HomeMy WebLinkAboutEDA March 8, 2006
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1685 CROSSTOWN BOULEVARD N,W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100
FAX (763) 755-8923 . WWW,CI.ANDOVER,MN.,US
The scheduled
EDA meeting of
March 8, 2006
has been cancelled.
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1665 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100
FAX (763) 755-6923 . WWW.CI.ANDOVER.MN.US
TO:
President and EDA Commissioners
FROM:
Jim Dickinson, Executive Director
SUBJECT: EDA Meeting Cancelled
DATE:
March 8, 2006
INTRODUCTION
The EDA meeting that was tentatively scheduled for 6:00 p,m, on Wednesday, March 8, 2006
has been cancelled, as there is no new business to bring forward for the EDA to act on,
DISCUSSION
/ Please find attached a copy of a letter that was sent out to Mr, Michael Casey this week, It was
written to give him a deadline to act on the purchase agreement that has been outstanding for
one year, It informs him that he needs to make payment of the required down payment and
sign the purchase agreement within 30 days, If he does not, the EDA will assume he is no
longer interested and will formally act on voiding the purchase agreement and move on to the
next potential buyer, Staff will keep the EDA informed as to what happens on this potential
land sale,
ACTION REOUESTED
None is needed, lbis is an informational update,
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CITY OF
NDOVE
1685 CROSSTOWN BOULEVARD N.W, . ANDOVER, MINNESOTA 55304. (763) 755-5100
FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US
February 24, 2006
Michael Casey
North Star Glass
4135 Coon Rapids Blvd,
Coon Rapids, MN 55433
RE: Purchase Agreement Time Expiration
Dear Mr, Casey:
The City Attorney made adjustments to the purchase agreement in November, 2005 and forwarded a
copy to you or your attorney at that time, The Andover EDA has not yet received a signed copy of
that document or any of the required earnest money to date, Due to the significant investment the
EDA has made in this area, the Andover EDA needs to know that you are serious about moving
ahead with this purchase of land from the Economic Development Authority or the City will need to
move on to the next potential purchaser,
To assure us that you are serious about the purchase of the lots in Andover Station North., the
Andover EDA will need the $10,000 earnest money to be paid no later than one month from today
and also receive signed copies of the purchase agreement by that date, If those things do not occur
within the allotted 30 days, the Andover EDA will consider that you are no longer interested in
purchasing Lots 2 & 3, Block 3, Andover Station North. Upon the thirty days elapsing, the EDA's
attorney will notify you that the deal is no longer available and that if you should choose to move
ahead to purchase the land, the EDA will require a higher price for the land, as over one year has
elapsed since the time the current land price was negotiated with you, The purchase agreement had
originally indicated there was a 6% escalator in the option agreement on Lot 3, Block 3, so after that
date we will require a higher price if you want to purchase either of the lots, That higher price could
be as much as 6% more than previously agreed upon, That new higher price would apply to both
parcels you had shown an interest in purchasing, with a 6% escalator on Lot 3, Block 3 (for a
delayed take down) as stated in the option agreement
If you have any questions please call me,
Sincerely, /,,, . "'" / /
LL~~~~--
Will Neumeister
Community Development Director
/ Cc: Jim Dickinson. EDA Executive Director; Bill Hawkins, City Attorney