2018.09.17 CC Packet - Laserfiche WebLink

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PURCHASE AGREEMENT THIS PURCHASE AGREEMENT ("Agreement") is made effective as of the day of , 2018 (the "Effective Date"), between THE CITY OF HUGO, a Minnesota municipal corporation ("Seller"), and CHRIS J. COSGROVE, a Minnesota resident, (to be assigned to) , a Minnesota LLC (to be applied for b(`Buyer"). In consideration of this Agreement, Seller and Buyer agree as follows: 1. Sale of Property. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, the following property (collectively, "Property"): 1.1 Real Property. The real property located in Washington County, Minnesota legally described on the attached Exhibit A ("Land"), together with (1) all easements and rights benefiting or appurtenant to the Land (collectively the "Real Property"). 1.2 The Seller at its sole and absolute discretion may reduce the amount of property sold to the buyer without claims and cost, loss or damage from Buyer. The property shall be planned as efficiently as possible. If the development that is proposed does not require the fall property described in the attached Exhibit A (as determined by Seller in its sole discretion), the Seller will reduce the amount of land to be sold and the parties will amend the Purchase Agreement and price outlined in Section 2. (2.2.). 2. Purchase Price and Manner of Pgyinent. The total purchase price ("Purchase Price") to be paid for the Property shall be One Million Three Hundred and Nineteen Thousand and 00/100 Dollars ($1,319,000.00). The Purchase Price shall be payable as follows: 2.1 $500.00 as earnest money ("Earnest Money"), which Earnest Money shall be paid to Seller contemporaneously with the execution of this Agreement. 2.2 $1,319,000.00 in cash or by wire transfer of immediately available funds on the Closing Date. Seller, at its sole and absolute discretion, may reduce the Purchase Price upon approval by the Hugo City Council of the architectural quality, building plans, site plan, proposed use of the Property; alternatively, Seller at its sole and absolute discretion, may offer tax increment financing to defray development costs. The property is eligible to be purchased for One Dollar ($1.00) if the development projects meets the following criteria as determined by the City Council in its sole discretion: • A full service restaurant or some form of event center or family entertainment venue, situated so that the customers and public will benefit from views over the lake according to plans approved by the city council. Secondary retail, service and housing uses may be considered.