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2 <br />LA515-1-859254.v2 <br />All of the property is currently vacant and has been agricultural for many years. The property was <br />last actively farmed in 2021. A Phase 1 Environmental Assessment was completed in May 2019. <br />A copy is included as Exhibit 3. <br />A listing of the permitted and conditional uses for properties that are zoned as Business Park in the <br />City is attached to this Request for Proposals as Exhibit 2. Contact the Lake Elmo Planning <br />Department for uses in other districts under Option Two. <br />III. CONDITIONS GOVERNING THE SALE OF THE PROPERTY <br />A. Offer <br />All respondents must complete and submit the Offer to Purchase form (attached as Exhibit <br />1) to the City indicating the amount being offered for the Property. The offer must not be <br />subject to any type of financing contingency. All offers submitted to the City in response <br />to this RFP shall remain valid for 90 days from the submittal deadline set forth in this RFP. <br />This time period may be extended by mutual agreement of the City and any of the <br />proposer(s). The Property is being sold by the City “AS IS.” <br />B. Purchase Price <br />The minimum purchase price for the Property is $125,000 per acre. The purchase price <br />must be paid in full to the City either by wire transfer or by certified check at closing. <br />C. Closing Fees and Costs <br />The successful respondent will be solely responsible for paying all closing fees and costs, <br />including, but not limited to, a survey, if desired by respondent, any tests desired by <br />respondent, title commitment fees, title search and examination fees, any title insurance <br />premiums or the cost of any endorsements, closing fees charged by the closing company, <br />any brokers’ fees or commissions, respondent’s attorneys’ fees, the state deed tax, the <br />cost of recording the deed, and any escrow fees. The City will be responsible for the cost <br />of making title to the Property marketable and the City’s attorneys’ fees. <br />D. Commission <br />The City agrees and acknowledges that it has not engaged the services of any agent or <br />broker for the sale of the Property. In the event that the successful respondent has engaged <br />an agent or broker, the respondent will be solely responsible for the payment of said agent <br />or broker, and said fees must not be deducted from the purchase price. <br />E. Earnest Money Deposit <br />Within five business days after all parties signing a purchase agreement, the successful <br />respondent will be required to deposit 10 percent of the purchase price, as earnest money, <br />with a title company who will hold the earnest money in escrow. The earnest money will <br />be applied to the purchase price and will be refundable except in the event of a breach of <br />the purchase agreement by the respondent.