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Shakopee Economic Development Authority
July 7, 2020
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| | | | | | | | | FROM: | Michael Kerski, Director, Planning & Development | | TO: | President and Board Members |
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| | | | | | | | Subject:
Amending and restating the First Amendment to Purchase and Development Agreement with Opus Development Company LLC and CIVF VI-MN1W03, LLC |
| | | | | | | | Policy/Action Requested:
Approve Resolution No. E2020-007 amending and restating the First Amendment to Purchase and Development Agreement with Opus Development Company LLC and CIVF VI-MN1W03, LLC and authorize the appropriate officials to sign the appropriate agreements as prepared by the city attorney for the closing. |
| | | | | | | | Recommendation:
Approve Resolution No. E2020-007 |
| | | | | | | | Discussion:
The EDA has previously approved an assignment of Opus' contract to purchase the EDA land at the West Shakopee Gateway to Cabot. The closing is now in place for Wednesday and Cabot and our counsel have agreed that it should be in the name of the actual entity that will own the property, which is a holding company that Cabot has created for this project. Also, Cabot will be assuming some of the obligations of Opus. Opus will still be doing the construction of the project. |
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