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HOULTON PARK GIFT AGREEMENT <br /> <br /> This ~Agreement entered into by and on behalf of Houlton Investment Company, <br />a Minnesota Corporation, hereinafter referred to as 'Houlton', first party, and <br />the City of Elk River, hereinafter referred to as 'City', second party. <br /> <br /> WHEREAS, the Elk River Lions Club together with 'City' and other civic <br />organizations desire to develop a recreational park area in and near the Elk <br />River Central Downtown Business District, and <br /> <br /> WHEREAS, the City of Elk River as part of its storm sewer drainage plan <br />requires a storm sewer holding pond area to be located upon property now owned <br />by 'Houlton', to be hereinafter described, and <br /> <br /> WHEREAS, 'Houlton' desires to cooperate in the creation and development <br />of said park and storm sewer ponding area. <br /> <br />IT IS HEREBY AGREED AS FOLLOWS: <br /> <br /> 1) That 'Houlton' shall gift to 'City' immediately upon the execution of <br />this agreement that land described on the attached Exhibit "A", being the land <br />primarily required for the development of said storm sewer drainage ponding area, <br />together with necessary storm sewer ditch and pipeline easements to connect said <br />ponding area to the outside boundary of the area surrounding said parcel "A", now <br />owned by Houlton, as is required to connect said ponding area to the balance of <br />the presently planned storm sewer system. <br /> <br /> 2) That, in consideration of the City's undertakings and responsibilities <br />expressed herein, 'Houlton', on or before December 30, 1984, shall gift to 'City' <br />that land surrounding said Exhibit "A" parcel, as more fully described on the <br />attached Exhibit "B".~The Exhibit "B" gifts shall contain a "right of reverter" <br />if the property ever ceases to be used for public purposes; provided that such <br />reverter shall expire 20 years from the date of the gift. <br /> <br /> 4) It is hereby agreed that the fair market value of Exhibit "A" property <br />shall be the sum of $51,100 and that the fair market value of Exhibit "B" property <br />shall be $102,240. <br /> <br /> 5) 'Houlton' is retaining for industrial or commercial or other development, <br />that land described on the attached Exhibit "C" and "D", as well as other land ad- <br />jacent to said Exhibit "B" land. As part of the plan for the improvement of said <br />park area and in order to afford 'Houlton' access to said Exhibit "C" and "D" prop- <br />erty, 'City' shall construct bituminous roadways from existing public right of ways <br />to the park area in such a manner that said roads will provide access for both <br />traffic and utilities to said Exhibit "C" and "D" property. The extension of <br />said roadway shall be without cost to 'Houlton' and said Exhibit "C" and "D" property <br />and any other property presently owned by 'Houlton' adjacent to said park area shall <br />not be assessed for said road improvements. The said public roads and utility right <br />of ways shall be acquired in 1984. The said roads shall be graded to normal city <br />specifications and provided with a class five gravel surface to normal city speci- <br />fications during 1984. The said roads shall be paved with a bituminous surface <br /> <br /> <br />