CCP 07-31-2007 sp mtg - Laserfiche WebLink

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endorsements requested by the Redeveloper shall be paid for by the Redeveloper. Survey: The City is to provide a survey prepared by a registered land surveyor sufficient to convey marketable title. Wells: Any wells either abandoned or operating shall be identified on the survey. Except for TCAAP monitoring wells, any operating wells shall be abandoned, at the cost of the City, in accordance with Minnesota Statutes. Before abandonment, the City shall have completed the appropriate environmental tests. TCAAP monitoring wells shall remain in place but monitoring and maintenance shall be at no expense to the Redeveloper. Taxes: Prorated as of closing: the City to pay prior, Redeveloper to pay future. Assessments: The City to pay pending and levied. Due Diligence: Redeveloper shall have the right to enter the Property and perform any environmental, soil testing and other due diligence Redeveloper deems necessary. The City shall provide Redeveloper with any documents, including correspondence with any environmental agency, affecting the Property. Redeveloper shall hold the City harmless from any liability resulting from entering upon the property for such purposes. Site Delivery Condition: The City shall pay all costs of platting. The City is selling the property "AS IS" "WHERE IS." The Redeveloper acknowledges that the Property contains a 1950's dump and four petroleum release areas. However, the City will pay for any remediation that is currently being undertaken in accordance with an approved RAP prior to Closing as well as reimburse the Redeveloper for the cost of all remedial measures required by the MPCA to develop the site. Such costs shall include, but not be limited to, a passive vapor venting system and the disturbance of petroleum hot spot and dump material required to install footings, foundations, utilities and site excavation. The Redeveloper will attempt to manage environmental impacts in place, if possible. Prior to closing, the Redeveloper shall provide the City with a cost estimate for said remedial work which the parties have agreed that Redeveloper will perform as part of construction. The parties shall agree on the scope of and the estimated budget for the remediation to be performed. Such cost shall be escrowed at closing from the Purchase Price and reimbursed to Redeveloper as the cost is incurred. If any additional work is required by the MPCA, the City shall fund such costs up to a maximum of $1,500,000.00. If additional remediation costs exceed $1,500,000.00, the City and Redeveloper shall work together to