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061305 EDA Official File Copy ~ CITY OF NEW HOPE EDA MEETING City Hall, 4401 Xylon Avenue North June 13, 2005 EDA Meeting will commence upon adjournment of the City Council Meeting President Martin Opem Sr. Commissioner Mary Gwin-Lenth Commissioner Andy Hoffe Commissioner Karen Nolte Commissioner Steve Sommer 1. Call to order 2. Roll call 3. Approval of regular meeting minutes of May 23, 2005 4. Public hearing regarding a proposed transfer of real property, 7500, 7516 and 7528 42" avenue north to Frey Development and Manley Land Deveiopment, LLC (improvement project no. 740) 5. Public hearing and purchase agreement approvai regarding a proposed transfer of reai property, 5207 Pennsylvania Avenue North to Avery Homes, Inc. (improvement project no. 775) 6. Adjournment EDA Minutes Regular Meeting CALL TO ORDER ROLL CALL APPROVE MINUTES IMP. PROJECT 775 Item 4 EDA Meeting Page 1 CITY OF NEW HOPE 4401 XYLON A VENUE NORTH NEW HOPE, MINNESOTA 55428 May 23, 2005 City Hall President Opem called the meeting of the Economic Development Authority to order at 11:01 p.m. Present: Martin Opem Sr., President Mary Gwin-Lenth, Commissioner Andy Hoffe, Commissioner Karen Nolte, Commissioner Steve Sommer, Commissioner Staff Present: Dan Donahue, City Manager Shari French, Director of Park and Recreation Guy Johnson, Director of Public Works Valerie Leone, City Clerk Kirk McDonald, Director of Community Development Shawn Siders, Community Development Specialist Steve Sondrall, City Attorney Vince VanderTop, Assistant City Engineer Motion was made by Commissioner Sommer, seconded by Commissioner Gwin-Lenth, to approve the Regular Meeting Minutes of April 25, 2005. All present voted in favor. Motion carried. President Opem introduced for discussion Item 4, Discussion and direction regarding proposed developer selection and resolution calling for a public hearing regarding a proposed transfer of real property, 5207 Pennsylvania Avenue North (improvement project no. 775). Mr. Shawn Siders, community development specialist, reviewed three proposals received by Al Stobbe Homes, Avery Homes, and Accent Homes. He stated staff recommends the proposal submitted by A very Homes who received 897 points out of a possible maximum of 960 points. He illustrated a drawing of the proposal submitted by Avery Homes (a two story home with 3 bedrooms, 2.5 baths, and an attached garage). Staff recommends that the EDA consider two additional conditions: a rear patio and a 24-foot wide curb cut. He noted staff has discussed these items with the developer, and he has indicated that they can be addressed. If the EDA is supportive of staff s recommendation, a public hearing will be scheduled for June 13, 2005, to consider the proposed sale of the city-owned property at 5207 Pennsylvania Avenue North. May 23, 2005 EDA RESOLUTION 05-03 Item 4 IMP. PROJECT 784 Item 5 MOTION Item 5 ADJOURNMENT EDA Meeting Page 2 Mr. Mike Avery, president of Avery Homes, was recognized. He stated he has built over twelve homes in Crystal and four in Robbinsdale. He expressed his enthusiasm to work in New Hope. The EDA commended Mr. Avery on his proposal, and stated they are looking forward to working with him. Commissioner Sommer noted that the city should keep the other bidders in mind for future projects. Commissioner Gwin-Lenth introduced the following resolution and moved its adoption: "RESOLUTION CALLING FOR A PUBLIC HEARING REGARDING A PROPOSED TRANSFER OF REAL PROPERTY, 5207 PENNSYLVANIA AVENUE NORTH (IMPROVEMENT PROJECT NO. 775)." The motion for the adoption of the foregoing resolution was seconded by Commissioner Nolte, and upon vote being taken thereon, the following voted in favor thereof: Opem, Gwin-Lenth, Hoffe, Nolte, Sommer; and the following voted against the same: None; Abstained: None; Absent: None; whereupon the resolution was declared duly passed and adopted. signed by the president which was attested to by the city clerk. President Opem introduced for discussion Item 5, Motion approving engineering estimate in the amount of $91,655 from Xcel Energy for burial of overhead utilities on the east side of Winnetka Avenue from north side of Bass Lake Road to 58th Avenue North, in conjunction with Winnetka Townhomes redevelopment project, and authorization to proceed with project (improvement project no. 784). Mr. Kirk McDonald, director of community development, stated the preliminary estimate was $105,000 so the final cost estimate of $91,655 is $13,345 less than the anticipated cost. Motion was made by Commissioner Nolte, seconded by Commissioner Gwin-Lenth, to approve the engineering estimate in the amount of $91,655 from Xcel Energy for burial of overhead utilities on the east side of Winnetka Avenue from north side of Bass Lake Road to 58th Avenue North, in conjunction with Winnetka Townhomes redevelopment project, and authorization to proceed with project (improvement project no. 784). All present voted in favor. Motion carried. Motion was made by Commissioner Hoffe, seconded by Commissioner Nolte, to adjourn the meeting. All present voted in favor. Motion carried. The New Hope EDA adjourned at 11:12 p.m. Respectfully submitted, ~~ Valerie Leone City Clerk May 23, 2005 EDA REQUEST FOR ACTION Originating Department Approved for Agenda Agenda Section Community Development By.2J 6-13-05 EDA Item No. By: Kirk McDonald, Director of CD Shawn Siders, CD S ecialist PUBLIC HEARING REGARDING A PROPOSED TRANSFER OF REAL PROPERTY, 7500, 7516 AND 7528 42ND AVENUE NORTH TO FREY DEVELOPMENT AND MANLEY LAND DEVELOPMENT, LLC (IMPROVEMENT PROJECT NO. 740) 4 REOUESTED ACTION This is a public hearing regarding the proposed transfer of city owned property at 7500, 7516 and 752842nd Avenue North to Frey Development and Manley Land Development. Staff will give a short presentation and any comments from the public should be taken during this meeting. At the conclusion of the public hearing, staff recommends that the EDA approve a motion closing the public hearing and direct staff to prepare a purchase agreement in accordance with the provisions of the term sheet that was approved by the EDA on April 11, 2005. POLICY!P AST PRACTICE City goal #2 is to emphasize the maintenance and redevelopment of commercial and residential properties within the city. BACKGROUND At its meeting of April 11, 2005, the Economic Development Authority approved a term sheet with the proposed developers of the property. The terms of the sale are as follows: o Land Acquisition Price - $510,000; o Brokerage Fees - To be paid by Frey Development and Manley Land Development, Inc. Developers to provide city with indemnification agreement against brokerage fees; o Property is being transferred in