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Cottage Grove council approves sale of industrial parcel to storage buyer with extended due‑diligence
Summary
Council held a public hearing and approved a purchase and sale agreement to sell an industrial park parcel (tax lot 20‑03‑32‑43‑01400) for $728,440, accommodating a buyer request for a 30‑day due‑diligence extension in exchange for an additional $5,000 nonrefundable earnest payment, subject to city attorney approval.
After a public hearing, the Cottage Grove City Council approved the sale of a city‑owned industrial parcel (tax lot 20‑03‑32‑43‑01400) to a private buyer for $728,440 and authorized the city manager to sign the purchase and sale agreement, accommodating the buyer’s requested 30‑day due‑diligence extension with an additional $5,000 nonrefundable earnest money payment to be applied to the purchase price if the transaction closes.
Public Works Director Faye Stewart told the council the city received the offer on Aug. 14 and that the buyer’s proposed use—storage facility—was outright permitted in the industrial park. Stewart said branch engineering was updating a wetlands delineation at the buyer’s request and that some review steps (such as state lands review of the wetlands delineation) could take weeks to months. Stewart described the buyer’s request for an additional 30 days to complete due diligence and an additional $5,000 earnest money payment to be held by the city (and applied to the purchase price at closing).
Councilor Ervin moved to approve the purchase and sale agreement as presented, accommodating the buyer’s requested changes and subject to the city attorney’s approval of the amended language; the motion was seconded and carried unanimously. The council’s action directs the city manager to sign the agreement when the attorney’s review and any clean‑up of the contract language are complete.
The manager and staff noted the extension would not change the sale price but would increase the earnest money deposit; staff also warned the wetlands delineation and other technical reviews could affect the buyer’s timeline. The council held no other formal conditions beyond attorney review and the finalization of execution dates in the agreement.
