11-04-2024 Special EDA Packet - Laserfiche WebLink

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EL185\76\983990.v3 ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION NO. 24-08 RESOLUTION APPROVING THE FIRST AMENDMENT OF THE PURCHASE AGREEMENT FOR THE PURCHASE OF CERTAIN PROPERTY LOCATED AT 13530 & 13566 185TH AVENUE NW BY JAVA COMPANIES LLC AND JAVA ELK RIVER RETAIL LLC WHEREAS, the Economic Development Authority in and for the City of Elk River (the “EDA”) entered into a purchase agreement with Java Companies LLC, a Minnesota limited liability company (“Java Companies”) dated April 15, 2024 (the “Purchase Agreement”); and WHEREAS, Java Companies desires to assign its rights under the Purchase Agreement to Java Elk River Retail LLC, a Minnesota limited liability company (“Assignee”); and WHEREAS, Assignee has agreed to accept the assignment from Java Companies of Java Companies’ rights and has agreed to assume Java Companies’ obligations under the Purchase Agreement; and WHEREAS, the EDA, Java Companies, and Assignee have agreed to amend paragraph 6.1.1 of the Purchase Agreement to allow the buyer to extend the full completion of the building on the property from one year to two years with the site preparation being completed within one year, setting the minimum building size to 4,500 square feet, and to increase the purchase price in paragraph 3 of the Purchase Agreement from $360,000 to $370,000; and NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (“Board”) of the Economic Development Authority in and for the City of Elk River as follows: 1.01. The Board hereby approves the First Amendment of Purchase Agreement between Java Companies and Assignee in substantially the form presented to the Board; and 1.02. The President and the Executive Director are authorized and directed to execute the First Amendment to the Purchase Agreement on behalf of the EDA. Page 9 of 14