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LAND EXCHANGE AGREEMENT <br /> THIS PURCHASE AGREEMENT (the "Agreement") is made this day of <br /> , 2019 by and between the CITY OF ELK RIVER, a Minnesota municipal <br /> corporation ("City") and INDEPENDENT SCHOOL DISTRICT NO. 728, a Minnesota political <br /> subdivision("District"). <br /> RECITALS <br /> A. City is the fee owner of certain real property, situated in Sherburne County, <br /> Minnesota and described on"Exhibit A"hereto ("City Property"). <br /> B. The District is the fee owner of certain real property, situated in Sherburne <br /> County, Minnesota and described on "Exhibit B"hereto ("District Property"). <br /> C. Whereas the City desires to acquire a portion of the District Property legally <br /> described in "Exhibit C" attached hereto ("District Exchange Parcel") for expansion of the <br /> City's ice arena; <br /> D. The District agrees to convey the District Exchange Parcel to the City in exchange <br /> for a portion of the City Property legally described in "Exhibit D" attached hereto ("City <br /> Exchange Parcel") for reconstruction of the District's parking areas. <br /> The City Land and District Land are collectively referred to hereunder as "Properties." <br /> NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. SALE AND PURCHASE OF REAL PROPERTY. In consideration of the <br /> agreements herein contained, the City agrees that it will convey the City Exchange Parcel to the <br /> District (consisting of approximately 31,318 square feet). Concurrently, the District agrees that it <br /> will convey to City the District Exchange Parcel(consisting of approximately 75,481 square feet) <br /> 2. CITY PAYMENT. The City will compensate the District for the difference <br /> between the square footage of the land to be conveyed by the City and the land to be conveyed to <br /> the District as follows: <br /> A. Reimbursement to District of all future District costs for construction of parking <br /> improvements related to the stormwater pond infill pursuant to Paragraph 14B of this <br /> Agreement, including, but not limited to the costs of piping, filling of the stormwater pond, class <br /> 5 aggregate, paving, and curbing as part of the District parking improvements to be completed in <br /> 2020, pending unforeseen circumstances. <br /> B. Payment of all costs associated with removal of the existing softball field located <br /> on PID 475-133-1102 and all costs associated with the establishment of two Minnesota High <br /> 1 <br /> 201970v8 <br />