Loading...
HomeMy WebLinkAbout10-09-1995 EDA,y. � -.i;•. � '{?.} is �M''f �:}i# +)lil:�.'�i'i'•.'-v :�:i+..:'{' .. .v.:'}.`. :'' i:*�.N.ity.v.' �� •- �$. ��'••'��' $}fi'i .••?:$$:$ -. '���.-•'•�'• „i"}JYx ?r:rj•,: xi$•}Y•}$' ..{{r,$:S•$':{{.}}: .{:$ vV..v ivvff.•?-'x'••...I${$+/ {:r ... ...{y.}} n4C.v}.{. 'k .ate{'v > .::#:.t•..,.}=•,+}s:,. ,r. }:.t•:{!:•..'•#:x•}:.•.p •}},.•:n./, �t n.L i.•'•: �.J.,#C$J.i .cg'•.: '{ +�. a;4}}•R;.$$:}:,?qc�`:$;'�, ::k•• :::...f.:..•:••:'•f {Y}a�• ... ';$'n•2C;:k,;.. ?". •,. ,,.ii.:.}r., Y;r}`.}h}.•;.$•s:•' ,i:t�: -AE:•:: :"•a:+ { Si{vtn .k'J•xS; :-.j•.:• i'.x .R :.aI ..• {rt Y .,+I. :.• "'iSt .,:X,;`;�. '+.y {.:a,J +":::14 n�''.y,{} rr:+41�.. !ny{:a:...•.2:k3:$ :} "i:',:;:g St•':vr.�'+`z {r.{•-'.i,4,,:k'\+g'- y(; ,:.' ', { {C•}.:.�a:�2'K••: i}fi:::'}�i{r,:a; .t?4_:f.�n`{ .;: ¢ ..{�; ;� vv�:Id -.{.'} .;.fi{4 h{t}{::^.:::{xn.:4;':C`{ x.. :..G${aJ},$t,'...x•'j`,..: ..r!S L'•'. •.,.•f.>.x: :y`$ff:k$::.{. {:.;e:.9.:•.tr{..: .; ti:•::�.a:::::::::.�J,Jrna1y:.:..;...,, �.. M rr N... :x':f,. .....y,x::?$?. }•::::.�.•:fxF..a..;•{:.xL...,is:#$L`.:.3�....;;..nh,�•-"'---, ;..... .}L.:}x•:ix}•},+.}}xaa:3:;•?.:...t•::4k�.;...,i ...7ctn �': RIPTJ:Y:?" -.fin .a i .. `��..4+':: � -.A�' ':{G:i}:+ M1'�•}-..•.. 5.. }.}n,.........,v w:::::::ni4}:::•}% :}rha:•}:}:'Y:: r 'v:{•Y::a:':i�}k:{.: ke,Si?:ra:•???}xirJ:Y.::S{'.xxiiS{:S{t" x}x•Y.v}::!•.'{ a:•:a .... ........... r..:.v........ kv wry$$$•}^'iL:a$•}}:j{nv::i'+i ra... ..n......Y.:......:Ji::nxfi{'.. ..:......... .::.x. x'::a''ti:}'.:$.`::}S{$'$i'.\• ..:::h'4w.:.¢::r:s}...;.stiS.::::.. .s,����.a.•-.x{.xr .ttr:r: :k,:.r t{ir. n.........4......nr.:n......::.:. { iax•},�.x}i.:7} :..ti.•:j•:.•..-....ti;$::$iv,:$}}}:•x(�.,,{�� ,r. to?X.}):•::i s4:5-:it.•V:f..•{.{•}:aW}}?`#{.i7.?: �}:va�!:•}:L}}}'rx}2. {r•{i✓.• li 'i#• - :{v:v �'rr-'b}x-.':v{:{•iv{x'ax:t•:x'i ::{•::•hk':•{aJi'•,i}�+x{ :{{ �:j:: ...,+�•.•:v:•:::.... ..^.0 M.r w:.:}.; - �x..: ::}..Jf,>.•:v:�*::::w:::.. ..:,+•;F:{•k{i:::x.: ..; .;:...;. iJ�i `ri�i' : : >�Jn�iv :{+S•'': :•{i{a r { ::: ..vJ•rJ.-.vv.:...t..v }-:r{4':a'l.{'r,?$....... '#4 r'•.•,y:... •fiiS:�`k}}f{+p'tl r ?' �i3'iF•' :?• v.�v.: :x::...:..::..:::::.;:. �^�'� ...•?.•.::.... ...v�.:.. � ::$:i i.:v':}Xa???::•}}}:ivn ?}:{•:.....#nvf.:n..». �.:.{v�"L:: +••hi'•?}:-?kk�:...J::•.�:.�J{.}}:{{ry......:.....:•+{{.•:r•xvx•:•xvrJ::•$?:.:::::: ^:x•$tr}:r•:::•:::}?:}x•}h{..f.•}x•}::`:.:{{{•:a}}:•}:a:.i::•:{i{:.:::+Fi••}YJ:::kik:i.{:•:?.a.:::::::.tr .}iY•:{-:ai?:{•:a:{4}:a}}}}?:{i:{-}? � J.x:a?:i{4?}}$?:�:i:+ v-�f.{•:t�4vnv:w:::n:'.. •:•fv•.vv�:�::.v: ::v:2{{:.:a..tiw:nii.?}?x-:' Ivry:{:::::i#::#:�+;�}:#:i}$::ii::vty':y:•.�-:.'' ri:•}i:J•}}'..::.,..:i::::::{•i}:}}y�::: .............::. {kms•.:w:::::.....:::...nJx... ry.e. .::: a:.;�::L:••?i-:::::ii.:.}}}}}nn,..x::{..}..:...y...v:v.::,ta•i:.:::m:: n'......:.;.>':.,..v.. .... ... ....... .... .. .....: ... ..... .. 1. • CALL TO ORDER 2. ROLL GAIL- President Linke Vice President Blanchard Secretary Trude Commissioner Quick Commissioner Hankner 3. ' APPROVAL OF AGENDA • 46. A-, EDA ACTION; ATD • Comments: 4. APPROVAL OF MINUTES: No minutes for approval for this meeting. 5. CQNSB,N11 AGENDA No items on consent agenda. • 6. PUBLIC HEARING • No public hearing scheduled for this meeting. E EDA PAGE 'TVVO gun' OCTOBER 9, 1995 7. gDA:PUS)NMS A. Consideration of Resolution No. 95-ED►A-32 M Approving a.. Business Improvement Partnership Loan. For Fordo, Inc. Staff Report No EDA-95- 41C , EDA ACTION: A Comments: B. Consideration of Resolution No. 95- DA-33 Approving Expenditure for an Appraisal of Vacant Land on Highway 10, Staff Report No. EDA-95-42C EDA ACTION; ATP Comments: C. Consideration Authorizing Staff to Pursu,' and Regulate a Purchase Agreement for 2625 Highway 10, Staff Report No. EDA-95-43C EDA ACTION: ATI) Comments: a s; . EDA PAGE THREE * OCTOBER 9, 1995 t)RTS: 1elqrt of"IPI Board enIer, 1. Report of President I,i ice 2. Report of Vice President Blanchard: 3. Report of Secretary Trude. 