HomeMy WebLinkAbout7.a. Project Plan & Project Budget for Rosemount Business Park t r
. 3
CITY OF ROSEMOUNT
EXECIITIVE SUNIlKARY FOR ACTION
CITY CQUNCIL MEETING DATE: AUGUST 17, 1993
AGENDA ITEM: PROJECT PLAN & PROJECT BUDGET AGENDA SECTION:
FOR THE ROSEMOUNT BUSINESS PAR.K NEW BUSINESS
PREPARED BYr JOHN MILLER, AGENDA NO.
ECONOMIC DEVELOPMENT COORDTNATOR
ATTACHI�NTS: MEMO, CASH FLOW PROJECTIQNS, APPROVED BY:
BUSINESS PAR.It CONCEPT PLAN, AND FEASIBILITY
REPORT FROM SEH, INC.
Please see attached memorandum.
1 ��" !
ClG�J�m�
RECO2rIl+SENDED ACTION: Motion to approve the implementation of the
Rosemount Bu in ss Park contingent upon completion of a development
agreement°�wi���'��urchaser o€ at least ten acres of land for
immediate development.�' ,
COUNCIL AGTTON: '
, ` ; '
2�2� O OSEYi20?ti1�t�
PHONE (612)423-4411 2875-145th Strest West,Rosemount,Minnesota MAYOI�
' FAX (612)4235203 Mailing Address: Edward 8.McMenomy
P.O.Bqx 570,Rosemount.Minnesota 55068�051U COUNCILMEMBEAS
Sheila Klassen
James(Re�Staats
Harry Wilicox
Dennis�pperrrtann
AOMINISTRATOR
TO: Mayar McMenomy scsPna����x
Council Members : Rlassen, Staats, Willcox, Wippermann
FROM: John Miller, Economic Development Coordinator
DATE; August 11, 1993
RE: Review of Proposal for the Develapment of the
Rosemaunt Business Park
Since its inception some 18 months ago, the Rasemount Port
Authority has been working to improve the overall business
environment in Rosemount. In this regard, the Port Authority has
been very interested in mee�ing at least these three goals:
1) to provide more customers for downtown businesses,
2) to increase the tax base and in turn lower the cost of
government, and
3} to provide an inventory of industriai lots far
businesses selecting new locations .
With regard to the downtown businesses, it is commonly agreed
�hat their visibility is negatively affected by the low density
of the trade area east of the railroad tracks . To benefit all
businesses in the downtown the Port Authority Commissioners
supported the concept of permitting CMC to develop its 103 acre
parcel for single family, residential use. The 200-250 families
living there would be within walking distance of the downtown and
the businesses located there. Certainly a good share of the
�etail activities generated by these new residents wauld benefit
the downtown businesses .
This created a problem however. The CMC property was zoned-
industria.l and was generally believed as the preserved site for
new industrial users comin.g to town wha were not interested in
the '�Pine Bend° area. Should Rasemount simply forego industrial
and office development? To resolve this issue the Cammissioners
revisited the o1d idea of creating an industrial area south of
County Road 42 and east of State Trunk Highway 3 . From this
study the concept of the Rosemount Business Fark evo3ved. The
Business Park would eventually be bound by CR 42, Biscayne
Avenue, 160th Street, and TH 3 ; an area of about 500 acres . -
�verc���ings �oming ��5 �J�osev�.ountll
�
.... ��,�,a�..
, ` � '
ROSEMOUNT BUSINESS P.ARK
AUGUST 17, 1993 MEETING
The Business Park concept was such that users looking for high
amenity sites could locate near the wetlands on the .east side of
the area. Those users looking for flat industrial land for light
manufacturing and warehousing could choase a site on the west
side near or adjacent to the railroad. In addition, it ' was felt
that the land in the northwest corner of the business park and
adjacent to CR 42 could provide sites for commercial activities
not currently provided in either the existing downtown or the
emerging retail area at CR 42 .
The beauty of the Business Park is that it was seen as
implementing the three important goals. In particular:
1) Businesses can be eustomers for the downtown just as
residents can be. It was agreed that industrial and
office users in the Business Park would be customers of
the banks, restaurants, and even the hardware store in
Rosemount
2) In Minnesota even residential land users pay very high
property taxes, a major source of revenue for local
govexnment. If these non-xesidential users coulc� be
attracted to the City, the true tax base: would
increase.