an "as is" condition; o Buyer must receive all planning approvals prior to closing; o Buyer will obtain necessary approvals from the Minnesota Pollution Control Agency (MPCA) prior to closing; o Buyer will provide cross easements for shared access and parking for all tenants on the entire site; o Buyer agrees to pay all fees associated with the redevelopment of this site. MOTION BY ~bft <;lWONT1 BY cJJ TO: ~J7 1:\RFA\PLANNING\ElectronicIndustries\PublicHearin Fre &Manle .doc Request for Action Page 2 June 13, 2005 During the week of May 23, 2005, the developers collected soil borings on the site to determine the appropriate locations for the proposed buildings. City staff anticipates that the developer will finalize the redevelopment plans and they will be submitted to the city for the necessary planning approvals on June 10, 2005. Once those plans are submitted to the city, they will be processed through the normal planning process and construction is expected to begin in August 2005. RECOMMENDATION Staff recommends that the EDA conduct a public hearing regarding the proposed transfer of 7500-7528 42nd Avenue North to Frey Development and Manley Land Development. At the conclusion of the public hearing, city staff recommends that the EDA approve a motion directing staff to prepare a purchase agreement that reflects the conditions of the term sheet that was previously approved by the EDA. The purchase agreement will be forwarded to the EDA for its consideration at its meeting of June 27, 2005. 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I ---- ~ ~: " ! 4421 1 ..-~ T .''II'j ! I r-~-;; j --r;';;l ~~Ll r-----.;i---- ~ '. ~--__t I. ~ i, ! 4317 f .-.a.__. i..._: f 441e: 4300 i 4301 ! , , "'-'--.<; r;....i f.' Ei.' l . ~ . i j---+_~ f ~ 4215 I i f ...--.-.t-1 f !=j :::i ! 1 '-.- [;~j i 4221 J ~---'-f ! 4217: t--1 i 421& \ t--' _'_._ 7260 . ; I.:~~J.: 7240 =-43Rb AVE N .--....-1 ;-.- , 4220 1 '1220 = ;. ~-_.; noo ...tH~ ~ 4216 t f 04220 i . . ;i" -...-.a----r-....---t4i;s-f ~ /1 ; ;"'--41 .I 7180 710(.() i 7100 j =' L-J.-.-....-..._.L..___L1 . ~h_ , i : r-.------..a."'"\ ! ".-1 ~ 7300 ! ...J._a.__.._._._.:_.__._--, . .... TERM SHEET New Hope EDAJFrey Development, Inc. & Manley Land Development Sale of Land at 7500,7516 and 7528 42nd Avenue North (Former Electronic Industries Site) Seller: The Economic Development Authority in and for the City of New Hope,Minnesota Redeveloper: Frey Development, Inc. & Manley Land Development, collectively the "Redeveloper". The Redeveloper's rights and obligations under the purchase agreement cannot be assigned without prior consent of the EDA. Redevelopment Property: 3 parcels ofland at the intersection of 42nd and Quebec Avenues, City of New Hope, currently identified in the County tax records as: 17-118-21-22-0006 . 17-118-21-22-0007 .17-118-21-22-0008 Collectively, the "Redevelopment Property" Purchase Price: $510,000 Earnest Money: $2,000 Title Review: EDA to pay for and provide a title insurance commitment within ten (10) days of final execution of the purchase agreement. Redeveloper will examine commitment and either make or waive any title objections within ten (10) days of receipt. Due Diligence Period: 120 days from final execution of Purchase Agreement Closing: Within 15 calendar days after Redeveloper Contingencies have been satisfied, but in no event later that 150 days from final execution of the Purchase Agreement "As Is" Condition: Title to be conveyed by quitclaim deed in "as is" condition. Survey: EDA to provide to Redeveloper, to be prepared in accordance with minimum standard detail requirements for ALTAJASCM and to include information items as reasonably requested by Redeveloper Redeveloper Contingencies: Redeveloper's obligation to purchase the Redevelopment Property to be contingent upon: a. Marketable title (subject to the attached list of Permitted Encumbrances) b. Approval for ingress and egress & direct access to a public street c. Approval of any zoning, variance, special use permit, subdivision or other governmental approvals reasonably required for the" above-referenced structures d. Corporate approval from Viva Italia, if not already obtained e.Financing pursuant to terms reasonably acceptable to Redeveloper Construction: Redeveloper to begin construction of an 8-unit office-condo building on the eastern portion of the site no later than October 1, 2005 and to begin construction of a multi-tenant retail building (approximately 8,500 to 9,000 square feet in size), on the westem portion of the site by this same date. Both structures to be completed no later than January 31, 2006. Occupancy: Approximately 5,000 to 6,000 square feet of the multi-tenant retail building to be occupied by a Viva Italia restaurant. Redeveloper to allow EDA input as to remainder of tenant mix. Access & Parking: Prior to closing the Redeveloper will provide cross easements in a form reasonably acceptable to the EDA in order to facilitate user/tenant access and parking throughout the Redevelopment Property Development Costs: Redeveloper to pay all redevelopment costs associated with the Redevelopment Property and to cooperate with EDA as to any necessary State or federal approvals. All redevelopment costs imposed by EDA and/or City of New Hope to be at customary rates. Broker Fees: Redeveloper to warrant that it will pay all brokerage fees due to Retail Site Development Services (RSDS) with respect to the Redevelopment Property and further that Redeveloper will indemnity the EDA from claims by any other broker for activities relating to the Redevelopment Property. Effect of Term Sheet: This Term Sheet outlines the terms under which the parties are willing to enter into a purchase agreement and does not constitute an offer or acceptance on the part of either party. All rights and obligations with respect to the Redevelopment Property shall be only as provided for in a signed purchase agreement with terms approved by the EDA' s Board of Commissioners and by appropriate representatives of the entities that comprise the Redeveloper. 2 ! ! :1 ~ 1 ~ , ~ ~ !A J r '& 4 I P:\AITORNEY\CMK\CLIENTS\CNH\99-11293\99~11293_001_ TERM SHEED.DOC PERMITTTEDENCUMBRANCES 1. Any real estate taxes not yet due and payable 2. Rights-of-way (if any) reasonably necessary for drainage ditches, drain tiles, feeders, laterals and underground pipes 3. All dedicated rights-of way 4. All easements, restrictions, covenants and agreements which are currently included in the public records, so long as the Buyer's intended use of the Property is not materially impaired, by such matters of record, provided that the Declaration of Covenants dated November 23, 2003 and entered into by the EDA and the Minnesota Pollution Control Agency shall not be considered to "materially impair" the Redeveloper's intended use of the Property. 