HomeMy WebLinkAbout4.4a 95th and Jamaica LOI Memo
TO: Economic Development Authority
FROM: Jennifer Levitt, City Administrator
DATE: November 5, 2021
RE: Letter of Intent with Endeavor Holding Company LLC
Background/Discussion
The City of Cottage Grove received a Letter of Intent (LOI) from Endeavor Holding Company LLC
dated November 2, 2021 for the purchase of the vacant parcel located at 95th Street South and
Jamaica Avenue South. The vacant parcel is approximately 19 acres and the LOI includes a
purchase price of $2,689,830. The parcel is zoned I1 and the developer is anticipating a 260,000
square foot spec building.
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 Endeavor
Holding Company LLC for the purchase of 19 acres located at the corner of 95th Street South and
Jamaica Avenue South.
Attachments
Letter of Intent from Endeavor Holding Company LLC
Draft Plans