111291 EDA--- OFFICIAL FILE COPY
Agenda #9
CZTY OF NEW HOPE
EDA AGENDA
EDA Regular Neeting #9
President Edward J. Erickson
Commissioner W. Peter Enck
Commissioner Gary L'Herault
Commissioner Gerald Otten
Commissioner Marky Williamson
November 12, 1991
2.
3.
4.
Call to Order
Roll Call
Approval of Minutes of October 14, 1991
Discussion Regarding Purchase of Outlot A, Custom Mold Addition, 5430
International Parkway (Improvement Project No. 488)
Other Business
6. Adjournment
Approved EDA Minutes
Meeting #8
CITY OF NEW HOPE
4401Xylon Avenue North
Hennepin County, Minnesota 55428
October 14, 1991
CALL TO ORDER
ROLL CALL
APPROVE HINUTES
CUSTOM HOLD
PROPERTY
5430 INTERNATIONAL
PARKWAY
Item 5
President Erickson called the meeting of the Economic
Development Authority to order at 9:20 p.m.
Present: Erickson, L'Herault, Otten, Enck, Williamson
Motion was made by Commissioner L'Herault, seconded by
Commissioner Otten, to approve the EDA minutes of July 22,
1991. All present voted in favor. Motion carried.
President Erickson indicated that Item 5 will precede Item
4 since Mr. Duane Trieber {Custom Mold & Design, Inc.) is
in attendance.
President Erickson introduced for discussion Item 5,
Discussion Regarding Purchase of Outlot A, Custom Mold
Addition, 5430 International Parkway.
Mr. Donahue explained that Custom Mold and Design, Inc. is
proposing to expand their existing facility to the north
and is acquiring and platting the property at 5430
International parkway to accommodate the expansion
(Planning Cases 91-28 and 91-30). The New Hope Public
Works Garage is located directly north of this site and
Public Works currently utilizes the northern portion of
the vacant property. Custom Mold is acquiring the two
acre site and proposing to plat it so that 1.12 acres~
would be combined with their existing property and .88
acres would be platted as an outlot, with an understanding
that the City may have an interest in purchasing the
property to expand the public works site. Mr. Donahue
stated the City has informally discussed the acquisition
of the property from Custom Mold.
Mr. Duane Trieber, owner of Custom Mold, acquired the two
acres of property at 5430 International Parkway for
$179,000 or $89,500 per acre. The outlot contains .88
acres and the asking price is approximately $78,760 (.88
x $89,500).
Mr. Donahue stated the City has no land for temporary
storage of items such as rock, sand, dirt, etc. He stated
arrangements will also have to be made soon for a salt
storage building.
New Hope EDA
Page I
October 14, 1991
FOREMOST, INC.
7528 42ND AVE. N.
#474
Item 4
He stated besides the purchase price Mr. Trieber would
like two other items addressed: 1} a plan for the site;
and 2) excess fill material.
Mr. Donahue explained that another factor to be taken into
consideration is the potential development at 5501 Boone
Avenue North {North Ridge development). The property is
low on the south and it is possible that excess soils from
the Custom Mold property may be deposited on this site and
if so, the purchase price may be lower. Mr. Donahue
stated Chuck Thompson of North Ridge may be coming before
the EDA in the near future. He indicated the City may
want to consider becoming part of the North Ridge project
and utilize the south portion for vehicular parking or
some other use.
The EDA authorized the City Manager to proceed to
negotiate with purchasing the land from Custom Mold. Mr.
Donahue stated any proposal made would be contingent upon
approval by the EDA.
Mr. Trieber stated if the City does not need the dirt, he
would contract to have the dirt hauled away. However, if
the City wanted it he could relocate the dirt.
He expressed concern with the height of the potential salt
dome and requested review of a concept plan.
President Erickson commented that the City would have to
go through the Planning Commission process and would work
closely with Custom Mold to ensure that all concerns are
addressed.
Mayor Erickson introduced for discussion Item 4,
Discussion Regarding Acquisition/Relocation of Foremost,
Inc., 7528 42nd Avenue North.
Mr. Donahue stated the appraisal of the Foremost, Inc.
property has been completed and staff is continuing
discussions with Foremost regarding the possible
acquisition of the property and the relocation of the
business within New Hope.
Mr. Donahue updated the EDA and indicated in the past, the
City has reviewed the Foremost deal as two projects in
one: 1) the redevelopment of the Foremost property; and 2)
the relocation of the Foremost facility within New Hope.
He stated staff recommends establishing the redevelopment
of 42nd Avenue as the City's first priority. He commented
that whether Mr. Fredendall of Foremost relocates in New
New Hope EDA
Page 2
October 14, 1991
AD~OURNHENT
Hope or not, should be considered secondary. He stated
staff hopes that the business will remain in New Hope;
however, that should be a separate issue.
