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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 />IJ on PID #75-133-1102 and all costs associated with the establishment of two Minnesota High <br />1 <br />201970v8 <br />