HomeMy WebLinkAbout2015-11-18 PACKET 04.G. REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM # �
DATE 11/18/2015 �
PREPARED BY: Community Development Jennifer Levitt
ORIGINATING DEPARTMENT DEPARTMENT HEAD
* * * * * * * * * * * * * * * * * * * � * * * * * * � * * * * * * * * * * * * * * * * * * * * *
COUNCIL ACTION REQUEST:
1. Consider approving the amended Developer's Agreement with Hy-Vee. 2. Consider
approving the Developer's Agreement with Grove-Rainbow, L.P.
STAFF RECOMMENDATION:
Staff Recommendation: Approve the request.
BUDGET IMPLICATION:
BUDGETED AMOUNT ACTUAL AMOUNT
SUPPORTING DOCUMENTS:
� MEMO/LETTER: Jennifer Levitt, 11/12/2015.
❑ RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERING RECOMMENDATION:
❑ LEGAL RECOMMENDATION:
� OTHER: Amended Developer's Agreement— Hy-Vee -
Developer's Agreement— Grove-Rainbow, L.P.
ADMINISTRATORS COMMENTS:
/, '�
� �
� �� G��_ � � 1� �
City Administrator ate
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
Cottage
J Grove
�he�e Pride andP�OsPerity Meet
TO: Honorable Mayor and City Council
FROM: Jennifer Levitt, Community Development Director/City Engineer
DATE: November 12, 2015
RE: Grove Plaza Redevelopment
Background/Discussion
The City of Cottage Grove has been actively working on redevelopment plans for the Grove Plaza
Center since the vacating of the site by Home Depot and Rainbow. A redevelopment opportunity
was presented when those anchor tenants left the site. The current plan involves multiple entities
to make this redevelopment a success. This memo will outline the steps and agreements neces-
sary to enable the redevelopment to move forward.
The site is bounded by 80th Street and East Point Douglas Road. The Turbo Nails/Starbucks,
Noodles & Company/AT&T/Chipotle, and Merchants Bank properties will not be impacted by the
re-development project with the exception of shared access drives, off-street parking, and land-
scaping. Hy-Vee is proposing to redevelop the former Rainbow Foods' 10.66-acre site by demol-
ishing the former 65,000 square foot grocery retail store, the 19,000 square foot former Bingo
Hall, and that portion of the retail strip center that is currently occupied by American Motor Sports
Bar and Grill. The existing stormwater drainage basin in the west corner of the site will be filled in
and a new underground storage system will be installed. All of the impervious parking and drive
aisles and most of the green space/landscaped areas will be reconstructed. An aerial showing
the businesses within and nearby the proposed project is below.
�- - ��r--�� � � �,:�� `�
� �� ..����"�� j .R,,,,�M1+�` C R i.�;���,�.�'-���-���� ��
i t ./ , . ''^,- '��'v`Sa��,r ,�,� :u�
.y.��a�.�� . �� �/.<� �- i 4.��. �..�p �y: t �� _
:.J" ,� �C 1 '��', n� � ���, � ^y � � 1'7 � �� '�r� !-, �
��F � '�,i+�. �:%�,.��`��� ��`�` ��,-"�"�f' t.ei`
� �
f�✓�i •� ��, ��
• �� ��� y�
� r � I
( i'�� ---ti� .. :� ��t-� r�r-�� ' `" .i
I - '" �S',,i''' ���� ����ti� .�
� F `' �`.� � �'� '`' I
� �:. �� (':� ��.,r
� .,,; ,,,_ . , � �.. � " :,:,,; _ �
�� .� "�; �r�, :r��;
1 , ����,` •• �+►,•r-�� ' -�
l s� 1sx`_y ' � ::r ;,;" '��„�
�°�: • ...�,1 �.
, ,
;i ��` I ���` r_, l �� :. . .
1
'� a! ��f i � t�.�'t r��.� s tii.-i:r, '�"� ,.
..� ' : �C � � t: 4
�', j
�,-��i t .� �yi J l�r �'i Y� �.� ti a� •Y��! -.�"� . .. I ��� �,�
�M�" iti tl'�i�t �'lii � �,�,t � ��,.� 'F _ ,1f�., : "�.
�: @ir-.►;
.� i;;z-�.. c . � �_�` y�' � �a-ti�*.�v ��`'�... . .
.�� - f�f���,i .� I t i, � . . � Jfc�"� ti` �
„ Z � ` � .`� i
,� ����,' -_�- _ �,� � t�v�'4�~�� <� �A�v �
'l-�; ���� c��� 'ya ; � ���� .. !, �'+����.�JI ���� '"�� ��.I
i � �(i 4! I�.�yl }�1 ''. .1, ; � I�.� _ ;i�l..., ��q�
1�4 � l S' � �'�` '\ �24 I f ..
� ��}�' � ����� .i....�� �r �1i � -.�5�. ,�'1 y, - .�����•/��,--`�`, S
4 5._ {�
� ��Ki'N�1 3'7�' ."� -y� �, ��� �,�,'���1 �...�� i .4_ '
�
` � �. _b,.� ��',�V f 5 �•".�` �,� ``::� a 4� F�
i� '. �'�` ��• -"� �� ''/ ,, �t �'��:�� `��
� ��' re.. ti -,•� �.,� � �'. t �,..t..i` �r ..}a 4f1�� ;F��,�� >Z� �
1�l, `�"'�y. '� 1 r� �,,,.�n� •,yi� _ or ,.r�'
� � �I��—._1�'�.��„\�, 7•^4'''`� ,�``.'�r= ' �� ,�"*? ��,S,.
,� �- /`rs e f� �.. -at�� ��. '� � ;� -.
� ��:_. ."-��� ..e=--__'�'.�—�.t-- /�—_�,- _ '_ - --
i
Economic Development Authority i
Grove Plaza Redevelopment
November 12, 2015 i
Page 2 of 7
Home Depot i
The EDA provided direction to staff to move forward with the purchase of Home Depot on July
17, 2015, if agreements with Hy-Vee and Grove-Rainbow could be achieved. Since that time, all I
the necessary agreements were in place and the EDA purchased Home Depot for $2.25 million
on November 4, 2015.
As part of the Developers Agreement with Grove-Rainbow, a sale of the Home Depot to Grove- �
Rainbow must take place by May 1, 2016 (more details on the Developers Agreement are located
in the Grove-Rainbow section of the memo). ,
The City is working on the necessary contracts for sweeping of the parking lot, plowing of the I
snow at the site, and having the lights in the parking lot operational.
Hv-Vee �I
Hy-Vee, Inc. is proposing to redevelop the former Rainbow Foods building within the Grove Plaza !
Shopping Center. The development will include preliminary and final plat, boundary line adjust-
ments, site demolition and the construction of a new 92,800 square foot grocery retail store and ',
a 3,100 square foot motor fuel station/convenience store.
Hy-Vee filed the following five planning applications to redevelop the west half of the Grove Plaza �
Shopping Center: ',
1. Preliminary and final plat applications to re-subdivide Lots 1 and 2, Block 1 in the Grove Plaza
2nd Addition, except for that parcel where Merchants Bank (PIN 17.027.21.21.0047) is
located. The affected parcels are generally described as 7210 East Point Douglas Road '
(former Home Depot), and 7280 East Point Douglas Road (former Rainbow Foods). �I
2. A site plan review for the redevelopment of the west one-half of the Grove Plaza Shopping !
Center for purposes of constructing a motor fuel station with a 3,100 square foot convenience ,,
retail store, 92,800 square foot grocery retail with a pharmacy, restaurant with liquor license,
banking, off-sale liquor retail, outdoor garden center, and 569 off-street parking spaces.
3. A conditional use permit for each of the following uses: �
a. Restaurant with on-sale liquor (160 indoor seating capacity)
b. Drive-through lane for pharmacy pick-up j
c. Grocery pick-up lane
d. Comprehensive sign plan for the overall site development ,
e. Motor fuel/convenience store with outdoor displays
f. Outdoor display in front of the grocery store ,
g. Vertical designed wind turbines
4. A variance to the City's minimum parking setbacks, minimum landscaping regulations, off-site
signage, and outdoor temporary/seasonal sales. ;
5. An interim conditional use permit for a seasonal garden center with a 2,000 square foot plastic
shell over a hoop-framed temporary structure, which is proposed to be set-up in the westerly
corner of the proposed Hy-Vee site between May 1 and July 1. The expiration date for this �
interim conditional use permit is proposed as July 1, 2020. �
Economic Development Authority
Grove Plaza Redevelopment
November 12, 2015
Page 3 of 7
The proposed Hy-Vee project site is located at 7280 East Point Douglas Road and is shown on
the locatioVn map below.
\�'a�s. `�y,��,�` ��'��• -.�!7,: _ . �t \ �. _. .._. . a....+.R}�..��r `` �S', ,�:,{� �, ','��
; � ;J \ ,� �' � , ry
� ` ��y�� . . �{ w .>. � .��� . T�E�- : $•1- • �l -�,� ��i.',e �
`` \.:;� ,���..r Y'f j`Mt !�) }�, � . � �i 1�' � �� ,n� S � � I �t� 1 • .
� i y (• �i .� �a� „� �'� +R4 t i,
�. . ,� . , :. �� ,. � ,�--t' � ,--� �:� �
,
'v,�. -`s3'' ��: �w�.: ��.�, '�i, i i-, '� -�� t—�l �e:i� ����1 �
.. . .
..
.
. _. . . -,r _ .
`.� - �. •:. .T - : ' �— � - -- __ � --
,.� � � ---'r—"`� ' � t. .�_ ._
. /�: �.
� - • � —
__�
t'l�.• � ,,,.,--' �.r-^; ��e; T= wF�c . �'as� '-'�� -`� ,a- - (�j =� �G -.�'�
, s�.v , ,�..,� � � ,,r �Tr c� - �Cz ti [:.�� 'r."i w .� �,�[��,� I�. :. ;
l`' ��'�" It.. �j -���r�i -`l'�' :. ,{tilart�irM s 4� i� f��., e R4C +eM� �'a�.�
•' � �` , .{,� +��, � � , � }�' 1 ,
�, \.:, �5 r . ; � �i,k ��s� t�t �Y`� �� �
�.lJ f' �it %^ Ct1�4Sc ` � �.. j� + 4��` �.'1 .l I��� .`� .yi^ �i_'`�A'
� t,�'' �� % } ' r .�f �s . .a , ' , � �a .si�ti tt`t, �-.-., � .•-0 St:;
� � "/`, - . / t� i.� i:'�/iicr�i9.�.. . i �,, , tl�j,l ,`�:sF r 77 : �:--��-,- -. � �,$ r_
1 \� h ,!/r ,1 I Y /. ` F�. .,I(l ��TTf-,.. ;,�{� �: ((�' � ,:�� , �'-�
�'� ���� . � . ,y11i!� E+�nY. � filrti� � \ . �, ,��` {� ' ��� y� �_ t��1'1�/},\�,``'r.
