Agenda - Economic Development Authority - 04/13/2017

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PURCHASE AGREEMENT This Agreement is entered into by and between the City of Ramsey, a Minnesota municipal corporation("Seller"), and Platinum Properties Group,Inc., a Minnesota Sub S Corporation("Buyer"). In consideration of the Earnest Money,the mutual covenants set forth below, and other good and valuable consideration,the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows: 1. EFFECTIVE DATE. The effective date of this Agreement is November 10, 2016(the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller,the Property, legally described as follows: The northern 9.3 acres of Lot 1, Block 1, Bury& Carlson Addition,Anoka County, Minnesota(County PID 27-32-25-34-009)to be further described by future plat to be completed by Buyer. 3. PURCHASE PRICE. The purchase price for the Property is $810,000.00 (the"Purchase Price"). 4. EARNEST MONEY. Within five (5)business days after the Effective Date, Buyer must deposit the sum of$10,000.00 (the "Earnest Money")with Commercial Partners Title, 200 South Sixth Street Suite, 1300, Minneapolis, Minnesota 55402 ("Escrow Agent"), via wire transfer or delivery of a check payable to Escrow Agent. a. If Buyer does not deposit the Earnest Money with Escrow Agent as required above,then Seller may terminate this Agreement by written notice to Buyer; provided; however, if Buyer deposits the Earnest Money with Escrow Agent before Seller exercises Seller's right to terminate, Seller's right to terminate is extinguished. b. Unless Buyer has previously terminated this Agreement pursuant to Section 10, $10,000.00 of the Earnest Money(the "Initial Disbursement")becomes non- refundable to Buyer(except in accordance with Section 23 as a result of a default by Seller) on February 28, 2017, and on that date Escrow Agent must disburse the Initial Disbursement to Seller.