7.0. EDSR 02-12-1996 C o Py
• CONTRACT FOR PRIVATE DEVELOPMENT
THIS DEVELOPMENT AGREEMENT entered into this day of
, 1995, by and between the Economic Development Authority for
the City of Elk River (EDA) and Independent School District No. 728
(District 728).
WHEREAS, the EDA owns and proposes to sell to District 728 at a
discounted price certain property (The Development Poperty) legally
described as follows:
Lot 8, Block 1, Elk River Industrial Park, Sherburne County,
Minnesota (PID No. 75-427-0180); and
WHEREAS, District 728 proposes to construct a maintenance facility
containing approximately 21,000 gross square feet (the Project) on the
Development Property; and,
WHEREAS, District 728 has represented to the EDA that the Project
will require a minimum investment of$750,000; and,
WHEREAS, District 728 has represented to the EDA that the Project
will be constructed of prefabricated, tip-up panels, or approved equivalent.
NOW, THEREFORE, the parties hereto agree as follows:
1. District 728 Obligations
District 728 covenants and agrees as follows:
• to acquire fee title to the Development Property from
the EDA;
• to develop and construct a maintenance facility of
prefabricated, tip-up panels, or approved equivalent,
containing approximately 21,000 gross square feet
requiring a minimum investment of$750,000; and,
•
• to complete construction of the Project and obtain a
Certificate of Occupancy for the maintenance facility
building no later than March 1, 1996.
2. EDA Obligations
EDA covenants and agrees as follows:
• to diligently process a site plan review of the project as
required by theElk River Planning Department; and,
• to convey any and all title to the Development
Property held by the EDA, subject to any easements,
reservations, restrictions, covenants, and conditions
affecting the Development Property by Quit Claim
Deed substantially in the form attached as Exhibit A
to this Agreement (the Quit Claim Deed) upon
payment of the purchase price.
3. Default
District 728 shall be in default under the terms of this
111 Agreement if:
• District 728 fails to obtain a Certificate of Occupancy
for the Project on or before March 1, 1996; or,
• the minimum investment of the Project is less than
$750,000.
4. Remedies on Default
If District 728 is in default under the terms of this Agreement,
the EDA may exercise one or more of the following remedies:
• the EDA may terminate this Development Agreement;
• the EDA may bring an action against District 728 for
performance under this Agreement;
• the EDA may exercise any other remedies which it
may have at law.
411
IN WITNESS WHEREOF, the EDA and District 728 have caused this
Agreement to be duly executed on the day and year first above written.
ELK RIVER EDA
By: '
117011 o i go'Ng
It . resi
By:blitto � Vl A zi
William Rubin
Its: Executive Director
DISTRI N0. 728
410Tim K_.i y
Its: : f ar t Chair 4
By: «Ar-��
David Flannery
Its: Superintendent of School
STATE OF MINNESOTA )
) ss.
COUNTY OF SHERBURNE)
The foregoing instrument was acknowledged before me this Z7 day of
OC--O XY , 1995, by Jeffrey A. Gongoll and William Rubin, President and
Executive Director of the Elk River Economic Development Authority, on
behalf of the Elk River Economic Development Authority.
• t� MICHELLE R.DWYER ,A/(1
It NOTARY PUBLIC-WINESOTA Notary Public C)
SHERBURNE COUNTY
MrcommhalonE�raJ�n s1.20o0
STATE OF MINNESOTA )
) ss.
COUNTY OF SHERBURNE)
The foregoing instrument was acknowledged before me this?`2 day of
, 1995, by Tim Kelly and Dr. David Flannery, Board Chair and
Superintendent of Schools for School District No. 728.
Notary Public /
4.44N° '".%
"• SANDRA A.TCHACKERAY
° NOTARY PUBLI -MINNESOTA S
SHERBURNE COUNTY
My Comm.Expires Jan.31,2000
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•
THIS INSTRUMENT WAS DRAFTED BY:
WILLIAM RUBIN
Executive Director
Elk River Economic Development Authority
13065 Orono Parkway
Elk River, Minnesota 55330
410