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<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. Updated: January 2023 <br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To <br />Housing and Redevelopment Authority <br />Item Number <br />3.0 <br />Agenda Section <br />Action Item <br />Meeting Date <br />March 14, 2024 <br />Prepared by <br />Brent O’Neil, Economic Development Director <br />Item Description <br />Amend Main and Gates Property Purchase Agreement <br />Reviewed by <br />Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, Amendment One to the Purchase Agreement for the Sale of the Main and Gates Property. <br /> <br />Background/Discussion <br />The HRA approved an agreement to sell the property at Main and Gates for development to Ron Touchette of <br />Rock Solid Companies during a public hearing at its June 20, 2023, meeting. The agreement was executed <br />effective June 21, 2023. The agreement was based on the construction of a medical office building on the site, <br />commencing in the summer of 2023. The primary tenant of the facility delayed its decision to execute a lease and <br />the initial period for Mr. Touchette to close on the sale lapsed. <br /> <br />Mr. Touchette has continued to work with the tenant and others and wishes to go forward with the project. The <br />original agreement can be amended to extend the date of due diligence and closing, which is being requested by <br />this amendment. The amendment would allow the due diligence contingencies period to be extended until May <br />31, 2024. Closing needs to occur by June 28, 2024. The requirement for a medical office building of at least <br />6,000 square feet within one year remains intact; however, Mr. Touchette has indicated the facility will likely be <br />larger as design moves into final stages, and oriented on the southwest corner of the site. <br /> <br />Financial Impact <br />This amendment does not modify the financial terms. <br /> <br />Mission/Policy/Goal <br />The goal of the HRA is to promote redevelopment projects. <br /> <br />Attachments <br /> Main and Gates Purchase Agreement <br /> Amendment One to the Purchase Agreement <br /> <br /> <br /> <br />