1 �
.` �t' � ! � � .v.
�' ��' �� i �t`u ��'�y� iy�' � ♦ P`'.��•? M� �; ;f '� '� 4�� ,o�.lsi• Y�,�;
,�'•� �-,: '� ,/i f; +. f �.a,, t � s `'\�%`�tiw1'• . �r%�:.':
I �`� �� _ '� ,'\ � � \\.f.ti i i;�� .. \ . � �. l�`ti��.��i! �.'K�`'d� + ��� �' ✓
. • �f��\,�� � .� t/.' � , �- 1�. 6. �� :�� ` ��i_� � ,'. '�y'7���}, . �,4A� .� f•t
i/� \1 � � '=\ , �...� / . •�' s�. �`.����` �, .y - �f : <`` �`.'i�
r � h
� �����_� + '\ `\f y i) '�� -, � 1 ;�. '�\'� �, ' .'�+��,�.',/�`,� i.�♦ �wyf.h T \?. s f.it�` i r
��, \ �,. . �, . �'�«4.. �.� 1 �_,'� _,� _` fi'.Z � ���+�+
rt,.� � . ���• ',\` � " r\\4 , oy�� �' ��`� ''� i,�i `•%,
� ',� � \ � ,f, � • ,: '��Zfy�� �����.`� ` 1� !�:� ``- ` ' •
� t `�� 1� � \ �`-. � �.{•�.� � . ��..' ��f�*\\��`'+`�/• �►/�lr� `k � \ ```i / � '
�r ti, �:�
:i . ,
� �� � � �.• .; , �. .� .��;�.. ,.,,�,� .,,��. ` � '�� . ��?'�
.. ., 1 �`; /i ��� ,�< 4 `� •�,�,��, �} ,l � �: � .
� \ ���i� +� o ,��, � i sckt:,� ��'�.�� ��t �j+��e,:^�� ` __�--�.��t f!f�;-�i
i ' 1 . �,� � � �� .�,�',•4 �.���.y, � � ` -�� 's
�� ' ' �r .�_,` � ' ,: ��. `; �♦�,`t� ''� ��„-� zs��••'��2���_,'t �y��6'1� `-�
. ��,\', \�, �R'{1*�.r _,_ � �' .#�� `1 ,A ,�L7cl- � �.f%��i�'�W.` . �L.I��FM�-.�J'1.
� _ , , � , �y� ,' • ',� � �`� �� �;Y ��� ��"��•��r ,.�s �v;: . ��� {�
� S�{��k ^ ,��- • `?+,��\^ �" "�� < � �\\. ti*• o �� '� +� \�"��' jt'4 I.�''
,�/y . tntF�+ ;t-�" ..� ✓ , -``� � ..` i ♦ �\� j�;♦ 5�1�. � Yf}�� trt�t !�. �.',.d
r a ,` t
'!� 17���y,l�L k. y�� 6�`\ � � � ' . . � � . . .
..wKs.4 1��+ ��`,�y� � �..1 �� , ��`�.1�� �:�ti�\.+'�� "��-�\�i i a +*� �i,
. t _ ♦ .y �! � C�A �f' . \:
� / � �� i��.=
�`� � .P .`t`y'��.'' ':�� . , .� ��' :.\ ♦ ,} ���.' Y���a � .�A�k`4 %-��'� ����1
F��. r� �� t � � �'� � � . �� ;� .� � y t ., �y
p�. � ,,w'� ,tj�, �:� t .: , „�. � �;/, �`i.►• �w/ �
/ '�� �'
�Q `'r 1 � f � ; � . �` �F l ' � -\ � � r ��^r/�. ��h1.'r \I! r��.��
. �ai .�. � i A� 1 ,�'.�..n •` . � � � r � '� c ,,�y r .
i �.n �1?4e� .� `` . � /� � ..�� ,�N .� �.� �'7. ;� `a• �'.. �:
f� ��"'�`�1�{ �i�� t�;'% a ,,�`��'` .� � � Y . , f �..
�:_�... a . �•�,>.�, . '< < ,
The Planning Commission approved the applications on October 28, 2015. The City Council
approved the applications on October 7, 2015.
The Developers Agreement with Hy-Vee also contains the business subsidy for the $26 million
improvement proposed by the grocer. The EDA approved the Developers Agreement with the
business subsidy on October 6, 2015, contingent on the public hearing for the subsidy to be held
on November 10, 2015. The City Council also approved the agreement on October 7, 2015,
contingent on the public hearing on November 10, 2015 as well.
The original Developers Agreement with Hy-Vee, Inc. included the following elements and
business subsidies:
1. Minimum improvements to the site are per the enclosed plan set.
2. Creation of 50 full-time or full-time equivalent jobs with wages of at least $11/hour, exclusive
of benefits.
3. The project must be started by May 1, 2016.
Economic Development Authority
Grove Plaza Redevelopment
November 12, 2015
Page 4 of 7
4. Provides $400,000 for regional stormwater improvements to be made on site, which includes
the removal of the existing regional stormwater basin and constructing an underground
filtration system.
5. Provides for $980,000 for site infrastructure improvements, sanitary sewer, water and storm-
water.
6. If a future building pad, not depicted on the attached drawings, is proposed the EDA will assist
financially to provide the public infrastructure to facilitate development of the building pad site.
7. A public hearing will be held on November 10, 2015 on the business subsidy.
8. Provides conveyance of 30,140 square feet of ISD-833 property for $1.00 following a public
hearing on November 10, 2015.
9. Contingent upon the following: the EDA closing on Home Depot, Hy-Vee closing with Grove-
Rainbow, Grove-Rainbow entering into a Purchase Agreement with the EDA.
Since the meeting, Hy-Vee has been working to achieve a more efficient site design and layout
of their proposed store and convenience store.
The Amended Developers Agreement includes the following changes:
1. Provides for $450,000 for the relocation of Merchants Bank to an acceptable site approved by
the City located in the City of Cottage Grove.
2. Provides for demolition to start on May 2, 2016.
3. Requires that the store must be open by October 1, 2017.
4. If the Merchants Bank property is not acquired by Hy-Vee, there is no business subsidy of
$450,000 and the dates of opening revert to the previous commitments in the original
Developer's Agreement.
ISD 833
On October 1, 2015, Independent School District 833 approved the purchase agreement with the
EDA for the acquisition of 30,140 square feet of property. The property acquisition is necessary
to facilitate the larger grocery store and parking needs for the site. The area of acquisition and
sale is shown below.
j' \`� G ` � hx� �,�
?� j y a�1����s � • ��'`���}d"�3,�'a i�,:
•'. a\s 4 ,� � � ' - � ``�� �"►�f''`.,t
� '� ' \ ti��:� fI�' t.:, 64 ��� �.i
.��.� - �_:x. � \ �. ,d. .;• � �/
S\ �r� q` � �"'� Si
\���. �' �.�°,s � ,?+ ''�,'l'� ,;
� `,�`� :;. '�� .
� .s�—� .�"t`'� ' ` ��' �-.�
o t� %' � '\, �' �, � '*
Y
��'� ` \�,.1 ��.4\ f , � j�J
�i\ 'Y � �� , �.s f �
`\, � � \
\� � \ .-`� \\�♦S. �N ,S� n � � �
���� \ •} � i
�.`"`��,'.. � S�
,";
Economic Development Authority
Grove Plaza Redevelopment
November 12, 2015
Page 5 of 7
The necessary action is to hold a public hearing on the land sale of the ISD 833 land, which is
part of the Developer's Agreement with Hy-Vee.
The previous action by the EDA on October 6, 2015 approved the Purchase Agreement with ISD
833, which contained the following elements:
1. The purchase price of $6.25 per square foot multiplied for 30,140 square feet, bringing the
total land price to $188,375.
2. The EDA agrees to relocate the northern access drive to the site.
3. The EDA agrees to remove the chain link fence, install curb and gutter, and repair the asphalt
pavement.
4. The EDA agrees to relocate the school district's private fiber optic line to avoid a conflict with
the proposed Hy-Vee improvements.
5. The EDA shall provide payment to the school district if referendum for the middle school does
not pass. If the referendum passes, then the City would provide a credit in the value of the
land price to the proposed improvements on 65th Street if the improvements are ordered.
6. The sale of the property to Hy-Vee for $1.00.
7. Closing by May 1, 2016.
8. Contingent upon the following: Hy-Vee closing with Grove-Rainbow, Hy-Vee entering into a
Developers Agreement with the EDA, Grove-Rainbow entering into a Developers Agreement
with the EDA.
The following exhibit shows the proposed improvements:
; �,r;-_. � ��.�,,l,�a. � �-- o�� �r � ;_, c � � ,-,
, •.!�J{.� . � , � i
�,5� � �� . �.IO�E,TO F�'E; �
� . . /� � CC\� �� �;4 B,1.11t.OV3 Fc K.'�G
•� 1
fs ' G��+`°�\�49\\ �� .'� , .�k-
'� � ��.-��.:f 0�4�.��`q_<�\�� I� -CC'�C.'1FCU43AI�OGJiTEP �
k '`1� ��,�Q'���\ey / ,��.�{ ,i -,:� � � 1 ��
� . J�b \�.. / t�l.�� /,�7
� . \.
„ � ; . � � � �'1: �,t
- ,y ��- � '�.�..�F r,.��r na:�m iu c�`., ,�
-.'f '� ' , � y��`� �� y f i,;�
�. �f �� � � _ ✓�'� � ,:.1.'� `1--raTcea�ur.,..eis�_. �� �"
\ /l� �- s`- w r , .*._
�fl �.._ .n\\ �C` ���, . �� � �..� � �F^!.
�qsT�` ` �� *5 ' �,.
