HomeMy WebLinkAbout5.2a 100th and Jamaica Land Sale Memo
TO: Economic Development Authority
FROM: Jennifer Levitt, City Administrator
DATE: February 4, 2022
RE: Ryan Companies Land Purchase and Sale and Purchase Agreement
Background/Discussion
The City of Cottage Grove received a Letter of Intent (LOI) from Ryan Companies dated
December 17, 2021 for the purchase of the vacant parcel located at 100th Street South and
Jamaica Avenue South. The vacant parcel is approximately 13 acres and the LOI includes a
purchase price of $1,840,410. The parcel is zoned I1 and the broker is anticipating a 50,000
square foot building on the parcel.
Although the end user has not been disclosed because they have an NDA with Ryan Companies,
based on discussions with the purchasing broker, it is possible that the end user could find the
proximity to Airgas beneficial.
The EDA authorized the execution of the LOI with Ryan Companies at the meeting on January
11, 2022 by a unanimous vote.
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.
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
Ryan Companies for development purposes.
2. Authorize the EDA President and City Administrator to execute the Purchase Agreement with
WAG for the purchase of approximately 13 acres for development purposes.
3. Authorize the EDA President and City Administrator to execute the Purchase Agreement with
Ryan Companies for the sale of approximately 13 acres for development purposes subject to
minor modifications by the City Attorney.
Attachments
Resolution
Purchase Agreement with WAG.
Purchase Agreement with Ryan Companies