HomeMy WebLinkAbout4.2b Resolution 2022-010CITY OF COTTAGE GROVE, MINNESOTA
COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION 2022 - 010
A RESOLUTION APPROVING THE FIRST AMENDMENT TO PURCHASE
AGREEMENT BY AND BETWEEN GLENDENNING FARMS, L.P.,
WAG FARMS, INC. AND JOAN GLENDENNING KENNEDY FAMILY LIMITED
PARTNERSHIP AND THE COTTAGE GROVE ECONOMIC DEVELOPMENT
AUTHORITY AND THE FIRST AMENDMENT TO PURCHASE AGREEMENT BY AND
BETWEEN THE COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY AND
RYAN COMPANIES US, INC.
WHEREAS, on February 8, 2022, by and through Resolution No. 2022-004, the
Cottage Grove Economic Development Authority (“EDA”) approved the purchase of real
property from Glendenning Farms, L.P., WAG Farms, Inc. and Joan Glendenning
Kennedy Family Limited Partnership (“WAG”), and sale of the same property to Ryan
Companies US, Inc. (“Ryan Companies”); and
WHEREAS, also on February 8, 2022, by and through Resolution No. 2022-004,
after a public hearing, the EDA approved the related Purchase Agreements and
authorized the appropriate officials to take such action as to effectuate its execution and
implementation; and
WHEREAS, pursuant to the EDA and Ryan Companies’ Purchase Agreement, the
closing is to occur on or before September 1, 2022, and allows Ryan Companies’ two (2)
extensions of 30-days each, with the entire Earnest Money of $50,000 (“Original Earnest
Money”) becoming nonrefundable with the exercise of both extensions; and
WHEREAS, the Ryan Companies has requested an extension of the Closing Date,
beyond the two extension periods, to March 3, 2022, due to uncontrollable circumstances;
and
WHEREAS, the EDA does not object to the requested extension, on condition that
$35,000 of the Original Earnest Money now becomes nonrefundable and Ryan
Companies shall deposit an additional $20,000 in Earnest Money (“Additional Earnest
Money”) with Title within three (3) business days following the Effective Date of this First
Amendment, to be held in escrow. If the parties proceed to Closing, the Original Earnest
Money and Additional Earnest Money, which totals $70,000, will be applied to the
Purchase Price; and
WHEREAS, Ryan Companies agrees to the condition; and
WHEREAS, pursuant to the WAG and EDA Purchase Agreement, the closing is
to occur on or before September 1, 2022, and allows the EDA two (2) extensions of 30-
days each; and
WHEREAS, the EDA has requested the same extension of the Closing Date,
beyond the two extension periods, to March 3, 2022, due to uncontrollable circumstances;
and
City of Cottage Grove, Minnesota
EDA Resolution 2022-010
Page 2 of 2
WHEREAS, WAG agrees to the extension.
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the
Cottage Grove Economic Development Authority, as follows:
1. The First Amendment to Purchase Agreement by and between EDA and Ryan
Companies is hereby approved, subject to minor modification as approved by
the City Attorney, and the appropriate officials are authorized to take such
action as to effectuate its execution and implementation.
2. The First Amendment to Purchase Agreement by and between WAG and EDA
is hereby approved, subject to minor modification as approved by the City
Attorney, and the appropriate officials are authorized to take such action as to
effectuate its execution and implementation.
Adopted this 22nd day of August, 2022.
Myron Bailey, President
Attest:
Jennifer Levitt, Executive Director