3) With no inventory of lots Rosemount has little if any
chance of attracting new businesses. Proof of this is
two fold. First, Rosemount presently has no inventory
of readily developable industrial land and it hasn' t
been selected by any new businesses. Second, the Port
Authority members were told by business owners who ,
looked a� Rosemount for a site and then located eise
where, tha.t the main reason for not coming to the City
was the lack of readily availabie sites .
The plan saw the Business Park developing in several phases. The
first being the 80 acre Abbott property adjacent to CR 42 . As
the .Abbott property developed additional land would be purchased
and the Park would expand sequerttially to the south. The
Cammissioners saw this as a v-ery long term project.
From the beginning the Port Authority understood without saying
that the Business Park was a project with considerable risk.
Here, the Commissioners were realistic and reached agreement
among themselves that befare they would approach the City Council
requesting appraval to implement the project they wanted a user
for the first parcel . As much as everyone enjoyed the concept of
"build it and they wi31 come. . . ° , the Commissioners were well
aware of the gamble involved in starting even the first phase of
the Business Park.
2
. ' � '
ROSEMOUNT BUSINESS PARK
AUGUST 17, 1993 MEETING
The user at hand is the Muller Family Theater partnership. It
wishes to purchase a ten acre parcel and to pay for :all
infrastructure costs assessed to that land. Land and utilities
are projected to have a value of $1.�0 per square foot and hence
the Muller' s would be paying $435, 600. Mul.ler' s have promised
spring construction.
Attached to this memo are some cash flow projections developed by
the City' s financial advisor, Springsted, Inc.
Here is what the assumptions are in each of the cash fl�w
projections:
1. Land acquisition cost of $500, 000
2 . 40 acres af developable Iand in Phase 1
3 . Immediate infrastructure improvements of $500, 000
4 . Muller purchase of ten acres of developed land at $1. 00 per
square foot or $435, 000 total with a single up-front cash
payment
5 . Sale of "ponding rights° for the CNlC and associated
developments in the First Phase for a total of $50, 000
6. Tatal First Phase infrastructure costs of $1.,500, OQ0 with a
5°� inflation factor.
7. 5% annual land value inflation
8 . Effective local tax rate af 1.360
How the five cash flow projections differ is as follows:
l. Use of the "Local Effort Tax Incremer�t Finance" (LETIF)
tool . Taking revenue from the theater to pay land and
utility costs. Pra�ection #2a shows no use of the LETIF.
2 . Rates at which land will be sold. For example, the first
projection shows only one acre being sold every other year
for the first ten years. The third projection shows two
acres being sQld each year.
3 . Different construction dates for infrastructure extension.
Projections four and five for example, show additional
improvements completed in year four of the project.
Now let' s get to the point. Does any of this make sense in terms
of cash flow? Yes . But only if two things happen.
1. A purchase is found for a large parcel of land at the start
af the proj ect.
2 . The local effart Tax Increment from the first user is
pledged to the project.
3
. , '
ROSEMOUNT BUSINESS PARK
AUGUST 17, 1993 MEETING
But, let ' s get back to the issue of risk. How will the land be
sold? Is there a guarantee anyone will purchase the land? Isn' t
there a chance the tax payer will get stuck with a white
elephant?
1. The Port Authority has not yet developed a marketing plan
for the project. I have had early and preliminary
discussions with brokers and developers about getting the
private sector involved. A marketing plan could be in place
by Z994 and shown in the Port Authority' s 1994 Work Program
and Budget.
2. Guaranteed sales? No. But the Port Authority has been
working with Ringer Corp. on a site. The mo�el is another
passibility. There has been some interest. Land costs
would be about a nickel per gquare foot lower than the
Farmington industrial park, with a better laeation. I can' t
tell you the Park wan� t be a dog, but, no one has heard any _
woofing nois�s.
3 . Taxpayer Risk? Possible, but, not likely. The bonds sald
would be general obligatian debt, so there is risk .for,the
taxpayer. But, before that : risk becomes a real liability
these things would need to<.occur:
a. The Port Authority would fa�l. behind in selling land,
b. There would be no excess TIF from the CMC Project
tscheduled starting date 1994) or any ather project to
make up any short fall .
c. There would be no other sources of funds available
e.g. CDBG for the praject.
** ** ** `
In conclusion, I ask that you carefully review the Springsted
cash flow projections and the SEH prepared concept plan and
feasibility report. I believe that �au will agree with the Port
Authority that "with the advantage of having ��a first user" , the
Rosemount Business Park is a low risk route to implementing some
very important goals for the overal3 development of the City.
4
� BusPk Cashilow #1
. ;
Rosemount Port Authority
Business Park Development-Phase I
Cash Flow Projections �
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Prepared by SPRlNGSTED,Ina
, 8/10/93
BusPk Cashflow #ic
, �
Rasemount Port Authority }.
