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DRAFT #1 <br /> PURCHASE AND REDEVELOPMENT AGREEMENT • <br /> THIS AGREEMENT is made as of the 24th day of November, 1997 by and among the <br /> MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a public body politic and <br /> corporate under the laws of the State of Minnesota (the "Authority"), located at 2401 Highway <br /> 10, Mounds View, Minnesota 55112-1499, and PREFERRED BUILDERS, INC., a Minnesota <br /> corporation (the "Developer"), located at 133 Osborne Road, Spring Lake Park, MN 55432. <br /> WITNESSETH: <br /> WHEREAS, the Authority is the owner in fee simple of the parcel of land (the "Land") <br /> located in the City of Mounds View, County of Ramsey, State of Minnesota, and legally <br /> described as: <br /> The West 218 feet of the North 53 feet of Lot 34 and the South 27 <br /> feet of the West 218 feet of Lot 35, Auditor's Subdivision No. 89, <br /> Ramsey County, Minnesota. <br /> The Land and all rights, privileges, easements, tenements, hereditaments, and appurtenances <br /> belonging thereto, shall hereinafter be referred to as the "Property". The street address of the <br /> Property is 8265 Spring Lake Road, Mounds View, Minnesota 55112. <br /> WHEREAS, the Authority deems it to be in the public interest to facilitate and encourage <br /> redevelopment of the Property by private activity; and <br /> WHEREAS, the Developer has proposed a development ("Development") within such <br /> Property which the Authority believes will promote and carry out the objectives of the Authority, <br /> will be in the vital best interests of the Authority, will promote the health, safety, morals, and <br /> welfare of its residents and will be in accord with the public purposes and provisions of the <br /> applicable state and local laws and requirements under which activities within the Authority have <br /> been undertaken and are being assisted; and <br /> WHEREAS, the Developer proposes to construct on the Property a 1900 sq. ft. three <br /> bedroom modified two story single family residential home, including two full bathrooms and <br /> a three car garage, with an estimated market value of$145,000. <br /> WHEREAS, the Developer is willing to purchase the Property and to develop the Property <br /> for and in accordance with this Agreement; and <br /> WHEREAS, the Authority desires to convey the Property to Developer and Developer is <br /> desirous of purchasing the same. <br /> i <br /> SJR133725 <br /> MU205-9 <br />