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HomeMy WebLinkAbout4.a. Purchase Agreement between City of Rosemount Port Authority and Js QUAD LLC(s) E X E C U T I V E S U M M A R Y Port Authority Meeting Date: September 1, 2015 AGENDA ITEM: Purchase Agreement between City of Rosemount Port Authority and Js QUAD LLC AGENDA SECTION: New Business PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 4.a. ATTACHMENTS: Purchase Agreement APPROVED BY: RECOMMENDED ACTION: Motion to Approve the Purchase Agreement ISSUE Attached is the purchase agreement for the remainder of the Genz Ryan site to Js QUAD LLC, a limited liability company which plans to develop the site as a Culvers restaurant. The purchase agreement is generally consistent with the purchase offer document previously reviewed by the Port Authority in June. The buyer will need to receive City planning approvals for the restaurant use. One of the issues is that a drive through facility is not allowed in the Downtown Zoning District. Staff has raised this issue previously and acknowledged that approval would require either an amendment to the zoning ordinance or use of a PUD process to permit the use. The purchase agreement recognizes that approval of the Agreement does not make any representation about future governmental approvals necessary for the project. The Agreement allows the buyer 120 days from the effective date of the purchase agreement to receive necessary governmental approvals. There are other contingencies listed in the purchase agreement which allow the buyer to do their due diligence regarding site, hazardous materials, and future financing. The purchase price continues to be $325,000 for the property. The City is required to obtain appropriate access easements relating to the southern access and the shared ingress/egress with Master Transmission. All other easements should be in place as there are cross access easements associated with the northern access and a maintenance agreement. The buyer has indicated they would like to start getting their planning documents in order and will be surveying the property shortly. Staff has also forwarded all environmental documentation for the site to the buyer for their review. RECOMMENDATION The City Attorney has drafted this purchase agreement and reflects discussions with the buyer and is generally consistent with the purchase offer previously reviewed by the Port Authority. Staff is recommending approval of the Purchase Agreement.