the year of Closingshall be prorated
as of the Closing Date.
8.Notices. Any notice which any party hereto may desire or may be required to give to any
other party shall be in writing and either (a) mailed by certified mail, return receipt
requested, or (b) sent by overnight carrier which provides for a return receipt, or (c) sent
by facsimile to the party’s fax number indicated below. Any such notice shall be sent to
the respective party’s address as set forth below or to such other address as such party may,
by notice in writing, designate as its address. Any such notice shall constitute service of
notice hereunder three (3) days after the mailingthereof by certified mail, one (1) day after
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the sending thereof by overnight carrier, and on the same day as the sending of a facsimile
pursuant to the terms hereof. The notices shall be addressed as follows:
A.If to the EDA:Cottage Grove Economic Development Authority
Attn:Charlene Stevens
Cottage Grove City Hall
12800 Ravine Parkway South
Cottage Grove, Minnesota55016
With a copy to:LeVander, Gillen & Miller, P.A.
Attn:Korine L. Land
633 South Concord Street, Suite 400
South St. Paul, MN 55075
B.If to MWF:MWF Properties, LLC
Attn: Christopher J. Stokka
7645 Lyndale Avenue South
Minneapolis, MN 55423
9.Brokerage Commission.Each party represents and warrants to the other that it has not
engaged any agentorbroker in connection with the transaction contemplated by this
Agreement in such a manner as to give rise to any valid claim for a broker’s fee.
10.Survival. Each and every representation, agreement, covenant and warranty made by
either party in this Agreement, or in any exhibit attached hereto shall be effective and shall
survive the Closing as expressed and provided for in this Agreement, for a period of twelve
(12)months following the Closing Date.
11.Default.Ifeither party shall default under this Agreement and the transaction cannot be
consummated or is not consummated by the parties as a result of such default, then the
nondefaulting party shall be entitled, at their option, to (i) declare this Agreement to be null
and void, in which event neither party shall have any further claims against, obligations to
or rights against the otheror(ii) enforce this Agreement by specific performance.
12.Rights of Inspection;Testing and Review of Property.Each party authorizes the other,
their respectivecounsel, accountants, agents and other representatives, to have access to
the other’sProperty and all parts thereof, at reasonable times and in coordination with
activities taking place on saidPropertyandto investigate and inspect the physical condition
of said Property. Each party shall, at such party’ssole cost and expense, restore and/or
repair the other’sProperty to the condition the same was in prior to such party’sentry and
inspections. Furthermore, each party shall indemnify and hold the other harmless against
any and all liability, damages, claims, suits, causes of action or any proceeding, including
reasonable attorneys’fees arising out of such party’sor its employees and agents,
conducting inspections on the other’sProperty.
13.Miscellaneous:
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A.Time is strictly of the essence hereunder.
B.This Agreement shall be binding upon thesuccessors and assignsof both parties
and shall inure to the benefit of each party,theirsuccessors and assigns.
C.Any reference in this Agreement by name or number, to a government department,
agency, statute, regulation, program or form shall include any successor or similar
department agency, statute, regulation, program or form.
D.All articles, section titles and headings in thisAgreement are for convenience only.
They shall not be deemed part of this Agreement and in no way define, limit, extend
or describe the scope or intent of any provisions hereof.
E.Wherever the context may require, any pronoun used herein shall include the
corresponding masculine, feminine, or neuter forms. The singular forms of nouns,
pronouns, and verbs shall include the plural and vice versa.
F.This written Agreement constitutes the complete Agreement between the parties
and supersedes any prior oral or written agreements between parties regarding their
respectiveProperty. There are no verbal agreements that change this Agreement
and no waiver of any of its terms will be effective unless in a writing executed by
the parties.
G.This Agreement has been made under the laws of the State of Minnesota, and such
laws will control its interpretation.
H.The parties execute and deliver all documents, provide all information and take and
forbear from all such action as may be necessary or appropriate to achieve the
purposes of this Agreement.
I.No provision of this Agreement shall be construed by any court or other judicial
authority against either party by reason of any such party being deemed to have
drafted or structured such provision.
J.Each party shall have the right to assign its rights hereunder to any entity in which
each party holds a controlling interest. Any other assignments require the other
party’swritten consent. Each party may assign its interest hereunder only after
receiving the other party’swritten consent.
K.This Agreement may be executed in several counterparts, each of which when
executed is considered an original, but all of which together shall constitute one
instrument. Separate signature pages may be signed by each party to this
Agreement and each complete set of pages hereto, with signature pages signed by
each party, shall constitute one original of this Agreement. This Agreement may
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be delivered by facsimile or email and the parties agree to accept and be bound by
facsimile or email signatures.