Mr. Donahue stated staff is in the process of obtaining an
analysis between Foremost's appraisal and the City's
appraisal of the property. Mr. Donahue stated a review
appraisal would cost between $1,000 to $1,500. He stated
he would use this information to determine what the City
would be required to do under condemnation opposed to what
the City might be willing to offer for the property.
The EDA agreed with Mr. Donahue's recommendations in that
it would be advantageous to separate the issues.
Motion made by Commissioner Otten, seconded by
Commissioner Williamson to adjourn the EDA meeting as
there was no further business to come before the Council.
All present voted in favor. The New Hope EDA adjourned at
9:45 p.m.
Respectful ly submitted,
Valerie Leone
City Clerk
New Hope EDA
Page 3
October 14, 1991
REQUF. T FOR ACTION
Orig~g Departme~ Approved Mr Agenda Agenda Section
city Manager November 12, 1991 EDA
HA~ Item No.
Kirk McDonald By:~.
By: Management Assistant 4
DISCUSSION REGARDING PURC OF OUTLOT AI CUSTOM MOLD ADDITION,
5430 INTERNATIONAL PARKWAY
If a meeting can be arranged between the City and the owner of
Custom Mold and Design prior to the November 12th Council meeting,
and if agreement can be reached on all issues (per the attached
memo), staff requests to discuss the purchase of Outlot A, 5430
International Parkway, with the EDA.
If the City and the owner of Custom Mold have not met prior to the
meeting, staff recommends that both the discussion on the purchase
of property and the approval of the final plat be tabled until
November 25th.
Re~e~: Adm/n/~rat~on: F~ance:
RFA-O01 ~
DATE:
TO:
FROM:
SUBJECT:
CITY OF NEW HOPE
MEMORANDUM
November 7, 1991
Daniel J. Donahue, City Manager
Kirk McDonald, Management Assistant
Discussion Regarding Purchase of Outlot A, Custom Mold
Addition, 5430 International Parkway
As you are aware, Custom Mold and Design, Inc., 5420 International
Parkway, has received site/building plan review approval and
preliminary plat approval from the Planning Commission and City
Council to expand their existing facility to the north of their
existing property. As part of this expansion project, Custom Mold
is acquiring and platting the property at 5430 International
Parkway, which contains 2 acres. The New Hope Public Works Garage
is located directly north of the vacant property being acquired and
platted by Custom Mold and Public Works has utilized a portion of
the property in the past (and currently does so) for the storage of
excess materials and as a staging area. Custom Mold has proposed
to plat the vacant parcel so that 1.12 acres would be combined with
their existing property and .88 acres would be platted as an
Outlot, with an understanding that the City may have an interest in
purchasing the property and combining it with the Public Works site
for future expansion. The City would utilize the property as it
has in the past, for the temporary storage of rock/sand/dirt/etc.,
and also may consider the construction of a salt storage building
on the site.
Duane Trieber, owner of Custom Mold, acquired the 2 acres of vacant
property for $179,000, or $89,500 per acre. The Outlot contains
.88 acres and the asking price is $78,760 (.88 x $89,500). Trieber
indicated at the October 14th EDA Meeting that two other concerns
he would like addressed included 1) the city developing a plan for
the use of the property, and 2) an agreement regarding the excess
fill material.
The EDA authorized you to proceed to negotiate with Custom Mold on
the purchase of the property and the purpose of this memo is to
update you on several issues reqardinq that purchase. You will
recall that we met with Trieber on October 16th and made a
preliminary offer of $78,760 (with the understanding that we would
be discussing this price with an appraiser), indicated that a plan
would be developed for the use of the property, discussed excess
fill, soil borings, purchase agreement and plat.
- 1 -
The Final Plat of Custom Mold Addition (Attachment A) has been
submitted for approval by Custom Mold and Design and is included on
the regular Council agenda. Approval of the Final Plat was waived
by the Planning Commission so the plat proceeds directly to the
Council. All necessary corrections have 'been made on the Final
Plat and staff is recommending approval. The plat has been drafted
to include the Outlot as a separate parcel with the specific
understanding that the City is going to purchase the property. If
the city approves the Final Plat in the submitted format, it is my
understanding that the City is committing to purchase the Outlot.
If the Council/EDA is not ready to commit to purchasinq the Outlot,
I would recommend that approval of the Final Plat be tabled. The
Planning Commission specifically recommended that the City make a
decision on the purchase of the property prior to the approval of
the Final Plat and that if the Outlot was not purchased by the
City, that the Outlot be abolished and incorporated into the Custom
Mold property (so that a remnant parcel under 1 acre in size not be
left standing on its' own). If the Council/EDA determines not to
purchase the Outlot, the Final Plat should be revised.
