HomeMy WebLinkAboutIV.B.1 - River Cities 3rd Amendment1
HASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
DAKOTA COUNTY, MINNESOTA
HEDRA RESOLUTION NO. 2023-10
A RESOLUTION APPROVING THE THIRD AMENDMENT TO PURCHASE
AGREEMENT WITH RIVER CITY INVESTMENTS L. L. C.
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 Luke Siewert; 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, Luke Siewert is the owner of River City Investments L. L. C., a Minnesota
limited liability company (“Buyer”); and
WHEREAS, on June 10, 2021, by and through HEDRA Resolution No. 2021-07,
following a public hearing, the Hastings Economic Development and Redevelopment Authority
(“HEDRA”) approved the sale of the real property legally described as follows:
Lot 8, Block 15, Town of Hastings, according to the recorded plat thereof.
Abstract Property
PID: 19-32150-15-080
(“HEDRA Property”), for redevelopment purposes to the Buyer; and
WHEREAS, also on June 10, 2021, by and through HEDRA Resolution No. 2021-07,
HEDRA approved the related Contract for Private Redevelopment dated June 10, 2021 (“Original
Development Agreement”) by and between HEDRA and Buyer for a redevelopment project
(“Project”); and
WHEREAS, on July 29, 2021, by and through HEDRA Resolution No. 2021-12, the
Original Development Agreement was amended (“First Amendment to Development Agreement”)
to extend the Closing Date; and
WHEREAS, on November 10, 2021, by and through HEDRA Resolution No. 2021-20,
the Original Development Agreement and First Amendment to Development Agreement were
amended (“Second Amendment to Development Agreement”) to extend the Closing Date to allow
additional time to secure financing for the Project; and
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WHEREAS, the Original Development Agreement, the First Amendment to Development
Agreement and Second Amendment to Development Agreement shall be collectively referred to
hereinafter as the “Agreements”; and
WHEREAS, on April 14, 2022, by and through HEDRA Resolution No. 2022-22, the
Agreements were terminated as they were determined to be no longer necessary for the Project;
and
WHEREAS, HEDRA still desired to convey the HEDRA Property to the Buyer for the
Project and Buyer still desired to purchase the HEDRA Property; and
WHEREAS, also on April 14, 2022, by and through HEDRA Resolution No. 2022-22, the
Purchase Agreement between HEDRA and Buyer was approved, and the appropriate officials were
authorized to take such action as to effectuate its execution and implementation; and
WHEREAS, on August 11, 2022, by and through HEDRA Resolution No. 2022-29,
HEDRA and Buyer agreed to an extension of the Closing Date to occur on or before August 1,
2023 in exchange for Buyer to demolish the structures on the adjacent property prior to December
31, 2022; and
WHEREAS, also on August 11, 2022, by and through HEDRA Resolution No. 2022-29,
the First Amendment to Purchase Agreement between HEDRA and Buyer was approved and the
appropriate officials were authorized to take such action as to effectuate its execution and
implementation; and
WHEREAS, HEDRA no longer required the structures on the adjacent property be
demolished prior to December 31, 2022; and
WHEREAS, on December 8, 2022, by and through HEDRA Resolution No. 2022-31, the
Second Amendment to Purchase Agreement between HEDRA and Buyer was approved and the
appropriate officials were authorized to take such action as to effectuate its execution and
implementation; and
WHEREAS, the Purchase Agreement, the First Amendment to Purchase Agreement and
Second Amendment to Purchase Agreement shall be collectively referred to hereinafter as the
“Purchase Agreement”; and
WHEREAS, Buyer has requested the Purchase Agreement be amended to extend the
Contingency Date and Closing Date.
NOW THEREFORE BE IT RESOLVED by the Board of the Hastings Economic
Development and Redevelopment Authority as follows:
1. The Third Amendment to Purchase Agreement is hereby approved, subject to minor
modification as approved by the City Attorney, and the appropriate officials are
authorized to take such action as to effectuate its execution and implementation.
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Adopted by the Hastings Economic Development and Redevelopment Authority this 13th day of
July, 2023.
Ayes:
Nays:
Absent:
Margaret Horsch, President
Alexander Menke, 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 13th day of July, 2023, as disclosed by the records of the City of Hastings
on file and of record in the office.
Kelly Murtaugh, City Clerk
(SEAL)