HomeMy WebLinkAbout4.3b Resolution 2023-001 Approving Second AmendmentsCITY OF COTTAGE GROVE, MINNESOTA
COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION 2023 - 001
A RESOLUTION APPROVING THE SECOND 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 SECOND 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, on August 22, 2022, by and through Resolution No. 2022-010, Ryan
Companies requested an extension of the Closing Date to March 3, 2023, the EDA
approved the extension and the First Amendment to Purchase Agreement; and
WHEREAS, also on August 22, 2022, by and through Resolution No. 2022-010,
the EDA requested the same extension of the Closing Date to March 3, 2023, WAG
approved the extension, and the parties approved the First Amendment to Purchase
Agreement; and
WHEREAS, the Ryan Companies has requested an extension of the Closing Date
to September 5, 2023, due to uncontrollable circumstances; and
WHEREAS, the EDA has requested the same extension of the Closing Date to
September 5, 2023, due to uncontrollable circumstances; and
WHEREAS, the EDA and WAG, respectively, agree to the extension.
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the
Cottage Grove Economic Development Authority, as follows:
1. The Second 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.
City of Cottage Grove, Minnesota
EDA Resolution 2023-001
Page 2 of 2
2. The Second 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 14th day of February, 2023.
Myron Bailey, President
Attest:
Jennifer Levitt, Executive Director