It is assumed that if the City purchases the Outlot that sometime
in the future the City would replat the Public Works property to
incorporate the Outlot. Note on the Final Plat that 10-foot wide
drainage and utility easements have been provided on the east,
south and west sides of Block 1, Custom Mold Addition, and that a
5-foot easement has been provided on the north boundary with the
Outlot. Outlot A has 10-foot wide easements provided on the east
and west, with a 5-foot easement provided on the south. No
easement has been provided on the north side of the Outlot that
abuts the Public Works site, due to the fact that it is anticipated
to be added/replated into the Public Works property. If the Outlot
is not purchased by the City, one of the revisions needed on the
plat will be to eliminate the easement between the Outlot and Block
1 and to add an easement along the north property line.
As you are aware, the City Enqineer has developed a plan for the
use of the property in conjunction with the Director of Public
Works (Attachment B). The plan shows the property either being
used as the location of a future salt dome or as an expanded
storage area, should the dome be located behind the Public Works
Garage. The plan shows a 40-foot wide landscaped berm (6 feet in
height)that would be constructed between the Custom Mold property
and the Public Works site, with 20-feet being located on City
property and 20-feet being located on Custom Mold property. The
berm and landscaping should address Custom Molds' concern about a
buffer between the properties. The plan also shows landscaping in
- 2 -
the front (west) and rear (east) of the property, with the existing
fence surrounding the Public Works property being extended around
the Outlot. The salt dome is shown to meet the required setbacks
in either location that is chosen, and the elevation section shows
the relationship of the salt dome (29 feet in height plus a 4 foot
foundation) to the Public Works Garage and the landscaped berm.
Mr. Trieber has not yet had an opportunity to review or comment on
the plan due to the fact that he has been out of town.
The concerns about the excess fill have been resolved. Custom Mold
will need to excavate about 4,000 cubic yards of dirt off of the
site to accommodate their expansion and their original plan was to
deposit the excess fill on the Outlot. The City Engineer had
indicated that if the Outlot was to be combined with the Public
Works site, that the excess material proposed to be placed on the
Outlot would not benefit Public Works, as the present grade of the
existing site is adequate for Public Works use. The engineer
indicated that it would be more desirable from the Public Works
standpoint for any exCess material from grading to be removed from
the site. In our discussions with Mr. Trieber since the last EDA
meeting, he has agreed that each party should be responsible for
the removal of any excess fill on their portion of the property and
has agreed not to deposit his excess fill on the Outlot property if
the City purchases the site.
When we last met with Mr. Trieber he indicated that the previous
owner of the property at 5430 International Parkway had conducted
soil tests/borings some time ago on the site at a time when he was
considering the construction of a building on the property.
Trieber indicated that he had reviewed the data prior to his
purchase, that he believed several borings had been taken on what
is now the "Outlot area", and that he would make that data
available to the City for review. The City has not yet received
the soil tests/boring information for review. We have no reason to
believe that there is any contamination on the site, but as a
safeguard the City Attorney has covered this issue in the Addendum
to the Purchase Agreement. The Addendum states that the buyer
shall have the right to enter upon the property prior to closing to
conduct soil borings/tests to reveal any condition of the soil,
within a reasonable time, and at the buyer's expense. If the tests
would not be to the buyer's satisfaction, the Purchase Agreement
would be null and void.
- 3 -
I have discussed the proposed purchase price on this property with
Brad Bjorkland of BCL Appraisals and it is his feelinq that the
price is a little hiqh, but reasonable, taking into consideration
the fact that the property is located adjacent to property already
owned by the City. The asking price is $78,760, which calculates
out to (.88 acres = 38,332 square feet / $78,760 ) $2.05 per square
foot.
In 1990, BCL Appraisals conducted an appraisal of the vacant
industrial property at 5501 Boone Avenue, just east of the Custom
Mold site. Based on the Market Data Approach, comparing the cost
of acquiring an equally desirable substitute property based on land
sales, and based upon the assumption that the subsoils were stable
and not contaminated, that property was appraised at $1.95 per
square foot. Prices have dropped since that appraisal was completed
and Bjorkland feels that $1.75 - $1.80 per square foot is a
reasonable price for vacant industrial land in the current market
(Bruce Paddock paid $1.90 per square foot for the Minnegasco site
and Bjorkland felt that was too high). On the other hand,
Bjorkland said that a smaller parcel, such as the one at 5430
International Parkway, could have a higher per square foot value.
He also indicated that the value to the City could be as much as
50% greater than the market price (up to $3.00 per square foot) if
the acquisition assisted the City with expansion or made the
existing City parcel more "whole or complete".
The funds for the acquisition would be taken from Central
Garage/Public Works, as per discussions with yourself and the
Director of Finance.
The City Attorney has prepared the enclosed Purchase Agreement
(Attachment C) for review/approval. Mr. Trieber has not had an
opportunity to review the agreement due to his absence. The
agreement is fairly straight-forward, however their are two issues
of which you should be aware: 1) taxes, and 2) special assessments.
The agreement is written so that the real estate taxes on the
property would be prorated on a calendar year basis to the actual
date of closing. There are special assessments owing on the
property for a 1984 street improvement project in the amount of
$1353.36. This amount would have to paid off prior to November
14th of this year to be removed from the tax rolls. The Purchase
Agreement is written so that the seller is responsible for paying
off all special assessments at the closing.
- 4 -
As indicated, staff is trying to arrange a meeting with Mr. Trieber
prior to the November 12th Council/EDA meetings to review the above
information with him and to insure that he is in agreement with it.
If a meeting can be scheduled and Treiber is in agreement, the City
can proceed to act on both the Final Plat and the possible purchase
of the property. If a meeting cannot be arranged, I would
recommend tabling both issues to a later date.
- 5 -
E t x\~
8~
CUSTOM MOLD
ATTACHMENT A
' -- ~0~.81 $89e02'00'' E
DRAIN~,GE r. UTILITY EASEMENT
\ 29~ 85
:G
~.- NONTH LINE OF SOUTH ZOO rl OF LOT ~
I~RT OF G. OT I, BLOCK 2., LYING
OF NORTH LINE OF LOT Z, B~OCK
EXTENDED
I
c~
_J
S t/a CO~ :
t uS, ~ 2
C~ M
ATTACHmeNT B
I
ROAD EAST
r.j × =_... i, - ............... ]
,~ .1' /' / ~v~v ~,', ' " ~ ~
XX,'x,x,X !- i / !~' =, I , -
· ' ....................... , i'~ I Z
ooo t~, 'i t '
........ ~ ,,,
_,.~\~\\ ,--,~ ........... r ...................... 1o, o ,. ,
. i ......... ~, , ~ o I ;
~'I~ I: · .. :/..%... . . . ~4~ ..
~.~ I L ~ · ~ ~' ~-,~ i~ ~ L ......... :--I I i
0 ~ ~ I o~oc~ ............ ::::T.::: ......
~1 I I ~ -- -- '"""'-- + · ............................. J
! ~ i i ~' . ................
~ I ~ - i / I -._
I L__.IL== ...... . ..... _ , . ~ 8
: , I~.LL.]~I~.LLL:iJ.,, II]...].]..........................................
,Ill - ............... ,, i!i:
SCIENCE CENTER DRNE
WED 9 : 18 CORR I CK
& $ONDRALL
ATTACHMENT C
P . ~"J 2
MINNESOTA STANDARD RESIDENTIAL PURCHASE AGREEMENT
,1~ Copyright 1988, by Hennepln County Bar As/~ociation, Minneapolis, Minnesota,
BEFORE YOU USE OR SIGN THIS CONTRACT, YOU SHOULD CONSULT WITH AN ATTORNEY TO DETERMINE THAT THIS CCN?~ACT
ADEOUAT~LY PROTECTS YOUR LEGAL RIGHTS, Henneptn County Bar Association ~isclairns any liabilily arising out of use of this form,
1, PARTIES. This Purchase Agreement ts made on ~ovelTi]3e~',[ , lg 91 , by and between
(Name)_Custom ~k:ld & DesiRn. Inc. , .
lA,dress) 5420 Interna[ional Pa=kwa~ ~ev Ed .~..~ MN 55428
...... SELLER, AND
(Name) ~O~OffiiC ~velo~en= Auchority in and for the City of New u}~nancy'ln'¢~mmonmin~on~od. OF
(Ad,ross; 4401 Xylon Avenue North~ New I-[o~ ~ 55.~8 .
2. OFFER/ACCEPTANCE. Buyer offers to purchase and Salter agrees to sell real property legally described
~tlo[ A, ~el~inar~ Plat of Custom ~ld ~di~ion dated 9/5/91, contain/ns .88 acres
~ Iocated a~,~trce[,Addross) 5430 International Park-way
tO City of_ ..~_~W 1'10.[~:~ , Coumy of ~te~i~ State o~ ~inneso~a
~ 3, ACC~TANC~DEA~INE~T~%effer to purchase, unless accepted sooner, shall be null eno void at 11;59 P,M,
~2. (date) NOV~e~J.U~
., an~ In such event all earnest money sn~ll be re,untied to 8uyac
~3 ~ PERSONAL PROPER~ AND FIXTURES INCLUDED IN
16 ~
~ ...........
~0.
Seventy-Eight; Thousand Seven
72 S. P_RICE AND TERMS, TljeRricg..fo~!he' real and personal property Included tn this sate is , ,
241 which Buyer shall pay es tollows', Earnest money of $ zero by ( c,N,/'.a~,,, c~; o, nu,u ~,;.,~ ...... ~.,, ),
~$ receipt of which Is hereby 5 [~g~ ~
ac w d t be deposited next buslnes~)~a~.~.ce;~nce, l~,t[~st account of listing broker, unless omerwlse
26 Specified in writing) and $ '~ · cash on-- J , J'"'J~£ the DATE OF CLOSING,
~II 6. DEED/MARKETABLE TITLE. Upon performance by Buyer, Seller shall execute and deltver e General
2.0 Deed, Joined in by spouse, If any, conveying marketable title, subject to; -
30 (A) Building and zoning laws, ordinances, state and federal regulations;
31 (8) Rostrtcllons relating to use or Improvement Gl the property without etfectNe forteiture provisions;
3~, (C)Fleservt[tion of any mlneral rights by the Slate of Minnesota;
33. (D) Utitity and drainage easements which do not interfere with existing improvements;
34 (E) Exceptions to title which constitute encumbrances, restrictions, or eas{.ments which have been disclosed to Buyer and accepted
3.5. by Buyer in this Purchase Agreemenl; (Must be specified in writing,) ~lone
36,
37,
.~8 7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Rest estate taxes due and payable In and for the year of closing Shall ~e ~':',~:¢~
39. belweon Seller anti Buyer on e calendar year basis to Ihe actua~ date of closing, unless otherwise provided in this Agreement,
40 [ e~l,,~,t' ~uf ~,nt'] ' ELLER SHALL PAYon Date of Closing all i~s'~
4~ o~ spe,ctal assessments certified for payment with the real estate taxes due and payable In the year of closing,
42 [ ,qrr/.~, r, ut om:,] B~i;~1;~[,~'$1~I~SELLER SHALL PAY ON DATE OF CLOSING all other special assessments levied as of the oa',e
43. agreement.
44, [ ,Wml(~. t~ut onr~JJ~II~I~~$ELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending ss of the ~',e ,:! mis
45. agreement for improvements that have been ordered by the City Council or other governmental assessing authorities. (Seller's provision for
46. Shall be by payment into eSCrow of 1V~ times the estimated amount of the assessments,) Aa ol the date of this Agreement, Seller represents
47, has not received a Notice of Hearing of a new public improvement project from any governmenlal assessing authority, the costs of whic,~ ~r~:e;: ~y
48. be assessed against the property, Il a Special assessment becomes pending after the date ol this Agreement and bolero the dale of ties,ag, E~er
4~. may, at Buyer's option:
50. A. Assume payment ol the pending special essessmenl without adjustment to the purchase agreement price of the property: or,
5~. B, Require Sailer to pay the pending special assessment (or escrow for payment of same as provided above) and Buyer shall pay a
52. urate increase In the purchase price of the property, which increase shall be the same as the estimated amount of the assessment; or,
53 C. Declare this Agreement null and void by notice to Seller, end earnest money Shall be refunded to Buyer.
$4 [ ~rn,~, m~! on,',] ;I~J:;I~EIK";~34XI~ii(,a;GG(,1Q6~a~LLEI~ SHALL PAY ON DATE OF: CLOSING any eeterred real estate taxes or speciat a~sassmcms
55. payment of w~ich ts required as · result of Ihe closing of IhlS sale,
$~3 Buyer shall pay real estate laxas due and payable in the year following closing and thereafter and any unpaid special assessme, nmr~ayable
57 and thereafter, t~V~ payment of which is nol otherwise prov dad horoin, Seller warrants that lexos duo and pay~b e n tho voar(~.) ].~.~.]L an('] I
r' n W~. ' ~ ' ' ~ ' ~ ' ~On, ' ' ' ~ ', .~ ~ / ' i ' . ''. '"'__.'_)'" homestead ctn.,stflcallon," Seller makes no roprosematlon concerning tho amount' "of' I~tur;'r'~al'~'~t'~e-{~-' '
59 or o! mmre specm~ assessments, '
60. 8. DAMAGE,~ TO REAL PROPERTY. If lhe real t~rol~erty Is substantially damaged prior to closing, this Agrcernent shall terminale and the earne~L
61, money shal~ be refunded to Buyer. It the real prol~erty is damaged materially I~ut less than sui~stF, intl~lly prior to closing, I~uyor m[ly rescind
62 Agroemont I~y notice to Sollor wittlln Iwenly.one (21) days after Seller notittos Buyor ol suc~ ¢lamoge, d~rlng which 21 .tiny perio¢~ ~uyer may Insl~ec~"
63. the real property, on~ In the event of such rescission, the earnesl money s~all ~ refunde~ to Buyer.
