HomeMy WebLinkAbout4.2a CG 97th and Hemmingway LOI Memo
TO: Economic Development Authority
FROM: Jennifer Levitt, City Administrator
DATE: November 5, 2021
RE: Letter of Intent with Interstate Development, LLC
Background/Discussion
The City of Cottage Grove received a Letter of Intent (LOI) from Interstate Development, LLC
dated October 12, 2021 for the purchase of the vacant parcel located at 97th Street South and
Hemmingway Avenue South. The vacant parcel is approximately 22.40 acres and the LOI
includes a purchase price of $3,171,168. The parcel is zoned I2 and is a Minnesota Shovel Ready
certified development site through DEED.
The land within the parcel is owned by the WAG Farms trust. Historically, all land in the Business
Park has been sold to the EDA and then sold to end user, allowing for cost recovery to make the
site pad ready.
Recommendation
Authorize the EDA President and City Administrator to execute the Letter of Intent with Interstate
Development, LLC for the purchase of 22.40 acres located at the corner of 97th Street South and
Hemmingway Avenue South if they include the adjacent 3 acre parcel which is owned by the EDA
at $3.25 per square foot.
Attachments
Letter of Intent from Interstate Development, LLC
Hemmingway Industrial Center Site Plan