OTHERAWARDED

City of Willmar Planning Commission Meeting Agenda March 2024

City Sells Industrial Park Land to Jennie-O Turkey Store

$28,500.00 per acre, estimated to be $854,145.00; $10,000.00 earnest moneyCentracare- Rice Memorial HospitalJENNIE-O TURKEY STORE INCMarch 20, 2024

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Description

The City of Willmar executed a commercial property purchase agreement selling 29.97 acres in the Willmar Industrial Park to Jennie-O Turkey Store Inc. for an estimated $854,145, with a $10,000 earnest deposit. The deal includes a two-year city repurchase option, multiple utility and aviation easements, and enforceable industrial park covenants.

Contract Details

Contract Amount

$28,500.00 per acre, estimated to be $854,145.00; $10,000.00 earnest money

Vendor

JENNIE-O TURKEY STORE INC

Agency

Centracare- Rice Memorial Hospital, MN

Contract Type

OTHER

Document Date

March 20, 2024

Contract Term

Closing no later than 30 days after Inspection/Due Diligence Period has expired or is waived; Seller repurchase option valid for 2 years after Closing Date; Buyer must commence construction within 1 year after Closing Date to avoid vesting of repurchase option

Renewal Info

Seller retains a conditional option to repurchase the property for 2 years after the closing date if the buyer fails to devote the property to its intended use or commence construction within 1 year. No automatic renewals beyond this repurchase window are specified.