64 9, SELLER'S BOUNDARY LINE, ACCESS, RESTRICTIONS AND LIEN WARRANTIES. · ' -'
65, , Seller warrants that there is a right of access to the real property from ii pul~llc right of way, Sel~er warrants that
56. t~ere ha~ been no tabor or materlat furnished to the property' for which payment has not Been made. Seller worrants that tlle~e are no pres.".nt
· ~7 v~ot~ti0ns Of any restrictions relating tO the use or improvement of the property. These warranties sha~l survive the ~eltvery of the deeci or contract for
F~8 deed.
~Ft 10. CONDITION O~
,'; ~~ellor shall remove all ~e~rl~ and 811 porsonal pro~er~ ~ot In~lude~ In this ~ale from tt~e ~roporty ~orore possession
~ellar~ wBrrantios and reprosentat~Ons conlalneO in this per,graph t0 sh~ll survive the ~gltvory O~ the De~d or Oonlr~ot for Do0¢, provided
any ngtice of a ~ofecl or claim Ot breach of warranty must Oe In writing eno given By Buyer to Geller within one year of i~e ~ate of closing or ~e ~eeme~
w~Jved.
75 Buyer shall have Ihe right tO have Inspections of the properly conducted prior to Closing. Unless required By Io¢31 ordlr'~at'lce Or ler~c!lng r~,gulatlons,
7g ~eller does not plgn to have the proper~y Inspected. Olher than the repfesentalions ma~e In t~ls paragraph 10. the property i5 ~eing sold "AS IS" w~t~
no exores~ or Implied representations or w~rrent~es ~y Seller as to physical co~dltions, quall~y of construction, workmanship, or fitness ~or any
oarticular pur~ose. (This paragraph 15 ~ot intended tO waive or modify any provisions of MINN. STA~, Ch~oter ~?A t
NOV-- ~-- 9 I WED 9 : 28 CO RR I C K & S 0 N Z) R A L I_
Fo~m N~. IStl.2 (Oct, ~ll)
MINNESOTA STANDAFID FIESIDENTIAI PURCHASE AGREEMENT/PAGE 2
82, 11. DISCLOSURE OF NOTICES, Seller has not received any notice Irom any govemmenIal authority as to violation of any law, ordinance Or regufa-
83 tiem if the property is subject to restrictive covenants, Seller has not received any notice from any person as lo a brc,,qch Of Ihe Covenanls,
84 t2, TRUTH-IN-HOUSING. Buyer aCknOwledgeS receipt of the Truth. In. Housing Disclosure Report or other inspection report If required by the muniC-
85, ipallty tn which the property is located,
86, 13, POSSESSION, Seller shall deliver possession of the property net later than day o£_ clo[:L.r~g
87 closing. All intere_s.t,!u...nliO21~rJ,.ui_d pelroleum gas, and all cl~arges tot clty waler, city sewer, electricity, and natural gas shall be prorated between the
~lr~ pmtios as of__ ,[.~.~=~-w~
14, EXAMINATION OF TITLE. Within a reasonable lima after acceptance el this Agreement Seller shell furnish Buyer with an Abstract of Ti(la or
90, Registered Property Abstract cerltfied to date Including proper searches covering bankruptcies and State and Federal judgments, liens, and levied
§1 and pending special assessments, Eluyer shaft have ten (10) business days after receipt o! the Abstract o! Title or Registered Property At, street olther
to have Buyer~ attorney examine the lille and provide Seller with written objections or, at Buyer's own expense, to make an epplicalion for e Title
93 InsuranCe [=Oltcy and notify Seller of Ihe applicallon, Buyer shall have lan (10) business days after receipt of the Commitment for Title Insurance to
94 provide Seller with a copy of the Commitment and written objections. Buyer Shall be deemed to have walvod any title ob~ecllons net made within the
9,5 applicable ten (10) day period for e~ve, except that this shall not operate aa a waiver of Seller's covenant to deriver a statutory Warranty Deed, unless
e Warranly Deed is not specified above,
97 15, TITLE CORRECTIONS AND REMEDIES, Seller shall have 120 days from receipt of Buyer~J written title objections to make title marketable, Upon
98, receipt of Buyer~ title olojectlons, Seller shall, wilhin ten (10) business days, notify Buyer el Seller's intention tO make title marketable within the 120
99 day period, Liens or encumbrances for licluidated amounts which pan be released by payment or escrow from proceeds of closing shall not delay the
100. closing. Cure of lhe defects by Seller shall be reFsonable, diligent, and prompt. Pending correction of title, all payments required herein and
ICl closing shall be postponed.
