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• AGREEMENT <br /> THIS AGREEMENT is entered into as of July 13 " 1993, by and <br /> between the CITY OF ST. ANTHONY, a municipal corporation under the laws of <br /> the State of Minnesota ("City"), and BONA PROPERTIES, a Minnesota general <br /> partnership ("Owner"). <br /> A. Owner is the owner of certain property located in the Southwest <br /> Quarter of the Northwest Quarter of Section 7, Township 29, Range 23, Hennepin <br /> County, Minnesota, with an address at 2812 27th Avenue, N.E. The property is <br /> operated as the "St. Anthony Unocal", and is legally described on Exhibit A attached <br /> hereto and made a part hereof (the "Unocal Property"). Owner is the fee title owner <br /> of Parcel 1 described on Exhibit A and is the contract for deed purchaser of Parcel 2 <br /> described on Exhibit A. <br /> B. The City is the owner of certain property which is to be platted as <br /> First Addition to the Village of St. Anthony (the "New Plat"), which property is <br /> more particularly described in a copy of the New Plat attached hereto as Exhibit B <br /> and made a part hereof (the "City Property"). The City Property includes portions of <br /> 27th Street N.E., Coolidge Street N.E., and Pahl Avenue, all as more particularly <br /> described in Exhibit B. <br /> • C. The City has agreed that if Owner will relinquish all right of <br /> vehicular access from the Unocal Property to 27th Street N.E. and to Coolidge Street <br /> N.E. as relocated in the New Plat, and will agree to certain other covenants and <br /> restrictions as hereinafter set forth, the City will vacate a portion of 27th Street N.E. <br /> and will quitclaim and convey certain other City Property, all of which is shown <br /> crosshatched on the drawing attached hereto as Exhibit C and made a part hereof <br /> (`Parcel A"). <br /> NOW, THEREFORE, in consideration of the mutual covenants and <br /> agreements herein contained, it is hereby agreed by and between the parties as <br /> follows: <br /> 1. As soon as reasonably possible after the recording of the New <br /> Plat, the City Council intends to conduct a public hearing for purposes of <br /> considering the proposed vacation of certain rights-of-way which are part of the <br /> City Property, including that portion of 27th Street N.E. located within Parcel A. <br /> After the public hearing has been held, if the City Council determines that it is in <br /> the best interests of the City to vacate that portion of 27th Street N.E. located within <br /> Parcel A, and such vacation is approved and completed by the City Council, the City <br /> will give Owner notice of a date within 30 days thereafter ("Closing Date") on which <br /> the documents to implement the provisions of this Agreement will be executed and <br /> 40 <br /> delivered. <br />