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• Closing is proposed for June 30, 2025. Closing may happen any time prior to that date. <br />The City may extend the closing date two times by sixty (60) days. <br />• Property taxes on the property will be prorated by Seller and Buyer as of the closing <br />date. The City will be responsible for green acres restoration fees if applicable. <br />• 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 and prior wetland credit sale <br />revenue from the surface water management fund. Proceeds from sale of land and wetland <br />banking credits will repay the interfund loan. <br />RECOMMENDATION <br />Staff is recommending approval of Resolution No. 25-05. <br />ATTACHMENTS <br />1. Location Map <br />2. Resolution No. 25-05 <br />3. Purchase Agreement <br />