Agenda - Economic Development Authority - 03/08/2018

Home

PURCHASE AGREEMENT This Agreement is entered into by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and Maple Investments, LLC, a Minnesota limited liability company ("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 March 13, 2018 (the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller 0.95 acres of vacant land at the northeast corner of Basalt Street NW and 141st Avenue NW in Ramsey, Minnesota. Legal Description: UNPLATTED CITY OF RAMSEY ALL THAT PART OF THE N 200 FT OF THE S 233 FT OF THE S1/2 OF SE1/4 OF SEC 27-32-25 ANOKA CNTY, MN LYING W OF THE E 1146 FT THEREOF & LYING E OF A LINE PRLL WITH THE E LINEOF SAID S1/2 OF SE1/4 DRAWN NLY FROM A POINT ON THE S LINE OF SAID S1/2 OF SE1/4 A DIST OF 266.00 FT E OF THE NW CORNER OF LOT 1 OF THE DULY RECORDED PLAT OF AUD SUB NO 30 SAID ANOKA CNTY SAID266 FT BEING MEAS AT RIGHT ANGLES TO THE W LINE OF SAID LOT 1 TOG WITH AN EASE FOR RD PURP OFVER THE S 33 FT OF THE E 1146 FT OF THE S1/2 OF SE 1 /4 Anoka County Property Identification: 27-32-25-44-0003 Address: 6590 141 ST AVE NW Platting: Buyer is responsible for platting Property, providing the City of Ramsey with an updated legal description of the new parcel. Platting a property does require payment of development fees. This Agreement shall be amended to reflect the exact legal description of the Property. 3. PURCHASE PRICE. The purchase price for the Property is $93,110 (the "Purchase Price"). The Purchase Price shall be adjusted on the gross square footage of the Property. Such price adjustment will be determined by multiplying the gross square footage of the Property by $2.25 per square foot. Page 1 of 13