3 c... --- -- -- newspapers AFFIDAVIT OF PUBLICATION STATE OF MINNESOTA) ss. COUNTY OF HENNEPIN) Richard Hendrickson, being duly sworn on an oath states or affirms, that he is the Chief Fi. nancial Officer of the newspaper known as Sun-Post , and has full knowledge of the facts stated below: (A) The newspaper has complied with all of the requirements constituting qualification as a qualified newspaper, as provided by Minn. Stat. ~331A.02, ~331A.07, and other applic- able laws, as amended. (B) The printed public noflce that is attached was published in the newspaper once each week, for -..Q!J!L successive week(s); R was first published on Thursday, the....1L day of Mav . 2005, and was thereafter printed and published on every Thursday to and including Thursday, the _ day of , 2005; and printed below is a copy of the lower case alphabet from A to Z, both inclusive, which is hereby acknowl- edged as being the size and kind of type used in the composition and publication of the notice: .~ . CFO Subscribed and sworn to or affirmed before me on this 19th day of May ,2005. (1 1/7 It, ~.(fl~ Notary Pub i'ftt . MARY ANN CARLSON NOTARY PUBUC- MINNESOTA MY COMMtSSION EXPIRES HU..Q9 RATE INFORMATION (1) Lowest classified rate paid by commercial users for comparable space $ 2.85 Der line (2) Maximum rate allowed by law $ 6.20 Der line (3) Rate actually charged $ 1.30 Der line EDA REQUEST FOR ACTION Originating Department Approved for Agenda Agenda Section Community Development 6-13-05 EDA Item No. By: Kirk McDonald, Director of CD Shawn Siders, CD S ecialist 5 PUBLIC HEARING AND PURCHASE AGREEMENT APPROVAL REGARDING A PROPOSED TRANSFER OF REAL PROPERTY, 5207 PENNSYL VANIA A VENUE NORTH TO AVERY HOMES, INC. (IMPROVEMENT PROJECT No. 775) REOUESTED ACTION This is a public hearing regarding the proposed transfer of city owned property at 5207 Pennsylvania Avenue North to Avery Homes, Inc. Staff will give a short presentation and any comments from the public should be taken during this meeting. At the conclusion of the public hearing, staff recommends that the EDA approve a motion closing the public hearing and then approve a resolution authorizing the Mayor and City Manager to execute the enclosed purchase agreement for the sale of the property to Avery Homes, Inc. for the redevelopment of the lot into a single family owner occupied housing unit. If the purchase agreement is approved, the property will be transferred to A very Homes during the week of June 27, 2005. POLICY/P AST PRACTICE City goal #2 is to pursue the maintenance and redevelopment of commercial and residential properties within the city. The City Council has been addressing the residential portion of this goal through the city's many housing activities, including acquiring properties from willing sellers in designated redevelopment areas. BACKGROUND The EDA acquired the property at 5207 Pennsylvania Avenue North in November 2004. The house on the property was demolished and the site prepared for redevelopment. City staff distributed redevelopment specifications in April 2005 and at its meeting of May 23, 2005, the EDA selected Avery Homes, Inc. as the preferred developer for the site. A very Homes submitted a house plan that proposed the construction of a two story homes with 2,406 square feet of finished living space with an unfinished basement that would have the plumbing "roughed in" for future expansion of the living space. The plans proposed the construction of an attached two car garage and MOTION BY SECoND D': TO: I:\RFA\PLANNING\Housin \5207Penn\PublicHearin &PAAver Homes.doc Request for Action June 13, 2005 Page 2 the existing 30'x30' garage on the site would be refurbished to match the existing home. The EDA selected the plans submitted by Avery Homes with the following conditions: 1. The developer constructs a rear patio on the home. 2. The curb cut width is reduced to 24 feet so that it is in compliance with the New Hope City Code. RECOMMENDATION At the conclusion of the public hearing, city staff would recommend that the EDA close the public hearing and consider the enclosed resolution approving the purchase agreement. The purchase agreement contemplates the sale of the property to Avery Homes, Inc. for $75,000. Avery Homes has submitted an executed copy of the purchase agreement as well as a $1,000 "earnest money" deposit. If the purchase agreement is approved at the EDA meeting of June 13, 2005, the construction of the house must be substantially complete by December 15, 2005. ATTACHMENTS o Resolution o Purchase Agreement o Avery Homes, Inc. proposal RESOLUTION NO. 05 - RESOLUTION AUTHORIZING EXECUTION OF PURCHASE AGREEMENT FOR SALE OF PROPERTY LOCATED AT 5207 PENNSYL VANIA AVENUE BE IT RESOLVED by the Economic Development Authority in and for the City of New Hope (the "Authority") as follows: WHEREAS, the Authority is the owner of that certain real estate legally described as Lot 8, Block 4, Sunset Heights, Hennepin County, Minnesota and more commonly known as 5207 Pennsylvania Avenue (the "Property"); and WHEREAS, it has been proposed that sale of the Property to Avery Homes, Inc. to facilitate construction of a single-family dwelling thereon is in the best interests of the City of New Hope and its people, and that the transaction further the Authority's general plan of economic development; and WHEREAS, the Authority has pursuant to Minnesota Statutes Section 469.105 and other applicable laws and regulations called for and held a public hearing regarding such sale of the Property and has accepted public comments, if any, made at said hearing. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of New Hope that the President and Executive Director are authorized to enter into a Purchase Agreement for sale of the Property to Avery Homes, Inc., the terms of which agreement shall be substantially similar to those presented to the Authority on the date ofthis Resolution. Dated the 6th day of June, 2005. Martin E. Opem Sr., President Attest: Daniel J. Donahue, Executive Director P:\ATTORNEY\CMK\CUENTSICNHI99-11332\O03-S207 PENNSYLVANIA AVE RESOLUTION AUTIlORIZING PURCHASE AGREEMENT .DOC 1 ___ ___it6/02l2005 11: 56 FAX 763 493 5193 JENSEN & SO~~RALL. P.A. I4i 002 PURCHASE AND REDEVELOPMENT AGREEMENT 5207 PennsYlvania Avenue North 1. PartieS. This Purchase and Redevelopment Agreement (the "Agreement'') is made on June 13, 2005, between the ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF NEW HOPE, a public body corporate and politic under the laws of Minnesota having its office located at New Hope, Minnesota, (the "Seller"), and AVERY HOMES, INC., a Minnesota corporation having its office located at 1465 West Medicine Lake Drive, Plymouth, Minnesota, 55441 (the "Buyer"). 