4.5. SR 09-03-2019
Request for Action
To Item Number
Mayor and City Council 4.5
Agenda Section Meeting Date Prepared by
Consent September 3, 2019 Cal Portner, City Administrator
Item Description Reviewed by
Second Amendment to Settlement Agreement - Peter Beck, City Attorney
Dryer
Reviewed by
Jared Shepherd, Legal Counsel
Action Requested
Approve, by motion, the second amendment to the settlement agreement with John and Elaine Dryer.
Background/Discussion
On July 1, 2019, the City Council approved a settlement agreement with John and Elaine Dryer regarding
a lawsuit they had filed against the City of Elk River and SNL Properties.
On August 5, 2019, the settlement agreement was amended to change the closing date because due to the
high number refinancing requests their bank was unable to process the closing until August.
Unfortunately, the majority partner of SNL Properties passed away unexpectedly and the financing
documents now need to be redrafted to reflect the changing ownership structure of SNL Properties.
Therefore, the closing needs to be extended again.
This second amendment extends the closing date to on or before October 1, 2019, which provides
adequate time to make the necessary changes and close on the property.
Financial Impact
N/A
Attachments
Second Amendment to Settlement Agreement
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity