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EDA approves sale of 13.1 acres to THS Overtime LLC; sale will fund EDA trust
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Summary
The Cottage Grove EDA approved Resolution 2026-001 to purchase a 13.1-acre parcel from WAG and sell it to THS Overtime LLC; staff said the transaction would bring "just north of $627,000" to the EDA trust and closing is anticipated in November.
The Cottage Grove Economic Development Authority on April 14 approved the purchase and sale of a 13.1-acre parcel related to an anticipated expansion by Trade Home Shoes (THS).
Nate told the board the EDA authorized a letter of intent with Trade Home Shoes in January and that the parcel (informally called WAG) would be acquired at a reduced rate and then sold to a developer; he said the transaction is expected to bring the EDA trust "just north of $627,000" and that closing is anticipated in November. He added staff is coordinating project scope, development standards and potential state incentives with THS.
Kambata moved to adopt Resolution 2026-001 (purchase price for the parcel from WAG and sale to THS Overtime LLC at the board-referenced figures); Jean Baptiste seconded the motion. Kambata noted THS has been in the community for more than 20 years and the board welcomed the expansion. The motion carried on voice vote.
Details: the motion as stated in the meeting record listed a purchase price to the city of $1,084,208.40 and a sale price to THS Overtime LLC of $1,711,908 (PID 21.0270.210.340.0007). The EDA held the required state-statutory public hearing (no public comments were received) before voting.
Next steps: staff will continue coordinating development standards and process steps and expects to return with closing materials later in the year.
