Laserfiche WebLink
<br /> <br />Request for Action <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.5 <br />Agenda Section Meeting Date Prepared by <br />Consent September 3, 2019 Cal Portner, City Administrator <br />Item Description Reviewed by <br />Second Amendment to Settlement Agreement - Peter Beck, City Attorney <br />Dryer <br />Reviewed by <br />Jared Shepherd, Legal Counsel <br /> <br />Action Requested <br />Approve, by motion, the second amendment to the settlement agreement with John and Elaine Dryer. <br /> <br />Background/Discussion <br />On July 1, 2019, the City Council approved a settlement agreement with John and Elaine Dryer regarding <br />a lawsuit they had filed against the City of Elk River and SNL Properties. <br /> <br />On August 5, 2019, the settlement agreement was amended to change the closing date because due to the <br />high number refinancing requests their bank was unable to process the closing until August. <br /> <br />Unfortunately, the majority partner of SNL Properties passed away unexpectedly and the financing <br />documents now need to be redrafted to reflect the changing ownership structure of SNL Properties. <br />Therefore, the closing needs to be extended again. <br /> <br />This second amendment extends the closing date to on or before October 1, 2019, which provides <br />adequate time to make the necessary changes and close on the property. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> Second Amendment to Settlement Agreement <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />