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Request for Action <br />To <br />Item Number <br />Mayor and Ci T Council <br />3.0 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />General Business <br />August 23, 2021 <br />Cal Portner, City Administrator <br />Item Description <br />Reviewed by <br />Resolution Approving Addendum to <br />Andrea McDowell Poehler, City Attorney <br />Commercial Purchase Agreement for 413 <br />Reviewed by <br />Proctor Avenue NW <br />Action Requested <br />Approve, by resolution, the Addendum to Commercial Purchase Agreement for 413 Proctor Avenue NW to <br />changing the buyer to Egan Properties LLC. <br />Background/Discussion <br />On June 21, 2021, the City Council approved a resolution of conveyance of 413 Procter Avenue NW (Activity <br />Center) to First Step Preschool. The resolution included the Purchase Agreement for the property. <br />Lisa Egan is the owner of First Step Preschool. She has decided to purchase the property through Egan <br />Properties LLC. The purchase agreement with Egan Properties LLC is identical to the former agreement. <br />In order for the title company to record the transaction, they need an approved and updated resolution from the <br />city approving an Addendum to reflect the change in the buyer from First Step Preschool to Egan Properties, <br />LLC. The Addendum also extends the date of closing to August 31" or earlier <br />However, the closing is currently scheduled for Wednesday, August 25, 2021. <br />Financial Impact <br />N/A <br />Mission/Policy/Goal <br />The Elk River Mission Statement includes a statement to approprzatelygovern in an ever -changing environment. <br />Attachments <br />■ Resolution <br />■ Addendum <br />■ Full Purchase Agreement and all Addendums <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires pi ospei l_ y. <br />M <br />TUREJ <br />Updated.• August 2020 <br />