4.7.
CC Regular Session
- Meeting Date:
- 01/13/2015
- Submitted For:
- Patrick Brama
- By:
- Patrick Brama, Administrative Services
Information
Title
Execute Cancelation of Purchase Agreement with MDBNK (All Seasons Garage Door)
Purpose/Background:
Purpose
Execute Cancelation of Purchase Agreement with MDBNK (All Seasons Garage Door)
Background (case)
The Ramsey HRA approved a Purchase Agreement with MDBNK (All Seasons Garage Door Company) on October 28, 2014 for the former XXX bookstore site. Attached to this case is a memo from the October 28 meeting; which includes detailed background information on MDBNK and the proposed project.
Background (cancellation)
The City received word from All Season’s Garage Door Company on December 24, 2014 that they will NOT be moving forward with purchasing the former XXX Bookstore site. Through their due-diligence, All Seasons discovered their company is growing too fast, and the size of the site they were considering would be too small. Within two years, they would be out of space again. Attached to this case is a formal Cancelation of Purchase Agreement.
Execute Cancelation of Purchase Agreement with MDBNK (All Seasons Garage Door)
Background (case)
The Ramsey HRA approved a Purchase Agreement with MDBNK (All Seasons Garage Door Company) on October 28, 2014 for the former XXX bookstore site. Attached to this case is a memo from the October 28 meeting; which includes detailed background information on MDBNK and the proposed project.
Background (cancellation)
The City received word from All Season’s Garage Door Company on December 24, 2014 that they will NOT be moving forward with purchasing the former XXX Bookstore site. Through their due-diligence, All Seasons discovered their company is growing too fast, and the size of the site they were considering would be too small. Within two years, they would be out of space again. Attached to this case is a formal Cancelation of Purchase Agreement.
Notification:
NA
Observations/Alternatives:
Alternatives before the City are limited. If the Council does not wish to execute this cancelation, the purchase agreement would remain in effect through the originally agreed upon termination date (March 04, 2015). Said action would result in retaining the Buyer's earnest money through the termination date.
Funding Source:
NA
Recommendation:
NA
Action:
Motion to execute the attached Cancelation of Purchase Agreement with MDBNK.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 01/08/2015 09:42 AM |
- Form Started By:
- Patrick Brama
- Started On:
- 01/05/2015 09:34 AM
- Final Approval Date:
- 01/08/2015