HomeMy WebLinkAbout4.a. Update on Purchase of Business Park Property CITY OF ROSEMOUNT ''
EXECUTIVE STJMbtARY FOR ACTION '
PORT AUTHORITY COMMISSION MEETING DATE: SEPTEMBER 7, 1993
AGENDA ITEM: UPDATE ON PURCHASE OF BUSINESS AGENDA SECTION:
PARK PROPERTY OLD BUSINESS
PREPARED BY: JOHN MILLER, AGE��. ./,� � � ;�
ECONOMIC DEVELOPMENT COORDINATOR �l�
ATTACI�tENTS: MEMORANDUM FROM JOHN MILLER AP V
Please see attached memorandum.
RECObIl�lENDED ACTION: None. Inf ormation only.
PORT AUTHORITY ACTION:
MEMO
TO: Chair Dunn
Commissioners Anderson, Carroll, Edwards, McMenomy, Sinnwell, Wippermann
FROM: John Miller, Economic Development Coordinator
DATE: September 2, 1993
RE: Update on Purchase of Business Park Property
The purchase agreement for the Abbott property permits the Rosemount Port Authority 45 days
from July 28 to make judgements about the property and its purchase. The 45 days expires on
September 10. What this means is thax if the port authority has second thoughts about the
purchase, it can direct its attorney to advise the Abbotts that it no longer wishes to complete the
purchase. If the port authority does not specif'ically direct the attorney to contact the Abbotts and
their representatives, then the purchase agreement is binding except that after September 10 the port
authority could get out of the purchase with a specif'ic finding such as contaminated property or bad
title.
To purchase the property, the port authority will need to sell bonds. In visiting with Springsted,
Inc. people, I believe the following schedule will meet our needs:
1. Port authority passes resolution September 21
establishing date for sale of bonds.
2. City Council approves ordinance October 5
permitting sale of bonds.
3. Port authority receives bids and awards October 19
sale of bonds.
4. Port authority closes on bonds Before November 3
The actual closing with Abbotts is planned for November 4. The SEH Scope of Services agreement
found elsewhere in the September 7 agenda shows subdivision to be complete by about the first
week in November as well.
The Springsted people will provide the resolution next week and it will appear on your September
21 agenda unless you decide on September 7 not to purchase the property. Springsted will also
supply a seven or eight page list of recommendations as to how the bond payments would be
structured. Chairperson Dunn and I have visited with David Drown on these issues and provided
Springsted with our sales projections.
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