HomeMy WebLinkAbout4.4b Resolution 2022-007 Thai Garden Approving Extension and First AmendmentCITY OF COTTAGE GROVE, MINNESOTA
COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION 2022-007
A RESOLUTION APPROVING THE FIRST AMENDMENT TO PURCHASE
AGREEMENT BY AND BETWEEN THE COTTAGE GROVE ECONOMIC
DEVELOPMENT AUTHORITY AND HANG LLC
WHEREAS, on April 12, 2022, by and through Resolution No. 2022-006, following
a public hearing, the Cottage Grove Economic Development Authority (“EDA”) approved
the sale of real property to Hang LLC (“Buyer”) for redevelopment purposes, legally
described as follows:
Lot Eight (8), Block Ten (10), Thompson Grove Estates 8th Addition
Abstract Property
PID: 17.027.21.24.0027
(“Property”); and
WHEREAS, also on April 12, 2022, by and through Resolution No. 2022-006, the
EDA approved the related Purchase Agreement and authorized the appropriate officials
to take such action as to effectuate its execution and implementation; and
WHEREAS, Buyer has requested an extension of the Land Use Entitlements for
Section 5.1(A)(4) of the Purchase Agreement to occur on or before September 15, 2022,
an extension of the Closing Date for Section 6 of the Purchase Agreement to occur no
later than September 30, 2022 and has agreed to deposit an additional $10,000 in
Earnest Money as consideration.
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the
Cottage Grove Economic Development Authority the First Amendment to Purchase
Agreement is hereby approved and the appropriate officials are authorized to take such
action as to effectuate its execution and implementation.
Passed this 28th day of June, 2022.
Myron Bailey, President
Attest:
Jennifer Levitt, Executive Director