_ A0�2�\ � 1�:._ r r% ,� ���.� �,� . ` t ��
�O �,.` � :.!. � ' :' .. °` � � �iw
� �'�� y ':'v Gc�s _! _ �'-`� ' � . ,. '�
x� - 9p9O.., �� v� �` 7b32'! �
� ;��>''. 7� \,L '� !� �;�. ��-- . � , .
'. '�\ � '. lp �^ , .`� '1,� � • ?' . ' '
_� .. . .� . �._.. � �o�.:�o;F rrizaac S . ,.�' ..
� � �
� - ., � � , /� . - , �� cosca�tuva .. • � �
. .� � � )..'i . .�—u,o��m[e�nr.� ��J�� ,�. `
\�\. �r '���co caie�oevrnir-f- ��--vnoc�nonm:ace �' �� � � -� .
�.+ �,.� � 7��l' �� `—� � . .' . _ ]� .
.. . .�`�.��' . � oEicunouc'nae��' ��co�caerec:u .��� �� .+ ..
-. ' w.t�T�P.I . A 1 ��� �3
, . �� � ,��� �-COICPFiEA3f.0`.l� � �' �0� [�A �•
�
� �.
�\ S
� * 1 :.�a " . � ��,C�,�
. �
'� `F``k.
_
�.
� .• . ,,
i. : � , - . -
_-_....... . . _ --._.�. .a._ . . _-.. _ ._ _. ... _r__-.o_. �_. . _ � -
Economic Development Authority
Grove Plaza Redevelopment
November 12, 2015
Page 6 of 7
Grove-Rainbow
The proposed redevelopment includes Grove-Rainbow selling Rainbow to Hy-Vee. As part of the
agreement with Hy-Vee and Grove-Rainbow, Grove-Rainbow will retain the spaces occupied by
Sports Clips, Hallmark, and the former MGM Liquor. This area will be added to the former Home
Depot parcel. The Developers Agreement with Grove-Rainbow provides for the sale of Home
Depot parcel in the value of $1,950,000.
F,�� ��;- �����, .$ -` � � �: `� _ ^ h�
�. / i';S',�' a=ti _ j.� � -� �Y
r �.y�,
v�y�T` �`P� �� .1�'� . :� � �.�'.� . r �}� ��7t.
� �' �.� ".-3 /- �.: . � .
�'� . � � � ._ � � l -,�.5 � � �, L _i
��` �� �, � y _ F I �' �,,� �T:4_.
.,� J- f„ ,a�- j ��' ��'� ��.� -�-���f� � �i
�' s'" ` -- . p- s �-., � " .
4 � �, � � r�- �
i
� � .� -- :� .�t q�' � _ � , � 1�/
. � ,� ��- �, . �� _ �
.:f � . � � � � � .4 -;: "} � �..��R
� t �ti s� �� - ''l, j �� _d '1�.� �� �I �' ��"' �
. ' \ 5�' . -'Y . . ca . '... . .i'��. �t�� \�/
� rf �' y4 _ .2� . . a t
< � �
'>�, �.� ;•e � -a. .. "- $i • _-._ .. ' ,�, .4_� �:
t.�`,�(�\. . - ._- _`'{'-.� .Y -. "�. y �r�� � `�{J:�� j�
��, "• r�,. .- �� �...I �.✓ � < r. `�
r \ t �.
�. �� �� ! ` �� . �, r= .r Piaza = ��� y� � '�
'� �-� ♦Y,,�. ,�: # Land S�.vap ' � , � ti '� � �i. r;�f
r�` �--�J p � :�.a� • Area � �'
•' �r y,> ,,:' - ia t'f� ' �`}, 1._ � 3`}
y .�' r ;�� \;
� - �,�,� t� ,.:� � �}�t �� �� '',\ �-� r �'a �' '�7
'� _4 : \� ;'� ��a. ���;f n� � ��'� '*'� � � '�. � s F�' - .�
.; � - �., � , , �-.f� , ,,.a �� ' ., �' � '`` "� ,v
�
ry,�, y �; r- �� . ��} ,,�,�a� ' 3 . ��� `}�;' ��t..•.i�`�.,�� _�� �� .. �il
�:���r �'� �� �t�.l� f ! ' �.� J � ! r ;}� t ,
•' - �, ;d� x � ���' ' _�� � ' R.�. �
'' � . =� y_ ''� ,� - --�� ,:�
The elements of the Developers Agreement are as follows:
1. The EDA will hold the property, as a maximum, until May 1, 2016 and sell to Grove-Rainbow.
2. The EDA provides for utility costs associated with the Home Depot building and the property
taxes until closing.
3. The sale price provides for a business subsidy of $300,000 due to the loss of leasable tenant
space by Grove-Rainbow L.P.
4. Contingent upon the following; Hy-Vee closing with Grove-Rainbow, and Hy-Vee entering into
a Developers Agreement with the EDA.
EDA Action
The EDA held a public hearing on November 10, 2015 for amended developer's agreement
which contains the business subsidy and land sale of ISD-833 property to Hy-Vee. The EDA
unanimously approved the amended developer's agreement.
The EDA held a public hearing on November 10, 2015 for the developer's agreement with
Grove-Rainbow, L.P., which contained the business subsidy and sale of Home Depot to Grove-
Rainbow, L.P. The EDA unanimously approved the developer's agreement.
Economic Development Authority ,
Grove Plaza Redevelopment
November 12, 2015
Page 7 of 7 ,
I
I
Recommendation
1. It is recommended to approve the amended Developer's Agreement with Hy-Vee.
i
2. It is recommended to approve the Developer's Agreement with Grove-Rainbow, L.P. i
I
I
I
i
�
i
�
i
i
�
I
,
I
I
�
�
FI12ST A1�ENDE A1�I��2ESTA'�ED
CONT CT
I'012
P VA`I'E I)EVE�..,OPIVIEI�'°I°
�y and �et�s�een
COT'TAGE GROVE ECO1�OlVII�'DEVEI.OPI1i1ENT E4IJT'�IORI�'�'
lA���L`�`e9 Ali�,
��d
Y Y&1'e �I d Y OII' �O A�L-E�� �THdO W.�'e
This document drafted by:
LeVander,Gi11en&Miller,P.A.
633 South Concord St. Suite 400
South St. Paul,MN 55075
651-451-1831
FII2S'I'r��IE1�TI)ED A1�TI)12ES'I'A�"�D CONT CT'I'012 I'ItIVA�'E I3EVEIJOP I�TT
T�IIS F'IRST AIo�EI�Tg.lEI3 AI�TI� �S'I'ATEI� COI�TRAC`I' FOR I'RIVATE
DEVELOPI�IEIV'I' ("Agreerrient99}9 made th�s day of , 2015, by anc�
betv✓een the Cottage CJrove Econorriic I3evelopment Aazthority, a public body corporate and
politic under the laws of 1Vlinnesota, havirag its principal of�ice at 12�00 Ravine Parkway South,
Cottage Grove, �Iinnesota 55016 (the 66EI�A"), �Iy��Iee, Inc., an Iowa corporation, having it�
principal office at 5�20 F�Vestown Parkway, V6Test I�es t�oines, Iowa 50266�8223 (the
"I�eveloper") and the City of Cotta�e C�rove, a Nlinnesota rnunicipal corporation, having its
principal office at 12800 Ravir�e Parlcway South, Cottage C3rove, �linnesota 55016 (the"City")
�IITI�IES SET'I�.
�1I�E1ZEt�S, the I�eveloper, the EI3A ar�d the Ci�y enter�d into a I��velopment
�4greement on October 29, 2015 for the rede�eloprr�ent of the IJevelop�ner�t Property (the
"Original Development Agreement"); and
WHEIZEAS, the Developer has encountered �ssues related to the relocat�on of a bazsiness
within the I�eveloprnent Property that is necessary in order to utilize the entire �?evelopment
Property in the most efficient and effective�antaer; and
V6�I-IEIZEAS, the Devetoper has requested addit�onal financial assistance from the EIJA in
order to make the redevelopment economically feasible9
V6�HEREAS9 the EI31-�and the City are willing to provide addit�onafl financial assistance if
the I�eveloper adjusts its completion date;
VJI3EREAS, the EI�A believes that the development of the I�evelopanent Property
pursuant to and in general ful�llment of this flgreement is in the vital and bes� interests of the
City, will promote the health, safety, inorals, and svelfare of its residents9 and will be in accord
wi�h the public purposes and provisions of the applzcable State and local laws and requirements.
NOW, T�IEIZEFORE, in consideration of the covenants and the mutual obligations
contained herein, the EI�A and the I�eveloper hereby covenant and agree `vith the other as
follovvs:
�BTICLE I
De�n�tions
Section 1.1. I�efinitions. In tt�is Agreear�ent the follow�ng ter°ms shall have the
rneanings given aznless a different rneanin�clearly appears frorn the conte�t:
"AgreemenY' means this A�reement, as the same rriay be frc�m tir�e to time modified,
amended, or supplemen�ed.
1
"Certificate of Completion" �eans the certificate, in the form contained in Exhibit I�
attached hereto, vahich vvill be provided �o the Developer pursuant to Article I`I of this
Agreement.
"City99 rneans the city of Cottage Grove, a municipal corporation under the laws of
1Vlinnesota.
"Construction Plans" means the final plans for construction of the liilinimurra
Improvements to be submitted by the I7eveloper and approved by the EI�A.
"County"tneans �Iashington County, IVlinnesota.
66���,eloper"r�eans�Iy�Vee, Inc., an Iowa corporation, ats successors and assigns.
"I�evelopment Property" mearas the real property upon which the IVI�n�mum
Irriprovernents vvill be constructed, which proper�y is generally described in E�hibit A attachec$
hereto,
66���99�eans the Cottage Cirove Econorr��c Developflnent Authority.
"Event of I�efault" rneans an action by the I�eveloper or the EI�r� listed in Article IX of
this Agreement.
"1Vlerchants �ank Property" tneans the property occupied b�Merchants �ank and located
at 7200 East I'oin�Douglas I�oad South, Cottage Cprove, lVlinnesota 55016.
"Ii/Iinirriurrfl Assessmen�Agreerrient99 means the 1Vlinirnurri Assessment Agreernent by and
bei�aeen the EI�A and Cirove-�.ainbova dated June 12, 2002, document number 32431�2, �vhich
is recorded in the Washington County iZecorder's Office and the Arnended Assessflnent
Agreerrient by and betw�en the EI�A and Grove�IZainbow dated January 13, 2004, docurment
number 3443746, r�vhich are recorded in the Washington County l�ecorder's t�ffice, both of
dvhich are attached hereto as Exhibit� and e�pire w�th'Tax Increment Financing Districg 1-12 on
or before I�ecember 31, 2028.
