HomeMy WebLinkAbout5.a. purchase agreement amendmentEXECUTIVE SUMMARY
Port Authority Meeting Date: November 17, 2015
AGENDA ITEMAGENDA SECTION:
: Approval of Amendment to the Genz
Ryan Purchase AgreementOld Business
PREPARED BY: AGENDA NO.
Kim Lindquist, Deputy Director5.a.
ATTACHMENTS: First Amendment to the Purchase
APPROVED BY:
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Agreement
RECOMMENDED ACTION
: Motion to Approve the Amendment
ISSUE
The attorney for the purchaser has requested an amendment to the Purchase Agreement to extend the
contingency time period for the environmental review and testing. The amendment extends the
to receive the environmental information soon.
environmental report took longer than anticipated. The planning review was before the Planning
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Commission at their October 27 meeting and was approved on a 4-2 vote. The Council will take action
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on the item at the Council meeting on the 17.
CONCLUSION
Motion to approve the resolution.
FIRST AMENDMENT TO PURCHASE AGREEMENT
THIS FIRST AMENDMENT TO PURCHASE AGREEMENT is effective as of November
17, 2015, by and between the Rosemount Port Authority, a body corporate and politic in the
mited liability company in the State of
PRELIMINARY STATEMENT OF FACTS
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Buyer and Seller entered into a Purchase Agreement dated the 1 day of September,
City of Rosemount,
The Purchase Agreement provides that certain Contingency as set forth in Section 4(C)
expires sixty (60) days after the Effective Date of the Purchase Agreement. The parties desire
desire to amend the legal description for the Property as set forth herein.
In consideration of the premises and other good and valuable consideration, the parties
hereby agree as follows:
1. Definitions. Any defined term used herein shall have the meaning assigned to
such terms in the Purchase Agreement unless specifically stated to the contrary herein.
2. Extension of Section 4(C) Contingency Date. Section 4 of the Purchase
Agreement is amended to change the Section 4(C) Contingency to expire ninety (90) days after
the Effective Date of the Purchase Agreement.
3. Revised Legal Description. From and after the date hereof, Exhibit A of the
Purchase Agreement is hereby deleted in its entirety and Exhibit A- Revised Legal Description
of Property, attached hereto, is hereby substituted therefor.
4. Ratification. Except as is amended hereby, the Purchase Agreement remains
unchanged and in full force and effect and is hereby ratified by the Seller and Buyer.
5. Counterparts. The Amendment may be executed in multiple counterparts with
separate counterparts, but such counterparts shall be
considered one Amendment. The parties agree that the other party may rely upon facsimile
\[Signature Page to Follow\]
1
SELLER
ROSEMOUNT PORT AUTHORITY, a body
corporate and politic in the State of Minnesota
By:____________________________________
Its: Chair
By:____________________________________
Its: Executive Director
2
BUYER
Js QUAD, LLC, a Minnesota limited liability
company
By:____________________________________
Its:_____________________________________
3
Exhibit A
Revised Legal Description of Property
MMB: 4815-1122-8714, v. 2
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