HomeMy WebLinkAboutItem 06.rMarch 7, 2016 I 0 Item No.
Property Purchase Agreement Amendment
Proposed Action
Staff recommends adoption of the following motion: Move to approve a purchase agreement
amendment with KRB Development IV, LLC forthe sale of 1q acres of city owned property.
Passage of this motion will result in the City and KRB Development IV, LLC agreeing to amend
the purchase agreement to revise the closing date from March 31, 2oi6 to no later than May
31, 2016.
Overview
City Council approved the original purchase agreement with KRB Development IV, LLC in
October of 2015 for the sale of 19 acres of city owned property located on the west side of
Dodd Boulevard and north of 183rd Street. The purchase agreement indicated KRB
Development was to obtain preliminary and final plat approval prior to closing on or before
March 31, 2016.
KRB's development team and city staff have been working together in moving the preliminary
and final plat through the development review process to obtain the necessary approvals from
Planning Commission and City Council. The preliminary plat is scheduled for consideration by
the Planning Commission at their March 17 meeting and for City Council consideration at their
March 21 meeting. The next step after preliminary plat approval is the preparation of the final
plat and City Council consideration of the final plat at a meeting in April or May.
Primary Issues to Consider
! Why is an amendment to the closing date needed?
KRB Development IV, LLC has requested more time to prepare the final plat plans and to
obtain final approvals from the City prior to closing on the property.
Supporting Information
• Amendment to the Purchase Agreement
lyn 6 Kuennen, Assistant City Administrator
Financial Impact: $ n/a Budgeted: Y/N n/a Source: n/a
Related Documents (CIP, ERP, etc.): n/a
Notes:
AMENDMENT TO
VACANT LAND PURCHASE AGREEMENT
THIS AGREEMENT is made on the day of , 2016, by and
between the CITY OF LAKEVILLE, a Minnesota municipal corporation, 20195 Holyoke
Avenue, Lakeville, MN 55044 ("Seller"), and KRB DEVELOPMENT IV, LLC, a Minnesota
limited liability company, 14750 Cedar Avenue South, Apple Valley, Minnesota, 55124 ("Buyer")
RECITALS
WHEREAS, Seller and Buyer entered into a purchase agreement dated October 28, 2015
("Purchase Agreement") for the conveyance of real property located in the City of Lakeville,
Dakota County, Minnesota and legally described in Exhibit A hereto ("Property");
WHEREAS, the parties desire to extend the date for closing on the Purchase Agreement
to allow sufficient time for Buyer to obtain final plat approval for the Property, a contingency
item for closing;
NOW, THEREFORE, in consideration of the covenants and undertakings contained
herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, Buyer and Seller agree as follows:
1. Incorporated. The above Recitals are hereby incorporated as a material part of
this Amendment with the same force and effect as if restated in full in this Paragraph.
2. Amendment to Paragraph 17. The first paragraph of Paragraph 17 of the Purchase
Agreement is amended to read as follows:
17. CLOSING. The closing (the "Closing") of the purchase and sale contemplated by this
Agreement shall occur at a location designated by Buyer, and shall occur on or before May 31,
2016 and simultaneous with the filing of Buyer's plat of the Property as provided under
Paragraph 20(B)(2). At closing, Seller and Buyer shall disclose their Social Security Numbers
or Federal Tax Identification Numbers for the purposes of completing state and federal tax
forms.
3. Except as provided herein, all terms and provisions of the Purchase Agreement
shall remain in full force and effect.
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The City agrees to sell the Property for the price and terms and conditions set forth above.
SELLER:
CITY OF LAKEVILLE
Dated: 2016
Matt Little, Its Mayor
And:
Charlene Friedges, Its City Clerk
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The Buyer agrees to buy the Property for the price and terns and conditions set forth above.
o MA
m
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Dated- - 2016
EXHIBIT A
LEGAL DESCRIPTION OF PROPERTY:
Outlot D, King Creek Greenway Addition, Dakota County, Minnesota,
according to the recorded plat thereof, and
Outlot B, King Creek Greenway Addition, Dakota County, Minnesota,
according to the recorded plat thereof, except that part described as follows:
Commencing at the northeast corner of said Outlot B; thence
South 24 degrees 36 minutes 41 seconds East, assumed bearing
along the easterly line of said Outlot B, a distance of 49.40 feet to
the point of beginning of the land to be described; thence
continuing South 24 degrees 36 minutes 41 seconds East, along
said easterly line, a distance of 318.13 feet; thence South 73
degrees 01 minute 49 seconds West a distance of 21.13 feet;
thence North 16 degrees 58 minutes 11 seconds West a distance
of 130.00 feet; thence South 73 degrees 01 minute 49 seconds
West a distance of 39.1.3 feet; thence North 16 degrees 58
minutes 11 seconds West a distance of 60.00 feet; thence North
08 degrees 48 minutes 47 seconds West a distance of 126.59 feet
to the point of beginning.
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