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Chaska EDA approves settlement tied to Chaska Building Center site
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Summary
The Chaska Economic Development Authority approved a settlement agreement between the EDA, Lariat Companies and Old National (formerly Bremer) resolving release of escrowed remediation funds related to the Chaska Building Center/Chaska Tech Center; the city attorney reviewed the agreement prior to approval.
The Chaska Economic Development Authority on March 16 approved a settlement agreement involving the EDA, Lariat Companies, Old National (formerly Bremer Bank) and Old Republic National Title Insurance Company related to escrowed funds for soils remediation at the Chaska Building Center/Chaska Tech Center site.
Staff explained the EDA owns the parcel through a contract for deed and that the original purchase and TIF development agreements allowed the developer to request release of escrow funds held by Bremer (now Old National) to address environmental remediation. A legal dispute between the developer and the escrow holder was resolved through an agreement that includes the EDA as a party by virtue of its contractual role; the city attorney reviewed the settlement and recommended approval.
A commissioner moved to approve the settlement and to authorize the EDA president to execute the agreement; the motion was seconded and approved by voice vote.
The EDA’s approval resolves outstanding escrow access questions tied to redevelopment of the multi‑tenant building on County Road 61; staff indicated the agreement had been negotiated between the developer and the bank and that the EDA’s role is related to the purchase/development agreements rather than the bank‑developer dispute itself.