4., Report of Carom ssioners ia, Commissioner Quick: s b. Comjissioner Hankner - 5. Report of Executive Director: 6. Report of Treasurer:" _ 1 MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY REQUEST FOR EDA CONSIDERATION STAFF REPORT EDA MEETING DATE October 9, 1995 EDA Action: ❑ Special Order of Business Agenda Section: 7.0 ❑ Public Hearings Report Number:EpA-9 4-3c ❑ Consent Agenda Report Date: 1U—.5-9.5 EDA Business Iteni Description: Consideration to Authorize Staff to Pursue and Negotiate a Certain Purchase Agreement Executive Director's Review/Recommendation!or 2625 Highway 10. - No comments to supplement this report - Comments attached Explanation/Summary (:}trach supplement sheets as nece;,sary) SUMMARY: Per direction at the work session on October 2, 1995 regarding the negotiations with the owners of 2625 Highway 10, I have consulted with Bond Attorney Jim O'Meara regarding the requirements for use of excess tax increment funds for the purchase of property. With this - information,he has prepared a resolution which approves and authorizes the acquisition of property for redevelopment purposes and the execution of a purchase agreement for that purchase. Upon his recommendation, I have consulted with City Attorney Jim Thomson to prepare the purchase agreement for the EDA. - The EDA has two options: 1. Approve the Resolution as presented. This allows staff to execute the purchase agreement being prepared by Jim Thomson at the cost of$125,000. Mr. Thomson will have a draft prepared for your review Monday evening. 4- 2. Authorize staff to pursue and negotiate the purchase agreement by making a motion in the minutes and staff can come back for final approval of the resolution upon final signature by the seller. Either option will allow staff to pursue the purchase agreement with the seller at the verbal agreed price of$125,000 but with option#1 the item will not be required to come back to the EDA for final approval. Both the City attorney and the Bond attorney recommend either option at the discretion of the EDA. Cathy Be 1 t, Economic Development Coordinator • RECOMMENDATION: Direct staff to Pursue a Purchase Agreement for the Acquisition of 2625 Highway 10 per Resolution or Motion as Presented. RESOLUTION NO. • A RESOLUTION APPROVING AND AUTHORIZING THE ACQUISITION OF CERTAIN PROPERTY FOR REDEVELOPMENT PURPOSES AND. THE EXECUTION OF A PURCHASE AGREEMENT FOR THAT PURCHASE It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View Economic Development Authority (the "Authority") as follows: 1. Recits0A. (a) The Authority has the powers provided in Minnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469.108 (collectively, the "Act") . (b) Pursuant to and in furtherance of the objectives of the Act, the Authority has undertaken a program to promote development and redevelopment of certain land within the City of Mounds View and in this connection is engaged in carrying out the Mounds View Economic Development Project (the "Project") within the City. ; (c) There has been approved pursuant to the Aot a Project Plan for the Project. • (d) The redevelopment and development of property within the Project by private developers are stated objectives of the Project Plan. (e) In order to achieve the objectives of the Project Plan, the Authority has determined to provide substantial aid and assistance through the financing of certain of the public costs `of development, (f) The Authority desires to aiccuirethe approximately .78 acres of land located 'in the City at 2625 Highway 10 Northeast (the "Pr erty") bounded generally by Highway 10, County Road I, andEastwood', and it has been proposed that the Authority enter into a purchase agreement (the "Agreement") with the owners of that property for that acquisition, presently estimated at a cost of $125,000. 2 The Board hereby determines that the Authority's execution of the Ageement and the subsequent acquisition of the Property tiould be in furtherance of the Project Plan and hereby approves and authorizes said actions, including the execution of the Agreement X6.1 C/ nr� unw cn:3tuQ wnu� ,t I Qc'Qi1QCc 7)14/Q17: 1 ( •Ta/Qt1:7.i CR frn •n1 (wail by the officers of the Authority in their discretion and at such time, if any, as they may deem appropriate. • 3 . Upon execution and delivery of the Agreement,. the officers and employees of the Authority (including members of the City staff, acting in their capacity as staff to the Authority as Well) are hereby authorized and` directed to take or cause to be taken such actions as may be appropriate or necessary on behalf of the Authority to implement the Agreement, including the acquisition of - the Property, which is being accomplished for redevelopment purposes. 