"Minimum Irriprovements" rrieans the construction of an approximately 90,000 square
foot buildin� for the purpose of a grocery store and related ipnprovements consistent with the
I'r�liminary Plans.
"Preliminary Plans" rrieans, collectively, the plans, dravvings and specifications for the
construction of the l�ilinimurn Improvem�nts which are listed on Exhibit C and attached hereto,
"Sale" rneans any sa1e, conveyance, lease, exchange, forfeiture other �ransfer of the
I�eveloper's interest in the �Iinimum Iinprovements or the I�evelopment Property, whether
voluntary or involuntary.
"School l�istrict"means School I�istrict#�33.
2
"School D�strict Property" rneans property the EI�A intends to acquire f�orn the School
District and subsequently sell to I3eveloper. School I�istrict Property shall not be incorporated or
included on any Final Plat of I�evelopment Prop�rt�until Tax Increrrient�inancing I�istrict 1-12
("T'IF I)istrict") expires, �vhich is in approximatel� 202�, The School District F'roperty is not
currently included in th�TIF'District and �s not anticipated to be added to the TIF District.
"State"rr�eans the state of I�innesota,
"LJnavoidable I3elays" means delays which are the direct result of adverse weather
conditions; strikes or other labor troubles9 fire or other casualty to the Iviinimutn Improvernents;
lfltigation comrrienced by third parties which, by injunction or other sirnilar judicflal action,
directly results in delays9 or, e�cept those of th� EI�t� reasonably contemplated by this
Agree�nent, any acts or ornpssions of ar�y federal, State or l�cal gover�mental unit vvhich result in
delays in constr�rction of the Minirnurn linprover�aents, o�^ any other delays caused by reasons
outs�de of the reasonable con�rol of I��veloper.
Sectior� 1.2. E�hibits. The follodving e�chibits are attached to and by reference rnade �
part of this Agreement:
Exhibit A. Legal description of the I�evelopment Prope�ty
Exhibit�. 1l�Iinirrium Assessrrient Agreements
Exhibit C. Prelirni�ary P1an Docurnents
Exhibit D. Forrn of Certificate of Completion
E�hibit E. Final�'lat
Sect�on 1.3. Rules of Interpretation.
(a) This Agreement shalfl be interpreted in accordance w�th and govep-ried by the laws
of Nlinnesota.
(b) The words "herein" and "hereof' and words of sirriilar import, without reference
to any particular section or subdivision, refer to this Agreement as a whole rather
than any particular sectior�or s�bdivision hereof.
(c) IZeferences herein to any particular sectian or subdivisflon hereof are to the section
or subdivision of th�s Agreement as originally executed.
(d) Any titles of the seeeral parts, ar�icles and se�tions of this t��reement are inserted
for convenience and reference only and shall be disregarded in construing or
interpreting any of its provis�ons.
AR'TICLE II
Itet�resentatnons and �i'arrant�es
Secti�n 2.1. Izepresentations bv the EI�A. 'I'he EIJA makes the following
representations as the basis for the unde�cakings on its part herein contained:
3
(a) T'he EDf1 �s a public body corporate and politic under the la�vs of IVlinnesota. The
EI�A has the power to enter into this Agreement and carry out its obl��ations
hereunder.
(b) 'The persons execu�ing this Agreernent and related a�reements and docurrients on
behalf�f the�I�t�have the EI�A to do so and to bind the EDA by their actions.
(c} 'The EI�A has received no notice or corrarn�anication frorn any local, State or
federal official that the activities of the I�eveloper or the EI�A in the I�evelopment
District rnay be or wili be in violation of any environmental ladv or regulation.
'The EI�A is aware of no facts the existence of which dvould cause it to be in
violation of any local, 5tat� ar federal environmental lavv, regulation or review
pracedure.
Sectflon 2.2. I�epresentat�ons and VJarranties by the I�ev�Po�er. The Developer rriakes
the fol8o�ving representations as the basis for the under�akings on its part herein contained:
(a) 'The I�eveloper is an Iowa corporation, duly organized and in good standing�ander
the laws of Iovva and is nat i� violation of any provisions of its cornpan�
documents or by-laws. rI'he I3eveloper has the power to enter into this Agreement
and carry out its obliga�ions hereunder. The persons executing this 1-�greement
and related agreements and docurrients on behalf of the I�eveloper have the EDA
to do so and to bind the I�eveloper by their actions.
(b) In the event the I�eveloprnent Propez-ty is conveyed to the Developer, the
Developer will construct, operate and �naintain the 1l�inimum Improverr�ents on
the Development Property in substaratial accordance dvith the terms of this
t�greetnent, the Construction 1'lans and all local, State and federal laws and
regulations, including, but nat limited to, environmental, zoning, building code
and public health laws and regulations.
(c) 'The I�evePoper will apply for and use its best effort�to obtaia�, in a timely manner,
all requared permits, licenses ar�d approvais, and will rneet, in a tirnely manner,
the reqazirements of all applicable local, State and federal laws and regulations
which rnust be obtai�ed or met before the Nlinirraum Improvetrients tnay be
lawfully cons�ructed or used for thear intended purpose.
(d) The l�inimum Improvements will comply with the terms and conditions of the
li�lin�murr�Assessrrient Agreement.
Al�TICI�E III
Cont�n�enc�es
Section 3 01 Developer's Contin e�ncies. Develc�per's obligations to perforrn tander this
Agreerrient are contingent upon the follovving:
(a) I�eveloper's acquisition of alt of I�evelopment Prope�, the School I�istrict
I'roperty, and the 1Vlerchants�ank Property;
4
(b) Obta�nin� all governmental approvals r�ecessary for the co�struct�on�f 1Vl�nimum
Improvements;
(c) Testing resul�s satisfactory�o I�eveloper, including, but not limited to soils, wells,
engineering, hazardous vvaste and environanenta�review;
(d) EDA's e�ecution of an agreernent related to access to the Prope�ty for purposes of
mainta�ning fire hydrants as vdell as public infrastructure, ir�cluding
indeinnification therefor.
(e) The satisfact�on by the EI�A of the EI�A's con�in�encies described in Section 3.2
herein.
Section 302. EI�A's Contin encies. EDA9s obli�at�ons to perform under this
Agreernent are contir�gent up�n the follo�v�ng:
(a) EDA's acquisition of Schooi I)istrict Property and subsequent sale to I�eveloper;
(b) EDA's obtaining an �nterfur�d loan frorn Cit�for t�e bazsiness subsidy;
(c) �7Vith respect to the IVlerchants �ank iZe�ocation Subsady only, I�eveloper's or
1Vlerchants Bank's acquisition and preparation of a site within the City of Cottage
Grove that is acceptable to the EI�A and upon vvhich Nlerchants �ank shall be
relocateda I)eveloper or Merchants �ank st�all prepare the srte, including any
infrastructure irriproverryents, according the City's standards and specificat�ons
prior to such relocation.
(d) I�eveloper's e�ecution of access and maflratenance agreerrients necessary to ensure
that adjacent parcels have sufficient access and Developer's execution of a
stormwater managerrienY agreerrient �vith the City that wi11 benefit De�aelopment
Property and adjacent parcels.
AI��'ICI.E IV
Carestt°ueti�n of 1VIinimu�► Im�rovemeaets
Section 401. Construction of I�eveloper and 1lZini�num Irnprovernents. VJithin 150 days
after successfully a�qui�in� all of the I�eveloprrient Property, the Developer shall submit
Constructian Plans to the EI3A, The Construct�on Plans shall provide for the canstruction of
IVIinirnum Improverrients and shall be �n substantial conform�ty with the I'r�liminary Plans listed
on E�hibit C, attached her�toa Al1 I)eveloper and 1Vlinirriurn Improvements constructed on the
I�evelopment Property shall be constructed, operated and flnaintained in ac�ordance with the
terrns of the Construction Plans, this Agreernent, a11 zoning approvals and conditions, and all
local, 1Vlinnesota and federal laws and regulations (incla�ding, but not limited to, Environmental
Controls and I,and IJse 1Zegulations). I�eveloper will use commercially reasonable efforts to
obtaia�, or cause to be obtained, in a tir�ely �nanner, all required percnits, licenses and approvals,
and will use corrirnercially reasonable efforts to meet, in a timely manner, the requirements of
applicable Environmental Controls and L,and Us� Regulations which must be tnet before
I�eveloper Improvements may be Iavvfully constructed.
5
Section 4.2. (�radin�/Dra�na�e Plan and Easerr�entsa Developer shall construct
drainage facil�ties adequate to serve the l�inim�rri Improvernents in accordance with the
Construction Planse I3eveloper agrees to grant to the City all necessary easernents for the
preservat�on of the drainage system9 for draina.ge basins9 and for utility service as required by the
City pursuant to terrns rnutually agreeable to Developer and the City. T'he grading and drainage
plan shall �nclude any rneasures necessary to conform to the overall City storm sedver plan,
including but not limited to such considerations as lot and building elevatio�s, drainage swales,
storrn sevver, catch basins, erosion control structures and ponding areas. The grading of ghe site
shall be completed in conforrr�ance dvith the Construction Plans. All storm sewer facilities,
sanitary ses�rer and wager lines shatl be private unl�ss located �vithin the City's r�ght of way, in
dvhich case, that portion of the facilities shall be public.
Section 4e3e �treet IVlaintenance, Access and FZepair. 'The I�eveloper shall clear, on a
daily basis, any soil, earth or debris frorri the existing streets vaiti�in or adjacent to thfls I�inimum
Irnprovements resultin� from the �rad�g or build�ng on the iand witl�in the Ivl�nimum
Improvements by the I)eveloper or its agents9 and shall restore any gravel base contaralinated by
mixing construction or excavation debris or earth in it, and repair any darnage to bitutninous
surfacing resulting from the use of construction equiprnenta
Sect�or�4,4, Erosion �ontrol. The I�eveloper shall provide and follovv a plan for
erosion control and pond rriaintenance an accord w�th the �est It�lanagement I'ractices (�1�) as
deiineated by the Minnesota 1'ollution Control Agency, Such pian shall be detailed an the
Construction I'lans and shall be subject to approval of the City, The I�eveloper shall install and
rriaintain such erosion control structures as appear necessary under the Construction Plans or
become necessary subsequent thereto. The Developer shall be responsible for all darnage caused
as the result of grading and excavation dvithin the 1Vliniraium Irr�provements including, but not
limited fo, restora�ion of existing control structures and clean-up of public right�of-way. �1s a
portion of the erosion control plan, the I�eveloper shall re-seed or sod any disturbed a.reas in
accordance with the Construction Plans. 'I'he City reserves the ri�ht to perform any rtecessary
erosion control or restoratior� as requ�red, if tk�ese requir�ments are not complied with after
Forrnal Notice by the City. The I�eeeloper shall be f�nancially responsible for payment for this
extra work.