2. Offer/Acceptance. The Buyer offers to purchase and the Seller agrees to sell that certain real property commonly known as 5207 Pennsylvania Avenue, which real property is legally described as Lot 8, Block 4, Sunset Heights, Hennepin County, Minnesota (the "Property")'. 3. Acceptance Deadline. This offer to purchase, unless accepted sooner, shall be null and void in the event that this offer is not accepted by the Seller no later than 11 :00 p.m. June 13,2005, and if this offer is not accepted by such deadline then all Earnest Money (as that term is defined in Section 4 below) shall be refunded to the Buyer. 4. Price and Terms. The price for the Property is $75,000 (the "Purchase Price") which the Buyer shall pay as follows: Earnest money of $1,000 by cash or check, the receipt of which is hereby acknowledged by the Seller (the "Earnest Money''), and the balance of the Purchase Price to be paid by certified check or other cleared funds upon on the "Date of Closing", which for the purposes of this Agreement shall be July 14, 2005, or such other earlier or later date as the parties mutually agree. 5. Personal Property Included in Sale. There are no items of personal property owned by the Seller and currently located on the Property for purposes of this sale. Any materials which constitute fixtures to the garage located on the Property are included in the Property for purposes of this sale. 6. Deed. Upon performance by the Buyer of all pre-closing obligations required of the Buyer under this Agreement, the Seller shall deliver a Quit Claim Deed conveying title to the Property to the Buyer, subject to all conditions subsequent required by Sections 15, 16 and 17 below. 06/02/2005 11:57 FAX 763 493 5193 JENSEN & SONDRALL. P.A. 141003 7. Real Estate Taxes and Special Assessments. A. Taxes. The Seller shall pay, on or before the Date of Closing all real estate taxes due and payable in the year 2004 and prior years. Real estate taxes due and payable in the year 2005 shall be prorated as of the Date of Closing between the Buyer and the Seller. B. Assessments Levied. The Seller shall on the Date of Closing also pay any special assessments levied against the Property as of the date of this Agreement, including those certified for payment with taxes due and payable in 2005. C. Assessments Pending. The Seller represents that as of the date of this Agreement there are no special assessments pending with respect to the Property. If a special assessment becomes pending after the date of this Agreement and before the Date of Closing, the Buyer may, at the Buyer's option: 1. Assume payment of the pending special assessment without adjustment to the Purchase Price of the property; or 2. Require the SeHer to pay the pending special assessment, in which case the Purchase Price at closing of the transaction contemplated by this Agreement shall increase by an amount equivalent to the estimated amount of the pending assessment; or 3. Declare this Agreement nun and void by written notice to the Seller, in which case the Earnest Money shall be either: (i) retained by the SeHer if the estimated amount of the pending assessment is equal to or less than $1,500.00, or (ii) refunded to the Buyer if the estinlated amount of the pending assessment is over $1,500.00. 8. Closing Costs and Related Items. The SeHer shall be responsible for the following costs: (a) recording fees and conservation fees for any instruments which might be required to establish marketable title prior to transfer of such to the Buyer; (b) deed transfer tax and conservation fees required to be paid in connection with the quit clainl deed to be given by the Seller pursuant to this Agreement; and (c) the cost ofa title insurance co=itment for the Property. The Buyer shall be responsible for the payment of the foHowing costs: (1) recording fees required to be paid in connection with the quit clainl deed to be given by the SeHer pursuant to this Agreement; (2) closing fee, if any, and (3) title insurance premium, if the Buyer elects to purchase title insurance. Each party shaH be responsible for its own attorneys' fees and costs. Page 2 of 14 06/02/2005 11:.~AX 7~493 5193 JENSEN & SONDRALL. P.A. ~004 9. Sewer and Water. A. The Seller warrants that city water: X is available at the front lot line OR will be available at the front lot line by ,20_. B. The Seller warrants that city sewer: X is available at the edge of the street pavement OR will be available at the edge of the street pavement by ,20_. C. TIle Buyer warrant~ that upon exposure of the end of the sewer stub during the course of the Buyer's post-closing site preparation work, the Buyer or one of its agents will call the Department of Public Works for the City of New Hope at 763- 592-6777 and have the wye inspected before doing further work. If the wye is found to be in poor condition, the.Buyer acknowledges that the City may require the Buyer to replace the stub to the wye and the Buyer warrants that the Buyer will comply with such request. If such replacement work is required, the Seller warrants that the Seller will reimburse the Buyer for reasonable costs related to such work as follows: lL Upon receipt of invoices providing itemized detail of the additional work and expenses for replacing the sewer stub from the edge of the street pavement to the wye, the Seller will reimburse the Buyer for reasonable expenses related to this work. Buyer will submit invoices to Shawn Siders at the Seller address listed above. NI A Upon completion ofthe sewer stub replacement and backfilling with acceptable granular material, the City of New Hope's street maintenance crew will replace the street pavement at no cost to the Buyer. The Buyer will coordinate this work through Shawn Siders at 763-531-5137. 10. Condition of Property. The Buyer acknowledges that the Buyer has inspected or has had the opportunity to inspect the Property and the Buyer accordingly accepts the Property "AS IS". Notwithstanding the forgoing language, the Buyer has the right (at the Page 3 of14 . _9.6/0212005..11: 57 FAX 763 493 5193 JENSEN & SONDRALL. P.A. I4i 005 Buyer's option and at the Buyer's sole expense) to take soil samples from the Property for the purpose of determining if the soil is suitable for construction of the dwelling described in Section 15 below. If the soil is reasonably determined by the Buyer to be unacceptable for such construction then the Buyer may rescind this Agreement by written notice to the Seller, in which case this Agreement shall be null and void and all Earnest Money shall be refunded to the Buyer. TIlE BUYER ACKNOWLEDGES lBAT, EXCEPT AS SPECIFICALLY OUTLINED IN SECTION 9 ABOVE WITH RESPECT TO UTILITIES, TIlE SELLER MAKES NO REPRESENTATIONS OR WARRANTIES AS TO TIlE CONDITION OF TIlE PROPERTY. 