7.0. EDSR 08-08-2005 - Laserfiche WebLink

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411 PURCHASE AGREEMENT RELATING TO A LOT IN NORTHSTAR BUSINESS PARK, SHERBURNE COUNTY,MINNESOTA 1. Parties. The parties to this Purchase Agreement ("Agreement") are: a. The Economic Development Authority of the City of Elk River, a body corporate and politic organized pursuant to Minnesota Statutes, Section 469.090 to 469.1082, 13065 Orono Parkway, Elk River, MN 55330-5600, Attention: Executive Director(the "Seller"); and b. 'Brien Holdings, LL-C-,.Minnesota limited liability company,Attention: Pat O'Brien, 9560 85th Avenue North, Maple Grove, MN 55369 (the "Buyer"), or its assigns. This Agreement sometimes refers to Seller and Buyer individually as a "Party" and collectively as the "Parties". References to a "Section" in this Agreement is a reference to one of the numbered Sections in this Agreement. • 2. Property. The real property(the "Property")that is the subject of this Agreement is located in the City of Elk River, Sherburne County, Minnesota, is depicted as Lot 2, Block 1, NORTHSTAR BUSINESS PARK on the Preliminary Plat of NORTHSTAR BUSINESS PARK, Sherburne County, Minnesota, attached to and incorporated into this Agreement as Exhibit "A", together with all hereditaments and appurtenances to and benefiting the Property. The Property is vacant land. The Plat of NORTHSTAR BUSINESS PARK is not recorded. As set forth in Section 18(d), Buyer's obligations under this Agreement are contingent upon Seller recording the Plat of NORTHSTAR BUSINESS PARK on or before the Date of Closing, as defined in Section 11. The Parties do not contemplate the conveyance of any personal property pursuant to this Agreement. 3. Purchase and Sale. Subject to Section 4, 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 Board of Commissioners ("Board") must hold a public 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. No later than August 8, 2005, Seller will publish the required notice of and hold the hearing required by Minnesota Statute Section 469.105, Subd. 2. If, at the hearing, Seller's Board does not adopt a resolution approving a sale pursuant to the terms of this Agreement, Buyer may terminate this Agreement pursuant to Section 18(f), or Seller may terminate this Agreement pursuant to Section 19(a). If Seller's Board adopts a resolution approving a sale pursuant to the terms of this Agreement and a taxpayer appeals Seller's decision in accordance to Minnesota Statute Section 469.105, Subd. 3, Seller must give 1787610v6