HomeMy WebLinkAbout4.2a Syndica Assignment
TO: Economic Development Authority
FROM: Jaime Mann, Assistant to the City Administrator
DATE: August 5, 2022
RE: Assignment of Purchase Agreement –Syndica, LLP to Hemingway Industrial, LLC
Background/Discussion
Previously the EDA executed a Purchase Agreement with Syndica, LLP. The applicant has
requested to change the assignment of the purchase to Hemingway Industrial, LLC. This request
requires a transfer to Hemingway Industrial, LLC using the attached Assignment of Purchase
Agreement. The EDA will need to affirm the transfer to reflect the Assignment of Purchase
Agreement in order for the project to move forward.
Recommendation
1. Adopt a resolution consenting to the Assignment and Assumption of the Purchase Agreement
by and between the Cottage Grove Economic Development Authority and Syndica, LLP.
2. Authorize the EDA President and City Administrator to execute the Consent and Release by
Seller to consent to the foregoing Assignment and Assumption of Purchase Agreement.
Attachments
Assignment and Assumption of Purchase Agreement
Resolution 2022-009 Consent to Assignment of Syndica PA
Consent and Release by Seller