11. Title Review & Objections. As soon as reasonably practicable after the date of this Agreement, the Seller shall funllsh to the Buyer a commitment for title insurance or (at the Seller's sole option) a registered property abstract or an updated abstract of title to the Property, certified to date to include proper searches covering bankruptcies, state and federal judgment and liens. The Buyer shall have ten (10) business days after receipt of the abstract or title commitment to examine the same and to deliver written objections to title, if any, to the Seller. 12. Title Clearance In the event that the Seller in its reasonable discretion deems the Buyer's title objections reasonable, the Seller shall (at the Seller's cost) proceed to correct all of objectionable matters by the Date of Closing, or such later date as the parties may agree to. However, if title to the Property cannot be made marketable or is not made marketable by the Seller by the Date of Closing, then the Buyer (at the Buyer's sole option) may either (i) declare this Agreement null and void by written notice to the Seller, in which case neither party shall be liable for damages hereunder to the other, the parties shall sign a cancellation of Agreement in me standard form used in the current market, and the Earnest Money shall be refunded to tl1e Buyer, or (ii) waive tl1e objection(s) remaining unaddressed, in which case the parties will proceed to closing. Notwitl1standing any of tl1e forgoing language, if the Buyer raises a title objection which the Seller in its reasonable discretion determines is unrelated to marketability of the Property, tl1e Seller shall have no obligation to correct such matter and the parties shall proceed to closing. 13. Well Disclosure. The Seller certifies that tl1e Seller does not know of any wells on tl1e property; OR ..x.. Wells on the subject real property are disclosed by the Seller on me Well Disclosure form included in Exhibit A attached hereto and made a part hereof. Page 4 of14 06/02/2005 11:57 FAX 763 493 5193 JENSEN & SON~RALL. P.A. 1iZJ006 14. Individual Sewage Treatment System Disclosure. l The Seller certifies that there is no individual sewage treatment system on or serving the property; OR Individual sewage treatment systems on or serving the property are disclosed by the Seller on the attached disclosure statement. 15. Construction of Dwelling. The Buyer agrees and covenants that the Buyer will construct (or cause to be constructed) a new single-family dwelling on the Property. This covenant shall survive the delivery of the deed. A. The single-family dwelling described in this Section is referred to hereafter as the "Mininlum Inlprovements." B. The Mininlum Inlprovements shall consist of a new single-family dwelling, and shall be constructed substantially in accordance with the Request for Proposal Specifications attached hereto and made a part hereof as Exhibit B, the proposal submitted by the Buyer to Seller attached hereto and made a part hereof as Exhibit C. _ In addition to the requirements outlined in Exhibits B and C, the Mininlum Inlprovements shall be constructed substantially in accordance with the conditions of acceptance imposed by the Seller at the Seller meeting approving this Agreement, which conditions are attached hereto and made a part hereof as Exhibit D; OR _ The Seller did not adopt construction requirements/conditions beyond those listed in Exhibits B and C. C. Construction of the Mininlum Inlprovements must be substantially completed by December 15,2005. Construction will be considered substantially complete when a final certificate of occupancy has been issued by the City of New Hope Building Inspector. D. Promptly after substantial completion of the Minimum Inlprovements in accordance with the provisions of this Agreement which relate solely to the obligations of the Buyer to construct such Minimum Improvements (including but Page S 004 06/02/2005 11:58 FAX 763 493 5193 JENSEN & SON~RALL. P.A. [4J007 not limited to the date for completion thereof), the Seller will at the request of the Buyer furnish the Buyer with a certificate of completion for such improvements (the "Certificate of Completion"), which shall be (and it shall be so provided in the deed required under this Agreement and in the certification itself) a conclusive determination of satisfaction and termination of the agreements and covenants relating to the obligations of the Buyer (and its successors and assigns) to construct the Minimum Improvements and the dates for completion thereof. The Certificate of Completion shall be in such form as will enable it to be recorded in the proper office for the recordation of deeds and other instruments that pertain to the Property. If the Seller shall refuse or fail to provide a Certificate of Completion in accordance with the provisions of this Section, then the Seller must, within thirty (30) days after written request by the Buyer, provide the Buyer with a written statement outlining in reasonably adequate detail the reasons that the Seller is of the opinion that the Buyer has failed to complete the Minimum Improvements in accordance with the provisions of the Agreement, or the reasons that the Seller is of the opinion that the Buyer is otherwise in default. A writing required of the Seller under this Section must additionally outline the measures or acts that will be necessary, in the opinion of the Seller, for the Buyer to take or perform in order to obtain a Certificate of Completion. E. The Buyer represents and agrees that at the time of the Buyer's signing of this Agreement and at all times until issuance of the Certificate of Completion: I . The Buyer has not made or created and will not make or create or suffer to be made or created any total or partial sale, assignment, conveyance, or lease, or any trust or power, or transfer in any other mode or form of or with respect to this Agreement or the Property (or any part of the Agreement or Property or any interest in the Agreement or the Property), or any contract or agreement regarding any of the aforementioned actions, to any person or entity (collectively, a "Transfer"), without the prior written approval of the Seller's board of commissioners. Notwithstanding the foregoing language, the term "Transfer" does not include encumbrances made or granted by way of security for, and only for, the purpose of obtaining construction, interim financing or permanent financing necessary to enable the Buyer (or any successor in interest to the Property or any part thereof) to construct the Minimum Improvements or any component thereof. 