HomeMy WebLinkAbout4.2 3M Ground Lease - River Oaks Golf Course
TO: Economic Development Authority
FROM: Jennifer Levitt, City Administrator
DATE: November 7, 2019
RE: 3M Ground Lease – River Oaks Golf Course
Introduction
The City of Cottage Grove EDA entered a ground lease with 3M on February 8, 1990 for 59.89
acres of land to construct the River Oaks Golf Course. The subsequent lease amendments to
extend the lease of the land were approved on March 16, 1991, May 1, 1995, May 11, 1999,
February 27, 2009, and March 26, 2015. The land that is leased makes up most of the back nine
holes of the course.
Discussion
The sixth amendment to the ground lease between the 3M Company and the City of Cottage
Grove EDA would be the final extension that is set to expire on April 30, 2025. The sixth
amendment has been approved and signed by 3M and is attached. The City of Cottage Grove is
working with 3M to discuss a lease extension beyond 2025.
Recommendation
It is recommended to approve the Sixth Amendment to Ground Lease for River Oaks Golf Course.
Attachments:
Letter to 3M from City Administrator Jennifer Levitt
Sixth Amendment to Ground Lease – Signed by 3M