4. The Board hereby determines that the execution and performance of ' thee Agreement and the acquisition of the Property will help realize the "public purposes of the Act and are in furtherance of the Project Plan. Adopted by the Board of Commissioners of the Mounds 'View Economic Development Authority on , 1995. President • • 411 AATTEST s • Executive Director • - 110 302266.1 2 g/P d 1 l Z9E8095E 'ON/817: 1 I 'ZS/L0:Z1 g6 4P0 '01 mato NV 11OY soma nu Executive Director's Certificate 0 X, the undersigned, being the duly qualified and acting Executive Director of the Mounds view Economic Development Authority, do hereby certify that I have carefully compared the attached and foregoing resolution adopted at a special or regular meeting of the Board of Commissioners of said Authority duly called and regularly held on the date therein indicated with the original thereof on file in my office and I further certify the same is a full, true, and correct copy thereof, insofar as the same relates to the approval of a certain Purchase Agreement respecting redevelopment property located at 2625 Highway 10. Northeast. I further certify that Boardmember moved the adoption of said resolution, that Boardmember seconded said motion, and that upon a vote being taken thereon, the following Boardmembers voted in favor thereof: and the following Boardmembers voted against the same: whereupon said resolution was declared duly passed and adopted. WITNESS my hand as such Executive Director of said Authority this day of , 1995. Executive Director Mounds View Economic Development Authority 410 302266.1 giq AI IZRFRfQCR 'f)NIRb� I I 'TSI)fl:7l C6 tin Ylf f(i'��i] OMANennT1TSI Wniid f'd */-x,,&_.,C&d .a-& i fA/4- 411/ MIEMORAND UM TO: MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY FROM: CATHY BENNETT ECONOMIC DEVELOPMENT COORDINATOR RE: PURCHASE AGREEMENT 2625 HIGHWAY 10 DATE: OCTOBER 9, 1995 As indicated in my staff report for tonight's EDA meeting, attached is the draft purchase agreement for 2625 Highway 10. The purchase agreement includes earnest money of$10 until the date of closing which is scheduled for November 6, 1995. In addition, the agreement includes a provision whereby the owner may remove cabinets and appliances. I will be meeting with the owner to develop a list of the cabinets and appliances that will be an attachment to the purchase agreement. Line 127 adds the contingency that the City complete a successful environmental phase I report. This is estimated to cost approximately$1,200 - $1,500. All • other items are standard real estate purchase items. I just received the copy of this draft report this afternoon and have not had an opportunity to review it further with Kennedy & Graven to see if there are other items that should be addressed. Upon the EDA's approval I will share the draft with the seller, set up a phase I environmental report and pursue title searches to enable the closing on November 6, 1995. , III OCT 06 '95 15 37 KENNEDY & GRAVEN •..Form 1519A 1.B12 •(Rev..8/S3) r Da�Ca.512332.51r PURCHASE AGRe2EMENT This forrn•approved by the Minnesota Association of - REALTORS®,which disclaims any liability arising out of use or misuse of this form. 1. Date October 1995 • . • 2. Page 1 of 3 Pages III The Cit of Mounds View Economic Development Authority 3. RIEC1slVED OF y 4. . • 5, the su Ten and No/100 • Dollars($ .10:00 ) 6. by CHECX ASN-NOTE as earnest money to be deposited upon acceptance of Purchase Agreement•by an parties, on or 7. before the next business day after acceptance,in a trust account of listing,broker but to be returned to Buyer It Purchase 8. Agreement is not accepted by Seller.Said earnest money is part payment for the purchase of the property located at 9. Street Address: 2625 Highway •10 N.E. ' . 10. City of Mounds View ,County of -Casey ,State of Minnesota, 11: Legally described as: Lot 78, Sprins Lake Park Hill View 12. . 