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• City is responsible for any crop damage occurring after April 1, 2025, because of any City <br />work on the property. Rental income will be prorated between Seller and Buyer based on <br />the date of closing. <br />• City will deposit $10,000 in earnest money as of the effective date of the agreement. <br />Earnest money is refundable if agreement terminated for causes outlined in the agreement, <br />including objections to title, survey, testing, or inspections raised during the inspection <br />period. <br />• The agreement is contingent on the City obtaining approval of a Mitigation Plan from the <br />Minnesota Board of Water and Soil Resources (BWSR) and Army Corps of Engineers for <br />establishment of a wetland bank on the site. <br />Funding for the purchase will be provided from an interfund loan. Proceeds from sale of land and <br />wetland banking credits will repay the interfund loan. <br />REQUESTED COUNCIL DIRECTION <br />Staff is requesting City Council direction to place consideration to approve a purchase <br />agreement on the January 13, 2025 agenda. <br />ATTACHMENTS <br />1. General Location Map <br />