Business Park Development-.Phase I :
Cash Flow Proje+ctions
� nstrucl on ssumpt ons a aum ons
1,5 ,0 Tota!Phase I ast 4 acreage n hase
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Prepared by SPRiNGSTED,Inc.
8/10193
.. ,, ,
M E M O R A N D U M
TO: Mayor E. B. McMenomy and Mertibers of the City Council
FROM: Mike Miles ��
DATE: August 13, 993
RE: Praposed Purchase Agreement for Rosemount Business Park
Attached for your review is a Purchase Agreement entered into
by the Rosemount Port Authority and Roy and Laura Abbott for the
purpose of acquiring property for the planned Rosemount Business
Park. As you know, the Port Authority is not legally empowexed to
bind the City to sueh an acquisition without your explicit
approval . Therefore, you are being asked whether you wish to
approve this Agreement and thus, give it binding legal effect upon
the City.
Should you choose to approv� this document, please note that
there are still a number of contingencies which must occur in order
for the purchase transaction to be consummated. Specifically,
Article III of the proposed Purchase Agreement makes the purchase
contingent upon a number of events, such as environmental testinq,
appropriate representations and warranties from the se�ler,
provision af a- survey by the seller, etc . Perhaps most
importantly, this transaction is conditioned upon satisfactory
negotiations between the City and a movie theater operation
developer to serve as an anchor tenant in the Business Park (Please
see Article IZI (i ) . )
If you have any questions about this document or surrounding
transactions , please contact City staff or me at your convenience.
JMM:gmo �_
� * � .
PURCHASE AGREEMENT
THIS AGREEMENT is made on ,�r.�c, � � , 1993 , between Roy
E. Abbott, an individual residing in ashington County ("Seller"}
and the Rosemount Port Authority ("Buyer") .
TN C�NSIDERATION OF THIS AGREEMENT, Seller and Buyer agree as
follows:
1, Sale of Property. Seller agrees to sell ta Buyer and
Buyer agrees to buy from Seller, the following property (the
"Property��� :
The North 1j2 of the Northeast 1j4 of Section
32, Township 115, Range 19, except the Sauth
13 feet of the East 525 feet thereof, in
Dakota County, Minnesota.
2 . Purchase Price and Manner of Payment._ The Purchase Price
("Purchase Price") to be paid by Buyer to Se11er for the Property
shall be Five Hundred Thousand and/no Hundred Dollars ($500, 000. 00)
and shall be payable as follows:
(a) $1D, 000, 00 Earnest Money, payable by Buyer to the
real estate broker identif ied in Section ll belaw
upon and: as a condition to Buyer's acceptance
hereof; and
(b) $490, 000. 00, cash or cash equivalent funds, plus ar
� minus prorations and adjustments as set forth in
this Agreement, at closing.
3 . Contincxencies. The obligations of Buyer under this
Agreement are contingent upon each af the following:
(a) Rebresentations and Warranties. The repr�sentations
and warranties of Seller contained in this Agreement must
be in a11 material respects true now and on the Closing
Date as if made on the Closing Date.
(b} Title: Title shall have been found acceptable or
been made acceptabl.e in accordance with th� requirements
and terms of secticrn 6 below.
(c) Inspection and Testinct.. Seller shall .allow Buyer,
and Buyer's aqent, access to the Property solely, for the
purposes referenced in Sections 3 (d) through 3 (h) beTow,
without charge and at all reasonable times, for the
purpose of Buyer's investigation, survey and testing the
same. Buyer shall pay all costs and expenses of Buyer's
investigation, survey and testing. Buyer shall repair
and restore any damage to the Property caused by or
occurring during Buyer's investigation, survey and
testing and return the Pr�perty to substantially the same
condition as existed prior to such entry. Buyer hereby
agrees to indemnify, defend and hold Seller harmless from
any and all liability, costs and expenses, including
attorney's fees, damag�s, suits or claims arising in
connection with Buyer's investigation, survey and/or
testing. In the event this Agreement is terminated under
any circumstances, Seller shall be entitled to reeeive
reasonable written verification (such as mechanic lien
waiversj that the costs incurred in connection 'with
Buyer's investigation, survey and/ar testing have been
paid in full as a condition precedent to Buyer being
entitled to receive a refund of Buyer's Earnest Money.
Buyer also agrees, upon any sueh termination, to provide
Seller with �ull and complete copies of any surveys,
tests, seports or other documentation created or obtained
by Buyer in connection with the matters referenced in
Sections 3 (d) through 3 {h) below and Buyer shall execute
and deliver to Seller an agreement acknowledging the
termination of all of Buyer's rights in the Property
andJor under this Agreement.
(d) Survev. Seller shail, at Seller's cost and
expense, cause the Property to be surveyed by
regzstered land surveyors, who are praperly
licensed ta practice in the State of Minnesota,
The survey shall be certified to the Buyer, the
Seller and the Title Company, and be> delivered to
the parties within farty-five (45) days of the date
of this Agreement, as follows:
i) the boundary lines of the Property and the
legal deseription therefor;
ii) the location of all physical encroachments, of
any;
iii) all existing easements and the recording
information therefor; ,
iv) all existing rc�adways abutting the Property
and any existing limitation of access thereto;
v) all existing utilities located on or adjacent
to the Property;
vi} ail building or other setback lines and all
floodplain lines and utility lines, if any;
and
vii) the loeation of all improvements, if any. _
-2-
(e) Testina. Buyer sha11 have determined within forty-
five (45) days after the date of this Agreement that it
is satisf ied with the results of and matters disclosed by
all soil tests, engineering inspections, hazardous waste
and environmental reviews of the Property. Prornptly
after receipt of such inspection report, Buyer shall
forward a copy of same to Seller.
In the event that a final closing does nat occur and
pending such occurrence, Buyer agrees to keep such test
results confidential, except for any natice which Buyer
may be obligated to give to appiicable governmental
authorities.
If such test results disclose soil conditions that are
unsatisfactory to Buyer, in Buyer's sole discretion,
Buyer may then terminate this Agreement upon written
notice within the time provided above ar fourteen (14)
days after receipt of such final test results, whichever
shall be earlier, and in such event the Earnest Money
will thereafter be returned to the Buyer and neither
party shall have any further obligation under this
Agreement except as pravided for in paragraph 3 (c} .
(f) Survev A�prova L Buyer shall have determined within
fourteen (14) days a�ter receipt of the survey referred
to in paragraph 3 {d) , in Buyer's sole discretion,; that
the condition of -the Froperty as set forth in such survey
is satisfactory to Buyer. If such survey is not
satisfactory to Buyer, then Buyer may terminate this
Agreement upon written notice and in such event the
Earnest Money will be returned to the Buyer and neither
party shall have any further obiigations under this
Agreement except as provided for in paragraph 3 (c) .
(g) Government Ap,proval._ Buyer shall have obtained, at
' its sole cost and expense on or before the C16,sing Date,
all government approva2s necess'ary in Buyer's sole
judgment, in order to make the use of the Property. which
the Buyer intends. In the event Buyer, in 'its sole
judgment, does not obtain such permits and/or approvals
as are necessary in Buyer's sole judgment, prior to
Cldsing, then Buyer may terminate this Agreement upon
written notice not later than the Closing Date and in
such event the Earnest Money will be returned to the
Buyer, and neither party shall have any further
obligation of this Agreement except as provided for in
Paragraph 3 (c) .
(h) Roads and Utilities. Buyer shall have determined,
within forty-five (45) days of the date hereof, that the
Property is serviced by all necessary utilities in order
-3-
to support Buyer's proposed use and that Buyer will have
satisfactory access thereto. In the event Buyer, in its
sole judgment, deterrni.nes that the utiiities or road
systems are inadequate for the Buyer's proposed use, then
Buyer may terminate this Agreement upon written notice
not later than the Closing Date and in such event the
Earnest Money will be returned to the Buyer and nezther
party shall have any further obligation under this
Agreement except as provided far in paragraph 3 (c) .
(i) Theater Transaction. Buyer shall have determined,
within farty-five (45) days of the date hereof, that
Buyer is satisfied with the progress of its dealings with
those parties intending to develop a portion of the
Property, after purchase by Buyer, as a movie theater
operation. In the event Buyer, in its sole judgment,
determines that satisfactory progress regarding the
foregoing has not been made then, in that event, Buyer
may terminate this agreement upon written notice no later
than forty-five (45) days from the date hereo�f whereupon
the Earnest Money will be returned to the ` Buyer and
neither party shall have any further obligation under
this Agreement except as provided for in Paragraph 3 (c) .
Unless Buyer provides Seller with timely wri.tten notice
pursuant to Section 14 below af Buyer_'s objection to any ;
contingency set forth in this ' Section 3 above, Buyer sha11 be
deemed to have waived such contingency in its entirety. In the
event Buyer closes on the purehase of the Property from Seller,
Buyer shall be canclusively deemed to have waived all of the ,
foregoing contingencies unless otherwise specifically provided in
a separate writing signed by Buyer and Seller.
