1g Crossroads Plaza 3rd Agreeme Cff OF
7700 Market Boulevard
PO Box 147
C:~z'~h~,ssen. MN 55317
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v:,v,','.ci.chanhassen.mn.us
MEMORANDUM
TO:
Todd Gerhardt, City Manager
FROM:
DATE:
RE:
Justin Miller, Assistant to the City Manager
October 22, 2002
Extension of Purchase Agreement with Infinity of Chanhassen,
Lots 2 & 3, Block 1, Crossroads Plaza 3rd Addition
Attached you will find an amendment to the purchase agreement with Infinity of
Chanhassen, LLC for Lots 2&3, Block 1, Crossraods Plaza 3rd Addition (the
property immediately to the east of Appleby's and Tires Plus).
BACKGROUND
The City entered into a purchase agreement with Infinity of Chanhassen, LLC to
purchase the land next to Appleby's and Tires Plus. Under the original
agreement, transfer of the property was to occur no later than September 1, 2002.
While a site plan was approved by the City Council on October 14, 2002 to allow
for 8,300 square feet of restaurant space, a few minor details still need to be
worked out before the final transaction can occur. Both parties are very confident
that this will happen within 90 days, and therefore the purchase agreement needs
to be amended to allow for a closing deadline of November 30, 2002.
RECOMMENDATION
That the City Council adopt the amended purchase agreement to read:
4.1) The closing (the "Closing") shall be at a location designated by the seller
in the Twin Cities metropolitan area, and shall occur on or before September 1,
2002 ("Closing Date"). Notwithstanding any other provision herein to the
contrary, Buyer may extend the Closing Date for an additional ninety (90) days if
all of the contingencies set forth in Section 7 (Buyer's Contingencies) have not
been satisfied, provided Buyer is diligently pursuing the satisfaction thereof. If
the Closing is not completed prior to November 30, 2002, this Agreement may be
cancelled at the election of Seller or Buyer by the party canceling this Agreement
serving upon the other party thirty (30) days written notice. In the event of such
cancellation by either Seller or Buyer, the Earnest Money shall be returned
promptly to Buyer and neither party shall have any further fights under this
Agreement."
Attachments
Ne City of Cflant~assen · A growing community with c!ean lakes, qual ty schools, a charming dov,,ntown, thriving businesses, winding trails, and beautiful parks A gnat place to live. work. and pla~,:
AMENDMENT TO PURCHASE AGREEMENT
WHEREAS INFINITY OF CHANHASSEN, LLC, whose address is 1865 W.
Wayzata Boulevard, Suite 260, Long Lake, MN 55356 (referred to hereinafter as
"Buyer") and the CITY OF CHANHASSEN, a municipal corporation under the laws of
thc State of Minnesota, with offices at 690 City Center Drive, P.O. Box 147, Charnhassen,
Minnesota 55317 (referred to hereinafter as "Seller") entered into a Purchase Agreement
on April 30, 2002;
WHEREAS said Purchase Agreement per'rained to property in Carver County
with a legal description as follows:
Lots 2 and 3, Block 1, Crossroads Plaza 3rd Addition, according to the plat thereof
on file and of record in the Office of the County Recorder and/or the Office of the
Registrar of Titles of Carver County, Minnesota
hereinafter referred to as the "Subject Property";
WHEREAS ihe Purchase Agreement contained a Closing Date of prior to
October 1, 2002 in Section 4.1 with regard to Subject Property;
WHEREAS the Closing Date of prior to October 1, 2002 cannot be accomplished
and Buyer and Seller both desire to complete the terms of the Purchase Agreement by
extending the Closing Date.
THEREFORE, the Purchase Agq'eement, Section 4.1 is amended to read as
follows:
4.1)
The closing (the "Closing") shall be at a location designated by the Seller
in the Twin Cities metropolitan area, and shall occur on or before
September 1, 2002 ("Closing Date"). Notwithstanding any other
provision herein to the contrary, Buyer may extend the Closing Date for
an additional ninety (90) days if all of the contingencies set forth in
Section 7 (Buyer's Contingencies) have not been satisfied, provided Buyer
is diligently pursuing the satisfaction thereof. If the Closing is not
completed prior to November 30, 2002, this Agreement may be cancelled
at the election of Seller or Buyer by the party canceling this Agreement
serving upon the other party thirty (30) days written notice. In the event
of such cancellation by either Seller or Buyer, the Earnest Money shall be
returned promptly to Buyer and neither party shall have any further fights
under this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this amended
Agreement as of the day and year first above written.
BUYER: SELLER:
INFINITY OF CHANHASSEN, LLC CITY OF CHANHASSEN
By:
Its:
THIS AMENDMENT WAS DRAFTED BY:
Kathleen N. Hellevik
CLEARWATER DEVELOPMENT GROUP
24 South Olive Street
Waconia, Minnesota 55387
Telephone: (952) 442-8799