2. If the Buyer seeks to accomplish a Transfer before issuance of the Certificate of Completion, the Seller shall be entitled to require as conditions to such Transfer that: a. any proposed transferee shall have the qualifications and financial responsibility which are, in the reasonable judgment of the Seller, Page 6of14 06/02/2005 11:58 FAX 763 493 5193 JENSEN & SONDRALL. P.A. [4J008 necessary and adequate to fulfill the obligations undertaken in this Agreement by the Buyer as to the portion of the Property to be transferred; and b. any proposed transferee, by instrument in writing satisfactory to the Seller and in form recordable in the public land records of Hennepin County, Minnesota, shall, for itself and its successors and assigns, and expressly for the benefit of the Seller, have expressly assumed all of the obligations of the Buyer under this Agreement as to the portion of the Property to be transferred and agreed to be subject to all the conditions and restrictions to which the Buyer is subject as to such portion; and the Buyer specifically agrees for itself and its successors that any statement, action or inaction by a transferee of (or any other successor in interest whatsoever to) the Property, or any part thereof, to the effect that the transferee (or successor) shall not, for whatever reason, have assumed obligations under this Agreement or so agreed, then such statement, action or inaction shall not (unless otherwise specifically provided in this Agreement or agreed to in writing by an authorized representative of the Seller, and only to the extent so provided in this Agreement or a separate writing by an authorized representative of the Seller) operate to deprive the Seller of any rights or remedies or controls with respect to the Property (or any part thereof or the Mininlum Improvements (or any part thereof) or the construction of the Minimum Improvements (or any part thereof); it being the intent of the Buyer and the Seller as expressed in this Agreement that (to the fullest extent permitted at law and in equity, and excepting only in the manner and to the extent specifically provided otherwise in this Agreement or a separate writing) no transfer of, or change with respect to, ownership in the Property, or any part thereof, or any interest therein, however consummated or occurring, and whether voluntary or involuntary, shall operate, legally, or practically, to deprive or linlit the Seller of or with respect to any rights or remedies on controls provided in or resulting from this Agreement with respect to the Property that the Seller would have had in the event that there had been no suchgtransfer or change. In the absence of a specific written agreement by the Seller to the contrary, no such transfer or approval by the Seller thereof shall be deemed to relieve the Buyer (or any other party bound in any way by this Agreement or otherwise with respect to the Property) from any obligations with respect thereto. Page 7 ofl4 06/02/2005 11:58 FAX 763 493 5193 JENSEN & SONDRALL, P.A. 1l1i009 c. Any and all instruments and other legal documents involved in effecting the transfer of any interest in this Agreement or the Property governed by this subsection E. shall be in a form reasonably satisfactory to the Seller. 3. If the conditions described in Subsection 2 above are satisfied, then a Transfer will be approved and the Buyer shall be released from its obligation under this Agreement, but such release shall apply only as to the portion of the Property that is transferred, assigned, or otherwise conveyed. The provisions of this Subsection 3 apply to all subsequent transferors. 4. Upon issuance of the Certificate of Completion, the Buyer may transfer or assign the Minimum Improvements and/or the Buyer's rights and obligations under this Agreement with respect to such property without the prior written consent of the Seller. F. The Buyer agrees that (i) it will use the Minimum Improvements only as a single- family dwelling, (ii) it will not seek exemption from real estate taxes on the Property under State law, and (iii) it will not transfer or permit transfer of the Property to any entity whose ownership or operation of the property would result in the Property being exempt from real estate taxes under State law (other than any portion thereof dedicated or conveyed to the City of New Hope or to the Seller in accordance with this Agreement). The covenants in this Section run with the land, survive both delivery of the deed and issuance of the Certificate of Completion for the Mininlum Improvements, and shall remain in effect for at least 30 years after the Date of Closing. 16. DefaultJRevesting Title in Seller upon Happening of Event Subsequent to Conveyance to Buyer. A. Buyer Default Before Closing. If title to the Property is not currently marketable or is not made marketable as provided herein, then the terms of Section 12 above shall apply. If title to the Property is currently marketable, or is made marketable as provided herein, and the Buyer before closing defaults as to any of the Buyer's obligations outlined herein, tlle Seller may elect eitller of the following options, as permitted by law: 1. Cancel tllis Agreement as provided by statute and retain tlle Earnest Money and any other payments made hereunder as liquidated damages; in the event that payments made hereunder include a note, the parties aclmowledge their intention that such note is to be deemed a down Page 8 of14 06/0212005 11:58 FAX 763 493 5193 JENSEN & SONDRALL. P.A. I4i 010 payment note and may be presented for payment notwithstanding cancellation of this Agreement; 2. Seek specific performance within six months after such right of action arises, including costs and reasonable attorney's fees. B. Seller Default Before Closing. If title to the Property is not currently marketable or is not made marketable as provided herein, tl1en the terms of Section 12 above shaH apply. If title is marketable, or is made marketable as provided herein, and the Seller defaults as to any of the Seller's obligations outlined herein, tl1e Buyer may elect either of the following options, as permitted by law: I. Seek damages from tl1e Seller including costs and reasonable attorney's fees; 2. Seek specific performance within six months after such right of action arises. C. Post-closing Default as to Construction of Minimum Improvements. In tl1e event that after conveyance of the Property (or any part tI1ereof) to the Buyer and before receipt by the Buyer of tl1e Certificate of Completion there is a failure on tl1e part of the Buyer, subject to "Unavoidable Delays" (as that term is defined below), to carry out any obligation with respect to construction of the Minimum Improvements (including but not