04-26-2021 EDA - Laserfiche WebLink

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1 DOCSOPEN\MU205\50\716385.v4-4/22/21 PURCHASE AND DEVELOPMENT AGREEMENT This Purchase and Development Agreement (the “Agreement”) is made and entered into this 26th day of April, 2021, by and between the Mounds View Economic Development Authority, a public body corporate and politic under the laws of Minnesota, having its principal office at 2401 Mounds View Boulevard, Mounds View, Minnesota 55112 (the “EDA”) and BIOCLEAN MOBILE WASH INC., a Minnesota business corporation, having its principal office at 2151 Mustang Drive, Mounds View, Minnesota 55112 (the “Developer”). WITNESSETH: WHEREAS, the EDA is fee owner of the Development Property, as defined herein and legally described on Exhibit A attached hereto; and WHEREAS, the Developer has identified the Development Property as a desired location for development of an approximately 3,500 square foot expansion to an existing facility of Developer; and WHEREAS, the Developer has submitted such expansion proposal to the EDA (the “Developer Proposal”), as set forth in Exhibit B and incorporated herein by reference as if fully set forth in this Agreement, detailing the aforementioned project; and WHEREAS, the EDA has determined that the Developer Proposal is consistent with existing development in the area and contributes to the long-term vision of the community; and WHEREAS, the Development Property shall be conveyed by the EDA to the Developer for development purposes, pursuant to Minnesota Statutes, Section 469.105; and WHEREAS, the conveyance of the Development Property by the EDA to the Developer shall be subject to the terms and conditions contained in this Agreement, including without limitation, the following: a. The Development Property sales price is $77,000; b. The Developer, with the reasonable assistance of the EDA, shall plat the Development Property in accordance with local subdivision regulations; c. The Developer, with the reasonable assistance of the EDA, shall obtain all other applicable planning and zoning approvals; and d. Construction of the Minimum Improvements on the Development Property shall commence within one year of the Date of Closing, as defined herein. WHEREAS, the EDA believes that the development of certain land pursuant to this Agreement and the fulfillment generally of this Agreement are in the vital and best interests of the City of Mounds View and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable state and local laws and requirements.