Title
RESOLUTION AUTHORIZING LAND SALE TERMINATION AGREEMENT WITH ANACHI, LLC RELATED TO THE REBUILD DULUTH PROGRAM
Body
CITY PROPOSAL:
RESOLVED, by the Duluth Economic Development Authority (“DEDA”) that the proper DEDA officials are hereby authorized to enter into a Land Sale Termination Agreement, substantially in the form of that attached hereto, with Thomas Jovanovich and ANACHI, LLC, terminating a Land Sale Agreement, as amended, Contract Number 21 860 103, Contract Number 21 860 103 (1), and Contract Number 21 860 103(2).
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize the termination of the Land Sale Agreement and First and Second Amendment between DEDA and Thomas Jovanovich and ANACHI, LLC. The existing Agreement authorized the conveyance of property for the purpose of construction of the proposed Rebuild Duluth project by ANACHI, LLC (Developer). The developer will not be able to meet construction deadlines as agreed upon in the Land Sale Agreement and therefore is subject to forfeiture of property. The property will be conveyed back to DEDA and staff will work to utilize the property for purposes of infill housing.