Loading...
HomeMy WebLinkAboutEDA - February 2, 2015C I T Y O F ND OVE 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100 FAX (763) 755 -8923 • WWW.ANDOVERMN.GOV ECONOMIC DEVELOPMENT AUTHORITY MEETING February 2, 2015 7:00 p.m. Conference Rooms A & B 1. Call to Order— 7:00 p.m. 2. Approval of Minutes (January 6, 2015 Regular) 3. Public Hearing: Consider Sale of Lot 1, Block 1, Andover Station North 3rd Addition 4. Approve Purchase Agreement — Griffen Property Holdings, LLC 5. EDA Work Session — Presentations will be provided at the meeting. 6. Adjournment 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100 FAX (763) 755 -8923 • WWW.AN DOVE RMN.GOV TO: Economic Development Authority CC: Jim Dickinson, City Administrator FROM: Michelle Hartner, Deputy City Clerk SUBJECT: Approval of Minutes DATE: February 2, 2015 INTRODUCTION The following minutes were provided by Staff reviewed by Administration and submitted for EDA approval: January 6, 2015 Regular DISCUSSION The minutes are attached for your review. ACTION REQUIRED The EDA is requested to approve the above minutes. Respectfully submitted, Michelle Hartner Deputy City Clerk Attach: Minutes 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 ANDOVER ECONOMICDEVELOPMENT AUTHORITYMEETING JANUARY 6, 2015 -MINUTES A meeting of the Andover Economic Development Authority was called to order by Vice President Julie Trude, January 6, 2015, 6:00 p.m., at the Andover City Ha11,11'685 Crosstown Boulevard NW, Andover, Minnesota. Present: Commissioners Sheri Valerie Holthus, Tim, Absent: None Also present: Community Develop] Executive Director, J Public Works Directc APPROVAL OF MINUTES December 16, 2014, Regular Meeting: Correct as Motion by Bukkila, Seconded by unanimously. Mr. Dickinson indicated follows: President — Mike Gamache Vice - President — Juhe `Prude Secretary —Tony Howard Treasurer — Mike Knight Assistant Treasurer — Sheri Bukkila Resident Commissioner — Timothy Cleven Resident Commissioner — Joyce Twistol Staff Executive Director — Jim Dickinson Staff Support — Dave Carlberg Recording Secretary — Michelle Hartner Cleven , James Goodrich, Twistol of the Minutes as presented. Motion carried EDA officers and staff appointments are as Term expired 1/5/15 Term expires 1/2/17 Term expired 115115 Term expires 1/2/17 Term expires 1/2/17 Term expires 1/1/20 Term expires 1/1/20 Newly elected City Council Members James Goodrich and Valerie Holthus are now members of the EDA and are also eligible to be appointed as an EDA officer, their terms expire 1/1/19. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Andover Economic Development Authority Meeting Minutes —January 6, 2015 Page 2 Motion by Knight, Seconded by Bukkila, to appoint EDA Officers and Staff for 2015: President — Julie Trade, Vice President — Valerie Holthus, Secretary — Joyce Twistol, Treasurer — Mike Knight, Assistant Treasurer — Sheri Bukkila, Commissioner — James Goodrich, Commissioner — Timothy Cleven, Executive Director — Jim Dickinson, Recording Secretary — Michelle Hartner, Staff Support — Dave Carlberg. Motion carried unanimously. ANDOVER STATION NORTH UPDATE Mr. Carlberg indicated the closing with DSTI on the 7.26 acre parcel took place December 29, 2014. The sale price was for $962,409.55. In 3 -5 years DSTI plans to build a 100,000 square foot building on this property. Mr. Carlberg stated there are two parcels left in the Andover Station North area to market, 13753 Ibis Street and 1730 -139th Lane. President Trade stated she would like to see a restaurant on the Ibis Street parcel. She suggested staff check with other cities on attracting a franchise restaurant, did they use an incentive package. Mr. Carlberg indicated when marketing for a restaurant the feedback we have received is that the City of Andover does not have enough lunch time traffic and the city needs more roof tops. Mr. Carlberg stated January 7th at 5:30 pm an Andover Station North Owners Association meeting will be held at DSTI. All businesses that own property in the Andover Station North area are members of the association. The association also invites the Parkside at Andover Station Townhome Association President to the meeting to get updates on what is happening in the area. Mr. Carlberg indicated the meeting will include a presentation from a TE Connectivity representative, DSTI will give an update on their plans, and discussion will include the two monument signs, street light costs along Jay Street and general maintenance of the area. Commissioner Knight asked about the property on 7t` Avenue and Bunker Lake Boulevard. He indicated a for sale sign went up on the property. Mr. Carlberg indicated the parcel is going to be marketed by a commercial real estate agent. President Trade asked Mr. Carlberg to review the zoning of the property. Mr. Carlberg stated there is 5 acres on the corner that is zoned Commercial and the rest of the area is zoned M -2 High Density housing. He indicated by looking at the access points, zoning changes may need to be done. The area was discussed. President Trade stated she would like to have an EDA Workshop meeting to brainstorm on the parcels available in the city and what business ideas would be a good fit. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Andover Economic Development Authority Meeting Minutes — January 6, 2015 Page 3 Motion by Bukkila, Seconded by Knight to schedule an EDA Workshop on February 2, 2015 from 7:00 pm — 9:00 pm. Motion carried unanimously. Commissioner Twistol suggested commissioners email Mr. Carlberg ideas on what to put on the workshop agenda. The EDA concurred. Mr. Carlberg stated TE Connectivity is looking to expand their building in 2015. BUNKERICROSSTOWNREDEVELOPMENT UPDATE Mr. Dickinson stated staff is still monitoring the area. At this time none of the parcels are in foreclosure. Staff is going to work with the County Assessor on a Market Rate presentation for the area. He stated a Performa Analysis was done 3 years ago, that information will be updated. Mr. Carlberg indicated the Stop N Shop file with the MPCA has been closed. Peer Engineering has requested reimbursement of the $8,000 accrued costs for testing from the MPCA Petro Fund. OTHER BUSINESS There was none. ADJOURNMENT Motion by Bukkila, Seconded by Twistol to adjourn. Motion carried unanimously. The meeting adjourned at 6:46 p.m. Respectfully submitted, Michelle Hartner, Recording Secretary 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100 FAX (763) 755 -8923 • WWW.CI.ANDOVER.MN.US TO: EDA President and Board CC: Jim Dickinson, Executive Director FROM: David L. Carlberg, Community Develop t Director 0 SUBJECT: Public Hearing on EDA Land Sale: Lot 1, Block 1, Andover Station North 3rd Addition DATE: February 2, 2015 INTRODUCTION According to State Statute, the EDA must hold a public hearing prior to any land sale. Lot 1, Block 1, Andover Station North 3rd Addition is being sold. The legal notice has been published at least ten days prior to this meeting (on 1/23/15). ACTION REQUESTED The EDA is requested to open the public hearing and request public comment. Upon receiving public comment the EDA may close the public hearing and discuss the proposed resolution. The EDA should pass a resolution indicating it is in the public's interest to sell the property and that the specified intended use of the parcel is in keeping with the interest of the City of Andover EDA to further the development of Andover Station North (see attached resolution). Staff recommends the land sale be completed as it meets the original objective of redeveloping the area with a diversity of different uses that will meet the needs of the broader community. ACTION REQUIRED The EDA is requested to hold a public hearing and take public comment on the proposed land sale. The EDA is also requested to review and consider the attached resolution. If the EDA agrees with the findings in the resolution, a motion to approve the resolution and allow the land sale would be in order. Respectfully submitted, 1 David L. Carlberg Attachments Legal Notice and Resolution NOTICE OF PUBLIC HEARING CITY OF ANDOVER COUNTY OF ANOKA STATE OF MINNESOTA The Economic Development Authority of the City of Andover will hold a public hearing at 7:00 p.m., or as soon thereafter as can be heard, on Monday, February 2, 2015 at the Andover City Hall, 1685 Crosstown Blvd NW, Andover, MN. This public hearing is to discuss the land sale of Lot 1, Block 1, Andover Station North 3`d Addition located at 1730 139`h Lane NW. The land sale will be reviewed to determine if the land sale is in keeping with the intent outlined in Minnesota State Statute 469.105. All written and verbal comments will be received at that time and location. A copy of the proposed land sale information will be available for review prior to the meeting at City Hall. Please contact David L. Carlberg, Community Development Director, with any questions at (763) 767 -5140. David L. Carlberg, Community Development Director Publication date: January 23, 2015 CITY OF ANDOVER EDA COUNTY OF ANOKA STATE OF MINNESOTA RESOLUTION NO. -15 A RESOLUTION APPROVING THE LAND SALE OF A PARCEL LOCATED IN ANDOVER STATION NORTH WHEREAS, the City of Andover EDA has held a public hearing to gather public comments on the proposed land sale and to disclose the pending land sale of Lot 1, Block 1, Andover Station North 3`d Addition, and WHEREAS, the findings substantiating that it is in the public interest to sell the EDA owned parcel to the buyer include the following: The land sale will increase local jobs and increase the local tax base. NOW, THEREFORE, BE IT RESOLVED by the EDA of the City of Andover, Anoka County, Minnesota, that the public hearing has been held and it has been found to be in the public's interest to sell EDA owned land described as Lot 1, Block 1, Andover Station North 3rd Addition. Adopted by the EDA of the City of Andover on this 2nd day of February, 2015. Attest: Michelle Hartner — Deputy City Clerk 2 CITY OF ANDOVER EDA Julie Trude, President 1 "� 19:]1 •_ I 'F 1 0 1 DOVE Map _ •15':. 