2003-135 Council Resolution - Laserfiche WebLink

Home Search

REAL ESTATE PURCHASE AGREEMENT THIS REAL ESTATE PURCHASE AGREEMENT ("Agreement") is made as of the day of , 2003, by and between LEGACY HOLDINGS LINO LAKES, LLC, ("Buyer"), a Minnesota corporation or its assigns and the CITY OF LINO LAKES, a Minnesota municipal corporation ("City"). 1. PURCHASE AND SALE. Subject to the terms and conditions of this Agreement, and for and in consideration of the mutual agreements, covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, City agrees to sell to Buyer, and Buyer agrees to purchase from City approximately 11.72 acres (including all improvements located thereon), located in Lino Lakes, Minnesota, (the "Property"), and described on EXHIBIT A attached hereto and made a part hereof, including all interest, right and title of City in and to all adjacent rights-of-way and streets, including all access rights, easements, hereditaments, and tenements benefiting the Property. The exact dimensions and square footage of the Property shall be determined by the Survey described in Section 4 herein. 2. CONTINGENCY PERIOD AND CLOSING DATE. The "Contingency Period" shall be for three hundred sixty-five (365) days commencing on the day after the parties' mutual execution of the Agreement. Contingencies include obtaining all municipal approvals, Final Plat approvals, Development Agreements, zoning approvals, subdivision approvals, the approval of a mixed use redevelopment on the adjacent 29.53 acres known as the "Tagg Property", Tax Increment Financing Agreements, Tax Abatement Financing Agreements and other City financing. It is acknowledged by City that the Buyer cannot close on the Property without assistance from the City in the form of Tax Increment Financing, Tax Abatement, land contribution or other financial incentives. In the event that Buyer has submitted, before the end of the Contingency Period, an application to the City requesting approval of Buyer's development and financing plan and the City has not approved or rejected the application, then the "Contingency Period" shall be extended for an additional one hundred eighty (180) days, upon the deposit of an additional Ten Thousand and No/100 Dollars ($10,000.00) in the trust account of First American Title Insurance Company (the "Title Company"), which amount shall be non-refundable and credited against the Purchase Price (the "First Additional Earnest Money Payment"). Upon Buyer's payment of the First Additional Earnest Money Payment, the Initial Earnest Money, as defined below, shall become nonrefundable to Buyer. In the event that Buyer has submitted an application to the City, before the end of the Contingency Period, requesting approval of its development and financing plan and the City has not approved or rejected the application during the extended 180 -day period, then the "Contingency Period" shall be extended for an additional one hundred twenty (120) days, upon the deposit of an additional Ten Thousand and No/100 Dollars ($10,000.00) in the trust account of the Title Company, which amount shall be credited against the Purchase Price (the "Second Additional