HomeMy WebLinkAbout5.1a 97th and Hemmingway Land Sale Memo
TO: Economic Development Authority
FROM: Jennifer Levitt, City Administrator
DATE: February 4, 2022
RE: Syndica, LLP Land Purchase and Sale and Purchase Agreement
Background/Discussion
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 EDA authorized the execution of the LOI with Syndica, LLP at the meeting on January 11,
2022 by a unanimous vote.
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
February 4, 2022
Page 2 of 2
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.
Recommendation
1. Approve a resolution authorizing the purchase of property from WAG and sale of property to
Syndica, LLP for development purposes.
2. Authorize the EDA President and City Administrator to execute the Purchase Agreement with
WAG for the purchase of 22.4 acres for development purposes.
3. Authorize the EDA President and City Administrator to execute the Purchase Agreement with
Syndica, LLP for the sale of 25.4 acres for development purposes subject to minor modifications
by the City Attorney.
Attachments
Resolution
Purchase Agreement with WAG.
Purchase Agreement with Syndica, LLP