CCP 01-13-2009 (3) - Laserfiche WebLink

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0 PURCHASE AND LAND EXCHANGE AGREEMENT This Purchase and Land Exchange Agreement (the "Agreement") is made this day of January 2009 by and between MT Properties, Inc. 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 Exhibits B-1, B-2 and B-3. 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. On September 23, 2008, the City and Operator entered into a Right of Entry Agreement (the "Right of Entry"), to which MT consented, under which the City granted to Operator the right to enter onto the Exchange Property for the purpose of constructing railroad lines. The railroad lines have been constructed. Subject to the terms of this Agreement, MT desires to 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. 2199835v4 Purchase Price and Terms. A. PURCHASE PRICE. (which was determined 301,435 square feet). ' (which was determined 88,859 square feet). B. TERMS: The Purchase Price of the Butcher's at $3.35 per square foot, based on 'he Purchase Price of the Exchange at $3.35 per square foot, based on Spur is $1,009,808 a surveyed area of Parcel is $297,679 a surveyed area of (1) EARNEST MONEY. No Earnest Money shall be paid by either MT or City for the purchase of the respective properties. (2) BALANCE DUE AT CLOSING. City agrees to pay to MT by check or electronic transfer of funds on the Closing Date the difference between the