CCP 05-27-2008 - Laserfiche WebLink

Home Browse Search

PURCHASE AND LAND EXCHANGE AGREEMENT This Purchase and Land Exchange Agreement (the "Agreement") is made this day of May, 2008 by and between MT Properties, Inc. Properties, hic., a Minnesota corporation ("MT") and City of New Brighton, a Minnesota municipal corporation ("City"). RECITALS A. Butcher's Spur Property. MT is the fee owner of certain real estate located in Ramsey County, Minnesota ("Parcels A, B and C", also referred to herein as "Butcher's Spur"), which is legally described on the attached Exhibit A and depicted on Exhibit B. B. Exchange Property. City is the fee owner of certain real estate located in Ramsey County, Minnesota ("Parcel D" also sometimes referred to as the "Exchange Property"), which is legally described on the attached Exhibit C and depicted on Exhibit D. C. General Overview. The Butcher's Spur is industrial property that is served by railroad lines operated by Minnesota Commercial Railway Company ("Operator"). MT desires to relocate to the Exchange Property, but it requires operating railroad lines to be constructed on the Exchange Property. The City intends to convey title to the Exchange Property to MT but, prior to the closing on that transfer, grant to MT a right of entry that will allow MT or its assignee (Operator) to enter onto the Exchange Property for the purpose of constructing railroad lines. The parties contemplate that, pursuant to the right of entry granted under this Agreement, Operator will construct the necessary rail lines on the Exchange Property and, after that construction is completed and all other contingencies in this Agreement have been satisfied or waived, MT will convey title to the Butcher's Spur to City in exchange for the City conveying title to MT to the Exchange Property. TERMS 1. Offer/Acceptance. In consideration of the agreements herein contained, MT agrees sell and convey the Butchers Spur to the City and the City agrees to purchase the same, and City agrees to sell and convey the Exchange Property to MT and MT agrees to purchase the same, according to the terms of this Agreement. 2. Purchase Price and Terms. A. PURCHASE PRICE. The Purchase Price of the Butcher's Spur is $1,005,430 (which was determined at $3.35 per square foot, based on a surveyed area of 300,128 square feet). The Purchase Price of the Exchange Parcel is $290,393 (which was determined at $3.35 per square foot, based on a surveyed area of 86,684 square feet). City and MT agree that final amounts may change based on written verification by surveyor of actual land areas to be conveyed. • B. TERMS: 333478v2 JMP NE136-221 1