L.If any provision of this Agreement shall be determined to be invalid or
unenforceable, the remaining provisions shall not thereby be rendered invalid or
unenforceable, provided that the remaining provisions, taken together, do not
materially reduce the benefits or increase the obligations of any party hereunder.
M.No delay in the exercise of any right shall be deemed a waiver thereof, nor shall the
waiver of a right or remedy in a particular instance constitute a waiver of such right
or remedy generally.
\[Signatures begin on next page\]
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COTTAGE GROVE ECONOMIC
DEVELOPMENT AUTHORITY
By______________________________
Myron Bailey
Its President
By______________________________
Charlene R. Stevens
Its Executive Director
STATE OF MINNESOTA )
) SS
COUNTY OF WASHINGTON)
The foregoing instrument as acknowledged before me this _____ day of _________, 2018,
by Myron Bailey and Charlene R. Stevens, president and executive director, respectively, of the
Cottage Grove Economic Development Authority, a public body corporate and politic under the
laws of Minnesota, on behalf of the Economic Development Authority.
______________________________
Notary Public
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EXHIBIT A
MWFPROPERTY
Blocks 15, 16, 18 and 19 of the Village of Langdon, lying South of Minnesota Trunk Highway 61
and 10, together with all vacated streets within the foregoing described property and all vacated
streets contiguous thereto and particularly thereto the East one-half of Rice Street in the plat of
Langdon.
PID:21.027.21.41.0015
21.027.21.41.0016
21.027.21.41.0013
21.027.21.41.0012
A-1
EXHIBIT B
EDAPROPERTY
Blocks 4, 5 and 14, and Lots 3, 4, 5 and 6, Block 13 in the Village of Langdon, according to the
plat thereof on file and of record in the office of the County Recorder in Washington County,
except the North 30 feet of the East 30 feet of said Block 4.
PID:21.027.21.41.0011
21.027.21.41.0006
21.027.21.41.0007
21.027.21.41.0009
B-1
EXHIBIT C
PURCHASE AGREEMENT
C-1
EXHIBIT C
PURCHASE AGREEMENT
CONT.
C-2
EXHIBIT C
PURCHASE AGREEMENT
CONT.
C-3
EXHIBIT C
PURCHASE AGREEMENT
CONT.
C-4
EXHIBIT C
PURCHASE AGREEMENT
CONT.
C-5
EXHIBIT C
PURCHASE AGREEMENT
CONT.
C-6
EXHIBIT C
PURCHASE AGREEMENT
CONT.
C-7
EXHIBIT C
PURCHASE AGREEMENT
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EXHIBIT C
PURCHASE AGREEMENT
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EXHIBIT C
PURCHASE AGREEMENT
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EXHIBIT C
PURCHASE AGREEMENT
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C-11
EXHIBIT C
PURCHASE AGREEMENT
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EXHIBIT C
PURCHASEAGREEMENT
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EXHIBIT C
PURCHASE AGREEMENT
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EXHIBIT C
PURCHASE AGREEMENT
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EXHIBIT C
PURCHASE AGREEMENT
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CITY OF COTTAGE GROVE Equal Opportunity Employer 2897 -458-Fax 651 2800 -458-651 grove.org -www.cottage a 55016Cottage Grove, Minnesot 12800 Ravine Parkway
May 21, 2018
Minnesota Housing Finance Agency
400 Wabasha Street North, Suite 400
Saint Paul, MN 55101
To Whom It May Concern:
The City of Cottage Grove would like to voice its support for the Langdon Flats project, a proposed 174-
unit workforce housing project in the City. This project will provide our community with needed
affordable housing for working families, help us to advance our redevelopment goals for the Langdon
Village area, and continue our progress towards our Metropolitan Council goal of adding 568 affordable
housing units to the City by 2030.
The City is currently going through a revision to our master plan for Langdon Village, and we are
committed to making the Langdon Flats proposal a part of our new vision for the area. The visibility of
the site to Highway 61 and access to employment and retail options throughout the City and
surrounding Washington County area make this site a prime candidate for redevelopment. The demand
for quality mid-market housing options will only increase as the City continues to grow and more
employers expand or relocate to the community.
Upon the award of Deferred Funding and Housing Tax Credits from Minnesota Housing Finance Agency,
and submittal of a TIF application to the City, staff will begin the process of establishing a Tax Increment
Financing District for the project. Based on preliminary underwriting, the TIF District could provide up to
a 15-year TIF Note of $1,527,000 in principal in order to assist in the funding gap reduction, provided
there is a demonstrated and justifiable funding gap. As required by State law, the Council must hold a
public hearing on the establishment of a TIF District.
Please contact Christine Costello at 651-458-2833 or ccostello@cottagegrovemn.gov with any questions
or if you would like any further information.
Thank you,
Myron Bailey
Mayor, City of Cottage Grove