HomeMy WebLinkAboutIV.C. HEDRA Resolution No. 2022-29 - Authorizing Signature for First Amendment to Purchase and Development Agreement between HEDRA and River City Investments, LLCCITY OF HASTINGS
DAKOTA COUNTY, MINNESOTA
HEDRA RESOLUTION NO. 2022-29
A RESOLUTION OF THE HASTINGS ECONOMIC DEVELOPMENT AND
REDEVELOPMENT AUTHORITY (HEDRA) AUTHORIZING SIGNATURE OF THE FIRST AMENDMENT TO A
PURCHASE AND DEVELOPMENT AGREEMENT BETWEEN HEDRA AND RIVER CITY INVESTMENTS, LLC
WHEREAS, HEDRA desires to sell property legally described as follows:
Abstract Property
PID: 19-32150-15-080
(the “Property”) for redevelopment purposes to Developer; and
WHEREAS, by Resolution No. 2021-12, 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 Luke Siewert who owns River City Investments, LLC; 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, Staff has proposed an amendment to the original Development Agreement to amend
the closing date to be on or before August 1, 2023; and
WHEREAS, Staff has included a condition that River City Investments, LLC (Developer)
demolishes the structures on the adjacent property prior to December 31, 2022 as a result of grant
funding available through the Dakota County Community Development Agency; and
WHEREAS, the first amendment would also extend the Developers contingency and
investigation period to coincide with the amended timeline for closing on the property; 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 First Amendment to Development Agreement between
HEDRA and River City Investments, LLC.
ADOPTED BY THE HASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
THIS 11TH DAY OF August, 2022.
AYES:
NAYS: