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MEMORANDUM OF AGREEMENT <br />. This Memorandum of Agreement entered into this 18th day of <br /> April, 1995, by and between the County of Sherburne (the <br />County) and the City of Elk River (the City). <br />WHEREAS, the City needs to acquire approximately 1.75 acres <br />of land in the northwest corner of the County Fairgrounds from <br />the County to construct the new intersection of Orono Road and <br />Joplin Street; and <br />WHEREAS, the County is willing to sell the land needed for <br />the intersection to the City; and <br />WHEREAS, both parties desire to work together to minimize <br />the impacts of this acquisition on the Fairgrounds and the <br />operation of the annual County Fair; <br />NOW, THEREFORE, the parties hereto agree as follows: <br />• 1. The County shall sell approximately 1.75 acres of land <br />(the Land) to the City for construction of the new <br />intersection of Orono Road and Joplin Street (the <br />Project). The sale price shall be the fair market <br />value of the land determined as follows: <br />° The County, on behalf of itself and the City, has <br />retained Mike Amo to prepare a preliminary <br />appraisal of the Land. The cost of this <br />preliminary appraisal shall be borne equally by <br />the City and the County. If the value <br />established for the Land by Mr. Amo is acceptable <br />to both parties, this shall be the sale price. <br />If either party does not agree with the value <br />established by Mr. Amo, that party may have a <br />second appraisal prepared at its own cost and <br />negotiations regarding the sale price will <br />continue based on the two appraisals. <br />° The City will pay all special assessments payable <br />on the Land on the close of the sale. The sale <br />price shall be adjusted as necessary to reflect <br />this payment by City. <br />° The City shall be responsible for removing any of <br />• the Fairgrounds fence required to be removed for <br />