Section 4.5. Zonin�; Other A�provals. 'I'he EDA agrees to e�ercise its reasonable
efforts to grant or ob�ain such land use planning review and approvals as may be required irt
connection with the developrnent of the Ivlin�maam Impro�retrients by applicable I,and �Tse
IZegulations. 'I'he parties agree that the de�eloprnent of the Minimufln Irnprovements is in the
public interest9 wflll provide signi�cant and irnportant bene�its to the City and its residents, and is
a desirable and appropriate use of the I�eveloprnent Property. I)eveloper ac�otivledges and
agrees that the EI�f1 cannot and does not undertake in this Development Agreement to bind itself
to grant or obtain any appravals, permits, variances, zonang or rezoning applicatflons or other
matters within the legislative or qizasi judicial discretion of the EI�1� or the �overning body of
any other polit�cal subdivis�on or public agency. 'The EI�A r�evertheless agrees that upon request
of I�eveloper, it will cooperate with I�eeeloper to see� and secure approvals, perrnits, variances,
and other rnatters as may be required prior td the acquisition by Developer of all portaons of the
I)evelopment Properry affected thereby, to cause such inatters to be timely considered by the
EI�A, City and Planning Commission or the governirig body of other political subdivisions or
6
public agencies �vith jurisdiction, and to o�hervvise co�perate v�✓ith I�eveloper to fa�ilitate
iinplementation of�he Nlinir►iurn Irnprovernents.
Section 406o Commencemertt and Completion of Construction. Subject to LTnavoidable
I�eflays, if I�eveloper or�Ierchar�ts �ank acquares a 1Vlerchants�ank relocation property,then the
Developer shall commence constructioffi of the iVlir�im�zm Improvements r►o later than May 2,
2016, and subject to Una�oidable I3elays, the I�eveloper shall have substantially coznpleted the
construction of the 10��nimum Improvernents no later than October 1, 2017; provided, hovvever, if
I)eveloper or l�erchants �ank does not acquire a l0�erchants �ank relocation property, the
Developer shall cornmence constructlan of the �Iinirritzyn Irnprove�nents no later than Atagust 1,
2016, and subject to Unavoidabie Delays, the I�eveloper shall have substantially corripleted the
constructian of the �ilinianurri Improveanents no later than Deeetnber 3 l, 201�. All dvork vvith
respect to the Ivlinirnum Irnprovetnents to be constructed or provided by the I3eveloper on the
Develop�nent Property shall be in substantial conforrigity with the Corrstruction Plans and
I�evelop�r will not red�ice the size of the IVlinirn�rn I�raprovernents by more �han �en percent
(10%) vvithout the consent of the EI�A and the City, which consent shall nat be unreasonably
�vithheld, conditioned or delayed. The I�eveloper shal] make such reports as reasonably
requested by the EDt� regarding construction of the l0�inimum Itnproverrients as th� EI�A deems
necessary or helpfi�l in order to monitor progress on construction of the Il�Iinirnum
Improvernents.
Sectior�4.7. Certificate of Completio�.
(a) After substantiai cotripletion of the Minimurri Improvem�nts in accordance e�vith
the Cons�ruction 1'lans and all terms of this A�reernent, the EDA dvill fiarnish the
I3eveloper with a Certif cate of Completion in the for�n of Exhibit I3 hereto. Such
certification by the �I�r� shall be a conclusive d�termina�ion of satisfaction and
terrnination af the agreerrients and covenants in this Agreement with respect to the
obligations of the Developer to construct the Minirnurn Improvements and the
dates for the beginning and completion thereof. T'he Certi�icate o�'Cornplet�on
shall only be issued after issuance of a certif cat�of occ�apancy b�the City.
(b) The Certificate of Completion pr�vided for in �his Section 4.7 shall be an such
fortri as wbil enabl� at to be recorded in the proper County office for the
recordation of deeds and other instruments pertainflng to the Development
�roperty, If Yhe EI)A shall refuse or fail to provide such certification in
accordance with the provisions of this Section 4.7, the EI�f1 shall, within ten (10)
days after written request by the Developer, proeide the I�evelope�with a written
staternent, indicating in adequate detaii i� what respects the I�evelaper has failed
to cornplete the 1!/linimum Improvements in accordance vv�th th� provisians of the
Agreerrient, or is other�vise in default of a material term of this �igre��nent, and
what rrieasures or acts will be necessary, in the opinion of the EI�A, for the
I�eveloper to take or per�orin in order to obtain such certification.
Section 4.�. 1Zeconstruction of Improvements, If the Minirnurri Irnprovernents are
damaged or destroyed before completion thereof and issuance of a Certflficat� of Completion,the
Developer agrees, for itself and its successors and assigns, to reconstruct the IVlinimum
7
Improvements vvithin eighteen (18) rrionths of the date of the darnage or destruction, subject to
tJnavoidable I�elays. 'The 1�iliniina�rn Irnproverrients shall be reconstructed in accordance with the
approved Canstruction I'lans9 or such triodi�ications thereto as rriay be requested by the
17eveloper and approved by the EI�A in accordance dvith Sectian 4.1 of this Agreement, vvhich
approval wili not be unreasonably �vithheld. 'The I�eveloper's obligation to reconstruct the
li�linitnum Irriprovements pursuant to t1�is Section 4.� sha11 end �vhen the Certificate of
Completion is issued.
Section 4,9. Additional Construction 1Zeauireflnents. On or before the issuance by the
City af a building perrriit to I�eveloper, Developer shall provide a cash escrow or a letter of credit
in the amount of 110% of the costs for landscapin�, exciuszve of irrigation, ta �nsure completion
and establishrnent of s�ch landscaping flmprovements. I,andscaping, inclusive of irrigation, shall
be cornpleted in accordance with Section 406 aboee.
A�27'ICLE V
Other Obli�at�ons of Developer
Section Sal. �uildin� Permit Fees. I�eveloper acknowledges that building pexrriit �ees
will be payable by I�eveloper or Successor I�eveloper for Developer Improvernents.
Section 5.2, Plattin�. The Developer agrees to replat the I�eveloprnent Property at its
sole cost and expense prior to the issuance of any building permi�s. A Final Plat vvill be attached
hereto as E�ibit E.
Section 5.3 e IVliscellaneous Requ�rements. Any add�tion�l requirernetats as specified 6y
the EDA are incorporated herein.
Al2TICI.aE VI
Insurance
Section 601, �Zequired Ins�rance, Tl�e Developer agrees to provide and maintain and/or
cause its general contractc�r to provide and rnaintain at all �irnes during the process of
constructing th�I�animum Irnprovements:
(a) Builder's risk insurance, written on the so�called "Builder's I�isk �- Completed
Vaflue �asis,99 in an amount equal to one hundred percent (100%) of the insurable
vaiue of the I�inimurn Irnprovements at the date of complet�on, and e�ith
coverage ava�lable in nonreporting fortn on the sa called "all risk" form of
policy;
(b) Comprehensive �eneral liability insurance vvith li�nits against bodily injury and
property damage of not less than $2,000,000 for each occurrence (to accorriptish
the above required liinits, an umbrella e�cess liabiiity poli�y�nay be used); and
(c) �Iorkers' coanperasation insurance, with statutory coverage.
`The pol�c�es of insurance required pursuant to subsections (a) and (b) above shall be in forrr� and
canter�t reasonably satisfactory to the EI�A and shall be placed with fnancially sound and
�
reputable insurers flicensed to transact business �n 1�innesota. The policy of insurance delivered
pursuant to the subsection above sha�l contain an a�reernen� of�he insurer �o give not less thail
thirty(30) days' advance writ�en notice to the EIJA in the event of cancellation of such policy.
Section 6.2. Evidence of Insurance. All insurance requ�red � this A�-ticle �TI shall be
taken out and rriaintained in responsible insurance caynpanies selected by the Developer vahich
are authorized under the lavvs of Niinnesota to assume the risks covered thereby. T'he I�eveloper
agrees to, upon receipt of request therefor, deposit annually with the EI�f1 copies of policies
evidencing all such insu�°ance, or a certificate or certificates or binders of the respective insurers
statin�that such insurance is in force and effect, In lieu of separate policies, the I3eveloper flnay
rriaintain a sflngie policy, blanket or urnbrella policies, or a combination thereof, having the
coverage required herein, in which event the I�eveloper shall deposit with the EDA a cerYi�icate
or certificates of the respective insurers as to the amount of coverage in force upon the 1dlinimurn
I�nprovements,
ART'ICIJE �'II
�usiness Subsisly
Section 7.10 �usiness Subsidv Act. T'he assistance provided to the I3eveloper under the
I�eveloprnent Agreernent is subject to IVlinnesota Statutes, Sections 116J.993 to 116J,995 (the
"�usiness Subsidy Act") and the City's �usiness Subs�dy Criteria, �esolution 03-13�. The
provisions of this Section constitute the Lbbusiness subsidy a�reernent99 for the pezrposes of the
�usiness Subsidy Act.
Section 7.2. Find�n�s. The EI�A hereby fnds that the subsidy is needed because the
cost of acquisition, dernalition and site clearance rnade redevelopanent financially infeasible
�vithoa�t public assistance arad the I�eveloper cannot proeeed without the subsidye In additiora, the
EDA hereby finds that the IVlinimurn Irnprovements:
(a) Are consistent with the Camprehensive�lar�.
(b) Will contribute to the esta.blishrrient of a critical rnass of commercial development
w�thin the area.
(c) Will increase the range of�oods and services available or encourage fast-growing
�r other desirable businesses to loc�te or e�pand with�n the comrriunity,
(d) VVill�romote additional or spinmoff developsnent�vithin the corntnunity.
(e) �Vill encourage full utilizatian of existin� or planned public infrastrazcture
irnproverraents.
