Agenda - Economic Development Authority - 06/04/2015

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May 13, 2015 4. PURCHASE $1,000,000 cash at closing PRICE: 5. EARNEST $30,000 earnest money shall be deposited into escrow upon the signing of a MONEY: Purchase Agreement. Earnest money shall become non-refundable at the rate of 25% per month, if the Purchase Agreement is extended by Dominium. 6. TITLE: The Seller shall promptly deliver to Buyer full and complete copies of all title commitments, encumbrance documents and surveys currently in Seller's possession. Buyer may obtain a Commitment for Owner's Title Insurance from a title insurance agent and a current ALTA survey of the Property, at Buyer's expense. By no later than 120 days before Closing, the Buyer shall notify the Seller of any objections to title ("Objections") based on Buyer's review of the title commitments, encumbrance documents and Survey received by Buyer. Seller shall in good faith and with reasonable diligence attempt to correct Buyer's Objections. If the Objections are not cured by 60 days prior to Closing, the Buyer may by giving written notice to the Seller (i) terminate the Purchase Agreement, or (ii) waive the Objections and proceed to Closing. 7. CONTINGENCY Dominium will work with the City of Ramsey to satisfy the FINANCING contingency items listed in Section 8, including seeking County of PERIOD: Anoka and MetCouncil funds to close the financing gap. If by June 15, 2017 funding has not been secured for the financing gap, Dominium has the right to cancel the agreement and to the refund of all earnest money. 8. CONTINGENCY: • A commitment to provide $2,200,000 through TIF, a land write down, fee waivers, or other sources will need to be provided by the city before Dominium will enter into a Purchase Agreement. 9. CLOSING: • Buyer must be able to negotiate a Development Agreement with the City of Ramsey. • Buyer must be able to receive a commitment for Tax Credits from MHFA by the Second quarter of 2017. • Title and zoning satisfactory to Buyer. • Available financing acceptable to Buyer. No later than June 15, 2017 or after the above contingencies have been satisfied. 10. PURCHASE Within thirty (30) business days after the City of Ramsey AGREEMENT: approves TIF, a land write down, fee waivers or other funding which provides no less than $2,200,000 in total benefit to the sources of the project, Buyer will deliver to Seller a proposed Purchase Agreement.