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HEDRA RESOLUTION NO. 2024-09
HASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
CITY OF HASTINGS
DAKOTA COUNTY, MINNESOTA
A RESOLUTION TERMINATING A PURCHASE AGREEMENT
THIS TERMINATION OF PURCHASE AGREEMENT (“Termination”) is executed
and delivered as of the 11th day of July, 2024 (“Effective Date”), by and between the Hastings
Economic Development and Redevelopment Authority, a Minnesota public body corporate and
politic (“HEDRA”), and River City Investments L. L. C., a Minnesota limited liability company
(“Buyer”).
Subject to the terms and conditions hereafter stated and based on the representations,
warranties, covenants, agreements and recitals herein contained, the parties recite as follows:
RECITALS
Whereas, HEDRA and Buyer entered into a Purchase Agreement dated April 27, 2022, as
amended by that certain First Amendment to Purchase Agreement dated August 11, 2022, and as
amended by that certain Second Amendment to Purchase Agreement dated December 12, 2022,
and as amended by that certain Third Amendment to Purchase Agreement dated August 10, 2023
(collectively “Purchase Agreement”); and
Whereas, HEDRA and Buyer mutually desire to terminate the Purchase Agreement.
NOW THEREFORE BE IT RESOLVED by the Board of the Hastings Economic
Development and Redevelopment Authority as follows:
1. The Purchase Agreement is hereby terminated and released.
2. The Property identified in the Purchase Agreement is hereby released from the
Purchase Agreement.
Adopted by the Hastings Economic Development and Redevelopment Authority
this 11th day of July, 2024.
Ayes:
Nays:
Absent:
2
Trevor Johnson, President
Alexander Menke, Secretary
3
BUYER:
RIVER CITY INVESTMENTS L. L. C.
By:
Lucas Siewert
Its Chief Manager