Laserfiche WebLink
DowSign Envelope ID: B6D89C5B-9EC5-4BD5-9144-716EC1C4A22B <br />PURCHASE AGREEMENT <br />This Agreement is entered into by and between the City of Ramsey, a Minnesota <br />municipal corporation (sometimes, "Seller" or "City"), and THE SCHIEBOUT FAMILY <br />LIMITED PARTNERSHIP, LLLP and/or its assigns, a Minnesota limited partnership ("Buyer"). <br />In consideration of the Earnest Money, the mutual covenants set forth below, and other <br />good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, <br />Seller and Buyer agree as follows: <br />1. EFFECTIVE DATE. The effective date of this Agreement is August 26, 2022 <br />(the "Effective Date"). <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br />approximately 1.43 acres of vacant land, legally described as follows: <br />Outlot A, Gigi Addition, to be platted as: T.B.D. <br />Anoka County PID Number: 28-32-25-23-0020 <br />3. PURCHASE PRICE. The purchase price for the Property is $1.00 on +1- 1.43 acres (62,290 <br />square feet) as outlined in Exhibit A (the "Purchase Price"). The property valuation is <br />$311,454. <br />4. INITIAL DEPOSIT; EARNEST MONEY AND ADDITIONAL EARNEST MONEY. <br />Buyer has previously deposited the sum of Five Thousand and No/100 Dollars ($5,000.00) <br />(the "Initial Deposit") with the City to pay costs of third party tax increment financing <br />("TIF") analysis and the preparation of the TIF Agreement. Within five business days after <br />the Effective Date, Buyer must deposit the sum of $1.00 (the "Earnest Money") with <br />Guaranty Commercial Title, Inc. ("Escrow Agent"), via wire transfer or delivery of a <br />certified check payable to Escrow Agent. <br />a. If Buyer does not deposit the Earnest Money as required above, then Seller may <br />terminate this Agreement by written notice to Buyer; provided, however, if Buyer <br />deposits the Earnest Money with Escrow Agent before Seller exercises Seller's <br />right to terminate, Seller's right to terminate is extinguished. <br />b. Upon Seller's receipt of a Notice to Proceed from Buyer in accordance with <br />Section 9(b), all of the Earnest Money becomes non-refundable (except in <br />accordance with Section 22 as a result of a default by Seller). <br />c. If Buyer does not provide a Notice to Proceed to Seller in accordance with <br />2636471.v3 Page 1 of 12 <br />