4 . Glosina. The closing of the purchase and sale
contemplated by this Agreement (the "Closing" or "Closing Date")
shall occur on a date one hundred (100) days after the date of this
Agreement as that term is hereinafter defined, or on such earlier
date as selected by Buyer. The clasing shall take place at the
office of the Title Company, or at such other place as may be
mutually agreed to. Seller agrees to deliver possession of the
Property to Buyer at Closing, Se11er and Buyer shall each provide
the following at Closing:
(a) Seller's Closina Documents. On the Closing Date,
Seller shall execute andJor deliver to Buyer the ,
following (collectively !'Seller's Closing Documents") :
(i) Warranty Deed. A generai Warranty Deed,
fram Seller canveying the Property to Buyer in
accordance with the. terms thereof.
_4_
(ii) Well Certificate. A well certificate as
may be required by Minnesata Statutes 103I. 235.
(iii) Seller's Affidavit. An affidavit of
title by Seller, in customary form certifying that
on the Closing Date there are no outstanding,
unsatisfied judgments, tax liens or bankruptcies
against or involving Seller or the Property; that
there has been no skill, labor or material
furnished to the Property for which mechanics liens
could be filed; and that there are no other
unrecorded interests in the Property, other than
the Permitted Encumbrances, together with whatever
standard additional documents which may be required
by the Title Company to issue the "Title Policy" as
defined in Section 6 (c) below.
(iv) Title Policy. Subject to Buyer's
obligation to pay the premium therefore, the Title
Policy, or a suitably marked up commitment for
title insurance initia�.ed by the Title Company, in
the form required by this Agreement.
(v) IRS Reporting Form. The appropriate
federai income tax reporting farm, if any is
required.
(vi) �ther pocuments. AlI other documents
reasonably required or necessary- to transfer -the
Property to Buyer free and clear of all
encumbrances except Permitted Encumbrances,
consistent with the terms of this Agreement.
(b) Buyer's Closing Documents. On the Closing Date,
Buyer will duly execute and deliver to Seller the
following (collectively "Buyer's Closing Documents") :
(i) Cash Payment. The $490, 000.00 cash balance of
the Purchase Price, plus or minus prorations or
adjustments, by wire transfer or certified funds.
(ii) Title Documents. Such affidavits of Buyer,
certificates of value or other documents that may
be reasonably required by the Title Campany in
order to record the Seller's closing dvcuments and
issue the Title Palicy as required by this
Agreement.
(iii) Such other documents and funds as shall be
reasonably necessary or required to complete the
transactions contemplated by this Agreement.
_5_
A�reement.
5. Prorations. Seller and Buyer agree to the following
prorations and allocation af cost regarding this Agreement:
(a) Title Insurance and Closinq Fees. Seller shall pay
all costs of the Title Company for applicable searches
and for updating abstraets. Buyer will pay the premiums
required for the issuance of the Title Policy and for the
issuance of a mortgagee's poliey, if any. Any closing
fee imposed by the Title Company shall b8 split
fifty/fifty (50/50) between Buyer and Seller.
(b) Real Estate Taxes and S�ecial Assessments. Seller
will pay, on or before Ciosing Date, all special.
assessments currently levied against the Property
including without limitation any installments of special
assessments and interest payable with general real estate
taxes in the year of closing. Special assessments which
become pending or levied after the date hereof shall be
assumed and paid by Buyer. General real estate taxes and
installments of special assessments payable in the year
prior to the year in which the closing takes place and
all prior years shall be paid by Seller. General real
estate taxes payable in the year that the closing :takes
plaee sha11 be prorated between Se11er and Buyer to>the
Date of Clasing.
(c) Recardinct' Costs. Seller wi:li pay the costs of ;
recording all documents necessary to place record titZe
in the condition warranted and represented by Seller in
this Agreement. Buyer will pay the cost of recording all
other dacuments including the Contract for Deed.
(e) Attorneys Fees. Each party shall pay its own
attorneys fees, except that a defaulting party under this
Agreement or any closing document wilI pay the reasonable
attorneys fees and court costs incurred by the non-
defaulting party to enforce its rights regarding such
default.
