Agenda - Economic Development Authority - 01/08/2015

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REAL ESTATE PURCHASE AGREEMENT This agreement is made by and between the City of Ramsey (the "Seller"), and NIK Management, Inc. a Minnesota corporation (the "Buyer"), its successors and/or assigns) effective as of the last date signed by all parties below (the "Effective Date"). In consideration of the parties' mutual covenants, undertakings and representations in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which the parties acknowledge, the parties agree as follows: 1. Sale of Property. Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, all of Seller's rights, title, and interest in the real property consisting of approximately 21.5 acres, located at 15240 Helium Street NW and 15153 Nowthen Boulevard NW, bearing PID Nos. 233225410035, 233225410019, 233225410018, the legal description of which is set forth in Exhibit 1 to this agreement (the "Property"), together with (a) all easements, privileges, and rights benefitting or appurtenant to the Property; and (b) without limiting the foregoing all water, mineral and all other rights held by Seller and/or which run with the land. 2. Purchase Price and Manner of Payment. The total purchase price ("Purchase Price") Buyer will pay to Seller for the Property is Nine Hundred Twenty Nine Thousand and no/100 Dollars ($929,000.00) payable as follows: a. Earnest Money. ( Ten Thousand Dollars ($10,000.00) as earnest money (the "Earnest Money") to be paid into escrow to ("Title Company") by Buyer, upon execution of this Agreement by both parties, to be held by the Title Company and released to Seller at Closing in reduction of the Purchase Price, or as otherwise provided herein. The Earnest Money shall be returned to the Buyer if this Agreement is terminated by the Buyer during the course of the Buyer's due diligence investigations and inspection period, or if the parties do not reach a mutually acceptable developer' s agreement timely, or if the Buyer' s project does not receive final plat approval timely, or upon Seller's breach. b. Closing Payments. Closing shall occur in two stages. The Buyer will purchase, a parcel consisting of approximately 14 acres for Forty -One -Thousand Five Hundred Dollars ($41,500.00) per acre for a total purchase price of Five Hundred Eighty One Thousand Dollars ($581,000.00)within 30 days after final plat approval and execution of a mutually acceptable developer's agreement. This first parcel is described in Exhibit A. The exact area of the first parcel will be established by ibit A. The exact arca of the first parcel shall be established by a survey to be completed within sixty (60) days of the signing of this agreement. The Buyer will purchase the second parcel consisting of appoximately seven and one-half (7.5) acres. , for a purchase price of Forty- Three Thousand Five Hundred -Dollars ($43,500) per acre for a total purchase price of Three Hundred Twenty Six