HomeMy WebLinkAboutIV.C. HEDRA Resolution No. 2021-20 - Authorizing Signature for Second Amendment to Purchase and Development Agreement between HEDRA and River City Investments, LLCCITY OF HASTINGS
DAKOTA COUNTY, MINNESOTA
HEDRA RESOLUTION NO. 2021-20
A RESOLUTION OF THE HASTINGS ECONOMIC DEVELOPMENT AND
REDEVELOPMENT AUTHORITY (HEDRA) AUTHORIZING SIGNATURE OF THE SECOND AMENDMENT TO
A PURCHASE AND DEVELOPMENT AGREEMENT BETWEEN HEDRA AND RIVER CITY INVESTMENTS, LLC
WHEREAS, HEDRA desires to sell property legally described as follows:
Lot 8, Block 15, Town of Hastings, Dakota County, Minnesota, according to the recorded plat
thereof.
Abstract Property
PID: 19-32150-15-080
(the “Property”) for redevelopment purposes to Developer; and
WHEREAS, by Resolution No. 2021-06, the Hastings Economic Development and Redevelopment
Authority (“HEDRA”) authorized staff to prepare a Purchase and Development Agreement for the sale of
property located at 317 East 3rd Street to River City Investments, LLC (“Developer”); and
WHEREAS, by City Council Resolution No. 04-21-21, the Hastings City Council approved the sale
of property located at 317 East 3rd Street from HEDRA to Luke Siewert; and
WHEREAS, on June 10, 2021, HEDRA held a public hearing on the sale of the Property and
HEDRA considered all of the information presented at the public hearing.
WHEREAS, the Development Agreement describes and articulates the sale of the Property and
the Developer agrees to accept these terms of the sale; and
WHEREAS, a first amendment to the original Development Agreement amended the closing
date from August 1, 2021 so that the closing date shall be before thirty (30) days following Developer
obtaining all land use entitlements, but no later than December 1, 2021, unless otherwise agreed to by
both parties; and
WHEREAS, the first amendment extended the Developers contingency and investigation period
to coincide with the amended timeline for closing on the property following land use entitlements; and
WHEREAS, the Developer has requested a second amendment to the Development Agreement
to amend the closing date from thirty (30) days following Developer, but no later than December 1,
2021 to on or before April 30, 2022; and
NOW THEREFORE BE IT RESOLVED, that HEDRA takes the following actions related to the sale of
property located generally at 317 3rd Street E and identified as PID: 19-32150-15-080.
1) HEDRA authorizes signature for the Second Amendment to Development Agreement
between HEDRA and River City Investments, LLC.
ADOPTED BY THE HASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
THIS 10TH DAY OF November, 2021.
AYES:
NAYS:
ABSENT:
Dennis Peine, President
Eric Maass, Secretary
I HEREBY CERTIFY that the above is a true and correct copy of resolution presented to and adopted by the
Hastings Economic Development and Redevelopment Authority, County of Dakota, Minnesota, on the 10th
day of November, 2021, as disclosed by the records of the City of Hastings on file and of record in the
office.
Eric Maass, Secretary
This instrument drafted by:
Korine L. Land, #262432
LeVander, Gillen, & Miller, P.A.
633 South Concord Street, Suite 400
South St. Paul, MN 55075
(651) 451-1831