13. including the following property, if any, owned by Seged and used.and located on said property: garden bulbs, plants, shrubs, and 14. trees; storm sash, storm doors, screens and awnings; window'shades, blinds,traverse and curtain and drapery rods; attached lighting 15. fixtures and bulbs; plumbing fixtures, water heater, heating plants (with any burners, tanks. stokers and other equipment used in 16. connection therewith),built-in air conditioning equipment,electronic air filter,Water Softener OWNED RENTED!NONE,•buiit•In humidifier 17. and dehumidifier, liquid gas tank and controls (if the property of Seller), sump pump; attached television antenna, cable TV jam 18. and wiring; BUILT-INS: dishwashers, garbage disposals, trash compactors, ovens, cook top stoves, microwave ovens, hood fans, 19. Intercoms; ATTACHED: carpeting;mirrors; garage door openers and all controls; smoke detectors; fireplace screens,doors and 20. heatilators;AND:the following personal-property: ;S •may remove cabinets and appliances prior ' to Closin� / '1 21, g. 17.E k_ rr r? ":„AAn\ ,?. A, �' 22. •.• 23. ail of which property Seller has this day agreed to sell tq Buyer for sum of:($ 125,000.00 ) 411) 24 One Hundred Twenty-five Thousand and No/100 * ,Dollars, 25. which Buyer agrees to pay in the following manner. Earnest money of$]0.00• 26. and$ 12.4,990.00 •• . cash on November .6, 1995 , . _,the date of closing,All 28.x:•'::,3:1: :f.F"'►' • :c:.'1- *4,4.CC:1:. : .:.f-.':t7•o". t.:r:v.rf;n:..:E:. . .. tateantacorn 29. This Purchase Agreement IS t S NOT-ubject to a contingency addendum.(If answer Is IS,see attached addendum.) -t 30. This Purchase Agreement lS(!I SNOT .ubject to cancellation of a previously written Purchase-Agreement dated • 31. This Purchase AgreementISt IS NOT -ubject.to an Inspection Addendum. (If answer is IS;see'attached.addendum.) 32. Attached are other addenda which are made a part of this Purchase Agreement. (Enter page or pages on line 2) 33. DEED/MARKETABLE TITLE: Upon performance by Buyer,Seller shall deliver a -�- Warranty Deec 34. joined in by spouse, if any,conveying marketable title,subject to: • 35.. (A)Building and zoning laws,ordinance,state and federal regulations;(B).Restrictions relating to use or•improvement of the propertywithout 36. effective forfeiture provisions; (C) Reservation of any minersi rights by the State of Minnesota; (D) Utility and drainage easements which do not 37. interfere with existing improvements; (E)Rights of tenants as follows(unless specified,not subject to tenancies): None 38. e er cert ries t at e• er •oes not now or any we s or 39. (F)Others(Must be specified in writing): cpc11... byslcm nu Llm P=spat ty.. 40. SPECIAL ASSESSMENTS shall be paid as follows: . . III41. BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING SELLER'SHALL PAY ON DA_TE OF CLOSING II installments Year 42 of special assessments certified for payment with the real estate taxes due and payable in the year of dosing: • 43. BUYER SHALL ASSUMESELLER SHALL PAY n'date of closing all other special assessments levied as of the date of dosing. Orbs ; 44. BUYER SHALL ASSUME SELLER SHALL PROVIDE FOR PAYMENLDpecial assessments pending as of the date of this agreement for 45. Improvements that have been ordered by the City Council of other assessing authorities. (Seiler's provision for payment shall be by payment int' 47. BUYER.SHALL ASSUME ELLER SHALL PAY)n date of closing any ceferred real estate taxes (i.e. Green Acres, etc.) or spec. 48. assessments payment of which is required as a result o4the closing of this sale. Buyer shall pay real estate taxes due and payable in t 49. year following closing and thereafter and any'unpaid special assessments payable therewith and thereafter, the payment of which is r 50. otherwise provided. 51. As of the date of this agreement,Seller represents that Seiler HAS- HAS NOT eceived a notice of hearing for a new public improveme 52. project from any governmental assessing authority, the costs of which project may be assessed against the property. It a no• -enc. 53. special - ment is Issued after the date of this as4eement and.on or before the date of closing. Buyer shalt assn re • 54. ALL NONE)OTHER: of any such special assessments, and Seller shall provide for t 55. date of closin, ONE!OTHER: of any such special assessments. If such spec 56. assessments or escrow amounts for said special assessments as required by Buyer's lender shall exceed$ , tt 57. Purchase Agreement shail be null and void at Seller's option;,parties agree to sign cancellation or Purchase Agreement and all earn. 58. money paid hereunder shall be refunded to Buyer, unless one or both of the parties agrees in wntu,g on or carom the dam or claims, • • • OCT 06 '95 15 38 KENNEDY & GRAVEN PURCHASE P, R'EEMENT „ • 62. Page 2 • . . . 