limited to the nature of tl1e improvements and the date for the completion tl1ereof), or if the Buyer abandons or substantially suspends construction work tl1en the Seller shall have the right to re-enter and take possession of the Property unless such failure, abandonment, or suspension is cured, ended, or remedied within thirty (30) days after written demand from the Seller with respect to the failure, abandonment or suspension. Upon such re-entry and re-taking of possession the Seller may terminate (and revest in tl1e Seller) the estate previously conveyed by deed to tl1e Buyer pursuant to this Agreement, it being the intent of this provision together with other provisions of this Agreement that tl1e conveyance of the Property to the Buyer shall be made upon (and that tl1e deed delivered in collOection with this Agreement shall contain a condition subsequent to the effect that) the understanding that in the event of any default on tl1e part of the Buyer with respect to the Minimum Improvements and fallure on the part of the Buyer to remedy, end, or abrogate such default within the period and in tl1e manoer stated herein tl1en the Seller at its sole option may declare a termination in favor of tl1e Seller of the title and additionally of all rights and interests of the Buyer (and the Buyer's successors or assigns), and that the Seller may further declare that all of the rights and interests in and to the Property (including any improvements or rights subsequently added to the Property) shall revert to the Seller, but only if the events stated in this Section have not been cured within the time periods provided above. Page 9 of 14 06/02/2005 11:58 FAX 763 493 5193 JENSEN & SONDRALL. P.A. 141011 Notwithstanding anything to the contrary contained in this Section, the Seller shall have no right to reenter or retake title to and possession of a portion of the Property for which a Certificate of Completion has been issued. For the purposes of this Agreement, the term "Unavoidable Delays" means delays beyond the reasonable control of the Buyer and which are the direct result of strikes or other labor troubles; damage to ilie Minimum Improvements due to prolonged adverse weather, acts of God, fire or other casualty; litigation commenced by third parties which, by injunction or other similar judicial action, directly results in delays; or acts of any federal, state or local governmental unit (oilier 1han the Seller in exercising its rights under this Agreement) which directly result in delays. The term "Unavoidable Delays" shall not include delays in the Buyer's efforts to obtain pennits or governmental approvals necessary to enable construction of the Minimum Improvements by the dates such construction is required under this Agreement. 17. Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in the Seller of title to and/or possession of the Property (or any part thereof) as provided in Section 16 above, the Seller shall apply the Purchase Price as follows: A. First, to reimburse the Seller for all costs and expenses (including but not limited to proportionate salaries of personnel) incurred by the Seller in connection with the recapture, management, and resale of the Property or any part thereof (but less any income derived by the Seller from the Property or part thereof in connection 'with such management); all taxes, assessments, and water and sewer charges with respect to the Property or part thereof (or, in the event the Property is exempt from taxation or assessment or such charge during the period of ownership thereof by the Seller, an amount, equal to such taxes, assessments, or charges [as determined by the Seller assessing official] as would have been payable if the Property were not so exempt); any payments made or necessary to be made to discharge any encumbrances or liens existing on the Property or any part thereof at the tinle of revesting of title thereto in the Seller or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Buyer, its successors or transferees; any expenditures made or obligations incurred with respect to the maldng or completion of the Mininlum Il)1provements or any part thereof on the Property or any part thereof; and any amounts otl1erwise owing the Seller by the Buyer or its successor or transferee; and B. Second, to reimburse the Buyer for the balance of the Purchase Price remaining after the reimbursements specified in Subparagraph A above. Such reimbursement shall be paid to the Buyer upon delivery of an executed, recordable warranty deed to the Property by the Buyer to the Seller. Page 10 of 14 06/02/2005 11:59 FAX 763 493 5193 JENSEN & SONDRALL. P.A. IiZI 012 18. Time is of the essence for all provisions of this Agreement. 19. Notices. All notices required herein shall be in writing and delivered personally or mailed to the address for the applicable party as shown in the introduction to this Agreement and, if mailed, are effective as of the date of mailing. 20. Minnesota Law. This Agreement shall be governed by the laws of the State of Minnesota. 21. No Brolrer Involved. The Seller and Buyer represent and warrant to each other that there is no broker involved in this transaction with whom the representing and warranting party has negotiated or to whom the representing and warranting party has agreed to pay a broker commission. The Buyer agrees to inderrmify the Seller for any and all claims for brokerage commissions or finders' fees incurred in connection with negotiations for purchase of the Property and arising out of any alleged agreement or commitment or negotiation by the Buyer, and the Seller agrees to inderrmify the Buyer for any and all claims for brokerage commissions or finders' fees incurred in connection with negotiations for purchase of the Property and arising out of any alleged agreement or commitment or negotiation by the Seller. 22. Specific Performance. 'This Agreement may be specifically enforced by the parties, provided that an action is brought within six months of the date of alleged breach of this Agreement. 23. No Remedy Exclusive. No remedy herein conferred upon or reserved to the Seller or Buyer is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall inlpair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. 24. No Merger of Representations, Warranties. All representations and warranties contained in this Agreement shall remain separate from and shall not be merged into any instruments or conveyance delivered at closing, and the parties shall be bound accordingly. 