15:x: -9-N y I 1403 I�y. 1 - 114 1l,1 / - 14011 IJ N]) - ' I-LJPIa�YI , 7-7M JI 1 r 7' '-7♦ Disclaimer: Maps and documents made available to the public by the City of Andover are not legally recorded maps or surveys and N are not intended to be used as such. The maps and documents are created as part of the Geographic Information System (GIS) w E that compiles records, information, and data from various city, county, state and federal resources. -0 Copyright © 2013 City of Andover, All Rights Reserved s Printed 12/05/2014 - Ir 1'400) • J r., 1 5rr -1 LM Z 71 4)50 1M^�J�ri 149 {'., -. 19 L9/ .• i 1M5e }Y .Y�•5152 la' ld1J 183' a i 1889 l9. ..' 1NOl 11139* 522"q 4i �. �IMJ �I. _ �r�l 1PJ�'if 9 14 1833 ls;, • . ... r17N10�1 L39l1 .. 1311 LBSJ 1638 .J 1872 it 1850 18L 1808 ■ �] 2ypylA + 18b1 1804 ' t 1926 1610 r § _ Y • y. ♦ F it r 7' '-7♦ Disclaimer: Maps and documents made available to the public by the City of Andover are not legally recorded maps or surveys and N are not intended to be used as such. The maps and documents are created as part of the Geographic Information System (GIS) w E that compiles records, information, and data from various city, county, state and federal resources. -0 Copyright © 2013 City of Andover, All Rights Reserved s Printed 12/05/2014 % C I T Y 0 F @ A NDOVE 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100 FAX (763) 755 -8923 • WWW.CI.ANDOVER.MN.US TO: EDA President and Board CC: Jim Dickinson, Executive Director FROM: David L. Carlberg, Community Develo ent Director SUBJECT: Approve Purchase Agreement — Griffen Property Holdings, LLC — Lot 1, Block 4, Andover Station North 3'd Addition DATE: February 2, 2015 INTRODUCTION The EDA is requested to approve the attached Purchase Agreement with Griffen Property Holdings, LLC for the sale of Lot 1, Block 1, Andover Station North 3rd Addition. BACKGROUND The EDA this evening held a public hearing and adopted a resolution approving the land sale. The EDA found that it is in the public's interest to sell the property and that the specified intended use of the parcel is in keeping with the interest of the City of Andover EDA to further the development of Andover Station North. Staff recommends the land sale be completed as the sale meets the original objective of redeveloping the area with a diversity of different uses that will meet the needs of the broader community. ACTION REQUESTED The EDA is requested to approve the attached Purchase Agreement and direct Staff to complete the land sale. Respectfully submitted, David L. Carlberg Attachments Purchase Agreement PURCHASE AGREEMENT 1. PARTIES. This Purchase Agreement is made on February 2, 2015, by and between Andover Economic Development Authority (AEDA), a body corporate and politic, 1685 Crosstown Boulevard NW, Andover, Minnesota, ( "Seller "), and Griffen Property Holdings, LLC., a Minnesota limited liability company d /b /a Foundation Hill Montessori and Childcare. A Minnesota corporation, 20840 Channel Drive, Excelsior, MN 553311, and /or their assigns ( "Buyer") . 2. OFFER /ACCEPTANCE. Buyer agrees to purchase and Seller agrees to sell real property legally described as follows: Lot 1, Block 1, Andover Station North 3rd Addition, Subject to Easements of Record All as generally shown on Exhibit A attached hereto and made a part hereof. 3. PURCHASE OF LOT WITH BUILDING OR VACANT LOT. (Check paragraph that pertains.) A. Buyer is purchasing the lot with an existing building. X B. Buyer is purchasing a vacant lot. 4. PRICE AND TERMS. The price for the real property included in this sale: Two Hundred Fifteen Thousand Dollars ($215,000.00). This price includes $203,400.00 for land and $11,600.00 for park dedication fees, which Buyer shall pay as follows: Earnest money of Five Thousand and no/ 100 Dollars ($5,000.00) by check, receipt of which is hereby acknowledged, and Two Hundred Ten Thousand Dollars ($210,000) cash on or before June 15, 2015 ( "Closing Date "). Seller will consider extending the Closing Date an additional sixty (60) days if the Buyer can prove that they are engaged in the process of obtaining approvals and permits set forth in Section 5(b) below, and is in the process of obtaining financing, and has proven that they are financially capable of completing the purchase. If Buyer cancels this Agreement in writing at any time during the due diligence period, including the potential sixty day extension of the Closing Date, Buyer's earnest money shall be completely refunded to the Buyer within ten (10) business days of Seller's receipt of the written notice of cancellation. If Buyer fails to cancel this Agreement within said time period, Buyer's earnest money shall become non- refundable to Buyer. 