HomeMy WebLinkAboutIV.C - Extension of the Purchase Agreement with Rio Gran ExpressHASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
DAKOTA COUNTY, MINNESOTA
HEDRA RESOLUTION NO. 2024-07
A RESOLUTION APPROVING THE FIRST AMENDMENT TO PURCHASE
AGREEMENT BY AND BETWEEN HASTINGS ECONOMIC DEVELOPMENT AND
REDEVELOPMENT AUTHORITY AND RIO GRAN EXPRESS LLC
WHEREAS, on January 25, 2024, the Hastings Economic Development and
Redevelopment Authority (“HEDRA”), by and through HEDRA Resolution No. 2024-03, after a
public hearing, approved the sale of real property to Rio Gran Express LLC (“Buyer”), which is
legally described as follows:
Lot Six (6), Block Two (2), HASTINGS INDUSTRIAL PARK NO. 6, according to the
recorded plat thereof.
Torrens Property
PID: 19-32005-02-060
Certificate of Title No.: 110571
WHEREAS, Buyer has requested an extension of the Closing Date to December 31, 2024,
to allow additional time to obtain Land Use Entitlements; and
WHEREAS, HEDRA agrees to the extension.
NOW THEREFORE BE IT RESOLVED by the Board of the Hastings Economic
Development and Redevelopment Authority that the First Amendment to Purchase Agreement by
and between HEDRA and Buyer 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 by the Hastings Economic Development and Redevelopment Authority this 7th day of
May, 2024.
Ayes:
Nays:
Absent:
Trevor Johnson, President
Alexander Menke, Secretary
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FIRST AMENDMENT TO PURCHASE AGREEMENT
THIS FIRST AMENDMENT TO PURCHASE AGREEMENT (this “First
Amendment”) is entered into as of , 2024 (the “Effective Date”), by and
between the Hastings Economic Development and Redevelopment Authority, a public body
corporate and politic organized under the laws of Minnesota (“HEDRA”), and Rio Gran Express
LLC, a Minnesota limited liability company (“Buyer”).
RECITALS
Recital No. 1. HEDRA and Buyer entered into a Purchase Agreement dated February
5, 2024 (“Purchase Agreement”) for the Property described on Exhibit A to the Purchase
Agreement.
Recital No. 2. Land Use Entitlements are to be obtained by the Closing Date, which is
on or before June 1, 2024.
Recital No. 3. Buyer has recently submitted its land use application and needs
additional time to obtain Land Use Entitlements.
Recital No. 4. Buyer has requested an extension of the Closing Date to December 31,
2024.
Recital No. 5. HEDRA does not object to the extension of the Closing Date.
NOW, THEREFORE, in consideration of the mutual promises and covenants of each to
the other contained in this First Amendment and other good and valuable consideration, receipt of
which is hereby acknowledged, the parties hereto do covenant and agree as follows:
1. The entire Purchase Agreement is hereby incorporated into the First Amendment, except
as modified below.
2. Section 6 of the Purchase Agreement shall be removed and replaced in its entirety as
follows:
6. Closing. The closing of the purchase and sale contemplated by this Agreement (the
“Closing”) shall occur on or before December 31, 2024, unless otherwise agreed to by the
parties (the “Closing Date”). HEDRA agrees to deliver legal and actual possession of the
Property to Buyer on the Closing Date.
3. Except as provided for above, the terms and provisions of the Purchase Agreement shall
remain in full force and effect.
4. This First Amendment and all disputes or controversies arising out of or relating to this
First Amendment, or the transactions contemplated hereby shall be governed by, and
construed in accordance with, the internal laws of the State of Minnesota, without regard
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to the laws of any other jurisdiction that might be applied because of the conflicts of laws
principles of the State of Minnesota.
5. Nothing contained herein shall be deemed a waiver by the HEDRA of any governmental
immunity defenses, statutory or otherwise. Further, any and all claims brought by
Developer or its successors or assigns, shall be subject to any governmental immunity
defenses of the HEDRA and the maximum liability limits provided by Minnesota Statutes,
Chapter 466.
6. This First Amendment may be executed in two or more counterparts, all of which shall be
considered one and the same instrument and shall become effective when one or more
counterparts have been signed by the parties and delivered to the other parties.
7. This First Amendment shall not be amended, modified or supplemented, except by a
written instrument signed by an authorized representative of each party.
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IN AGREEMENT, the parties hereto have hereunto set their hands as of the Effective
Date.
HEDRA:
HASTINGS ECONOMIC DEVELOPMENT
AND REDEVELOPMENT AUTHORITY
By ________________________________
Trevor Johnson
Its President
By ________________________________
Alexander Menke
Its Secretary
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BUYER:
RIO GRAN EXPRESS LLC
By: Richard Beskau
Its: Manager