HomeMy WebLinkAboutIV. a. Hudson Contingency Items - Phase II Enviromental AnnalysisHASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
CITY OF HASTINGS
DAKOTA AND WASHINGTON COUNTIES
STATE OF MINNESOTA
RESOLUTION NO. 8-2010
RESOLUTION ELECTING NOT TO TERMINATE THE PURCHASE
AGREEMENT AND AUTHORIZING SIGNATURE OF DOCUMENTS
NECESSARY TO ACQUIRE THE H. D. HUDSON MANUFACTURING
COMPANY PROPERTY AND ACCOMPLISH RELOCATION OF THE
HUDSON SPRAYER CORPORATION WITHIN THE CITY OF HASTINGS
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the Hastings
Economic Development and Redevelopment Authority (the "HEDRA") and the City of Hastings (the
"City") that the HEDRA consider acquiring the H. D. Hudson Manufacturing Company property at 200
nd
2 Street W (the “Property”) and facilitating the relocation of the Hudson Sprayer Corporation (the
th
“Company”) to the former Intek facility located at 800 10 Street E; and
WHEREAS, on July 30, 2010 the HEDRA and H.D. Hudson Manufacturing Company entered
into a Purchase Agreement (the “Purchase Agreement”) for the Property; and
WHERAS, Section 11 of the Purchase Agreement outlines certain investigations to be conducted
by the HEDRA (the “Buyer”) to determine that the property is suitable for Buyer’s intended use.
Investigations include environmental assessments, soil testing, water testing, utility, sewer or septic
system and drain field testing, engineering investigations, and geotechnical studies; and
WHEREAS, Section 12.A of the Purchase Agreement outlines Buyer contingencies including:
(1)Buyer’s satisfaction in its sole discretion with the investigations and the documents delivered
to Buyer pursuant to Section 11 of the Purchase Agreement.
(2)Buyer’s reasonable satisfaction that the Property is suitable for Buyer’s use.
And;
WHEREAS, Section 12.A of the Purchase Agreement further stipulates that the Buyer shall have
until October 25, 2010 (“Buyer Contingency Date”) to satisfy or waive the Buyer contingencies in
Subsections 12.A(1) and 12.A(2). If said Buyer contingencies have not been satisfied or waived by the
Buyer on or before the Buyer’s Contingency Date, Buyer may elect to terminate the Purchase Agreement
by written notice; and
WHEREAS, the HEDRA has conducted the investigations outlined in Section 11 of the Purchase
Agreement.
NOW, THEREFORE BE IT RESOLVED, by the Board that it does not elect to terminate the
Purchase Agreement and the Board directs the HEDRA staff to waive the remaining contingencies in the
Purchase Agreement prior to the Buyer Contingency Date.
BE IT FURTHER RESOLVED, by the Board that authorization is given to the President and
Executive Director of the HEDRA to sign and deliver any and all documents necessary to accomplish
acquisition of the Property transfer, including but not limited to all closing documents.
Approved by the Board on October 21, 2010.
_______________________________
Kurt Keena, President
ATTEST:
______________________________
John Hinzman, Executive Director