|
LAND SWAP AGREEMENT
<br />THIS AGREEMENT is made and entered into this ___ day of JanuaryFebruary, 2022 (the “Effective
<br />Date”), by and between INTERSTATE DEVELOPMENT CORPORATION, a Minnesota
<br />corporation (together with its permitted successors or assigns, collectively “Interstate”)LOWRY
<br />MULTIFAMILY LLC, a Minnesota limited liability company (“Lowry Multifamily”),LOWRY
<br />RETAIL LLC a Minnesota limited liability company (“Lowry Retail”) and HOUSING AND
<br />REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, a public body corporate
<br />and politic under the laws of Minnesota (“HRA”).
<br />WHEREAS, BREMER BANK, NATIONAL ASSOCIATION,a national banking association
<br />(“Bremer”), currently owns that certain parcel located at 2534 Kenzie Terrace, St. Anthony Village,
<br />Minnesota (the “City”), legally described on Exhibit A attached hereto and incorporated herein and both
<br />depicted and labeled as the “Bremer Parcel” on Exhibit C attached hereto and incorporated herein (the
<br />“Bremer Parcel”);
<br />WHEREAS, Lowry Multifamily, an affiliate of Interstate, is currently under contract to purchase the
<br />Bremer Parcel from Bremer pursuant to a purchase and sale agreement dated June 4, 2021, between
<br />Lowry Multifamily, as buyer, and Bremer, as seller, as amended by First Amendment to Purchase
<br />Agreement dated December 16, 2021, as further amended by Second Amendment to Purchase Agreement
<br />dated January 11, 2022 (collectively, the “Interstate/Bremer Purchase Agreement”), relating to the
<br />Bremer Parcel and certain other property currently owned by Bremer and located at 2401 Lowry Avenue
<br />NE, St. Anthony, MN (the “Redevelopment Property”);
<br />WHEREAS, HRA owns that certain parcel of land located at 2654 Kenzie Terrace, St. Anthony Village,
<br />Minnesota, legally described on Exhibit B attached hereto and incorporated herein and both depicted and
<br />labeled as the “HRA Parcel” on Exhibit C attached hereto and incorporated herein (the “HRA Parcel”);
<br />WHEREAS, immediately prior to the Closing of the transactions contemplated hereby, Interstate intends
<br />to assign its interest in this Land Swap Agreement to Lowry Multifamily; provided, however, that such
<br />assignment shall not release Interstate from any of its obligations hereunder;
<br />WHEREAS, concurrently with the closing of the “Interstate Purchase” (as defined below), Lowry
<br />Multifamily will convey the Bremer Parcel to HRA for the development by HRA of a southwest gateway
<br />node to the City (“Node Project”),and HRA desires to convey the HRA Parcel to Lowry Retail LLC, an
<br />affiliate of Interstate for the development of a new office and banking facility to be owned by Lowry
<br />Retail and leased to Bremer for the operation of a retail banking branch and office building (the “New
<br />Bremer Project”) (the Bremer Parcel and the HRA Parcel are sometimes referred to herein individually
<br />as the “Parcel,” or collectively as the “Parcels”);
<br />NOW, THEREFORE, in consideration of the foregoing and for good and valuable consideration, the
<br />receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
<br />1.Land Swap.In consideration of HRA’s promises as contained herein,InterstateLowry
<br />Multifamily agrees to convey the Bremer Parcel to HRA by Limited Warranty Deed
<br />contemporaneously with HRA’s conveyance of the HRA Parcel to Lowry Retail as required
<br />hereunder. In consideration of Interstate’s promises as contained herein, HRA agrees to convey
<br />the HRA Parcel to Lowry Retail by Limited Warranty Deed contemporaneously with Lowry
<br />Multifamily’s conveyance of the Bremer Parcel to HRA as required hereunder.
<br />2483256.v4
|