63. TITLE& EXAMINATION: Seller shall,within a reasonable*riff after acceptance of this agreement,furnish an abstract of title, or a registered 84. property abstract, certified'to date to include proper searches:covering bankruptcies, state and federal judgment and liens,aand levied and 85, pending special A-ng.ssments. Buyer shall be allowed 10 business days atter receipt of abstract examination of title and making any objections 66. which shalt be made in writing or deemed waived. It any objection is so made,Seller shall have 10 business days from receipt 4B+4yers written 67. title objections•to notify Buyer of Seller's intention to make title marketable within 120 days from Seller's receipt of such written objection.It notice 68. is given, payments hereunder required shall be postponed pending correction of title, but upon correction of title.and within 10 days after written 69. notice to Buyer the parties shall perform this Purchase Agreefnent according to Its terms. If no such notice is given or it notice is given but 70. title Is not corrected within the time provided for,this Purchase kgreement shall be null and void,at option of Buyer,neither party shall be liable 71. for damages hereunder to the other and earnest money shall be refunded to Buyer; Buyer and Seller agree to sign cancellation of Pure se 72. Agreement BUYER AGREES TO ACCEPT AN OWNER'S TITLE POLICY IN THE FULL AMOUNT OF THE PURCHASE PRICE IN LIEU 73. OF AN ABSTRACT OF TITLE IF THE PROPERTY IS SUBJECT TO A MASTER ABSTRACT OR IF NO ABSTRACT OF TITLE IS IN SELLER'S • 74. POSSESSION OR•CONTROL. If Buyer Is to receive such policy(1)the title examination period shall commence upon Buyer's receipt of a current 75. title insurance commitment and(2).Seller shall pay the entire Premium for such policy if no lendees policy is obtained,and only the additional 76. cost of obtaining a simultaneously issued owner's policy if a lender's policy is obtained(Buyer shall pay the premium for the lender's policy). i . ' 77. SUBDIVISION OF LAND:if this sale constitutes or'requires a subdivisiori•of land owned by Seller,Seller shall pay all subdivision expenses 78. and obtain all necessary governmental approvals. Seiler warrants the legal description of the real property to be conveyed has been or wit 79. be approved for recording as of the date of closing. 0 } ' .•80. SELLER WARRANTIES: SELLER WARRANTS THAT BUILDINGS,ARE OR WILL BE,CONSTRUCTED ENTIRELY WITHIN THE BOUNDARY 81. LINES OF THE PROPERTY. SELLER WARRANTS THAT THERE IS A RIGHT OF ACCESS TO THE PROPERTY FROM A PUBLIC RIGHT 82. OF WAY. THESE WARRANTIES SHALL SURVIVE THE DELIVERY OF THE DEED ORCONTRACT FOR DEED. • • . 83. SELLER WARRANTS THAT PRIOR TO THE CLOSING, PAYMENT IN FULL WILL.HAVE BEEN MADE FOR ALL LABOR, MATERIALS, 84. MACHINERY, FIXTURES OR TOOLS FURNISHED WITHIN THE 120 DAYS IMMEDIATELY PRECEDING THE CLOSING IN CONNECTION 85. WITH CONSTRUCTION,ALTERATION OR REPAIR OF ANY STRUCTURE ON OR IMPROVEMNT TO THE PROPERTY. • 86. SELLER WARRANTS THAT SELLER HAS NOT RECEIVED ANY NOTICE FROM ANY:GOVERNMENTAL AUTHORITY AS TO.VIOLATION 87.OF ANY LAW, ORDINANCE OR REGULATION. IF THE PROPERTY IS SUBJECT TO RESTRICTIVE COVENANTS,SELLER WARRANTS 88.THAT SELLER HAS NOT RECEIVED ANY NOTICE FROM ANY PERSON OR AUTHORITY AS TO A BREACH OF THE COVENANTS. •ANY 89.NOTICES RECEIVED•BY SELLER WILL BE PROVIDED TO BUYER IMMEDIATELY. i 90. RISK OF LOSS: If there is any loss.or,dania�e to the property between'the date hereof and the date of closing, for any reason including 91. fire,vandalism,flood,earthquake or act of God.the risk of loss shall be on the Seller. if the property is destroyed or substantially damaged before 92: the closi date, this Purch_t, Am gtesent.shalL.become`null and void, at Buyer's option, and earnest money shall be refunded to Buyer: 0 n 93.Buyer and Seller agree to sign cancellation of Purchase Agr@sment. . 94.TIME OF ESSENCE:Time is of the essence in this Purchase.Agreemaet-------•'--- .. . . . . . . . . . . 95.emu AGREEMENT:This Purchase Agreement,any attached exhibits and any addenda or"fimenclments-signecf by the parties,shall constitute 96. the entire agreement between Seller and Buyer,and superc4ides any other written or Oral agreements between Seller and&Yak This Purchase 97.Agreement can be modified only in Writing signed by Seller and Buyer: ...../•••.. . 