5.0. EDSR 06-14-2004 - Laserfiche WebLink

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CONTRACT FOR INITIAL OR A FT SALE AND DEVELOPMENT THIS AGREEMENT is made and entered into as of the day of , 2004, by and between Elk River Business Park, LLC, a Minnesota limited liability company ("Owner") and the Economic Development Authority of the City of Elk River, Minnesota, a public body corporate and politic under the laws of the State of Minnesota("EDA"). WHEREAS, Owner is the fee owner of property located in Sherburne County, Minnesota as described on Exhibit A attached hereto (the "Property"). WHEREAS, Owner and the EDA wish to set forth the terms under which the Owner will market and sell or lease the Property, or portions thereof, to third parties and the terms and conditions under which the EDA will consider offering assistance to developments on the Property. NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, it is hereby agreed by and between the parties as follows: 1. Representations by Owner. Owner represents and warrants to the EDA as to the following: (a) There are no parties or other entities in possession of the Property or who hold any right, title or interest in the Property except for the Owner. • (b) The Property has not been used for generating, transporting, storing, treating or disposing of hazardous substances (as that term is defined in 42 U.S.C. Sections 6903, 6921 or in Minnesota Statutes Section 115B.02); the Property has not been used for disposal of waste or hazardous substances; and no underground storage tanks, wells, or septic systems are presently or have been located on the Property. Sellers shall be responsible for all costs incurred in removing any such hazardous substances on the Property. (c) Conveyance of the Property by Owner does not violate any agreement, ordinance or law to which Owner or the Property are subject. 2. Representations by EDA. The EDA represents and warrants to the Owner as to the following: (a) The execution, delivery and performance of this Agreement by the EDA does not and consummation of the transactions contemplated hereby and the fulfillment of the terms hereof will not, conflict with any legislative act, constitution or other proceeding establishing or relating to the establishment of the EDA or its officers or its resolutions. (b) The EDA, in its sole discretion, will consider the use all reasonable procedures within its power, including but not limited to, tax increment financing, tax abatement and low interest loan programs, to assist eligible buyers in developing the 410 Property. 1643057v3