05-09-2016 Council Packet - Laserfiche WebLink

Home Search

EXHIBIT A LAND ACQUISITION ESCROW AGREEMENT Dupont Holdings, LLC This Agreement is entered into on May _____, 2016, by and between City of Lino Lakes, a Minnesota municipal corporation (“Seller”), and Dupont Holdings, LLC, a Minnesota limited liability company (“Buyer”). Recitals A. Seller and Buyer entered into a Development Agreement and Planned Unit Development Agreement dated May 6, 2016, for the Saddle Club Second Addition. B. A condition of the Development Agreement is that Buyer acquire fee simple title to the following Property from the Seller in order to install road and utility improvements: The South 550.00 feet of the East 330.00 feet of the Southwest Quarter of the Southwest Quarter of Section 28, Township 31, Range 22, Anoka County, Minnesota. C. The Property is currently owned by Comcast CCH Subsidiary Holdings, Inc. and is, or will be, subject to a purchase agreement whereby the City will acquire the Property from Comcast. The Property is further subject to a separate Purchase Agreement between the City/Seller and Buyer for the purpose of transferring it to Buyer pursuant to the terms of the Development Agreement. D. Buyer seeks to commence utility and street work for the Saddle Club Second Addition prior to the completion of the transfer of title of the Property from Comcast to the City. E. The City is willing to allow the utility and street work to commence provided that Seller and Buyer enter into this Escrow Agreement requiring the deposit of the total Purchase Price for the acquisition of the Property. Escrow Agreement 1. The above Recitals are incorporated herein. 2. Upon execution of this Agreement, Buyer shall deposit with the Seller $100,000.00 in certified funds (the “Escrowed Funds”). The Escrowed Funds shall be deposited in existing City Accounts but tracked in City financial records as the