Resolution No. 22-01 EDA - Laserfiche WebLink

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PURCHASE AND DEVELOPMENT AGREEMENT THIS PURCHASE AND DEVELOPMENT AGREEMENT ("Agreement") is made this day of , 2022 ("Effective Date") by and between the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a Minnesota legal entity(the"Seller")and SILVER CREEK EQUITY, LLC,a Delaware limited liability company,or an affiliate or its assigns(the"Buyer"). 1. SUBJECT PROPERTY. Pursuant to the terms of this Agreement, the Seller intends to sell to the Buyer foe title to the property legally described and depicted in Exhibit A attached hereto in which is attached hereto and incorporated herein(the"Property"). 2. OFFER/ACCEPTANCE. In consideration of the mutual agreements herein contained, the Buyer offers and agrees to purchase and the Seller agrees to sell the Property. 3. CONTINGENCIES. This Agreement is contingent upon the following: A. The Buyer's inspection of the Property and environmental testing(if deemed necessary by the Buyer) and the Buyer receiving reports related to all appropriate due diligence, including without limitation conducting soil borings and other site engineering investigations, studies, and tests on the Property,that are satisfactory to the Buyer; B. The Buyer having obtained all government approvals deemed necessary by the Buyer, including but not limited to planning approvals from the City of Lino Lakes(the"City"); C. The Buyer having obtained financing for the purchase of the Property and the construction of the Minimum Improvements(as defined herein). D. The Buyer's satisfactory review of all easement agreements,maintenance agreements,or any other agreements relating to the Property; E. The Buyer's receipt of all documents to be provided by the Seller in accordance with Section 7 of this Agreement; F. Condition of title being satisfactory to the Buyer following the Buyer's examination of title as provided in Section 11 of this Agreement; G. Following the review of the items listed above,the suitability of the Property for development by the Buyer;and H. The Board of the Seller holding a public hearing and approving the sale of the Property. The Buyer shall have until 30 days after the Due Diligence Period(as defined herein)to waive or remove the contingencies listed at A and C through G above. The Seller shall have until the Closing Date to remove the