HomeMy WebLinkAbout4.3a 97th and Hemmingway LOI Memo
TO: Economic Development Authority
FROM: Jennifer Levitt, City Administrator
DATE: January 6, 2022
RE: Letter of Intent with Syndica, LLP
Background/Discussion
The City of Cottage Grove has received many inquiries about the property located at 97th Street
South and Hemingway Avenue South. On December 17, 2021, the broker that represents the
Southeast Industrial property available in the Cottage Grove Business Park reached out about
other potential properties in the area. On December 22, 2021, City Administrator Levitt and
Assistant Mann hosted a phone call with Andy Heieie from Colliers and Brian Bochman from
Enclave Companies (Syndica, LLP) to talk about the available 25.4-acre parcel.
The City of Cottage Grove received a Letter of Intent (LOI) from Syndica, LLP dated December
22, 2021 for the purchase of the vacant parcel located at 97th Street South and Hemingway
Avenue South. The vacant parcel is approximately 25.4 acres and the LOI includes a purchase
price of $3,872,484. The parcel is zoned I2 and is a Minnesota Shovel Ready certified
development site through DEED.
The 22.4 acres of land within the parcel shaded in yellow 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.
The 3-acre parcel shown in green is currently owned by the Cottage Grove Economic
Development Authority.
Economic Development Authority
January 6, 2022
Page 2 of 2
Recommendation
Authorize the EDA President and City Administrator to execute the Letter of Intent with Syndica,
LLP for the purchase of 25.4 acres located at the corner of 97th Street South and Hemingway
Avenue South at $3.50 per square foot.
Attachments
Letter of Intent from Syndica, LLP