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Home My WebLink About7.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 � on�truct cn ssump on� a a asump ona 1�5 � ota ase ost 4 acre e n hase t nnua n at on t acrea e so n r t 1. 1 a a es rice ' 596 Annual n rice n ater , a et a ue er cre 1. ect ve oca ax ate Cash Outflaws Cash Inflows Bondin and_P_a��m_.e�_n�ts Account Balances oca 1 �� Land EHort 7.00% 8.00�10 $.QQ% Annual Cumulative Annual Public Land Acr Ponding Theatre Bond tssue Bond Issue Bond Issue Surplus Surpius City Ta�c Yr Im ovmts Ac uisition Sold Land Sales Easmts "TIF" #1 #2 �3 de�iclt deficit Revenue . �� 0 � � 4 � a--- , �5,�Ob--35, 00 � :��.:....,.. .: .,T.<.�..--�,.�.,.�—........�..�-r.,.:;:>:.,•h:,.:; < . .._ ................ ... ..:: .:... ...,.. ::....:...�: . .�,^;;,,,.f:•�<...:::.::.:: , ........ .... ........................... . ... .......,....r.......... ...::.,.. .,.... ...,...,..... _. .................... ... ................... ... . ....:.. ..�::•::�...:., ......: :. ;..:.,;:;.;<.:..: .................... ............ .... . .. ....... ... ..,.... .... .,,..,. . ....�....... r....:•::�..:<.::•:::;.: :<:>>:s>::::< :. . ...... ........::.:::..:....:....:.:,,.........r.. ... ... ...:.,�::.:�:.,•:..�::•...., ...,..... ��:.•.�+•..,:.:::::..,.�k::: ::�,.�..r:.,:.:�::.:�..:... ......... :::,.;.<,.:. . . �..�...>...:............ ..... ::.::::.:. 85�� ...1:.'... �..... 1'1,4 5 1 ..;;..: �:•:.::.::. �::,, ..�:::::�: .. > :::><::. . ... . ._ ..:..... . .:.��;:.:..:::. 2 � :::�:r:,::,:::»:;::::�::,a::::::<:::::::>::<;::::..> ; ....,.;.;..:.: . .:,:.,:.,;.�;<::�;..: :.... . .:,:.: .:, ..:: . ..:.::•:,: : :.:::.::• . : .. ::; .;,:,,.� .,,.... ,:�:.:... .:»•: ....:�, :.:.::::... ...... :,. .. ...:.:.: . ;.>�:.. ..... ......::.::,::.::�::::.::.:: � ..�:: . .:::..:: � , ;.z.,..:.,. , . . .................. . ...... �..r... .......:...... ......... -� :,::.::.:<:..:::::::,.;..:................:..:.:::..:..:. r:...:..:. ... .....:...... .. . . :. :..::::<;::.... 3 .,:::�:::::.:>:.::::.. ..: .............:... .......... ..�•.:::�,. :F.::.... :.. . ..:..:.:•::...:.. :..::. . :::::::: � .:>:, >:<::>;::.... ....:: :::.::.:::..:::::......... .......,.. ::... 4 7,57 ( 5, 7 ) 1 , ) 15,25 0 . :.. ......: . ...: ..:. ... :.:.. ..:..:.:::.: < ::;:::::.:::::.�;.:::.:::.:::::::.: .. ..... . .:,:�:;>:.:::::;;<;.•:;,::.;:;:,:<.,::.::::::::.>,:;:;:;.<::. ...... : : ,.. ..:.:...:..:. :::.::..::.:..: � .. .... .... ... .... ... . .............................. ....... .........:.. .......... ...... . .;.;. .� . ...:..:.>::::;. .. :. ........: ...:.�.�::.::.;::..;:.:;:..:::...:....::.::...:.:,.: .;:....:::..: : ::.:::::.;;>;><:.:� :: . ....................,.......... .... ..,.. .,.......... . .........,......,.......... . ........... �... . .. .�� :. �:........ ..... .... ........................... ... ............. ,. .::::::::.:.. ..... .x. ....::�..:::•:..::.:... ........:........::::.::..: .::: :..: ..,.......:.,. :..,.::.::::::...:.:...:::::.:::::::�� : . .. .:.:�.. .:.:....:....:..:. ..::.:...:.,..:::..:..:;.: ::....::: .:.: ...:. ....:.:...... ;:.: .:;::::.;:.:..:,<:� :.::�::>�:..:.;�.:... . :«. .. �.... .:..:,.::::.:::::.:.::.:.:::..::.....:� ....:. :.. ;:.. .,;.. .... ; 5 ,::.....:.:...,....: . . ::.: s ::... . ...... ..p... 0 47,5 (85,877j �� ) 34�251 4 758 7 ' ` .. ;:. ... :'�... ,:�^ .5�.77 ... ::.. . 1.., ' �`�, ��516 _. , 4 g 1 64, 58 47,57 65,877j � � .;. 46 059 62,7t .: 9,5i 9 :......:: :`::....... :: ......:. 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S7:> 1+4�7 ; . 18 � : ... ',..:. . ....:.: ...0.. ....;>:....., . Q 47,578 0 7'4,515) (2 ,�37) 3J,9 442;734 :::;:,, : ::.::: ...... � ':s 14�7�4` ::;;:::>:;:::>�>::�> : ......1�� ::; :�:;:<;>:;< .: : .. ��. :<» :::. ��... .� .�.... .... . ..... ........:..,:.>:. . .......:..........:::.:.. .:; >•> :..: ;:<.:;:�::,:. D:;;:.;::;:..�::::.........:.r:;. 4,_►,a'`...;: .:::;.;::.;.;:.::�,..:::<.._.;::�.;»;::<::::.;�.:::�::,..:�:..:.:.: _...,. ..x..... . _, .. 19 :.:......:... . ....... : ......... :.....: ........ ......�.............................. .. _ . ap p 47�57 Q 74 515 :...... 2 ,9 7 ........ .13�953 14 ,734 (1,922,200) (500,400} 40 2,319,261 50,000 903,984 (423,732) (196,118) (13,953) 1,57Q07$ 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.