Section 7.3. Public Purposeo The pubtic purposes of the subsidy are to redevelop an
area that was occupied by substandard and obsolete buildings9 impleanent the City9s land use
goals identified in the Comprehensive I'lan, and increase egnployrnent and ta�baseo
Sectian 7.4, General T'e�s. The par�ies agree and represent to each other as followsa
9
(a� The subsidy provaded to the I)eveloper consists of a reimbursement �n cash for
utility znfrastructure and storm system irnprovernents, a� well as conveyance to
I�eveloper of the Schoofl I3istrict 1'roperty for below the fa�r rnarket price.
Specifcally9 the subsidy consists ofthe follovving:
• LTp to $9�0,000 for storrn se�ver9 sanitary sewer and vvater improvements, as
approved by the City Engineer;
• LTp to �400,000 to upgrade the storm se�er system to include an underground
storage systern, as approved by the City�ngineer;
� Conveyance of the School District Proper�y to I�eveloper far$ 1.009
• Up to �4509000 to�vard the purchase price for proper�y in the City of Cottage
Grove upon dvhich Merchants �ar�k sha11 be relocated (the "Ivlerchant's �ank
Rel�cation Subsidy").
(b) LTpon proof of payrnent by Developer for the associated costs, EI�t� shall
reimburse the I�eveloper up to the amounts stated above. The EDA is repaying
itself through an interfi,�nd loan, payable frorn the City's fizture economic capbtal
projects fundo
Section 7.50 �usiness Subsidv Goals. 'I'he goals for the subsidy aree
(a) Creation of 50 fizll�time or full-time equivalent jobs vvith wa�es of at least $11.00
per hour, e�clusive of benefits, within two years a�ter the date of issuance of the
certif cate of coflnpletion;
(b) 'I'o secure the timely deveiopment of the corrirriercial improverrients on the
I�eveloprrient Property; and
(c) To rnaintain such improveznents as cotr�rnercial faciliti�s for at least five years
after the date of issuance of the certif cate of corripletiona Fo�°the purpose of this
section, the corrimercial facility vsrill be considered to be maintained in operation
�f at least 50 percent of the net square footage is leased, or available for lease,to
any person or entity, for use in its private trade or business, or occupied by
Developer for use in its trade or business. I�eveloper may be authorized to move
frorn Cottage Grove �vithin five years only if, after a publac hearing, the EDA
approves the reguest to rnove.
If the goals described in this Section 7.5 are not rnet, the remedies are as described in
Section 7,�below.
Section 7a6. The Developer does not have a parent coflnpany.
10
Section 7.7. The I�eveloper has not received, arad does not expect to receive for the
I�evelopment Property, financial assistance frorn any othe�- "grantor" as defined in the �usiness
Subs�dy Act.
�ection 7a�. lZemedies. If the Developer fails to meet the goals described in Section
7.5 and subject to the notice and cure provisions of the Developrnent �4greement, the I�eveloper
shall cornply with the remedies described �n �ectiora 7.9 and 7.10, as the case may be. 'I'hose
provasions �nclude (arr�ong other things) repayrrient of up�o $2,0189374 (the subsidy amount),all
under the terms and cor�ditior►s described in those paragraphs.
Section 7.9. If the Commercial Irnprovements are timely cornpleted but I�eveloper fails
to aneet the five-year operation goal, tl�e total subsidy arriount vvill be prorated by the portion of
the five-year p�riod Iapsed as of the date of default. In that event, as the EI�A's sole and
e�clusive rernedy for the failure of the gaals described in Section 7.5 herein, as liquidated
dama�es and not a penalty, and in lie�.t of all other remedies at lava �r in�quity, I�eveloper must
pay to �he EDA a prorated portion of the �2,01�,374 subsidy amount (allocated to the time
remaining in the �ve-year operataon period), together with 7.n in��erest rate that is set a� r�o less
than thc ir�plicit �ric� def�at�ar for ;ove�-n�-��c�-it con�umptian e�pe��clit�res �nd �rass irt�estn�e��t
for st�tu a�d local �;c�vernm�nts preparcd by t(1c �3�r���u of�e���c�inic Aralys�s c�f�t11e CJl�ited
�tates L)�part�n�alt a��;o���in�rc� for th� 12-lnon�h per�od endin� 1�larch 31 of t11� pre�io�s year
on the prorated amount ihe rate descr�bed in the �usiness Subsidy Act, accrued frorri the date of
violation (i.e,, ending operation of the Comrriercial Irnprovements) through the date of payrnent
(the "Liqufldated I3ama�es").
Section 7010. T'he Developer agrees and understands that it may not receive a business
subsidy �rom the EDt� or any grantor for I�eveloprnent Property (as defined in the �usiness
Subsidy Act) for a period of five (5) years from the date of the failure or until the l�eveloper
satas�ies its repayment obli�ation under this Seetion, vvhichever occurs first.
Section 7.110 �teports• 'I'he I�eveloper rnust subrr�it to the �I�A a varitten report
regarding bus�ness subsidy goals and results by no later than March 1 of each year, commencing
I�Iarch 1, 2017 and continuing until the later of:
(a) 'The d�te the goals stated Section 7,5 are m�t;
(b) 30 days after expiration of the five��ear period described in Section 7.5; or
(c) If the goals are not rr�et, the date the subsidy is repaid in accordance with Section
7,9. 'The report rriust comply with Section 116J.994, subdivision 7 of the
�usiness Subsidy Act,
Sectgon 7,12. 'The EI�A vvill provide information to�he I�eveloper re�arding the required
forms. If the I)evel�per fails to timely f le any report requpred under this Section, the EI��1 v�iil
mail the Develop�r a warning within one week after the required fling date. If, after 14 days of
the postmarked date of the warning, the IJeveloper fails to provide a report, the Developer must
pay to the EI�A a penalty of $100 for each subsequent day �nti1 the report is filed. 'The
maxirnum aggregate penalty payable under this Section is $19000.
11
E112T'ICLE VIII
Pr°ohibit�on A�aanst Saleq Encumbrance�
Section �.1 o Prohib�tion Against Sale of Minimurr� Irnprovernents. 'The I�eveloper
represents and agrees that its use of the I�eveloprrient Property and �ts other undertakings
pursuant to the Agreerrtent, are, and�vill be, for the purpose of development of the I�evelopment
Praperty and not for speculation in land holdin�. The Developer further recognizes that in vievv
of the irriportance of the construction of the Minirrium Irriproverrients on the I�evelopment
Property to the general welfare of Cottage (arove and the substantial assistance that has beer►
rriade available by the EI�t� for the purpose of rraakin� such I3eveloprnent possible, the fact that
any act or transact�on involv�n� or resulting in a signiffieant change in the �dentity of the
I�eveloper is of particular cor�cern to the EDA. The I�eveloper further r�cognizes that it is
because of such qualifications and identity that the EDA is enterin� into the Agreerrbent e�vith the
l�evelope�, and, in so doing, is further willing to accept and rely on the obligations of the
d�eveloper for ihe faithful perfoYrnance of all undertakings and covenants hereby by �t to be
perfortned. For the foregoing reasons, the I�eveioper represents a,nd agrees that, prior to the
issuance of the Certificate of Completion, there shall be no sale of the I�evelopment I'roperty or
the 1Vlinianum Irryprovements by the I�evelop�r to an unaffiliated third party, nor shall the
I�eveloper suffer any such sale to be rnade, without the prior written approval of the EDA9
provided, however, it is ackrflovvledged and agreed tha� T�eveloper rnay sell and/or transfer the
I�eveloprrient Property to (a) an entity created by and wholly owned by I�eveloper for the
holding of the I�evelopinent P�oper�y, or (b) any unaffiliated third party if after the sale and/or
transfer, I�eveloper remains the occupant of the entirety of the I�ev�loprnent Property as a tenant
pursuant to a sale and leaseback transaction or sirnilar arran�ement; provaded that with respect to
the circurnstances described �n (a) and (b) here�n (a "Permitted 'Transfer")9 I�eveloper shall
remain I�eveloper hereunder and shall be prilnarily liable to the EI�A for the performance of
I�eveloper's obligations.
(a) As security for the obli�ations of I�eveloper under this Agreerrient, I�eveloper
represents and agrees that prior to the issuance of the Certificate of Coinpletion,
Developer �vill rnaintain its existence as an Iowa corporation and shall not
dissolve or otherwise dispose of all or substantiaply all of igs assets except as
permitted by this Agreemento I�Tothing herein shall prevent Developer from
selling or iss�aing additional stock in I�eveloper. Except with respect to a
�errnitted Trar�sfer, Developer and any entgty succeeding to all or part of
I�eveloper's ri�hts i� the 1lilinirgaum Improvernents or any part under this Section
may sell or otherwise transfer to a partnership or litnited liability company, or
other legal entiYy, or an individuai, all or any part of its interest in this Agreement
and the �inimurri Impravements ar�d thereafter be discharged frorr� liability
hereunder to the extent of the interest so transferred, if I�evelaper or such
Successor I�eveloper is not in default of any of its rriaterbal obPigat�ons under this
Agreearient, if the transferee partnershflp, limited liability company, entity or
individual ent�rs into a written agreement assuming all of the obligations of
I�eveloper under this Agreement not retained by Developer, if any, vvith respect
and to the extent of the interest so transferred, in forrr� and substance reasonably
acceptable to the EIJA, and the transferee partnership, litnited liability company,
12
entity or individual �s f nancially capable of and has experience in perform�ng the
obligations o�I�eveloper under this Agreerrient and is approved by the EDA. In
the event of a sale in accordance vvith this subsection that �s not a Permitted
Transfer, I�eveloper or other transferor sha11 nat be liable for any actions of th�
Successor I�eveloper or purchaser or have any liability under°this t�greement with
respect to rriatters arising subsequent to such consolidation, tnerger or sale which
relate to the interest so transferred,
(b) I�eveloper or any Successor Develop�r rnay not sell or convey fee title to the
Development Property ar�d its rights and obligations under this I3eveloprnerat
Agreement vvith respect to such parcel to another er�tzty, svhether or not such
Successor I�eveloper is under corrirrion rrianagement and control vvith I�eveloper,
or is related to I�e�eloper, except irc accordance with the terrns of this t�greenaent,
Except vvith respect to a Perrnitted 'I'ransfer and as provided in Section �,l(a) no
such sale or �onveyance shall be effective or recogn�zed for any purpose
hereunder, unless:
i. T'he Successor I3eveloper�vill assume all of IJeveloper's obligation under
any agreetnent relative to a Credit I'rovider arad the Successor Developer
is approved by the Credit Provider and enters into a�vritten assurnption
agreemen�reasonably acceptable to the Credit Provider; and
ii, The Successor I�eveloper will assurne all of Developer's financial
obligations to the EDA and the Successor Developer is approved by the
EI�f4 and enters into a vvritten assu�r►ption agreernent in forn�z and
substance reasonably acceptable to the EI�A.
