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PURCHASE AGREEMENT <br />RELATING TO <br />A LOT IN NORTHSTAR BUSINESS PARK, <br />SHERBURNE COUNTY, MINNESOTA <br />Parties. The parties to this Purchase Agreement are: <br />a. The Economic Development Authority of the City of Elk Ri er, 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 />b. Envision Company, LLC., a Minnesota limited liability, 15703 Jarvis <br />Street, Elk River, Minnesota 55330, Attention: Chris Carlson (the "Buyer"). <br />This Agreement sometimes refers to Seller and Buyer individually as a "Party" and collectively <br />as the "Parties". <br />2. Pro er .The real property that is the subject of this Agreement is located in the <br />City of Elk River, Sherburne County, Minnesota and is legally described as Lot 4, Block 1, <br />NORTHSTAR BUSINESS PARK, Sherburne County, Minnesota (the "Property"). The <br />property is vacant land. The term "Property", as used in this Agreement includes all <br />hereditaments and appurtenances to the Property. The Parties do not contemplate the <br />conveyance of any personal property pursuant to this Agreement. <br />3. Purchase and Sale. Seller agrees to sell the Property to Buyer pursuant to the <br />terms of this Agreement, and Buyer agrees to purchase the Property from Seller pursuant to the <br />terms of this Agreement. Upon the purchase of the Property, Buyer intends to lease the Property <br />to its affiliate, Sportech, Inc., a Minnesota corporation ("Sportech"). <br />4. Purchase Price. The purchase price for the Property is One Dollar ($1.00) (the <br />"Purchase Price") and is payable in cash at closing. <br />5. Plans and Specifications. Prior to Seller's execution of this Agreement Buyer <br />will deliver plans and specifications ("the Plans and Specifications") for the improvements Buyer <br />or Sportech intends to construct on the Property (the "Improvements") to Seller for review as <br />required by Minnesota Statutes, Section 469.105, Subd. 7. Seller's execution of this Agreement <br />evidences Seller's approval of the Plans and Specifications for purposes of Minn. Stat Section <br />469.105 Subd 7. Seller's approval of the Plans and Specifications pursuant to this Section <br />constitutes approval for purposes of this Agreement only. Seller's review and approval or <br />disapproval of Plans and Specifications pursuant to this Agreement is not intended to and does <br />not satisfy any requirements of the City of Elk River's ordinances and is not intended as a <br />substitute for any plan review provided for therein. <br />2150570v4 <br />