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Memorandum of Understanding <br />This MEMORANDUM OF UNDERSTANDING ("MOU") is made and entered into as <br />of the IV" day of toq , 2024 by and between the ELK RIVER <br />HOUSING AND REDEVLLOPMENT AUTHORITY, a public body corporate and politic <br />("HRA") and the DOWNTOWN ELK RIVER BUSINESS ASSOCIATION, a Minnesota <br />nonprofit corporation ("Association"). <br />RECITALS <br />WHEREAS, the HRA owns the real property located at 724 Main Street NW, Elk River, <br />Minnesota 55330, with a PID of 75-00405-0225 (the "Property"); and <br />WHEREAS, the Association has offered to place outdoor furniture on the Property for use <br />by the public during the 2024 summer season; and <br />WHEREAS, the Association has arranged to obtain the necessary furniture at its own sole <br />expense; and <br />WHEREAS, the HRA believes that placing outdoor furniture on the Property will benefit <br />the public and further a public purpose by supporting the HRA's efforts to promote redevelopment <br />in the City of Elk River areas; and <br />WHEREAS, the parties to this MOU wish to memorialize their understanding. <br />NOW, THEREFORE, the HRA and the Association have reached the following <br />understandings: <br />1. Purpose. The purpose of this MOU is to establish a mutual understanding of the parties' <br />intentions, rights, and obligations. <br />2. Furniture Placement Authorized. The Association may place outdoor furniture on the - <br />Property. <br />3. Responsibilities of Association. The Association shall be solely responsible for acquiring, <br />transporting, placing, maintaining, cleaning, repairing, and removing the furniture. In no case shall <br />the City be responsible for any portion of the cost associated with the furniture on the Property. <br />4. Responsibilities of the HRA. The HRA shall allow the furniture to be placed on the <br />Property, and shall not remove the furniture except as provided in this MOU. If the furniture <br />becomes damaged, defaced, in disrepair, unsightly, or begins to encroach on or obstruct the use of <br />the Property or nearby uses, the HRA may, but is under no obligation to, remove and dispose of <br />the affected portion of the furniture. <br />5. Time; Termination. This MOU shall be effective from the date of its final execution. <br />This MOU shall expire on November 1, 2024 unless terminated earlier. Either party to this MOU <br />may also terminate this agreement for any reason upon 14 days' notice. The Association shall, at <br />230863v2 <br />