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<br />PURCHASE AGREEMENT <br />RELATING TO <br /> <br />\Q)~~\f1 <br /> <br />A LOT IN NORTRSTAR BUSINESS PARK, <br />SHERBURNE COUNTY, MINNESOTA <br /> <br />1. Parties. The parties to this Purchase Agreement are: <br /> <br />a. The Economic Development Authority of the City of Elk River, a body <br />corporate and politic organized pursuant to Minnesota Statutes, Section 469.090 to <br />469.1082,13065 Orono Parkway, Elk River, MN 55330-5600, Attention: Executive <br />Director, (the "Seller"); and <br /> <br />b. Crystal Distribution Inc., Attention: <br /> <br />(the "Buyer"). <br /> <br />This Agreement sometimes refers to Seller and Buyer individually as a "Party" and collectively <br />as the "Parties". <br /> <br />2. Property. The real property that is the subject of this Agreement is located in the <br />City of Elk River, Sherburne County, Minnesota and is the property depicted as Lot _, Block <br />_, on the Preliminary Plat of NORTH STAR BUSINESS PARK. Sherburne County, Minnesota <br />(the "Property"). The property is vacant land. The Plat of NORTHST AR BUSINESS PARK. is <br />not recorded. As set forth in Section 18( d), Buyer's obligations under this Agreement are <br />contingent upon Seller's recording ofthe Plat ofNORTHST AR BUSINESS PARK. on or before <br />the Date of Closing, as defined in Section 11. The term "Property", as used in this Agreement <br />includes all hereditaments and appurtenances to the Property. The Parties do not contemplate the <br />conveyance of any personal property pursuant to this Agreement. <br /> <br />3. Purchase and Sale. Subject to Section 4, Seller agrees to sell the Property to <br />Buyer pursuant to the terms of this Agreement, and Buyer agrees to purchase the Property from <br />Seller pursuant to the terms of this Agreement. <br /> <br />4. Public Rearm!:!. Before Seller may convey the Property to Buyer, Seller's Board <br />must hold a hearing on the proposed sale and must determine that the sale is in the best interest <br />of the City of Elk River and its people and furthers Seller's general plan of economic <br />development. Within a reasonable period after Buyer submission of a signed copy of this <br />Purchase Agreement to Seller, Seller will publish the required notice of and hold the hearing <br />required by Minnesota Statute Section 469.105, Subd. 2. If, at the hearing, Seller's Board does <br />not adopt a resolution approving a sale pursuant to the terms of this Agreement, Buyer may <br />terminate this Agreement pursuant to Section 18(f), or Seller may terminate this Agreement <br />pursuant to Section 19(a). If Seller's Board adopts a resolution approving a sale pursuant to the <br />terms of this Agreement and a taxpayer appeals Seller's decision in accordance to Minnesota <br />Statute Section 469.105, Subd. 3, Seller must give Buyer written notice of the appeal, and Buyer <br />may terminate this Agreement pursuant to Section 18( f) or Seller may terminate this Agreement <br /> <br />178761Ov1 <br />