6. Title Examination. Title examination will be conducted
as follows:
{a) Seller's Title Evidence. Seller shall on or before
thirty (30) days after this Agreement has been executed
by Seller furnish Buyer with a Commitment (r'Title
Commitment") for an Owners Poiicy of Titl.e Insurance
insuring title to the Property, in the amount af the
Purchase Price, issued by Old Republic National Title
Insurance Company by its agent Dakota County Abstract
Company (the "Title Company") , '1'he Title Commitment will
,6_
cammit the Tit1e Company to insure title to the Praperty
subject anly to those matters listed on Exhibit A
attached hereto and made a part hereof (the "Permitted
Encumbrances") and other matters approved or accepted by
Buyer. Seller shall also deliver to the Title Company an
abstract of title to the Property.
(b) Buyer's Objections., Within ten (10) days after
receipt thereof, Buyer will make written objections
("Objections") to the form and/or contents of the Title
Evidence other than the Permitted Eneumbrances. Buyer`s
failure to make Objections witliin such time period will
constitute waiver of Objections, Any matter shown on
such title evidence not timely objected to by Buyer shall
thereafter be deemed to constitute a "Permitted
Encumbrance" hereunder. Seller will have sixty (60) days
after receipt of the Objections to cure the Objections,
during which period the closing will be postponed as
necessary. Seller shall use its best reasonable efforts
to correct any Objections, To the extent an Objection
can be satisfied by the payment of money, Buyer shall,
after thirty (30) days prior written natice to Seller,
have the right at Closing to apply a portion of the cash
payable to Seller at the Closing to reasonably cure such
Objection if: Se11er has not otherwise then cured or
provid�d for t�he cure- of such Objectian. Th�
satisfaction of `such Objection and the amount so applied
shall reduce the amount of cash payab�.e to Sell.er at:: the
Closing: If the Objections are nat cured wzthin such
sixty (60) day period, Buyer will have the option to do
any of the following:
(i) terminate this Agreement and receive a refund
of the Earnest Money in which event neither party
shall have any further obligations under this
Agreement except as provided in paragraph 3 (c) .
(ii) waive the Objections and proceed to close.
(c) Title Policy. Seller will furnish to Buyer in
accordance with paragraph 4 (a) above, at closing the
title policy ("Tit1e Policy") issued by the Title Company
pursuant to the commitment, or a suitably marked up
commitment initialed by the Title Cornpany undertaking to
issue such a Title Policy in the form required by the
Commitment as approved by Buyer subject, however, to
Buyer's obligation to pay the premium for the issuance of
the Title Policy pursuant to paragraph 5 (a) above.
7 . gperation Prior to Closincr. During the period from the
day of execution of this Agreement by both parties to the �losing
Date (the "Executory Period") , Seller shall maintain the Property
-7-
in the ordinary course of business in accordance with prudent,
reasonable business standards, .including the maintenance of
adequate liability insurance.
8. Representations and Warranties by Seller. Se11er
represents and warrants to the Buyer as followsc
(a) Title to Property. Seller owns the Property, free
and clear of all encumbrances except the Permitted
Encumbrances and martgage liens which Seller shall pay in
full at Closing.
(b) Leases and Possessory Riqhts._ At closing, there
will be no leases or possessory rights af others
regarding the Property other than pursuant to the
Permitted Encumbrances, if applicable.
(c) Utilities. Seller has recei�ed no notice of actual
or threatened reduction or curtailment of any utility
service now supplied or available to the Property.
(d) Wells. Seller has no knowledge of the existence of
any wells on the Property.
(e) Assessment's. Sell.er has received no- _notice of
pending or threa�ened special assessments of
reassessments of the Propert�. ' �
(f) Environmental Laws. To the best of Seller's
knowledge:
(i) There has not been any generation, treatment,
storage or disposal of hazardaus substance onto,
into, at or near the Property except in accordance
with federal, state and local statutes, regulations
or ordinances applicable at the time of closing;
(ii) There has not been any release of any
hazardous substance onto, into, at or near the
Property in violation of any applicable laws or
regulations in effect on the Closing Date;
(iii) Seller is in compliance with all applicable
federal, state and local statutes, regulations,
ordinances and rules regarding the handling of
hazardous substances, if any, at the Property; and
(iv) There are no above ground nor underground
storage tanks lacated in ar about the Property. '
As used herein, the term "hazardous substance" means any
hazardous, extremeiy hazardous or toxic substance,
-8-
material, waste, pollutant or effluent including, but not
limited to, asbestos, petroleum and those substances,
materials ar wastes listed in or under the Comprehensive
Environmental Response, Compensation and L�ability Act of
1980 (42 U.S.C. 9601, et. seq. ) , as amended by the
Superfund Amendments and Reauthorization Act of 1986 `
(Pub. L. No. 99-499� , and regulations promulgated
thereunder, and such other substances, materials, wastes,
pollutants, air pollutants, toxic pollutants or effluents
that are presently regulated under applicable federal,
state and 1oca1 statutes, regulations, ordinances or
rules, and amendments thereto.
