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Owatonna utilities commission approves letter of intent for Bridge Street building, adds tenant-contingency
Summary
The commission authorized General Manager Warehime to sign a letter of intent to pursue purchase of the Bridge Street building after adding a contingency related to reaching a satisfactory agreement with the current tenant; motion passed unanimously.
The Owatonna Public Utilities Commission on June 25 approved General Manager Warehime signing a letter of intent to pursue purchase of the Bridge Street building, directing staff to include a contingency clause tied to a satisfactory agreement with the current tenant.
Warehime reviewed the draft LOI and noted two edits made since the agenda packet: a seller contingency mistakenly carried over from another transaction and a change concerning whether earnest money would be refundable. Commissioners discussed both points and instructed Warehime to add language ensuring the transaction would be contingent on reaching a mutually acceptable arrangement with the building’s current tenant about shared space.
Commissioner Rossi moved to approve the General Manager signing the LOI with the proposed changes; Commissioner Johnson seconded. The motion passed with all commissioners voting Aye.
What happens next: With commission approval the General Manager will proceed to finalize the LOI, including the tenant-contingency language, and return to the commission with any further refinements or agreement terms.
