4.7 SR 01-02-2018 - Laserfiche WebLink

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REAL ESTATE EXCHANGE AND DEVELOPMENT AGREEMENT THIS REAL ESTATE EXCHANGE AND DEVELOPMENT AGREEMENT, made on or as of the day of , 2018, by and between CITY OF ELK RIVER, MINNESOTA, a municipal corporation under the Constitution and laws of the State of Minnesota (the "City"), and NEW RESOURCES, LLC, a Minnesota limited liability company ("Developer"). The City and the Developer are sometimes jointly referred to as the "Parties" or each individually as a"Party". WITNESSETH: WHEREAS, the City has undertaken a program to promote economic development and job opportunities and to promote the development of land which is underutilized within the City, and in this connection created a development project known as Development District No. 1 ("Development District") pursuant to Minnesota Statutes, Sections 469.124 to 469.134, as amended (the "Development District Act"); and WHEREAS, pursuant to the Development District Act, the City is authorized to acquire real property, or interests therein, and to undertake certain activities to facilitate the development of real property by private enterprise; and WHEREAS, the City has acquired certain property described in Exhibit A (collectively referred to as the "City's Property") within the Development District, and intends to convey the City's Property to Developer, which together with lots already owned by Developer (collectively, with the City's Property, the "Developer's Minimum Improvements Property" and legally described in Exhibit D attached hereto), will be developed by Developer as a new light maintenance facility with related office and storage space, parking, and street access (the "Project") as generally depicted on Sheets 2 through 6 from the Revised Layout Drawings dated November 16, 2017 By Oliver Survey and Engineering, Inc., consisting of 5 pages (collectively, the "Revised Drawings"). The Revised Drawings are attached to this Agreement as Exhibit E and incorporated in this Agreement by this reference; and WHEREAS, the City proposes to acquire, for redevelopment purposes, the real property in the City and legally described in Exhibit B hereto (the "New Resources Property") from the Developer for the construction of certain public improvements in accordance with the terms hereof, WHEREAS, the City proposes to construct certain public improvements as provided herein on certain property owned by the City and the New Resources Property legally described in Exhibit C hereto (collectively, the "Public Improvement Property"); and WHEREAS, the City believes that the development of the Project, the sale of the City Property to the Developer, and the purchase of the New Resources Property from the Developer, and fulfillment generally of this Agreement, are in the vital and best interests of the City and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and 1 512017v5 JSB BL185-52