HomeMy WebLinkAboutIV.D.1 - Resolution - Exclusive Negotiation - River City - 317 East 3rd St1
HASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
CITY OF HASTINGS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 2024-17
A RESOLUTION AUTHORIZING EXCLUSIVE LAND SALE NEGOTIATION WITH
RIVER CITY PROPERTIES LLC FOR THE ACQUISITION OF 317 EAST 3RD STREET
WHEREAS, the Hastings Economic Development and Redevelopment Authority
(HEDRA) is the owner of 317 East 3rd Street, PID 19-32150-15-080, legally described as Lot 8,
Block 15, TOWN OF HASTINGS, Dakota County, Minnesota (Subject Property); and
WHEREAS, HEDRA has identified the Subject Property for future sale and
redevelopment; and
WHEREAS, River City Properties, LLC (Developer) seeks to acquire the Subject
Property for construction of a 32-unit apartment building (Project); and
WHEREAS, HEDRA and Developer have worked together since November 2020 to
facilitate transfer of the Subject Property; and
WHEREAS, HEDRA and Developer have executed past agreements outlining the
conditions and terms for transfer of the Subject Property to the Developer for construction of the
Project which have expired without transfer of the Subject Property to the Developer; and
WHEREAS, HEDRA and Developer seek to continue discussion for potential transfer
of the Subject Property and construction of the Project.
NOW THEREFORE BE IT RESOLVED, that HEDRA takes the following actions to
assess the potential transfer of the Subject Property to Developer:
1) HEDRA will work exclusively with Developer until October 31, 2025 and will not
consider transfer of the Subject Property to another party.
2) HEDRA will consider execution of an agreement to transfer the Subject Property to
Developer upon submittal by the Developer of the following:
a. Confirmation to proceed with construction of the Project consistent with
approvals granted by the City Council, OR evaluation of revised conceptual plans
for construction of the Project.
b. Submittal of a proforma for site development in a format acceptable to City Staff.
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Adopted by the Hastings Economic Development and Redevelopment Authority
this 10th day of October, 2024.
Trevor Johnson, President
Alexander Menke, Secretary