Title
RESOLUTION AUTHORIZING A FIRST AMENDMENT TO THE LAND SALE
AGREEMENT WITH URBAN VENTURES, 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 First Amendment to the Land Sale Agreement (DEDA Contract No. 20-860-962), substantially in the form attached hereto, with Urban Ventures, LLC.
Statement of Purpose
STATEMENT OF PURPOSE: The resolution authorizes a First Amendment to the Land Sale Agreement with Urban Ventures, LLC (Buyer) for conveyance of property related to the Rebuild Duluth Program. The Buyer applied to acquire a DEDA- owned vacant lot legally described as LOT 11 AND 12, BLOCK 006, HOMEWOOD ADDITION TO DULUTH, upon which to construct a housing unit for an estimated total construction cost of $670,000. On March 27, 2020, DEDA and the Buyer entered into a Land Sale Agreement pursuant to which DEDA agreed to convey the Property to Buyer. Due to schedule delays, rising labor and material costs associated with the COVID-19 pandemic, and geotechnical challenges with soils, the Developer has requested to extend the project completion date to allow additional time for financing. The Amendment authorizes an extended construction completion date from December 31, 2021 to December 31, 2022 to accommodate construction commencing in the spring of 2022.