02-12-2003 Council Agenda - Laserfiche WebLink

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AGREEMENT THIS AGREEMENT, entered into as of the day of February, 2003, is binding by and between the City of Little Canada, (hereinafter "Little Canada ") a municipal corporation under the laws of the State of Minnesota, and Market Place Development Company, LLC, ( "MPD ") a Minnesota limited liability company. WHEREAS, MPD owns a number of parcels which lie within the Market Place Plat in the City of Little Canada. WHEREAS, MPD applied for subdivision of a parcel of its property to allow for the construction of a Snyder's Drug Store. WHEREAS, MPD has agreed to donate a separate parcel to Little Canada to be used for pond purposes. WHEREAS, Little Canada approved MPD's subdivision application, contingent upon MPD donating the separate parcel to Little Canada. WHEREAS, the parties have agreed to delay said donation until after either the vacation of First Bank Drive, or July 1, 2003, whichever occurs first. NOW, THEREFORE, in consideration of the mutual terms and conditions contained herein, and for other valuable consideration, including Little Canada's approval of MPD's subdivision application, MPD and Little Canada hereby agree as follows: 1. MPD's Conveyance of Property to Little Canada (a) MPD agrees to convey the following property to the City: That part of Lot 1, Block 2, Market Place, according to said plat on file and of record in the office of the County Recorder, Ramsey County, Minnesota which lies East of the West 289.00 feet of said Lot 1. (Hereinafter referred to as the "Subject Property ".) (b) If MPD acquires title to the following property, said property shall also be conveyed by MPD to the City of Little Canada: That part of vacated First Bank Drive, as dedicated in said Market Place, which lies Easterly of the Southerly extension of the East line of said West 289.00 feet of Lot 1 and which lies West of a line described as follows: Beginning at the most Southeasterly comer of said Lot 1; thence South 00 degrees 37 minutes 20 seconds East, an assumed bearing along the Southerly extension of the East line of said Lot 1, a distance of 60.00 feet to the South line of said Market -2-