HomeMy WebLinkAbout5.2b Resolution 2022.002COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY
WASHINGTON COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 2022-002
A RESOLUTION APPROVING THE PURCHASE OF PROPERTY FROM
GLENDENNING FARMS, L.P., WAG FARMS, INC. AND
JOAN GLENDENNING KENNEDY FAMILY LIMITED PARTNERSHIP
AND SALE OF PROPERTY TO ENDEAVOR INVESTMENTS VI, LLC,
OR ITS ASSIGNS, FOR DEVELOPMENT PURPOSES
WHEREAS, the Cottage Grove Economic Development Authority (“EDA”) desires to
purchase and sell approximately 19 acres of property from Glendenning Farms, L.P., WAG Farms,
Inc. and Joan Glendenning Kennedy Family Limited Partnership (“WAG”), pursuant to a Purchase
Agreement by and between WAG and EDA (“WAG Purchase Agreement”), for the purpose of
development for certain real property legally described as follows:
Lot 1, Block 1, Glengrove Industrial Park 9th Addition
(“Property”); and
WHEREAS, the WAG Purchase Agreement describes and articulates the purchase of the
Property from WAG and WAG agrees to accept the terms of the sale; and
WHEREAS, Endeavor Investments VI, LLC, a Delaware limited liability company
(“Developer”), or its assigns, desires to purchase the Property, pursuant to a Purchase Agreement
by and between the EDA and Developer (“Developer Purchase Agreement”), for a warehouse and
parking lot and uses incidental thereto; and
WHEREAS, the Developer Purchase Agreement describes and articulates the sale of the
Property to Endeavor and Endeavor agrees to accept the terms of the sale; and
WHEREAS, on January 11, 2022, the EDA held a public public hearing on the sale of the
Property and the EDA considered all of the information presented at the public hearing.
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the Cottage
Grove Economic Development Authority as follows:
1. The purchase of Property from WAG and sale of the Property to the Developer, or its
assigns, is in the public interest of the City and its people, furthers its general plan of
economic development and furthers the aims and purposes of Minn. Stat. Sections 469.090
to 469.108; and the appropriate officials are authorized to take such action so as to effectuate
such purchase and sale.
2. The EDA approves the WAG Purchase Agreement, subject to minor modification as
approved by the City Attorney, and the appropriate officials are authorized to take such
action as to effectuate its execution and implementation.
3. The EDA approves the Developer Purchase Agreement, subject to minor modification as
approved by the City Attorney, and the appropriate officials are authorized to take such
action as to effectuate its execution and implementation.
Adopted this 11th day of January, 2022.
Myron Bailey, President
Attest:
Jennifer Levitt, Executive Director