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EDA approves amendment to sale of Broadway Avenue West parcel with GLG Forest Lake Properties
Summary
The Economic Development Authority approved a first amendment to a purchase and pre‑development agreement with GLG Forest Lake Properties LLC to finalize the sale of the Broadway Avenue West parcel after staff identified and traced an undocumented telephone line on the site. The motion passed by voice vote.
The Economic Development Authority on Tuesday voted to enter a first amendment to the real property purchase and pre‑development agreement with GLG Forest Lake Properties LLC for the Broadway Avenue West site.
Abby, EDA staff, told the board the prospective purchaser discovered a previously undocumented telephone line crossing the parcel and that staff had no record of its installation. "It doesn't it doesn't appear that it's servicing anyone," Abby said, noting staff had to determine ownership and whether the line serviced nearby users such as US Bank before the line could be removed or abandoned.
Staff recommended approving the amendment with minor edits by the city attorney to allow the sale to be finalized and the buyer to proceed with site plan review. President Erickson moved to approve the amendment, a motion that received a second and carried by voice vote.
Why it matters: finalizing the pre‑development agreement clears the title and terminology needed for GLG Forest Lake Properties to proceed with its due diligence, apply for site plan review and potentially start work on the site during the year. Staff noted that if GLG fails to meet the amended obligations, ownership would revert to the city.
Next steps: with the amendment approved, staff said the purchaser will file for site plan review and the city attorney will review minor contract language as needed. The EDA will monitor compliance of any milestone dates spelled out in the amendment.
