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4.9. SR 07-06-2021Request for Action To Item Number Mayor and Ci T Council 4.9 Agenda Section Meeting Date Prepared by Consent July 6, 2021 Cal Portner, City Administrator Item Description Reviewed by Addendum to Purchase Agreement First Step Reviewed by Preschool Action Requested Approve, by motion, the attached addendum to the Purchase Agreement with First Step Preschool. Background/Discussion The City Council has approved a purchase agreement from First Step Preschool for the former Activity Center building at 413 Procter Avenue NW. First Step has all of their approvals and is awaiting a water test result for their bank loan. The sample was taken on July 1. They have requested to extend the due diligence period before closing to ensure a passing water test. The addendum extends the sale closing to July 16, 2021. Financial Impact N/A Mission/Policy/Goal City Mission Statement Attachments ■ Addendum The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires pi ospei l_ y. M TUREJ Updated.• August 2020 AulhumntiV'slgn 0II.0III A 60 NIItl6-0'N'.0.4'8I3 r 83�2414 Iu76lG!%3C37"IG!08 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. ADDENDUM TO COMMERCIAL PURCHASE AGREEMENT This form approved by the Minnesota Association of REALTORS®, which disclaims any liability arising out of use or misuse of this form. © 2020 Minnesota Association of REALTORS®, Edina, MN 1. Date June 30th, 2021 2. Pagel Addendum to Purchase Agreement between parties, dated ..... February end 2021 (Date of this Purchase Agreement), pertaining to the purchase and sale of the Property at 413 Proctor Avenue NW Elk River, MN 55330 In the event of a conflict between this Addendum and any other provision of the Purchase Agreement, the language in this Addendum shall govern. This Addendum is to extend the closing date to July 16, 2021 or earlier. 19. SELLER 20 y Cit of Elk River (Business Entity or Individual Name) 21. By: —_ (Seller) 22. Its: (title) 23. (Date) 24. SELLER 25 City of Elk River (Business Entity or Individual Name) BUYER First Step Preschool & Childcare LLC (Business Entity or Individual Name) By: W74111 1 d:d3:19 PM CDT Its:. . ........ _ (Title) GWu: 202 t (Date) BUYER (Business Entity or Individual Name) 26. By: (Seller) By: _.. ........ (Buyer) 27. Its: Its: 6666 WWWm�wW (Title) (Title) 28. _w.... ... _....m.. ... .._... , , (Date) (Date) 29. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYER(S) AND SELLER(S). 30. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. MN-ACPA (8/20) M)f1) IIir e soa R e)^)9II')',;oragar TRANSACTIONS T—W'donDesk Edition