10;2, A. If notice ts given and Seller makes title marketable, then upon presentation to Buyer end proposed lender of documentation establishing that
103 flue has been made marketable, and if nol objected 1o in the same time and manner as the Original title objections, the closing shall take place
104 within ten (10) business days or on the scheduled closing date, whichever iS later,
105 B. If notice Is given and Seller proceeds In good taith to make tille marketable but the 120 day period expires wilhout title being made markFable,
106 Buyer may declare this Agreemenl null and void by notice to Seller, neither party shall be liable Ior damages hereunder tO the ether, and
t07, e~rnesl money shall be refunded to Buyer.
108 C. If Seller does not give notice of intenlion tO make title marketable, or it notice Is given but the 12.0 day period expires wilhoul titIe being made
I0~ marketable due lo Seller's Iailure to proceed In good faith, Buyer may seek, as permilted by law, any one or more of the tallowing:
1 t0 1. Proceed to closing without waiver 0¢ merger in the deed of the objections to title and without waiver of any remedies, and may:
11 ~ (a) Seek damages, costs, and reasonable attorney~ fees from Seller as permitted by law (damages under this subparagraph (a) shall
112 be limited to the cost of curing objections to title, and consequential damages are excluded); or,
113 (b) Undertake proceedings Io correct the objections to title;
114 2. Rescission of this Purcr~ase Agreement by nol~ce as prowded herein, tn which case the Purchase Agreement shall be null and veld
~ 15, and air earnest money paid hereunder shall be refunded to Buyer;
116, 3, Damages from Seller Including costs end reasonable attorney's fees, es permitted by law;
~ 17, 4. Specific performance wilhin six months after such rtght Of action arises,
1 ~ 8, O. If title Is marketable, or Is mede marketable as provided herein, and Buyer defaulls tn any of the agreements herein, Seller may elect eilher of
119 the following options, as parmitled ~ law:
~ 7.0 1, Cancet this contracl as provided by statute and retain all payments mede hereunder as liquidated damt'~ges. The parties acknowledge
121. their intenllon that any note given pursuant to this contract is a down payment note, and may be presented for pctyment notwtthsl~naing
12~. cancellation;
123. 2, Seek speciIlc performance wilhtn six monIhI after such right of action arises, including costs and reasonable attorney~ foes, as
124, permitted by law,
I25. E, II lille is marketable, or iS made marketable as provided herein, and Seller defaulte in any of the agreements herein, Buyer may, as permitted by
126, law:
127, 1. Seek damages from Salter Including costs and reasonable attorney's fees;
t 28, 2. Seek specific performance within six mOnlhS a~ter such right of action arises.
TIME IS OFTHE ESSENCE FOR ALL PROVISIONS OF THI.~ CONTRACT.
130. 16. NOTICES. All notices require~ I~erein shall be In writing and delivered personally or mailed to the address as shown at Paragraph 1,, abc ~e
t31, if mailed, are effective as of the date of mailing.
132, 17. AGENCY DISCLOSURE. (Name of sefltng agent? Selling be0ker) _ NO ,t~e~t ~,$.
~33. CLOSES HE OR SHE IS REPRESENTING THE (BUYER OR SELLER) IN THIS TRANSACTION. THE LISTh~.G
134, AGENT OR BROKER DISCLOSES THAT HE OR SHE IS REPRESENTING THE SELLER IN THIS TRANSACTION
SELLER'S SELLER'S BUYER'S BUYER'S
INITIALS INITIALS INITIALS INITIALS
(OMO) (Pate) (Oale)
~35, lb. SUBDIVISION OF LAND. if this sale conslilulea or requires a subdivision of land owned by Seller, Seller shatl pay all subdivision expenses a~d
136 obtain all necessary governmental approvals. Seller warrants that the legal description of the real property to I~e conveyocl has been or w~l =e
137, approved for recording as of the date of closing.
138, 19. MINNESOTA LAW. This contract shall be governed by the I~w$ of the State of Minnesota.
140.
141,
20. ADDITIONAL TERMS.
boa=d of Buyer.
This Purchase A~reement is contingent upon approval by the governing
142.
143,
144
145,
t4O 21, ADDENDA, Allacho¢l are (numl~er) . ot3e
addenda which ars made a pat! Of this Agreement.
THIS IS A LEGALLY BINDING CONTRACT. BEFORE SIGNING, CONSULT A LAWYER,
Minnesota law permits licensed real estate brokers and Sales agents to prepare purchase agreements. NO recommenda-
tion or representation Is made by either the listing broker or selling broker es to the legal sufficiency, the legal effect, or
the tax consequences of this contract, These are questions for your lawyer.
ag?es to sell the property for the price and
terms and ¢ondilion$ set forth above.
SELLER
SELLER
Closing shall be al Ihs olfice
~ Cir.¥ of New Hope
arne .............
