HomeMy WebLinkAbout4.1b Resolution 2022-011CITY OF COTTAGE GROVE, MINNESOTA
COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION 2022-011
A RESOLUTION APPROVING THE SECOND 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, on June 28, 2022, by and through Resolution No. 2022-007, Buyer
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 agreed to deposit an additional $10,000 in Earnest Money as consideration;
and
WHEREAS, Buyer has requested an extension of the Closing Date for Section 6
of the Purchase Agreement to occur on or before November 30, 2022 and has agreed to
deposit an additional $5,000 in Earnest Money as consideration, to be applied to the
Purchase Price.
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the
Cottage Grove Economic Development Authority as follows:
1. The Closing Date shall be extended to occur on or before November 30, 2022.
2. The Second Amendment to Purchase Agreement is hereby approved and the
appropriate officials are authorized to take such action as to effectuate its
execution and implementation.
Cottage Grove Economic Development Authority
Resolution 2022-011
Page 2 of 2
Passed this 27th day of September, 2022.
Myron Bailey, President
Attest:
Jennifer Levitt, Executive Director