As used herein, the term "release" means spilling,
leaking, pumping, pouring, emitting, emptying,
discharging, injecting, escaping, leaching, dumping or
disposing of any hazardous substanee into or on the soils
or waters in, on or under the Praperty.
(g) Riqhts of Others to Purchase Propertv._ Seller has
not entered into any oth�r contracts for the sale of the
Property, nor are there any rights of first refusal or
options to purchase the Property or any other rights of
others that might prevent the consummation of this
Agreement.
(h) FIRPTA. Seller is not a "Foreign Fersan" ,' "Foreign
Partnership"; "Foreign TrustTM, or "Fore:ign Estate" as
those terms are defined in Section 144-5 of the ;Internal
Revenue Code.
(i) Proceedincts. To the best of Seller's knawledge,
there is no action, litigation, investigation,
condemnation or proeeeding of any kind pending or
threatened against Seller and affecting any portion of
the Property.
Sel.ler agrees to indemnify, defend and hold harmless
Buyer, its employees, agents, suceessors and assigns from
and against any and all claims, damages, liabilities
and/or losses (including reasonable attorneys' fees) , and
other fees arising out of the breach of any of the
Selier's representations and warranties contained in this
Agreement. Each of the representations and warranties
contained in this Agreement shall survive the Closing for
a period of six months.
9. Crop,s. The parties acknowledge that a portion af the
Property is currently being rented for agricultural purposes
pursuant to the terms af an oral lease covering the 1993 growing
season and that Sell�r has crops growing on other portions af the
Property. It is hereby agreed that all rent or oth�r income
-9-
payable pursuant to said lease shall xemain the sole property of
Seller and that Seller shall be entitled to remove al1 of Seller's
crQps following the Date of Closing in a reasonable manner.
10. Condemnation. If, prior to the Closing Date, eminent
domain proceedinqs are commenced against all or any part of the
Property, Seller shall promptly give notice to Buyer of such faGt
and at Buyer's option (to be exercised within thirty (30) days
after Selier's notice) , this Agreement shall terminate, in which
event neither party will have any further obligatians under this
Agreement except as specifically set forth herein, and the Earnest
Money shall be refunded ta Buyer. If Buyer shall fail to give such
notice, then there shall be no reduction in the Purcha5e Price, and
Seller shall assign to Buyer at the Closing Date all of the
Seller's right, title and interest in and to any award made or to
be made in the condemnation proceedings with respect only to the
Property it being understood and agreed that nothinq herein shall
be construed as giving Buyer any right or interest in any eminent
domain proceeding affecting any portion of Seller's property other
than the Property.
11. Brokers. Each party 'represents and warrants to each
other that they have dealt with no brokers, finders or the like in
connection with this transactian ather than Caldwell Banker
" (Attentiari Keith Collins, 8325 City Centre, Waodbury, MN 55125) . -
Seller agrees that it shall pay a11 real estate brokers'_
commissions :;due in cannect:ion : with- the purchase and sale of; the _ �:
Property and. agrees to indemnify and hold Buyer harmless from and _
against any eommissions-claimed by any;broker°, finder ar the like: ,
Coldwell Bankers represents the Seller in this transaction and
will receive a commission paid by Seller upon, and in the event af,
closing.
12 . Assiqnment. Buyer may assign its rights under this
Agreement before closing. Any such assignment will not relieve the
assigning party of its obligations under this Agreement. In the
event of such assignment, Buyer shall promptly give Seller .written
notice thereof incl�:ding the identity, address and telephone number
of the assignee or �ts authorized representative.
13 . Survival. Al1 the terms of this Agreement, to the extent
not intend�d herein to be performed prior to or on the Closing
Date, will survive and be enforceable after the Closing,
14 . Notices. Any notice required or permitted to be given by
any party upon the other is given in accordance with this Agreement
if it is mailed in a sealed wragper by United States Registered or
Certified Mail, return receipt requested, postage prepaid, properly
addressed as follows:
-10-
If to Seller: Ray E. Abbott
?15 Grain Exchanqe Building
P.Q. Box 15223
Minneapolis, MN 55415
With copy to: Joseph J. Christensen
Srtelling, Christensen, Briant & Laue, P.A.
5101 Vernon Avenue South, Suite 40Q
Edina, MN 55436
If to Buyer: The Rosemount Port Authority
c/o John Miller
City of Rosemount
2875 145th Street West
Rosemount, MN 55�68
With copy to: Michael Miles .
