DATE: January 23, 2020
TO: Members of the Economic Development Authority
FROM: Nate Carlson, Economic Development Coordinator
Title
Second Amendment to Purchase Agreement for 510 Washington Street
Body
SUMMARY AND ACTION REQUESTED:
The EDA shall make a motion to approve the Second Amendment to the Purchase Agreement for 510 Washington Street.
BACKGROUND:
The EDA approved a purchase agreement on October 24, 2019 with Rebound Stencil Development, LLC to sell 510 Washington Street for the 5th Street Lofts project. The EDA approved a First Amendment to the Purchase Agreement on December 19, 2019 to extend the period for closing to March 31, 2020. As the developer is finalizing the financing for the project, the lender is reviewing City and EDA legal documents as well.
A second amendment to the purchase agreement has been proposed by the lender's legal team to protect the interests of the lender. At this time, the developer has formally requested that the EDA amend the purchase agreement to include the following language. City Attorney has drafted the amendment and the developer has agreed to the amendment.
Proposed Language Amendment (Section 3 of Purchase Agreement)
3. CLOSING AND POSSESSION. The closing of the purchase and sale contemplated by this Agreement (the "Closing") shall occur on a date mutually acceptable to Seller and Buyer, but no later than December 31, 2019 (the "Closing Date"). The Seller agrees to deliver possession not later than the Closing Date provided that all the contingencies and other terms and conditions contained in this Agreement have been complied with and satisfied. The Closing shall take place at Northfield City Hall or the Title Company, as hereinafter defined, or at such other place as may be agreed to mutually by the Parties.
a. Seller's Closing Documents. On the Closing Date, Seller shall execute and/or deliver to Buyer the following (collectively, "Seller's Closing Documents"):
i. Quit Claim Deed. Attached here...
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