1 The purchase price is based upon a site estimated to be 57,935 square feet. The price herein represents a per square foot price for the gross area of $3.62. Said price includes the land price, park dedication fees, all water and sewer area charges and all assessments for street, curb and gutter, sidewalks, storm sewer, sanitary sewer, and water main assessments. 5. CONTINGENCIES. Buyer's obligations under this Purchase Agreement are contingent upon the following: (a) Seller shall permit Buyer, at Buyer's expense, to enter the Property to conduct investigations and testing and Buyer shall be completely satisfied with the environmental and soil conditions of the Property, as determined by Buyer in Buyer's sole discretion. (b) Buyer shall have obtained all zoning, land use, signage, watershed, environmental and other governmental approvals and permits Buyer shall deem necessary to use the Property in the manner contemplated by Buyer, including, but not limited to, a full building permit for a building conforming to Seller's design standards which Buyer determines can be built for a price acceptable to Buyer, all as determined by Buyer in Buyer's sole discretion. (c) Buyer shall have determined that the roads, easements, driveways, utilities, points of access and other infrastructure serving the Property will be adequate for Buyer's purposes, as determined by Buyer in Buyer's sole discretion. (d) On or before the Closing Date, Title shall have been found acceptable, in accordance with the requirements and terms of Sections 14 and 15 below. (e) Buyer, on or before the Closing Date, shall have received, reviewed and determined that it is satisfied with the matters disclosed by the survey of the Property. (f) The representations and warranties made by Seller in Section 10 shall be correct as of the Closing Date with the same force and effect as if such representations were made at such time. (g) Seller shall comply with the requirements and terms of Sections 21 and 22 below. (h) Seller acknowledges that Andover EDA has constructed multi - tenant area identification signs at two locations (One on the SE corner of Lot 2, Block 1, Andover Station North 2nd Addition; and One along Hanson Boulevard E on the NE corner of Outlot A, Andover Station North). The Buyer shall be entitled to one -ninth of the total sign space (on both sides of each sign) to represent the business on the subject property. The actual business nameplate construction and installation on the sign shall be the Buyers responsibility. The Declaration of Covenants covers the on -going costs/ maintenance responsibility of the signs. It indicates that it shall be the responsibility of all members in the Andover Station North Owners Association to bear on a proportionate basis. (i) Seller acknowledges the Buyer will initially build a 5,000 to 7,000 square foot addition onto the existing daycare on the subject property. In the event any of the above contingencies have not been satisfied or waived by Buyer on or before the Closing Date, this Agreement shall be voidable at the option of the Buyer. 6. DEED /MARKETABLE TITLE. Upon performance by Buyer, Seller shall execute and deliver a Warranty Deed conveying marketable title, subject to: A. Building and zoning laws, ordinances, state and federal regulations; B. Restrictions relating to use or improvement of the property without effective forfeiture provisions which do not interfere with Buyer's intended use of the property; C. Reservation of any mineral rights by the State of Minnesota; D. Utility and drainage easements which do not interfere with Buyer's intended use of the property. E. Declaration of Covenants filed by the Andover Economic Development Authority. 7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Real estate taxes due and payable in and for the year of closing shall be prorated between Seller and Buyer on a calendar year basis to the actual Closing Date. Seller shall pay on the Closing Date all special assessments for street, storm sewer, sanitary sewer, water main and water area charges and sewer area charges and any and all other special assessments against the Property levied and pending as of the date of closing. 3 Buyer shall pay real estate taxes due and payable in the year following closing and thereafter and any unpaid special assessments payable therewith and thereafter. Seller makes no representation concerning the amount of future real estate taxes or of future special assessments. 