Section �.2. Lirr�itation �Jpon Encurnbrance of I�evelo�ment Property. Prior to the
issuance of the Certif cate of Cornpletion, the I�eveloper a�rees not to engage in any financing
creating any rno�tgage or other encu�nbrance or lien azpon the I�evelopment Property or the
I�iniinurrfl Improverraents, dvheth�r by express agreernent or operation of law, or suffer any
encumbrance or lien to be anade on or attacl�ed to the I3evelopment Property or the IVlinirrium
Improvernertts, other tihan the liens or encurrnbrances directly and solely related to construction of
the 1Vlinimum Improvernents and approved by the EI�A, which approval shall not be withheld or
delayed unreasonably if the ED�1 determines that such lien or encurribrance �vill not threa�en its
security in the Development 1'raperty or the 1Vlinimurri Irriproveinents.
r�l�"I'ICIJE IX
Events off Deffaul�
Section 9.1 o Events of I�efault Definede Each and every one of th� following shall be
an Event of I�efault under this�lgreement:
(a) Failure by the EI?A or the I�evetoper to proceed to closin� on the I�evelopment
Property after cornpliance with or the occurrence of all canditions precedent to
clos�ng;
13
(b) Failure by the Developer to corrirr�ence and complete construct�on of the
Nlinirnurn Improverr�ents pursuant to the terms, conditions and l�rr�itations of
Article IV of this Agreement, including the timing thereof, unless such fa�lure is
caused by an LJnavoidable I3elay;
(c) Failure by the Developer to pay real estate taxes or spe�ial �ssessrnents on the
I3evelopinent Property and IVlinimurn Irnprovernents as they becorne due;
(d) LTse by the Developer or others of the Il�Iin�rrium Irnproverrients for purposes other
than thase conterriplated and permitted by this Agreernent, including failure to
comply vvith Section 10.3 of this P�greeraient.
(e) 'I'ransfer or sale of the I�evelopment Proper�y or the �Iinimurti Irriprovements or
any part thereof by the Developer in viotatior� of Section �.1 of this l�greement
a�d dvitl�out�he prior written perrr�ission by the EI�A,
(fl If'the i�eveloper shall �i�e a petition in bankruptcy, or shall rnake an assignment
for the benefit of its creditors or sha11 consent to the appointment of a receiver9
(g) �ailure by either party to observe or perforrri any rnater�al covenant, condition,
obligation or agreement on its part ta be observed ar performed under this
A�reement follodving the expiration of any appli�able cure period;
(h) Failure to comply wi�h the business subsidy requirements,
Section 9.2, IZemedies on lJefault, Whea�ever any Event of I�efault referred to in
Sectiorc 9.1 of this A�reernent occurs, the non-defaulting party may ta.ke any one or rnore of the
fo�lowing actions af�er proeiding 30 days vvritten notice to the defaulting party of the Event of
I?efault, but only if the Event of I�efault has not been cured �vithan said thirty days or, if the
Event of I�efault is by its nature incurable �vithin 30 days, the defaulting party does not provide
assurances to the non-defau�ting party reasonably satisfactory to the non-defaulting party that the
Event of I�efault will be cured and�vill be cured as soon as reasonably possible:
(a) Suspend its performance under this Agreement, including refusing to close on the
I�eveloprnent Property, until it receives assurances from the defaulting par�y,
deemed adequate by the �on-defaulting party, that the defaulting party vvill cure
its default and c�ntinue its perforrnance under this Agreerr�ent;
(b) �'errriinate or resciild this Agxeement;
(c) If the default occurs prior to corripletion of the N1ini�num Irnprovements, the EDA
rnay withhold the Certif cate of Coinpletion;
(d) 'Take whatever action, including legal or administrative action, which may appear
necessary or desirable to the no�-defaulting party to collect any payments due
under this Agreement, or to enforce performance and observance of any
obli�ation, agreement, or covenant of the defaulting part�under this Agreement.
14
Section 903. Intentionally Ora�itted.
Section 904. No Remedy E�clusive. Except �vith respect t� the EI)A's litxflited remedy
of the right �o I,iquidated I�amages set forth in Sectior� 7.9 her�in for a failure of t�ie goals se�
forth in Section 7.5, no remedy herean conferred upon or reserved to the parties is intended to be
exclusflve of any other available rernedy or reinedies, but each and every such remedy shall be
cumulative and shall be in addition to every other remedy given under�his Agreernent or now or
hereafter existing at law or bn equity or by sta�te. I�To dela�or otnission to exercise any right or
povver accruin�upon any default shall impair any such r�ght or power or shall be construed to be
a waiver thereof, but any such right and povaer rriay be exercised frorn tirne to �ime and as often
as may be deerned expedient.
Section 9.5. I�o Additional �aiver Implied by One �aiver. In th� ever�t any coveraant
or agreement contained in this Agreement should be breached by either party and thereafter
vvaived by the other pa�°ty, unless �theravise set forth ir� the terrns of such dvaiver9 s�zch waiver
shall be limited to the particular breach so vvaived and shall not be deerried to vvaive any other
concurreflt9 previous or subsequent breach hereunder.
AI2'TICL,E X
Additiot►al Pr°ovisfons
Sectio� 10.1. Conflict of Interests; IZe�resentatives l�iot Individuallv Liable. I�to of�cer,
official, or employee of the EI�A shall have any personal financial interest, direct or indirect, in
Yhis Agreement, nor shall any such officer, official, or ertaployee participate in any decision
relating to the Agreement which affects his or her personal financial interests, directly or
indirectly. I�o officer, of�cial, or employee o� the EDA sha11 be personally liable to the
I�eveloper, or any successor in int,�rest, in the event of any default or breach or for any arno�nt
dvh�ch rnay become due or on any obligation under the terrns of thbs 1-�greernente
Section 10.2. Equal Emplovment Opportunity, The Developer, for �tself and its
successors and assigns, a�rees that during the construct�on of the Ivlinimurn Improvements
provided for in this Agreement, it will compl� with all applicabie equal einployment and
nondiscrimination laws and regulations.
Section 10e3o Restrictions on Use. The I3eveloper, for itself and its successors and
assigns, agrees to devote the Property and l�inimurn Irnproveanents only to such land nse or uses
as rnay be�serrnissible under the City�s land use re�ulations.
Section 10.4, Provisions �Tot Mer�ed �Nith I�eed, I�one of the provisions of this
Agreement is �ntended to or shall be rnerged by reason of delavery af the Development Property
Deed and the Devetopment Praperty I�eed shall not be deemed to affect or impair the pravisions
and covenants of this Agreement.
Section 10.5. Notices and I3emands. Except as otherwise expressly provided in this
Agreement, any not�ce, deinand, or other comrriunication under the Agreeinent or any related
document by either party to the other shall be sent by registered or certified United States mail,
postage prepaid, return receipt requested, or delivered personally to:
15
(a) in the case of the EI�A: 12�00 IZavine Parlcdvay South
Cottage Grove�T 55016
Attn: EI�A Executive I3irector
(b) in the case of the Developere 5820 `Vestown Parkvvay
�Jest I3es Moines, Iowa 50266-�223
t�ttn; I,egal Depte
(c) in the case of the City; 12�00 I��vine Parkvv�y South
Cottage Grode I9�1I�t 55016
Attn: City Adrninistrator
or at such other address with resp�ct to either such party as that party ra�ay, frorn tirne to time,
designate in vvriting and forvvard to the other as pro�ided �r� this 5ection 10.4. I�Totices shall be
deemed given upon actual delivery.
Section 10.6. Counterpartso 'This flgreement may be executed in any nurnber of
counterparts, each of dvhich shall cor�stitute one and the same ir�str�tinenta
Section 10.7o Disclaimer of 1Zelationshia�s. The I3eveloper acknowled�es that nothing
contained in this Agreernent nor any act by the EI�A or the Developer shall be deemed or
construed by the I3eveloper or by any third person to create any relationship of t�ird-par�y
beneficiary, principal and agent, limited or �eneral partner, or joint venture between the EDt�
and the I�evelopero
Section 10e�, A�p�ovals. Approvals by the EI�A shall not be unxeasonably wsthheld,
conditioned or delayed.
Sec�ion 10.9. Ori�anal I)evelo�rnent t��reeynent. Upon the fiall exec�tion of this
Agreement, the Original I�evelopment Agreernent shall be deemed terminated by the parties and
of no further force and/or effect.
('The t°emainder of this pa�e has been antent�onally left blanko)
16
IIV WITNESS WHEREOF, the EDA and the I�eveloper have caused this Agreement to
be duly executed in their names and behalves on or as of the date first above written.
CO'�'TAGE GI20VE ECOI�OIl�IC
DEVEI.Ol'1V�ENT'AiJ'TI30I�I�'�'
�� ' ;�
By � ,, d fl ��"°
� ile
y on
� �' ,e. .� .... m .
, ._m__.
Its� e �� �� _
y� � �� r���,,�r�� �^qF� '������
Dy � f �
°�l�arlene R. Stevens
Its Executive Director
STATE OF MINNESOTA )
) SS
COUNTY OF ?� �r��,.��k ��'�",, �
—��
The fore oin instrument as acknowled ed before me this � ,"� � f
g g g day of ',J��a ,
2015, by Myron Bailey and Charlene IZ. Stevens, president and executive director, respectively,
of the Cottage Grove Economic I�evelopment Authority, a public body corporate and politic
under the laws of Minnesota, on behalf of the Economic I�evelopment�uthori��
- r � r" l"
�� ��
����= � .�� ����,.
Notary Public
!
� �
����, ��,
17
�&��A'rl'ry Il��e .,._.....
d
� �� ,,,r .��
U ,�
y y�,; > : w.,�f
,,�'° � ��.�� ao���
�,.
�,.�.��.. ��f�" ri�ey, Sr. Vice 1'resident
�y � ,�`��W, _.
