HomeMy WebLinkAbout5.2a Endeavor Investments VI, LLC Land Purchase Memo
TO: Economic Development Authority
FROM: Jennifer Levitt, City Administrator
DATE: January 6, 2022
RE: Endeavor Investments VI, LLC Land Purchase and Purchase Agreement
Background/Discussion
The City of Cottage Grove received a Letter of Intent (LOI) from Endeavor Investments VI, 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, is zoned I1 and the
developer is anticipating a 260,000 square foot spec building.
The EDA authorized the execution of the LOI with Endeavor Investments VI, LLC at the meeting
on November 9, 2021 by a unanimous vote.
Pursuant to Minn. Stat. 469.105, the EDA must hold a public hearing on the sale of the property
and publish notice of the hearing at least 10 but not more than 20 days in advance. Such notice
was published in the City’s official newspaper for this hearing.
The land within the parcel is owned by Glendenning Farms, L.P., a Minnesota limited partnership,
WAG Farms, Inc., a Minnesota corporation and Joan Glendenning Kennedy Family Limited
Partnership, a Minnesota limited partnership (individually and collectively “WAG”). 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.
Economic Development Authority
January 6, 2022
Page 2 of 2
Recommendation
1. Approve a resolution approving the purchase of property from WAG and sale of property to
Endeavor Investments VI, LLC for development purposes.
2. Authorize the EDA President and City Administrator to execute the Purchase Agreement with
WAG for the purchase of 19.17 acres for development purposes.
3. Authorize the EDA President and City Administrator to execute the Purchase Agreement with
Endeavor Investments VI, LLC for the purchase of 19.17 acres.
Attachments
Resolution
Purchase Agreement with WAG.
Purchase Agreement with Endeavor Investments VI, LLC