0 . I .. . , . . . . . ........... . . . . .• . • -Ga.ACCEPTANCE:Buyer understands and agrees that this Purchase Agreement is subject to•accepiance by Seller in writig -Th 'C , ___••••••••• • ..x.....,0•••......a . • r ....., 99.,all papers and Monies shall be made at the listing ntittsset attics. • . , • " • • ; . • . ; • .. . . . :, •. . . . .. . • 100.DEFAULT: If Buyer defaults in any of the agreernen,herein, Sailer mayleirninate this Purchase Agreement, and payments made hersunce •,. • 101.may be retained by.Seller as liquidated damages. If this Purchase Agreement IS not so terminated,Buyer or Slier may seek actual damage. 102_ for broach of this agreement or specific performance of this Agreement and. as to specific performance, such action must be commence. 103,within six monthsafter such tight of action arises. . • . . • • • 0 41110 P.4 , 06 '95 15:39 KENNEDY & GRAVEN roar n..1*1 VA 4 (Rev eras)weer Davie Co„812432.5144 ' • PURCHASE AGREEMENT • 104.Address 2 5 Highway 10 N.E.. • 105. Page 3 Date October • 1995 40 • 106.REAL ESTATE TAXES shall be paid as follows ^ 107.Buyer shall pay,PRORATED FROM DAY OF CLOSING,'12THS4 4'; ONE real estate taxes due'and payable in the year-1995 (wra..n.i -:. . 108.Seller shall pay,PRORATED TO DAY OF CLOSING, _12TH,. p real estate taxes are.due and payable in the year 18 95 .If the 109. closing date is changed,the real estate taxes paid shall, it prorated be-id-lusted to the new closing date. 424II f1Gx3F rrie 110. _r;•-1. !:a. -,:q ':rra:as NE .•4.•. t.,_Eta:t,t' •:.'::v:a ►.r_ s-:,c'a&.:r,s'► . :6:0:?:6'734• Wv*VII avt.-r•l u 'I,tVt-' .leifW: 'nr'ris:.•, (aa.on* 111. •,r-s:r_'r-r•-it..,.).. • : 70'1+a. i'•'=•e:•o.••:•'e:e:44:0.•s> :•:•s•:•.•.••.•:•:•:•:•.4•:•:•:•:e..:.:s.•: .•:•: :•:• -c lel'u_a:r. ..0::u.L,rs: 112.OZEMODOCIEDIVERADMIZ Buyer agrees to pay any remaining balance of non-homestead taxes when they become due and payable 113.No representations are made concerning the amount of subsequent real estate taxes. • 114.POSSESSION:Seller shall deliver possession of the properly not later than immediately after closing. 115.All interest. homeowner association dues,rents,fuel oil,liquid petroleum gas and all charges for city water;city sewer,electricity,and natural 116. gas shall be prorated between the parties as of date of closing.Seller agrees to remove ALL DEBRIS AND ALL PERSONAL PROPERTY .• 117.NOT INCLUDED HEREIN from the property by possession date. 118.ENVIRONMENTAL CONCERNS:To the best of the Seller's knowledge there are no hazardous substances or underground storage tanks,except 119.herein noted: Seller warrants that there are no petroleum'or 'other eonrent1nanta o„ r1+A prnppz . 120. These warranties shall survive closing 121.SPECIAL WARRANTIES: - 122.SELLER WARRANTS THAT THE PROPERTY IS DIRECTLY CONNECTED TO: Y SEWER XII YES 0 NO CITCITY WATER V YES 0 NO 123. SELLE 4W,AGREES TO PROVIDE WATER QUALITY TEST RESULTS AND/OR SEPTIC SYSTEM CERTIFICATION IF REQUIRED BY 124; GOVERNING AUTHORITY AND/OR LENDER.SELLER WARRANTS THAT ALL APPUANCES, HEATING,AIR CONDITIONING,WIRING • 125.AND PLUMBING SYSTEMS USED AND LOCATED ON SOD PROPERTY WILL BE IN WORKING ORDER ON THE DATE OF CLOSING, '126. EXCEPT AS NOTED ON ATTACHED ADDENDUM. BUYER HAS THE RIGHT TO INSPECT PROPERTY PRIOR TO CLOSING. 127.OTHER: Buyer's obligations hereunder are subject to Buyer's receipt of an acceptable environmental report on the Property co be obtained at Buyer's expense. 128. 129.BUYER ACKNOWLEDGES THAT NO ORAL REPRESENTATIONS HAVE BEEN MADE'REGARDING POSSIBLE PROBLEMS OF WATER 130. IN BASEMENT, OR DAMAGE CAUSED BY WATER OR ICE BUILD-UP ON THE ROOF OF THE PROPERTY AND BUYER REUES 131. SOLELY IN THAT REGARD ON THE FOLLOWING STATEMENT BY SELLER: 132. SELLER HAS IIHAS NOT HAD A WET BASEMENT,AND HAS/HAS NOT HAD ROOF, WALL OR CEILING DAMAGE CAUSED BY WATER -*co.) ......... 133.OR ICE BUILD-UP. BUYER HAS 'HAS NO RECEIVED A REAL ESTATE TRANSFER DISCLOSURESTATEMENT. 134.BUYER HAS RECEIVED THE TRUTH IN HOUSING INSPECTION REPORT,IF REQUIRED BY MUNICIPAUTY. 135.BUYER HAS RECEIVED THE WELL DISCLOSURE STATEMENT REQUIRED BY MINNESOTA STATUTES SEC.1031.235. 136. BUYER&SELLER INITIAL:Buyer(s) • • Seiler(s) : 137. :I 4.1•I:. ..ttr•.-301: y4:l. •, •':Y.-:;411-42{.3-4V0-17.♦r: .Y.'. '. ..-3.i:.1-,-1•:r •►.. -•1 138. . • 139. .i. a..1.:v4-4 . .j',•e•- =. �_.:,,, o.o_ . t t - t 140. 