Agenda - Economic Development Authority - 12/12/2024

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PURCHASE AGREEMENT This Agreement is entered into by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and Capital Real Estate, Inc., a Minnesota Corporation or Its Assigns ("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 January 14, 2025 (the "Effective Date"). 2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller approximately 3.34 acres (145,490 square feet) potentially reduced to 3.17 acres (138,085 SF) of vacant land, legally described as follows and depicted graphically on Exhibit B: Part of Outlot D, Waterfront Village Part of PID Number: 28-32-25-22-0107 ("Property") 3. PURCHASE PRICE. The purchase price for the Property is $981,000 which would be reduced to $966,596 if construction of a pylon sign on the Southeast Corner of Armstrong Blvd NW and Bunker Lake Boulevard is not viable and is not approved by the Seller (the "Purchase Price"). 4. EARNEST MONEY AND ADDITIONAL EARNEST MONEY. Within five business days after the Effective Date, Buyer must deposit the sum of $25,000.00 (the "Earnest Money") with Commercial Partners Title as Agent for Chicago Title ("Escrow Agent"), via wire transfer or delivery of a certified check payable to Escrow Agent. a. If Buyer does not deposit the Earnest Money 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. Upon Seller's receipt of a Notice to Proceed from Buyer in accordance with Section 9(b), all of the Earnest Money becomes non-refundable (except in accordance with Section 22 as a result of a default by Seller). c. If Buyer does not provide a Notice to Proceed to Seller in accordance with Section 9(b), this Agreement automatically terminates, and Escrow Agent must disburse all Earnest Money Escrow Agent holds to Buyer.