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RESOLUTION NO 2011-008 A RESOLUTION APPROVING A PURCHASE OPTION WITH LAKE ELMO BUSINESS PARK COMPANY FOR THE LOCATIO OF AN EARLY CHILDHOOD AND FAMILY CENTER IN THE CITY OF LAKE ELMO I WHEREAS, Independent School District No. 834 has identified the need to construct an early childhood education facility (the "Facility') within its boundaries to serve the population within the District; and WHEREAS, the District has identified certain realpropero) located in the City of Lake Elmo as potential site for the Facility; and, WHEREAS, the City is willing to extend its municipal sanitary sewer and water systems to serve the Property, both as part of its long-term community planning and as an incentive to the District to construct an early childhood education facility (the "Facility') on the Property; and WHEREAS, the City has negotiated an option agreement with respect to the Properly and, subject to the terms set forth in the Purchase Option, is willing to purchase the Property or convey the Purchase option to the District, at a price qf'$74,500 per acre; and WHEREAS, the parties desire to enter into an Option Contract to provide for the purchase or conveyance of the purchase option of the property; and WHEREAS, cities are authorized to enter into such contracts as contemplated in Minnesota Statutes. NOW, THEREFORL, BE IT RESOLVED, that the City Council of the City of Lake Elmo does hereby approve an Option Contract with Lake Elmo Business Park Company in the form attached herein, for purchase or conveyance of this option. for the location of an Early Childhood and Family Center in the 00) of Lake Elmo. BE IT FURTHER RESOLVED that the Option Contract is subject to such non- substantive changes andlor other adjustments, to be made by the City Administrator and GO; Attorney, as necessary to effect the intent Qf'the City Council under this agreement. U