05-24-1999 EDA - Laserfiche WebLink

Home Browse Search

05-19-99 13:42 From-KENNEDY & GRAVEN +6123379310 T-806 P.03/31 F-170 PURCHASE AND REDEVELOPMENT AGREEMENT THIS AGREEMENT is made as of _by and among the MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a public body politic and corporate under the laws of the State of Minnesota (the "Authority"), located at 2401 Highway 10, Mounds View, Minnesota 55112-1499, and MARQUIS BUILDERS, INC., a Minnesota corporation(the "Developer"),located at 1211 Old Highway 8 NW,New Brighton,MN 55112. WITNESSETH: WHEREAS, the Authority is the owner in fee simple of the parcel of land (the "Land") located in the City of Mounds View, County of Ramsey, State of Minnesota, and legally described as: Lot 70, Knollwood Park,Mounds View,Minnesota, according to the plat filed with the Ramsey County Recorder. The Land and all rights, privileges, easements, tenements, hereditaments, and appurtenances belonging thereto, shall hereinafter be referred to as the "Property". The street address of die Property is 6991 Pleasant View Drive,Mounds View,Minnesota 55112. WHEREAS, the Authority deems it to be in the public interest to facilitate and encourage redevelopment of the Property by private activity; and WHEREAS, the Developer has proposed a development ("Development") within such Property which the Authority believes will promote and carry out the objectives of the Authority, will be in the vital best interests of the Authority, will promote the health, safety, morals, and welfare of its residents and will be in accord with the public purposes and provisions of the applicable state and local laws and requirements under which activities within the Authority have been undertaken and are being assisted; and WHEREAS, the Developer proposes to construct on the Property a 1600 sq. ft. three bedroom, single story walkout, single family home, including two full bathrooms and a three car garage,with an estimated market value of$184,500.00. WHEREAS, the Developer is willing to purchase the Property and to develop the Property for and in accordance with this Agreement; and WHEREAS, the Authority desires to convey the Property to Developer and Developer is desirous of purchasing the same. NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby covenant and agree as follows: 1