8. SELLER'S OBLIGATIONS. (a) Seller warrants that there has been no labor or material furnished to the property in the past 120 days for which payment has not been made. Seller warrants that there are no present violations of any restrictions relating to the use or improvement of the property. These warranties shall survive the delivery of the warranty deed. (b) Seller, at its sole cost and expense, shall deliver to Buyer and Title Company a survey (the "Surve ') of the Property, prepared by a surveyor licensed in the State of Minnesota, dated subsequent to the date of this Agreement, certified in favor of Buyer, Buyer's nominee, if any, and the Title Company. The Survey shall contain the surveyor's certification that the Property or any part thereof is not located within a wetland or area that has been designated by the Federal Emergency Management Agency, the Army Corps of Engineers or any other governmental agency as having or being subject to special flood hazards or shall, in the alternative, identify and designate such areas and certify the gross acreage of such areas. (c) Seller shall cause all sanitary sewer, water and storm drainage utilities to be constructed to the edge of the property at Seller's expense. 9. BROKERAGE. Buyer and Seller represent that neither party is represented by a real estate agent or broker and no brokerage commissions are due any third parties as a result of this transaction. Both parties agree to hold each other harmless for any claims arising from any brokers. 10. REPRESENTATIONS AND WARRANTIES OF SELLER. Seller represents and warrants to and covenants with Buyer that: (a) Seller is the owner of fee simple title to the Property and that Seller has the power and authority to enter into and perform the terms and conditions of this Agreement, and such performance will not conflict with or result in a breach of any of the terms, conditions or provisions of any agreement or instrument to which Seller is a party or by which it is bound, or constitute a default under any of the foregoing; this Agreement is valid, binding and enforceable against Seller in accordance with its terms. rd (b) Seller has not received any notice of and Seller is not aware of any violation of any law, municipal ordinance or other governmental requirement affecting the Property, including without limitation any notice of any fire, health, safety, building, pollution, environmental or zoning violation. (c) Seller has not received any written notice of any condemnation or eminent domain proceedings, or negotiations for purchase in lieu of condemnation, relating to the Property, or any portion thereof; and Seller has no actual knowledge that any condemnation or eminent domain proceedings have been commenced or threatened in connection with the Property, or any portion thereof. (d) (1) The Property (A) is not subject to any private or governmental lien or judicial or administrative notice, order or action relating to Hazardous Substances or environmental problems, impairments or liabilities with respect to the Property and (B) to Seller's knowledge, is not in, or with any applicable notice and /or lapse of time, and /or failure to take certain curative or remedial actions, will not be in violation of any Environmental Laws (as herein defined). (2) Seller shall not allow, prior to Closing, any Hazardous Substances to exist or be stored, generated, used, located, discharged, released, possessed, managed, processed or otherwise handled on the Property, and shall comply with all Environmental Laws affecting the Property. (3) Seller shall immediately notify Buyer should Seller become aware of (A) any Hazardous Substance or other environmental problem or liability with respect to the Property, (B) any lien, order, action or notice of the nature described in subparagraph (1) above, or (C) any litigation or threat of litigation relating to any alleged unauthorized release, discharge, generation, use, storage or processing of any Hazardous Substance or the existence of any Hazardous Substance or other environmental contamination, liability or problem with respect to or arising out of or in connection with the Property. As used herein, "Hazardous Substances" means any matter giving rise to liability under the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Sections 9601 et seq. (including the so- called "Superfund" amendments thereto), or other applicable, federal, state or local statute, law, ordinance, rule or regulation governing or pertaining to any hazardous substances, hazardous wastes, chemicals or other materials, including without limitation asbestos, polychlorinated biphenyls, radon, petroleum and any derivative thereof, or any common law theory based on 5 nuisance or strict liability (all of the foregoing statutes, laws, ordinances, rules, regulations and common law theories being sometimes collectively hereinafter referred to as "Environmental Laws "). (e) No litigation or proceedings are pending or, to Seller's knowledge, contemplated, threatened or anticipated, relating to the Property, or any portion