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Cottage Grove EDA authorizes letter of intent for roughly 13.1-acre site to Trade Home Shoes
Summary
The EDA authorized staff to execute a letter of intent with Trade Home Shoes to purchase approximately 13.1 acres (PID 21.0270.210.340.007) at $1,711,908 and to prepare purchase documents following a public hearing; staff said a prior Ryan Company deal did not proceed.
Cottage Grove — The Cottage Grove Economic Development Authority on Jan. 13 authorized the EDA president and city administrator to execute a letter of intent with Trade Home Shoes for roughly 13.1 acres located east of Jamaica and just south of 97th Street, and directed staff to prepare purchase agreement documents for a future meeting after the required public hearing.
Economic Development Manager Nate Carlson and city staff said the proposed transaction would follow the EDA’s approach of acquiring property to support infrastructure and then conveying land to a buyer at a reduced cost to encourage development. The motion specifies PID 21.0270.210.340.007 and a purchase price of $1,711,908.
City staff member Jennifer Levitt recalled a previous agreement on the property with Ryan Company that did not proceed. "They were looking to build a 140,000 square foot warehouse facility. That purchase agreement never came to fruition," Levitt said, noting earnest-money amendments had been part of that prior deal.
EDA member Kambata moved to authorize execution of the LOI, which was seconded by Vice President Olsen; the motion carried by voice vote. Staff said if the LOI is accepted the purchase agreement and planning commission schedule would follow, with public hearing notice requirements met before final approval.
