HomeMy WebLinkAbout4.2a First Amendment to the PA - Ryan Companies Memo
TO: Members of the Economic Development Authority
Jennifer Levitt, EDA Executive Director
FROM: Gretchen Larson, Economic Development Director
DATE: August 19, 2022
RE: First Amendment to the Purchase Agreement – Ryan Companies
Representatives of Ryan Companies, Inc. have notified the city that due to uncontrollable
circumstances they need more time to complete their project plans and have requested an
extension of their closing date to March 3, 2023.
The City does not object to the extension of the closing date, on condition that $35,000 of the
original earnest money becomes nonrefundable on September 1, 2022 and an additional $20,000
in earnest money shall be deposited with Title within three business days following the effective
date of the First Amendment. If the parties proceed to closing, the original earnest money and
additional earnest money will be applied to the purchase price.
Recommendation
Adopt a resolution consenting to the First Amendment to the Purchase Agreement between WAG
Farms and the EDA and the First Amendment to the Purchase Agreement between the EDA and
Ryan Companies US, Inc.
Authorize the EDA President and the City Administrator to execute the First Amendment to the
Purchase Agreement with WAG Farms to extend the Closing Date to March 3, 2023.
Authorize the EDA President and the City Administrator to execute the First Amendment to the
Purchase Agreement with Ryan Companies US, Inc. to extend the Closing Date to March 3, 2023
subject to minor modifications by the City Attorney.
Attachments
Resolution 2022-010
First Amendment to the Purchase Agreement with WAG Farms
First Amendment to the Purchase Agreement with Ryan Companies