25. Recording. A Memorandum of Agreement in form and content reasonably acceptable to the Buyer may at the option of the Seller be filed of record with the Hennepin County Registrar of Titles or Office of Recorder, as the case may be. The Seller shall pay all recording costs in connection with such memorandum. Page 11 of!4 06/02/2005 11:59 FAX 763 493 5193 JENSEN & SON~RALL. P.A. [4J013 26. Counterparts. Tbis Agreement may be signed in counterparts, each of which is binding upon the signing party when executed by that party and together which shall constitute a single instrunlent. [The Remainder OfTbis Page Is Intentionally Left Blank - Signature Pages Follow] Page 12 of14 06/02/2005 11:59 FAX 763 493 5193 JENSEN & SONDRALL, P.A. ~014 In witness of the foregoing, the parties have executed this Agreement as of the year and date written above. SELLER: Economic Devel(}nment Auth(}ritv in and for the Citv of New Hone By: President By: Executive Director STATE OF MINNESOTA } ss. COUNTY OF HENNEPIN The foregoing was acknowledged before me this day of 2005, by Martin E. Opem Sr. and Daniel J. Donahue, the President and Executive Director of Economic Development Authority in and for the City of New Hope, a public body corporate and politic under the laws of Minnesota, on behalf of the Authority. Page 13 of14 06/02/2005 11:59 FAX 763 493 5193 JENSEN & SONDRALL. P.A. 141015 BUYER: Avery Homes. Inc. By: ~er Michael E. Avery L President STATE OF MINNESOTA } ss. COUNTY OF HENNEPIN .. The foregoing was acknowle~ed befor<:- me this &~day of rL.lA4& 2005, by ~.~ ' the ~~~ of Avery Ho~Minnesota corporation, n behalf of the corporatIOn. c2('~~ C ~1~ . LINDAC. SWEASY NOTARY PUBUC. MINNESOTA My Com.- EIpiI$ Jan. 3U010 This document drafted by: Jensen & Sondrall, P.A. 8525 Edinbrook Crossing, Suite 20 1 Brooklyn Park, MN 55443 P;\Attom=r\Cmk\Clients\CNH\'J9"11332\S207 Pennsylvania Ave. Pur<;!llse &; Reilevelopment Agreement D2.ooc Page 14 of 14 PROPOSAL TO THE ECONOl:0JC DEVELOPMENT AUTHORITY OF THE OTY OF NEW HOPE (EDA) 5207 Pennsvlvania Avenue North Lot 8, Block 4, Sunset Heights Addition, Hennepin County, Minnesota Construction of the house shall be completed by the builder as specified in the attached site sketch, floor plan and building elevations, and in accordance with the "Specifications for Construction of aNew Single Family House at 5207 Pennsylvania Avenue North. The house sha!! be completed no later than November 13, 2005. " Price to be paid by the builder for the subject property: 75.000.00 Builder Information: (Builder is required to be a licensed Residential Building Contractor by the state of Minnesota.) Name: AI/e.ry Ho.......~, 1:.N<:.. State License Number: 200'19 ~ 93 M;d.....\ E. A"..r'( Telephone Number: 1 CO 3 - S I.f 'i -/9lf '7 Fax Number: 763-55"7-0'"1"11;, Address: 1%5 W. M'!di;"jrJ~ L",-h. ~r. A" HOM<!S, L~. <t. City PIYi110uth ~05 Date State /VI N Zip 5SYv/ Required Attachments and Additional Information: V Site Sketch showing the footprint of the proposed house (drawn to 1"=20' scale on survey provided) ~ Floor plan of the proposed house (drawn to 1"~8' scale) on 8 1/2" x II" paper V Elevations of a!! sides of the proposed house (drawn to 1"~8' scale for all elevations) on 81/2" x 11" paper V List of references V The EDA will only sell lots to builders who have experience in house construction in Minnesota. Please list the addresses of three houses you have built in Minnesota in the last three years: . 1. G;'-\ \;;;t L.JSh A"e. No. c.rys+a..\ I MrJ 2. 3Lfl5 LaNe. A\le.. I\Ie. C'1S+-" \ , MtJ 3. 15T11 S+. AN~re.....s L~e. Nw Ro..flIlse(, MN RETURN THIS COMPLETED FORM WITH THE REQUIRED ATTACHMENTS TO: KIRK MCDONALD CITY OF NEW HOPE 4401 XYLON AVENUE NORTH NEW HOPE, MINNESOTA 55428 NOTE: PROPOSALS MUST BE SUBMITTED BY MAIL OR IN PERSON. FAXim PROPOSALS WILL NOT BE ACCEPTED. PROPOSALS ARE DUE TUESDAY, MAY 10, 2005 AT 2 P.M. N w B7QO Jefferson Highway Osseo, Minnesota 55369 PHONE (763) 49.)-5761 FAX (763) 493-57B1 ~ur\Jl'ynrs C!tl'rtifindl' HY-LAND SURVEYING, LAND SURVEYORS P.A. Proposed Top of Block Proposed Garage Floor Proposed Lowest Floor Type of BuildIng - E s CllY OF NFW HOPF NOTE: PROPERTY CORNERS SET BY DEVELOPERS SURVEYOR BENCHMARK: RAILROAD SPIKE EAST FACE OF POWER POLE AT N.E. CORNEA OF LOT ELEVATION: 909.41 FEET -135.00- f- " ..t~ 51olli5 . ~o '" '"' Iww Gt/) .IE . I <C( '= ZW -..t :q: >- -u " ~ ~ ..q. o:::!:: , ~ .0-' ~, 0 f- . ,;,~ " a?:l. 0 :oJ to "\n,'].. ll)J~,3 S ~. r-;- ~ ...~ ,.(, ,U ~i' " cX~ ... ~<a..,v h t7 I o o Ll) r-- I SHARED BITUMINOUS DRIVEWAY "111.) ~ . -135.00- LOT a. BLOCK 4, SUNSET HEIGHTS This !I.Ur\llIly Is <:lIrtWclll only 10 UIIIllbol/4 nllmed person Dr persons and nolla lI11bSCl'lu.mt ownllrli, mortgageS' or UU~ Insurllrs, The llnly eaumllnh shown (lrll from plots of ra<;OI"d of InlOfmllUon provided by dlent. All building dlmmnslons and floor elll\lllUons must be vmrllhld by cUent. I hereby cllrtlfy thot thlli survey WOll preplJred by me or under my dlrllct supervisIon, and that I om a duly RegIstered Land Surveyor under the laws of the Slate of Minnesota. Surveyed by us thl~ ~ day of April , 20 ~ Signed: @ "" . 9..,.1,?Z OJ '" => u U z o U I I ,"'.;0 INVOICE NO. F.B. NO. SCALE 1"= 2!l751 300/26 20' o Denotes Iron Monument ~+ o Denotes Wood Hub Set For Excavation Only xOOO.O Denotes Existing Elevation ~ Denotes Proposed Elevation ~. Denotes Surface Drainage Properly Located In Pad Of 1 /4 Sec. ----....I. Twp. ----....I. R. ----->. ~ < < I-i Z ~ U) Z Z r:il P-. " --\ (' r ""CU'"~I"""m""'~"tll"Ul'm"n "'Ill """''''''''''0 ..nU""BOI"II1". All PR,uOI1 wlllf" 1I1beffllmedlfolnllul"lIoncanb" inslalltodan"rfh!;Jlhlllg. AH f1l([erlarOpdnlllll" 10 be call1ked. AII!lillplnlotflohIlVlIlfl!ld"f. 6 mill Yllporbilnfer on WIIITn l'Ifde or building !Il!lllnN lO!"ms, op.wlng-I and plale IInu. AI"hllllthlnIJJllrnllnatsuppoJll!db)"~/"8mrngh'bilCIlulk~. J. BOXela( ~oM block/nlJ tequlred lor "Idlng 10 complele !lIal ofwllalhllr proll!clllln Bno:l lllrbantef. ~ .Atllc IlCCllU 10 be lealed wI!h caulk Of unbroken .pray"d cllni"II!"ln\."ml)Olh dgl.lll be we..lherslf1pped. Wlndowmlnlmum"U'VlllulI .29c.smIJ .J1$ffdel1l. Elltelinrdoormlnlmum'U.value .38. Sei!rlldeleclricalboxlISlnextenorwalls. Annlhlnu !lPllr.lnclIlIon' (Palh Ca!ll.!IOry OnEIl Fumal!l!lgO%highlllficll1ncy-sellr"d. WBlertielllerllndnrep/lI.ce"lobl!dfredv"nt CIDlhe. Oryl!r_dmfvenUlallon req'd_cl'mfpeaple nnt_dm ;!IupplemenlaL-clm/b'lhl.an._dm hrv_cfm. Maldmum elm on ,ny Dne appnance _ 300 oJ.m. , \ " ~. t'" '/ ;-..... ~ .~-" ~ Bf\} E'l<.sf PLAN' 'J- ~:~~~~~~, . .:.~:.{; (" , \ r I. "'-. ( \~ ." ,,"'I HN1b'.r~1!- +-u,....rLG.- J ~1~IU4 N/.:r-)#.V -r~'"1_ 1:<- rrow-r i L.t~t.-~ I:::>I--I'---{ II' 11 ' ~~~,~Jt.. ""l.....~.r_~ 4::V. t ., ~b~ J=''''"-Wa..t.- ~~ t::- '-'" ......~ .""'-'-'. - ,~ ' ".' " '.;'~' ~/';;~~~fh~~{:"'; .' 'r'li". '~=t;;;,~~:j;..~~" _.____1,3Jil.' _I~q,+.___..__.._.. . ~a'f'f W'~r-'-' '4l:-/0'" .,.,.,......... .~- ;Y';!~;~~f1!;t;;. ;}; '~"':~~ :,:\..';,..- - .,; :5.