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TINS AGREEMENT made this 17th day of February, 2011, by and among the City of <br />Labe Elmo, Washington County, Minnesota ( "Lake Elmo ") and Stillwater Area Public Schools, <br />ISD 834 ("District"). <br />ffla-SwUl <br />WHEREAS, the District has identified the need to construct an early childhood <br />education facility (the "Facility ") within its boundaries to serve the population within the <br />District; and <br />WHEREAS, the District has identified certain real property located in the City of Lake <br />Elmo as potential site for the Facility, which property is legally described on the attached Exhibit <br />A ( "the Property"); and, <br />WHEREAS, the Property is owned by a third party and currently is not served by <br />municipal sanitary sewer and water; and, <br />WHEREAS, the City is willing to extend its municipal sanitary sewer and water systems <br />to serve the Property, both as part of its long -term community planning and as an incentive to the <br />District to construct an early childhood education facility (the "Facility ") on the Property; and <br />WHEREAS, the City has negotiated an option agreement with respect to the Property <br />and, subject to the terms set forth below, is willing to assign its option to purchase the Property <br />to the District, at a price of $74,500 per acre; and <br />WHEREAS, the parties desire to enter into a Joint Powers Agreement to provide for the <br />extension of municipal sanitary sewer and water system to the Property and obtaining pre- <br />purchase development approvals and costs for the Property; and <br />