thereof. (t) Seller has no knowledge of any unrecorded agreements, undertakings or restrictions which affect the Property. There are no tenants, persons or entities occupying any portion of the Property and no claim exists against any portion of the Property by reason of adverse possession or prescription. (g) To the Seller's knowledge (i) there is no obligation with respect to the Property for any assessment, annexation fee, payment, donation or the like, (other than general real estate taxes, which are required to be paid by the Buyer); (ii) there are no obligations in connection with the Property of any so- called "recapture agreement" involving refund for sewer extension, oversizing utility, lighting or like expense or charge for work or services done upon or relating to the Property or otherwise; and (iv) there is no unexecuted paving agreement or undertaking with any government agency respecting construction or any acceleration or de- acceleration lane, access, or street lighting. (h) To the best of Seller's knowledge, the Property is properly zoned for Buyer's intended use of the Property. (i) Within twenty one (2 1) days of the date of this Purchase Agreement, Seller shall deliver to Buyer for Buyer's use and review of the Property, all background information and documents for the Property, including engineering reports, soils study reports and environmental studies or assessments in possession of seller. 0) Seller represents and warrants that the Property is a buildable parcel without the need of any soil corrections. If soil corrections are found to be needed, it will be the responsibility of the Seller to pay all costs associated with the corrective work. If, prior to the Closing Date, Seller obtains knowledge of a fact or circumstance the existence of which would constitute a breach by Seller of its representations and warranties hereunder or would render any such representations and warranties materially untrue or incorrect, Seller shall promptly notify Buyer in writing of the same. Under said circumstances, and in addition to any other right or remedy that may be available to Buyer, Buyer, at its option, may terminate this Agreement without further liability by giving 0 written notice thereof to Seller, in which event the earnest money shall promptly be returned to Buyer. All representations, warranties, covenants, indemnities and undertakings made herein shall be deemed remade as of Closing and shall be true and correct as of Closing and shall be deemed to be material and to have been relied upon by the parties, notwithstanding any investigation or other act of Buyer heretofore or hereafter made, and shall survive Closing and execution and delivery of the General Warranty Deed for a period of twenty -four (24) months after the Closing Date. 11. BUYER'S OBLIGATIONS. (a) Buyer shall construct a building upon the property that will be built of materials and design that follows the Andover Station North Design Guidelines (unless deviations are allowed by the Andover EDA). Buyer's obligation shall survive the closing on this transaction. (b) Buyer acknowledges that it has had (and will have) an adequate opportunity to inspect the Property and, upon closing the transaction contemplated by this Agreement, shall be deemed to have accepted the Property in "AS IS" and "WHERE IS" condition with any and all faults, except as specifically provided in this Agreement. Seller hereby disclaims all warranties, whether oral or written, express or implied, as to the Property's merchantability, fitness for a particular purpose, condition, type, quantity or quality, except as specifically provided in this Agreement. 12. DISCLOSURE OF NOTICES. Seller has not received any notice from any governmental authority as to violation of any law, ordinance or regulation. If the property is subject to restrictive covenants, Seller has not received any notice from any person as to a breach of the covenants. 13. POSSESSION. Seller shall deliver possession of the Property not later than Date of Closing or on a date up to sixty (60) days subsequent to the Date of Closing in the event the Date of Closing is extended in accordance with Section 4 above, whichever shall last occur. 14. EXAMINATION OF TITLE. Seller shall, within a reasonable time after acceptance of this Agreement, furnish an Abstract of Title, or a Registered Property Abstract, certified to date to include proper searches covering bankruptcies, State and Federal judgments and liens. Buyer shall be allowed 30 business days after receipt for examination of title and making any objections, which shall be made in writing or deemed waived. 