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419290v2 LN140 -109 <br /> <br />PURCHASE AND REDEVELOPMENT AGREEMENT <br /> <br /> <br /> THIS AGREEMENT is made as of the __________ day of ____________________, 20 13 <br />b y and among the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body <br />corporate and politic of the State of Minnesota (the “EDA”), and LINO LAKES ASSISSTED <br />LIVING, LLC, a Minnesota limited liability company (the “Developer”). <br /> <br /> WITNESSETH: <br /> <br /> WHEREAS, th e EDA has entered into a letter of intent with Anoka County (the “County”) <br />to acquire the tax -forfeited property described in Exhibit A hereto (the “Property”); and <br /> <br /> WHEREAS, the EDA deems it to be in the public interest to facilitate and encourage <br />devel opment of the Property by private activity; and <br /> <br /> WHEREAS, the Developer has proposed a development of the Property that the EDA <br />believes will promote and carry out the objectives of the EDA, will be in the vital best interests of <br />the EDA, will promote the health, safety, morals, and welfare of its residents and will be in accord <br />with the public purposes and provisions of the applicable state and local laws and requirements <br />under which activities within the EDA have been undertaken and are being assisted; a nd <br /> <br /> WHEREAS, the Developer is willing to purchase the Property and to develop the Property <br />for and in accordance with this Agreement; and <br /> <br /> WHEREAS, the EDA desires to convey the Property to Developer and Developer is <br />desirous of purchasing the same. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants and agreements herein <br />contained and other valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, the parties hereby covenant and agree as follows: <br />