1-4'4:4rr,.r-►ikilEik:4• .4i.4v.4.•: :o•:•.*:•••:•:••.4". •: AWE.: iaa4• s•iyv.01 t 141. • l ilit 42. :0rrrrs••:4''ic��:4''R wwiloA•'•'a•'•'4-O s•e •4 V ?.a,•tuEW.W4W'v. •••: ,ir0•sit,4'e:MwvvV•+►s•4iiWW4•;v4a•. 143. -•?•�. ."2►w_ _��•t_ •��-twA:�- .:••:'" . :4E-40'0,: :-•"-d: 7 :wow 4i''trittbaeeeeMSELseammeeizemea 144. 4 I'='1.: •.t.01,-N •.4,:- >',`' 145. 1, the owner of the property,accept this agreement and authorize I agree to ourchase the ercr_r?rrty fnr rhu nri.ro.nel n r.,f., ,.;/. faues3 Instruc;aa ocnerw!se in wnang• The City of Mounds View Economic Deve;.c • 148.X X meat Authority (EMfayaSgywtv.) ' (Orq i&MMM$iannep 149. Mer,PrtrWMa Man* (Swot.Printed Name) ill ( 160.{ime.ssW.v Numbed) (MMM,1 emus) (social&Marty Anew) 151.X X • (swnson.tttr.l ; (Cow) Owen Sigrotizol tigtoi 152.t rs t.o Nam* (SwetM Anico Num) • - 153. • (Sow&cu /NIFe.rl • 04,167 unrl (0r#11SWUM/µ.knn Ural stawal 154.FINAL ACCEPTANCE DATE 155. THIS IS A LEGALLY BINDING CONTRACT BETNEMN BUYER AND sEL_Ewa. i St.wL1e.a ta.aa% >.vaa a Agee `mob... ••.a'WAIN.••••••,.........11.1.s.....••••. _�. ��� _, III 4110 MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY REQUEST FOR EDA CONSIDERATION io , TAF REPORT EDA MEETING DATE October 9, 1995 EDA Action: © Special Order of Business Agenda Section: 7.A O Public Hearings Report Number. EDA-95-41C 12 Consent Agenda Report Date: 10-5-95 ® EDA Business Item Description: • Consideration of Resolution No. 95-EDA-32 Approving Business Improvement I Executive Director's Review/Recommenda�f� erste p Loan for Forcia Inc. - No comments to supplement this report - Comments attached Explanation/Summary (attach suppleateitt sheets as.ae euary) SUMMARY: As reviewed at the work session on October 2, 1995, Mike Forcia, owner of Mister Donuts in Mounds View since 1990,approached the City with regards to securing a low-interest loan for interior and exterior improvement to the bakery. After a meeting was arranged with Western IP Bank in-Mounds View, procedures were taken to review the financial feasibility of the loan request by Forcia Inc. • Participation m the loan has been approved by Western Bank after following bank underwriting guidelines. In addition, the Economic Development Commission has reviewed the application in detail and feels this project conforms to the goals of the program and would benefit the community as a whole. Forcia Inc has requested the maximum loan of$50,000 for interior and exterior improvements. Mister Donut is open 24 hours and currently serves donuts and pastries. Forcia Inc. is proposing to expand the product line to include soups, subs, sandwiches,bagels,ice cream and cakes as a direct result of their expansion. In addition,the improvements will allow Forcia Inc. to join the Mid-Atlantic Bakery Co-op and will change the store name to Donut Connection and to make significant'exterior and interior aesthetics improvements,add new signage and equipment purchases; Approval of the loan meets the goals of the program by benefiting the entire community of • Mounds View,improving the aesthetics of the.commercial sector in Mounds View,adding jobs and increasing the tax base. (46/4 �i COttiiyi NDA ION; Cathy Be .e , Economic Development Coordinator Waive Reading and ApprovelDisapprove Resolution No. 95-EDC-32 --Approving Business Improvement Partnership Loan for Forcia Inc. RESOLUTION NO. 95-EDA32 CITY OF MOUNDS VIEW di COUNTY OF RAMSEY, STATE OF MINNESOTA RESOLUTION APPROVING BUSINESS IMPROVEMENT LOAN FOR FORCIA INC. WHEREAS, Forcia Inc, who has owned Mister Donut in.Mounds View since 1990, has requested financial assistance from the Mounds View Economic Development Authority, and WHEREAS, Forcia, Inc. is requesting the maximum loan of$50,000 for interior and exterior improvements and to increase product line at independently owned Mister Donut store located at 2394 Highway 10, and WHEREAS, Mounds View's Economic Development Authority would be responsible for $25,000 at 2 percent interest and Western Bank would be responsible for $25,000 at 11.25 percent interest for five years, and WHEREAS, Western Bank have completed bank underwriting procedures for Forcia Inc and have approved participation in the loan with the Mounds View Economic Development Authority, and WHEREAS, the Economic Development Commission, who asks as an advisory to the Economic Development Authority, has reviewed