7 15. TITLE CORRECTIONS AND REMEDIES. Seller shall have 120 days from receipt of Buyer's written title objections to make title marketable. Upon receipt of Buyer's title objections, Seller shall, within ten (10) business days, notify Buyer of Seller's intention of make title marketable within the 120 day period. Liens or encumbrances for liquidated amounts which can be released by payment or escrow from proceeds of closing shall not delay the closing. Cure of the defects by Seller shall be reasonable, diligent, and prompt. Pending correction of title, all payments required herein and the closing shall be postponed. A. If notice is given and Seller makes title marketable, then upon presentation to Buyer and proposed lender of documentation establishing that title has been made marketable, and if not objected to in the same time and manner as the original title objections, the closing shall take place within ten (10) business days or on the scheduled closing date, whichever is later. B. If notice is given and Seller proceeds in good faith to make title marketable but the 120 day period expires without title being made marketable, Buyer may declare this Agreement null and void by notice to Seller, neither party shall be liable for damages hereunder to the other, and earnest money shall be refunded to Buyer. C. If Seller does not give notice of intention to make title marketable, or if notice is given but the 120 day period expires without title being made marketable due to Seller's failure to proceed in good faith, Buyer may seek, as permitted by law, any one or more of the following: (1) Proceed to closing without waiver or merger in the deed of the objections to title and without waiver of any remedies, and may: (a) Seek damages, costs, and reasonable attorney's fees from Seller as permitted by law (damages under this subparagraph (a) shall be limited to the cost of curing objections to title, and consequential damages are excluded); or, (b) Undertake proceedings to correct the objections to title; (2) Rescission of this Purchase Agreement by notice as provided herein, in which case the Purchase Agreement shall be null and void and all earnest money paid hereunder shall be refunded to Buyer; (3) Damages from Seller including costs and reasonable attorney's fees, as permitted by law; (4) Specific performance within twelve months after such right of action arises. D. If title is marketable, or is made marketable as provided herein, and Buyer defaults in any of the agreements herein, Seller may elect either of the following options, as permitted by law: (1) Cancel this contract as provided by statute and retain all payments made hereunder as liquidated damages. The parties acknowledge their intention that any note given pursuant to this contract is a down payment note, and may be presented for payment notwithstanding cancellation. E. If title is marketable, or is made marketable as provided herein, and Seller defaults in any of the agreements herein, Buyer may, as permitted by law: (1) Seek damages from Seller including costs and reasonable attorneys' fees; (2) Seek specific performance within twelve months after such right of action arises. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. 16. NOTICES. All notices required herein shall be in writing and delivered personally or mailed to the address as shown at paragraph 1 above and, if mailed, are effective as of the date of mailing. 17. MINNESOTA LAW. This contract shall be governed by the laws of the State of Minnesota. 18. WELL AND FUEL TANK DISCLOSURE. Seller certifies that the Seller does not know of any fuel tanks or wells on the described real property. 19. INDIVIDUAL SEWAGE TREATMENT SYSTEM DISCLOSURE. Seller certifies that there is no individual sewage treatment system on or serving the property. 20. PAYMENT OF CLOSING COSTS. Each party will pay closing costs which are normally allocated of Buyers and Sellers in a real estate transaction. 21. HAZARDOUS WASTE. Seller shall provide Buyer with an environmental indemnification for the Property and will pay all costs, including reasonable attorney's fees, associated with any additional environmental remediation upon the Property for a period of two (2) years following the Date of Closing. 22. CLOSING AGREEMENT. Seller and Buyer shall execute a Closing Agreement at the Closing addressing all issues described at Sections 11, 21 and 22, and any other necessary issues. 23. BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. The Andover Economic Development Authority agrees to sell the property for the price and terms and conditions set forth above. SELLER: I agree to purchase the property for the price and terms and conditions set forth above. I:Ii1YMl:4 ANDOVER ECOMONIC DEVELOPMENT GRIFFEN PROPERTY HOLDINGS AUTHORITY LLC., dba FOUNDATION HILL MONTESSORI AND CHILDCARE By: Julie Trude, President By: James Dickinson, Executive Director 10 By: By: Its: December 2014 Forecast Year 12/31/2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 CITY OF ANDOVER Cash Flow Analysis - TIF Project Accounts Districts 1 -1 & 1.2 0 `- D1 Primary Revenue Source Potential TIF Potential Project Account Tax Increment Revenue Land Sales Expenses Projects 1 -1 1 -2 Total $ (170,000) t °t $ - 3,327,431 $ 971,000 nl $ (30,000) $ (185,000) (61 $ - $ 207,572 $ 207,572 675,000 f2) (30,000) (525,000) 141 - - - - (244,000) (750,000) cot - - - (363,000) (775,000) (s) ( °) - - (365,000) (675,000) 232,863 2,568 - (210,000) 'Available for 1,646,000 (1,242,000) (2,910,000) - 207,572 207,572 I1t B & D Estates ($74k), DSTI ($897k) 121 Bunker Lot ($475k), 139th/Jay St ($200k) 43) Street Lights/utilities /clean up ($185k) 14) Redevelopment 4 -plex purchases - 2 45t Redevelopment 4 -plex purchases - 3 (6) Redevelopment Twin purchases - 3 •. $25,000 has been designated for landscaping improvements in the Bullding Fund for Andover Station Outiot E. 2/2/2015 t °t TIF 1-6 Advance I °I TIF 1-6 Payback D1 Transfers (ro) TIF From TIF Project Account Mar In /(Out) Debt Service Cash Balance $ 2,533,859 $ (170,000) t °t $ - 3,327,431 - - 3,447,431 18,658 tot - 2,472,089 20,272 tot - 1,354,361 21,964 tot - 336,325 23,742 cot - 150,067 25,605 I °l - 175,672 27,565 ( °) - 203,237 29,626 I °t - 232,863 2,568 I °I - 235,431 'Available for - - Bunker Acquisition t °t TIF 1-6 Advance I °I TIF 1-6 Payback K, 56 W-^- Map -' 1 39 Mi' )ado 't $' e 1 � „•$, 0! L.1013 ., i �. .y�R �r33 �'.` 3 • 26tlTyt �r2601 '.1>6i 254]Z zs37: 379 "\.l 4x Y '1� iti er. -. j7 'gA_ �`L• 11Y93 7 •. 11921 Ir, 13Yi ,' 1Ca0 n1VE�,1•��.', 11 0 #11A �i% 1a9m a �i° e1,,�..���x '.�]�.�' • .,. � ��� r� Syr Oi \, _��� ,4r� �'' 1tY11 Ij1 •, .�7ir _ r Ki (. �f>r �•.a�`' ^YYYNN" liv1U t!1 r,K i 1 i s <' 2 i0 X2530 s �..Yi * ?` ..Y ♦tll f �. i.' 11Y.�1 ° V. Li9 L9� 4 rt..0 , • 21. ,] AWD kl 13930 ✓ I. ` , � "g � � �y}� V. �.. �•i 11tl 211 -i 2467 2!x] �`4A'119 Y1,3838 1141E 13809 aU 3818 \7635.:./ �+ ' 4Li21 •y � 131 1 111 ;13 2`U 7 $ \�23A1 1 lit )l— KC :,Aa •� . -��-i , 1 173 4F •'J' 25 :il'1. 151.. .lr. 1', 13711 �s tte. T r'wr 1't 1, 41 p'ay . y■ 1 -'35171 25113 251T1 BON. B(VO r> l , • y. nlvo r 2390) 'ti 1 Ii6vt 4 � .13683 libFA �1�1 {. i1 - �.. -13684 Mw , ^11' �. s. i ' I1f1 �• 3.,93' % �.. ni .K • ; 1. f..n ''� •13118 '111• 13410 Cam! 11 I.I 1- 1,I "�f•. �' � � 13681 ( � ! I 11432 13673 `.' X_ .n j 4' 13F]�Il � - 1 All :lu] 2347 2339 I t 11669 � �.• 1+ � -�1 +�. 3 T1F� 1144'•1 �+{, , S' '136L3 d3657'� 13462 .lfK + �2d 35 til Y_'h 29 td Disclaimer: Maps and documents made available to the public by the City of Andover are not legally recorded maps or surveys and are not intended to be used as such. The maps and documents are created as part of the Geographic Information System (GIS) w e that compiles records, information, and data from various city, county, state and federal resources. Copyright © 2013 City of Andover, All Rights Reserved e Printed 01/27/2015 2011 Parkside at Andover Station /Bruegemann - Closed on the land of $1,388,844 * Purchased 4 plex at 2600 138th Avenue NW for $174,900 2012 *Created TIF District 1 -5 for Arbor Oaks - 70 unit senior housing project *Demolished 2600 138th Avenue NW for $14,600 *Sold Sales Center in 8 Plex at 1801 139th Avenue NW for $127,500 ($6,000 remodel costs) *Purchased Stop -N -Shop at 13725 Crosstown Drive for $430,000 *Capstones Homes purchased first 2 Lots of 36 in Parkside at Andover Station 3rd Remaining 34 lots purchased within 14 months total sale of $1,221,000 EDA development costs of $250,000 to replat and regrade /relocate and install utilities *Retail Market Analysis was prepared by the McCombs Group for $25,000 2013 *Created TIF District 1 -6 forTE Connectivity (aka Measurement Specialties) Sold the 8 acres for $50,000 Provided TIF dollars for Methane Gas Vapor Barrier - ($20,000) Parking Lot Joint Use ($150,000) and gas probe ($2,500) Originally proposed 25,000 s.f. building - Built 52,000 s.f. (200 jobs by year end 2015) "Cherrywood of Andover a 20 unit senior housing facility Sold 1.8 acres for $215,000 Provided $30,000 in utility relocation costs *Sold 8 plex lots to Capstone Homes for $40,000 *Demolished Stop -N -Shop (includes building, parking lot and underground fuel tanks $36,500) Incurred $12,500 of environmental testing/reporting costs - Petro fund reimbursement of $12,078.30 pending *Installed monument /entrance signs at Crosstown and Bunker and on Bunker at Ham Lake border — -" 2014 *Closed on the 4 plex lot on 139th Avenue with Povlitzki Holdings for $75,000 Will be incorporated into B & D Estates *Closed on 7.26 acres with DST] for $962,409.55 *Negotiated Purchase Agreement with Mission Development for 1.3 acres for $513,000 on Ibis Street and Bunker 6,000- 10,000 s.f. office building proposed Developer unable to secure tenant commitments *Installed dock at Target Pond 2015 *Foundation Hill Montessori School lot sale and Addition *Potential 62 unit senior housing development in Grey Oaks *DSTI Addition *TE Connectivity Addition