5.0. EDSR 06-09-1997 - Laserfiche WebLink

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EXECUTION: December 1, 1995 • CONTRACT FOR EXCLUSIVE NEGOTIATIONS THIS AGREEMENT, effective as of this 1st day of December, 1995 is between the Housing and Redevelopment Authority in and for the City of Fridley, having its principal offices at 6431 University Avenue N.E. , Fridley, Minnesota, 55432 , and WHEREAS, the Redeveloper is proposing to develop the area identified on the map attached as Schedule A and is requesting that the Authority negotiate exclusively with the Redeveloper while the area is being studied, designed and marketed. WHEREAS, the Authority is willing to negotiate exclusively with the Redeveloper provided certain conditions described below are met . NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows : • Section 1 . 1 . Definitions . In this Agreement unless a different meaning clearly appears from the context : "Agreement" means this Agreement, as the same may be from time to time modified, amended, or supplemented. "Authority" means the Housing and Redevelopment Authority in and for the City of Fridley, Minnesota . "City" means the City of Fridley, Minnesota. "Council" means the Council of the City. "Marketing Plan" means the program to market the Redevelopment Project . The Marketing Plan is further described on Schedule B attached to this Agreement . "Master Plan" means the plan detailing the overall development of the Redevelopment Project as a corporate office park with a commercial component on the Commercial Tract . The Master Plan shall be prepared by the Redeveloper and approved by the Authority and the City. "Minimum Improvements" means as follows : f A. For the Office Tract it is the construction of Class A office buildings of not less than 50 , 000 square feet