7.5. SR 07-15-2013 - Laserfiche WebLink

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PURCHASE AGREEMENT RELATING TO A LOT IN NATURE'S EDGE BUSINESS CENTER, SHERBURNE COUNTY,MINNESOTA 1. Parties. The parties to this Purchase Agreement are: a. The City of Elk River, a Minnesota municipal corporation, 13065 Orono Parkway, Elk River, MN 55330-5600, Attention: City Clerk, (the "Seller"); and b. Preferred Real Estate Holdings, LLC, , Rogers, MN 55330, Attention: (the "Buyer"). This Agreement sometimes refers to Seller and Buyer individually as a "Party" and collectively as the "Parties". 2. Property. The real property that is the subject of this Agreement is a 10.36 acre parcel in Nature's Edge Business Center located in the City of Elk River, Sherburne County, Minnesota and is the property legally described on the attached Exhibit A (the "Property"). The property is vacant land. The term "Property", as used in this Agreement includes all hereditaments and appurtenances to the Property. No personal property will be conveyed pursuant to this Agreement. 3. Purchase and Sale. Subject to the contingencies set forth herein, Seller agrees to sell the Property to Buyer pursuant to the terms of this Agreement, and Buyer agrees to purchase the Property from Seller pursuant to the terms of this Agreement. 4. Public Hearing. Before Seller may convey the Property to Buyer, Seller's City Council must hold a hearing on the proposed sale and must determine that the sale is in the best interest of the City of Elk River and its people and furthers Seller's general plan of economic development. Within a reasonable period after Buyer submits a signed copy of this Purchase Agreement to Seller, Seller will publish the required notice of and hold the hearing required by Minnesota Statute Chapter 469. If, at the hearing, Seller's Council does not adopt a resolution approving a sale pursuant to the terms of this Agreement, Buyer may terminate this Agreement pursuant to Section 18(b), or Seller may terminate this Agreement pursuant to Section 19(a). If Seller's Council adopts a resolution approving a sale pursuant to the terms of this Agreement and a taxpayer appeals Seller's decision in accordance to Minnesota Statutes Chapter 469, Seller must give Buyer written notice of the appeal, and Buyer may terminate this Agreement pursuant to Section 18(b) or Seller may terminate this Agreement pursuant to Section 19(b). If neither Buyer nor Seller terminates this Agreement pursuant to Section 18(b) or Section 19(b), within five (5) business days of Seller's delivery of written notice of an appeal to Buyer, all time periods provided for in this Agreement will be tolled pending the outcome of such appeal. If neither Buyer nor Seller terminates this Agreement pursuant to Section 18(b) or Section 19(b) and a