I agree to purchase the properly for the price end
terms and conditions set forth above,
Economic Developmen~ Authority ~n an~
suYE~'for- ~he-City'. of; Ne~' Hope ,o~,.,
' ~ecutive Director ~c.,~
NOV-- 6--91 WE~ 18 : 48 CORR I CK & $ON~RALL P . 02
ADDENDUH TO PURCHASE AGREEHENT
This is an Addendum to a Purchase Agreement between the
parties dated November 1, 1991 for property legally described as:
Outlot A, Preliminary Plat o? Custom Mold Addition
dated 9/5/91, containing .Sg acres, Hennepln County,
Minnesota.
If there is any conflict between the terms of this Addendum
and the terms of the Purchase Agreement the terms of this Addendum
shall control. '
1. From the date of this Purchase Agreement until the
closing, Seller shall not place any fill or other materials or
other debris on the property.
~. The Buyer shall have the right to enter upon the property
prior to closing to conduct soil borings or other soil tests
designed to reveal any condition of the soil, including but not
limited to, support for structural improvements to the property and
the presence of hazardous wastes or contaminated soil. Any such
testa shall be conducted at a reasonable time and with minimal
disturbance to the property. Any such tests shall be done at
Buyer's sole expense. If the results of any such tests are not to
Buyer's complete satisfaction, at Buyer's option this Purchase
Agreement shall be null and void.
3. The date o? closing may be postponed by written agreement
of both parties, and shall be Postponed until such time as the
filing of the final plat of Custom Hold Addition.
4. Seller represents that Seller has no knowledge of the use
or storage of any hazardous materials or wastes on the property.
Dated this day of , 1991.
CUSTOH HOLD & DESIGN, INC.
By:
Its
ECONOMIC DEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF NEW HOPE
By
Its Executive Director
SPECIAL ASSESSNENT SEARCH SUNHARY
AS OF: 10/16/1991
PROPERTY ID LOT BLOCK
06-118-21-3Z,-0002 001 002
ADDITION
62420 ADDITION HAHE/LEGAL
SCIENCE IHDUSTRY CENTER
H 290 13&100 FT OF THAT PART OF
LOT 1 LYING S OF THE N LINE OF LOT
PROPERTY ADDRESS UNIT ....... SPECIAL FLAGS .......
5430 INTERNATIONAL PIG/Y 1--2--3--4--5--6--7--8--9--10
NEW HOPE MN 55428-
Press ENTER; or Fl, F4, F5, FT, F8
Main Prev 2 74 Next Summary Exit
SPECIAL ASSESSHENT SEARCH SUI~g4ARY
AS OF: 10/16/1991
PROPERTY ID: 06-118-21-34-0002
S/A# ASSESSHENT DESCRIPT. YEAR TN RATE TOTAL ANN.PRIN. PAYOFF CD
008857 STREET INP NO 375 198~ 15 12.0000 2900.00 193.33 1353.36
002459 SAN SEWER ~ZN 59 23 1961 30 6.0000 2591.11 0.00 0.00 CL
...... SUHNARY OF LEVZED
****** 1991P&I CERTZFIED
...... SUNNARY OF PENDING
...... SUNNARY OF CLOSED
...... SUHNARY OF HISTORY
2900.00
378.93
0.00
2591.11
0.00
193.33 1353.36
0.00 0.00
Press ENTER; or Fl, F4, FS, F?, F8
Hain Prey 2 72 Next Go To Exit
EDA RESOLUTZON NO. 91-
RESOLUTZON AUTHORZZZNG PURCHASE
OF OUTLOT A, CUSTOM MOLD ADDZTZON
BE IT RESOLVED by the Economic Development Authority in and
for the City of New Hope, Minnesota (hereinafter the Authority) as
follows:
WHEREAS, a purchase agreement has been negotiated with the
owners of the property to be platted as Custom Mold Addition for
the purchase by the Authority of the land which will be platted as
Outlot A, Custom Mold Addition, and
WHEREAS., a copy of the purchase agreement for said Outlot A,
which agreement contains all of the terms and conditions for the
purchase, is attached hereto as Exhibit A, and
WHEREAS, the purchase of said Outlot A is in the best
interests of the City of New Hope and its people, and promotes the
general plan of economic development of the City of New Hope.
NOW, THEREFORE, BE IT RESOLVED:
1. The purchase of Outlot A, Custom Mold Addition, including
the terms and conditions as set forth in the purchase agreement
attached as Exhibit A is hereby approved.
2. The officers and staff of the Authority are hereby
directed to sign all appropriate documents in order to conclude
this purchase.
Dated the 12th day of November, 1991.
Edw. J. Erickson, President
Attest:
Daniel J. Donahue, Executive Director