4.3. SR 02-17-1994 - Laserfiche WebLink

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HOULTON PARK GIFT AGREEMENT e This Agreement entered into by and on behalf of Houlton Investment Company, a Minnesota Corporation, hereinafter referred to as 'Houlton', first party, and the City of Elk River, hereinafter referred to as 'City', second party. WHEREAS, the Elk River Lions Club together with 'City' and other civic organizations desire to develop a recreational park area in and near the Elk River Central Downtown Business District, and WHEREAS, the City of Elk River as part of its storm sewer drainage plan requires a storm sewer holding pond area to be located upon property now owned by 'Houlton', to be hereinafter described, and WHEREAS, 'Houlton' desires to cooperate in the creation and development of said park and storm sewer ponding area. IT IS HEREBY AGREED AS FOLLOWS: 1) That 'Houlton' shall gift to 'City' immediately upon the execution of this agreement that land described on the attached Exhibit "A", being the land primarily required for the development ~of said storm sewer drainage ponding area, together with necessary ~storm sewer ditch and pipeline easements to connect said ponding area to the outside boundary of the area surrounding said parcel "A", now owned by Houlton, as is required to connect said ponding area to the balance of the presently planned storm sewer system. 2) That, in consideration of the 'City's undertakings and responsibilities expressed herein, 'Houlton', on or before , shall gift to 'City' that land surrounding said Exhibit "A" parcel, as more fully described on the attached Exhibit "B". 3) It is hereby agreed that the fair market value of Exhibit "A" property shall be the sum of $ and that the fair market value of Exhibit "B" property shall be $ 4) 'Houlton' is retaining for industrial or commercial or other development, that land described on the attached Exhibit "C" and "D", as well as other land adjacent to said Exhibit "B" land. As a part of the plan for the improvement of said park area and in order to afford 'Houlton' access to said Exhibit "C" and "D" property, 'City' shall construct bituminous (or some such other alternative surface reasonably determined by the City), roadways from existing public right of ways to the park area in such a manner that said roads will provide access for both traffic and utilities to said Exhibit "C" and "D" property. The extension of said roadway shall ebe without cost to 'Houlton' and said Exhibit "C" and "D" property and any other property presently owned by 'Houlton' adjacent to said park area shall not be assessed for said road improvements.