Laserfiche WebLink
1 <br />518333v7 DTA MU205-47 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />PURCHASE AND DEVELOPMENT AGREEMENT <br /> <br /> This Purchase and Development Agreement (the “Agreement”) is made and entered into <br />this ___ day of June, 2018, by and between the Economic Development Authority of Mounds View, <br />a public body corporate and politic under the laws of Minnesota, having its principal office at 2401 <br />Mounds View Boulevard, Mounds View, Minnesota 55112 (the “Authority”) and Boulevard <br />Apartments, Limited Partnership, a Minnesota limited partnership, having its principal office at <br />7645 Lyndale Avenue South, Minneapolis, Minnesota 55423 (the “Developer”). <br /> <br /> WITNESSETH: <br /> <br />WHEREAS, the Authority has initiated efforts to acquire the Property, as defined herein, for <br />the sole purpose of conveying it to the Developer and consistent with all the terms, conditions and <br />requirements of that certain Real Estate Option Agreement (the “Option Agreement”) entered into <br />by the parties on or about February 26, 2018; and <br /> <br /> WHEREAS, the Developer has identified the Property and adjacent land as a desired <br />location to develop a 60-unit affordable housing complex (the “Project”); and <br /> <br />WHEREAS, the Developer has entered into or will enter into that separate Contract for <br />Private Development (“CPD”) with the Authority containing various requirements with respect <br />to the Project; and <br /> <br /> WHEREAS, pursuant to the Option Agreement, the Developer is required to also enter <br />into this Agreement, outlining the terms and conditions of the Developer’s acquisition of the <br />Property from the Authority and the platting thereof; and <br /> <br /> WHEREAS, in accordance with the terms and conditions of this Agreement, the Property <br />shall be conveyed by the Authority pursuant to Minnesota Statutes, section 469.105 for the Project; <br />and <br /> <br />WHEREAS, the conveyance of the Property by the Authority to the Developer shall be <br />subject to the following terms and conditions: <br /> <br />a. The Property sales price is $53,036.25; and