the loan and has recommended approval per Resolution No. 95- • EDC-11; and WHEREAS, the improvements will allow Forcia Inc. to join the Mid-Atlantic Bakery Co-op and will changethe store name to Donut Connection, and WHEREAS, the change will facilitate significant exterior and interior aesthetics improvements, new signage and equipment purchases, and WHEREAS, the improvements ate in conformance with the requirements of the business loan program approved on June 5, 1995 per,Resolution No 95-EDA27. NOW, TFIEREVOREI, BE IT RESOLVED THAT the Economic Development Authority hereby approves a business improvement loan to Forcia Inc. in the amount of$50,000 of which$25,000 is the Economic Development Authority's participation to be funded out of existingtax increment district dollars: Adopted this 9th day of October, '1995. ATTEST: President (SEAL) Executive Director MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY REQUEST FOR EDA CONSIDERATION • STAFF REPORT EDA MEETING DATE October 9, 1995 EDA Action: Q Special Order of Business Agenda Section:7.B O Public Hearings Report Numbers EDA-95-42u O Consent Agenda Report Date: 1U=5-9) CIE EDA Business Item Descriptuonsideration of Resolution No. 95-EDA-33 Approving the Expenditure of Tax Increment Funds for An Appraisal of Vacant Land on Highway 10 Executive Directors Review/Recommendation: - No comments to supplement this report - Comments attached ExplanationiSummary (attach supplement shuts as nece ary) SUMMARY: I have prepared a resolution that approves the expenditure of tax increment funds for an appraisal of vacant lots on Highway 10. The lots are directly west of 2625 Highway 10, of "•- which the City is negotiating a purchase agreement, and east of Pleasant Wood Apartments. The • 0 potential purchase of this property would expand the redevelopment opportunity packaged with the corner lot located at 2625 Highway 10. 'a: An appraisal would allow the City to negotiate with the Realtor representing the property in a fair and equitable manner for all parties concerned. It is estimated that the appraisal will not exceed$500. Use of tax increment funds for an appraisal is allowed as it meets the objectives of the EDA's tax increment program to promote development and redevelopment of certain land within the City of Mounds View. 6 604-4( Cathy Benn tt, Economic Development Coordinator • •RECQN MENDATION: Waive Reading and Approve\Disapprove Resolution No. 95-EDC-33 Approving Expenditure of Tax Increment Funds for an Appraisal of Vacant Land on Highway 10 • RESOLUTION NO, 95-EDA-33 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING EXPENDITURE OF TAX INCREMENT FUNDS FOR APPRAISAL OF VACANT LAND ON IUGUWAY 10 . It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View Economic Development Authority (the "Authority") as follows: 1. Recitals. (a) The Authority has the powers provided in Minnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469.108 (collectively , the "Act"). (b) Pursuant to and in furtherance of the objectives of the Act, the Authority has undertaken a program to promote development and redevelopment of certaihi land within the City of Mounds View and in connection is engaged in carrying out the Mounds View Economic Development Project(the "Project") within the City. (c) : There has been approval pursuant to the Act a Project Plan for the,Project. Ask IIP (d) The redevelopment and development of property within the Project by private developers are stated objectives of the Project Plan. • (e) In order to achieve the objectives of the Project Plan, the Authority has determined to provide substantial aid and assistance through the financing of certain of the public costs of development. (f) The Authority desires to evaluate the acquisition of approximately 1.3 acres of vacant land on Highway 10 and it has deemed necessary the expenditure of a maximum of$500 of tax increment funds for an appraisal of this property to accurately negotiate a purchase. 2. The Board hereby determines that the Authority's authorization of Tax Increment Funds for an appraisal would be in furtherance of the objectives:of the Project Plan and will help realize the public purposes of the Act. Adopted by the Board of Commissioners of the Mounds View Economic Development Authority on October 9, 1995 ATTEST: President 41) (SEAL) Executive Director