Fluegel, Moynihan & Miles, P.A.
1303 South Frontage Road
Hastings, MN 55033
Notices shall be deemed effective on the date of receipt or
the date of mailing as aforesaid; provided, however, that if any
notice is giuen; by mail therr the-time for :respanse to any notice by
the other party shall- commEnce to run two (2) k�usiness days after
tha day of mailing. Any party may change its -address -for the ;,
service af notice by giving written notiee of such change to the
other party, in. the manner above specified, five (5) days priox to
the effective date of such change.
15. Captions. The paragraph headings or captions appearing
in this Agreement are for convenience only, are not a part of this
Agreement and are not to be construed in interpreting this
Agreeme�t.
16. Entire Agreement, Modification. This writterr Agreement
constitutes the eomplete agreement between the parties and
supersedes any prior oral or written agreements between the parties
regarding the Property. There are no verbal agreements that change
this Agreement and no waiver of any of its terms will be effective
unless in a writing executed by the parties.
17. Bindinct Effect. This Agreement binds and benefits the
parties and their successors and assigns.
18, Controllinq Law. This Agreement has been made under the
laws of the State of Minnesota, and sueh laws will controi its
interpretation.
19. Remedies. If Buyer defaults under this Agreement, Seller
shall have the right to terminate this Agreement by giving written
_11- �
r 4. �
notice to Buyer, pursuant to Minnesota Statutes 559.21. The
parties agree that said Earnest Money is a down payment for the
Purchase Price and that it is their mutual intention that said sum
shall constitute a down payment and be retained by Seller as part
of the Purchase Price under the circumstances set out above. If
either party defaults under this Agreement, this provision daes nat
preclude the non-defaulting party from seeking and recovering from
the defaulting party damages for non-performance and/or specific
performance of this Agreement. However, any such action for
damages and/or specific performance must be commenced within six
(6) months after such default.
20. Termination of Offer. If this Purchase Agreement has nat
been accepted by Buyer executing and returning a copy hereof to the
Seller and paying the Earnest Money to the broker identified in
Section 11 above on or before July 23 , 1993, the offer of Seller
contained herein shall be deemed terminated,
IN WITNE55 WHEREOF, the Buyer has executed this Agreement as
of the date first above written.
,
SELLER;
oy E. Abbo
BUYER:` :
Rosem t Port Authority
. �f
�
Edmund B. Dunn, Cha,irpers,on
And By
Step n Jilk, ecutive Director
Execution bv Spouse of Roy E. Abbott
The undersigned hereby joins in the execution of this Purehase
Agreement for the purpose of subjecting and subordinating to this
Purchase Agreement any right, title or interest in and to the
Property described herein which the undersigned may now or
hereafter have, including, without limitation, her marital rights
or her other rights of dower, _ life estate and possession, if any,
to which a spouse may be entitled.
r
Dated: July �, 1993
ra A. Abbott
-12-
EXHIBIT A
PERMITTED ENCUMBRANCES
1. Subject to the ordinances of the County of Dakota
2. Pipeline easement in 193 Deeds 361 (#34 of abstract� ,
transferred to Northern Natural Gas Gornpany, a Delaware
corporation, by transfers in 204 Deeds 209 (#41 of abstractj
and b4 M.R. 62 (#42 of abstract) , and modified by Document No.
412678 (#�0 of abstract) .
3 . Pipeline easement in 268 Deeds 615 (#35 of abstract) to Mid-
America Pipeline Company, a Delaware corporatian, which has
changed its name to MAPCO Inc. by Document No. '707438 (#4D� of
abstractj . The location of this easement was amended by
document dated October 12 , 1972, filed October 24., 1975, as
Document No. 424969 (#43 af abstract) .
4 . Existing roads. Highway and utility easement for County Road
42 granted to Dakota County in Document No. 450575 (#49 of
abstract) . County maps also show Biscayne Road on the east
edge of the premises.
5. Slope. easement. in conneetion with County Road 42 granted' to.
Dakota County in Document No. 450b32` (#5� of` abstract) .
6. EZectric Transmission Easement over the ;south 13; feet of the -
West 110 feet of the East 635 feet of the N2 of NE„ S�ction
32 , Township 115 North, Range 19 West dated Apri1 15, 1993 and
granted by -Roy E. Abbott and Laura A. Abbott, husband and
wife, to Northern Natural Gas Company.
7 . Crop leases for calendar year 1993 , the proceeds of which
shall be and remain the sole property of Seller.