7.0. EDSR 08-08-2005 - Laserfiche WebLink

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PURCHASE AGREEMENT RELATING TO A LOT IN NORTHSTAR BUSINESS PARK, SHERBURNE COUNTY,MINNESOTA 1. Parties. The parties to this Purchase 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. om E. Bauer and I. Rikki Bauer husband and wife, as joint tenants, 26608 Pierce Circle, Murrieta, CA 92562 (collectively, 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 located in the • City of Elk River, Sherburne County, Minnesota and is the property depicted as Lot 2, Block 2, on the Preliminary Plat of NORTHSTAR BUSINESS PARK, Sherburne County, Minnesota, a copy of which is attached as Exhibit A(the "Property"). The property is vacant land and has an area of approximately 2.64 acres. 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's recording of the Plat of NORTHSTAR BUSINESS PARK on or before the Date of Closing, as defined in Section 11. The term "Property," as used in this Agreement includes all hereditaments and appurtenances to the Property. 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 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 submission of a signed copy of this Purchase Agreement to Seller, 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 Buyer written notice of the appeal, and Buyer 1787623v4