Nathan Allen,Assistant �ecretary
STATE OF IOWA, COUNT4'OF POLK, ss
On this ����� day of ���ti������,����� , 20����� , before me, the undersigned, a Notary
1'ublic in and for the state of Iowa, personally appeared Jeffrey Ivlarkey and Nathan Allen, to me
personally known, who being by me duly sworn did say that they are the Sr. �Tice President and
Assistant Secretary, respectively, of Hy-Vee, Inc., an Iowa corporation, that the instrument to
which this is attached was signed on behalf of said corporation by authority of its Board of
Directors; and that the said Jeffrey Markey and Nathan f111en as such officers acknowledged the
execution of said instrument to be the voluntary act and deed of said corporation, by it and by
them voluntarily executed.
�.„ �°,, J'_�°°
��" .v..���e�is,,,�2 i�, :��"M� "^^ ;;r,� M�_„
Nota*r ublic m an for tL�` �
�.�.��.
State of Iowa
��'"a Jk1L6� L. J�tV�EtJ
� e'oe � ��N1�AIS5l09V Id�. 1235H�
��M8�m1dSSl�� lAE�
ro�� �..;.� �e�5 �Y
�.....
Ig
C�'I'�'OI'+ C 'I"I'AGE G OV�+
�y
Il�Iyron��iley
Its 1l�Iayor
�y
Joseph Fischbach
Its City Clerk
STA'I'E O�' IVIII�INESOTA )
) SS
CO�JNT�'�F Wt�S�INGT'�1�I )
The foreg�in� instrazrner�t as acknowledged before me this day of ,
2015, by 1Vlyron�ailey and Joseph Fisehbach, lV�ayor and City Clerk, respectively, of the City of
Cottage (arove, a miznicapal corporati�n under the la�vs of IVlinn�sota, or�behalf of the City.
Notary Public
19
EX�II�IT'A
I,EGA�.I9ESCItIl'TIO�
I�egal IDescr�pt�orn fot°1)evelop�aren�Pr°o�aert�e
Iteal property in vVashington County, Nlinnesota, described as follows:
� Lot 1, �lock 1, Grove Ptaz�3`d I�ddition, as shodvn on the Final plati.
A-1
Depictfl�n of Development I'r°ope�ty:
���.ri�. n.���,, � �s..�,�� �u.��� ..�. ���,�,...�.��..a,�.�:��_��,� �.�.,�.�.. �
# �, z� a �� �
��
� � . ������. �
� �'� �� �� � ������� �
} � = h � � ^� i
�t� �'e� -.m.�-�^w&'i�,�� y�a � ����'�t, �
�� � i�� ;��� � �� >�
��f= � , �
�� � '��� i �„�
� #
3 # �>�
� �� 4 �. � «.
�:� � � _ .., ...,..: .. � �'�
€ �� � � � ���
� � �
� � �� �
d"* *�Y,A '�i a '� � i
�'h y °x�,�."�w.. , �, "���4't ,� ���<». g � a * i
jss lk` `.�''.: � ,.�'.. '�'t"� � � �
t ,�a�` � `X' "�_ �°" "'.�.. 4 �
-a:' �.,"`,-
� �� t � � z#. � �
�� � � "� � � „ � � � � p � a
`c� .e'� „o-. € ���'�!�� s�� 3 tg �
�'� ,� , -.� � � �€
� , ��
H " � �
��8 ✓ � `�^��� .`'' � � � $ �� �
,
� *�'"` t'` =t . . �__:.._,,,. �
� � � ; � � .._ ..
�. � .. � �� � d
�.. .. �� � �� i�} �� . ... �g � �
�. . :� �� .. �� S. �;.
� �. ��� ��. � � � �
� � �., y . �3������ � ;� . �� � �
� � « ,.� .. �.� � �
� �� �����* � ,�� �� � �
� ��`7' ��'"' r�r i'. �.�
� � �� �ms � .,�,.,_ �
y, � ���x � � �� �
R +�� �z:�1�a���� �4� �_ � � � 'a�
� �� ��'������� � � ���, . .. �.� _ �.�g ������°�-�� t � ��a
� #�£� �:a ��a._�. � . . '' ��,+.:�o-� i � ,%+� �
'�`� �.�� z� ��� ,. �, t � �
,
�
� �� � � 4� .�., �.:w �, - .� � � � �
t t � �`� �
� ..._�,... .....� ¢ � �
�y � �.�a,�z..�..a�,;� �<*���<�:�,:s w.. �.
�� � }°�, �' _ ._. -� � �"" �r �
t
� �'��. ��. ,. .. .. � �
� � �, , � �
:
�
� � a x �
� _..�. � �
� � � _ ,. ,� ��. .,.�
� � � � � � °� ��
� �"� "� � � t f < ��
� � s �g
�x �� � `�
��� � kY �
� �.. ��� ... �.. �,. ' .. �� � � j..� fi � �S
�
� � � ... . . � .�. .. ,�s I � 3 ��
� � � •. >"_ ° 3
�
�.� 2 . ,�. ��. .d,� }��
� �. � , . .. -�___...,. ... � �� � �� �
� s '
, � . 3 ,,� �`"j"�`s„I.'�d
��
g �Ea.�sb�"�...,...,�... .. .z4°Y�. RkSk.� ' %w..... .. . �._... . ��f #
q EaS'�� �,^�. s# .. ,$$"�`?`�"�5 a3`�8"t}^' .. __. u...�. � f�,.�
f& $"f3�` a'�4'i����e}#"� 4.�` ,d�k#f"gat m�s�°3 a✓_ � Y
.�.,
.
x $`^` b �
�ra�,.,��.�.,� �..��.�.��.�...,.�.m� �...�..,�.���.��<��_a.� �.w..�,���„ ,�F�.,n,�.m,�.,��a�.:.��.
A-2
Isegal I)escr��taon for l�erchants�ank Prmpertym
.�. ��a��
i,:�t';. �3�is �zx �:::s's �, 2'����.�C.,e. t, ::�f:z.�, t'.`�".�;igCs,.S j ..,,;# c� .,�...i ��,�.,:::?f .. .*�s<3�;:1a. '"s'"sz�e �S<.F'7.
.;.k:�t'$ ;"s.'.-'23'.'�`�.: ,3$}.`-^x.:.E.`s�Ce fa:��z .x�s,.<.:ti:: . . .
� ,. z:�,. .A£ €?�,. t>.,.,zi '_ �.�'.�.tac���':�.n.x t'aars. . .`i� �t',¥ « .,5,.�-�s ��t7;E.���;: 3 ,.;��xaS�.v� �`� ,'��*�°�r..;�-,� �=,,�...
vz.F e:=�,s§.t..4�:i»T �,,,$,�:.lvasi�gzr^.+,:�-,;.s3 A =at3s,..�`t:4s§:,+.��a�, E is(,z.��s#3rd:t�:ix,` 3=:3'�,.>„,�.�C+:..r,-L,�R51k.�€i •
, +t:a�F�,..-_._��.��taai�,5�,4 ,3 �.2e. �ea�<I.i'.?��'i,�,3.�,wz',Vfi�s. „t:£ikt ,4..t#a'4.3,�.8.c�:f`L�SL�, cfei.g n s�„�S't�:�
3s..+?. �.. �•a. .�d.*�i ,w`.C�, Yr�S_.€ <€�:"i a c�i-:����, #*� A
��.,L t a.,t-s�c�;��.�. ...�.;axi� �.:�4� �.�-�?'..,� =a ..� ;��7x�;
�u��.;.�.c4r<r ;�r��w,,,a ��c,=`��.c.�s-v-*a,'?5.a.a��.r:'�„a;,. �:�.;:� �.,a:4§.i: o§ �.y:.::`-�s: x€z 3��i?.s�=, ,%�P't�.z.�.��<z�.et..
r .:`:- .c.:„ _q�ttms3;;ti:.,Ids a*."!���.:�v, �.b 3 ?�s r P Ls; .
�. $�,�a;�;���i� � �� �� ;c. u.�.. ,>:°.z��a ���t+��,€�s-� ',�
, �3,�a3�b,s �t �,�.�3�_'€> s 's�ab.�is�'�>':,.. _3'�°��'3{�;b.z....�.'M..E"�.�. ,^�uzu '�*s C>w�%,:L°n 2�� i.S?{kkL�,. .i�x�,c',?��$�
�rt:i;,�u t�.�'r,1.:�:� H ��3�i.r, a,� ,.:�.,,..�.aw".�'?a.$ :"�,�i'-}.3'�,�s �:�$is. }��.3::#�a ..Lt;�s�>.s, i.f.S��'=s r eF,r�;':
%'#��.is{t iSst.`f:�r�f��s �.`'t�� ��`�:�' ' '�..
P . ,
x�};;'ta'�� ..9vs€�',,.$ .zf y'3�. .7 w �.,k`�,c�st$��a:;.=-.�s,#w r��.•t±�'? ��,.,,�:����.K��r�.>S���._.�t it,���:ia.t>_r,a.,::��a.wu fs�",�,rt:
� rs'w
F� + ;t�:� �: "vr� «,�7°�� ��. �wsr�i �...'�-<:s��.r, ��^ n.:..s.i.;��o �x�9 r�.�ebs.=�a?. .�t,;�;,�.,� :"�a'=:
�>'w,�S�;a r E?s&� r>,s.�#�'F :..> #�`-.��E�,F'-c'r`. �,°t..�.s..ti',aTis+. ,4 .�::`�z..t .;�%�sC€�� .�ae3 � ,. ,xf„ �'s�G, eC.���r��
£f, ,_ �-''*F-�a ,"�„t f:a.� �.TSnM-3�.`�?s"£is �<� I'��.^��3<f5"��,` �a..kd�..¢tErr! .,�"� 7'�i5�', a ,as' ,..n 3.�'k1 r,�.#4d,x
.. �-s;*;2['af` ',4s'��. _ .s�is Et..� �µPi7 .; .�..�:;;.r7.%.�.,'�Ywt, t> .�.9 3s.>,,,, ,}.,.,.�:s sr�s�? .°�� �;c�Y>�E.. ,..,_ w�a�
s...F, ,:n�,4z�=`s.:;;.,ke .9:"�:3',t ��'.`,s a"{£?:',': . . ..
�'rkx3..t#�at .��x zKk 3 �»#�'$t`g iv{, a.i+
t��'rxib.:'z.t f 5g'+'}{w- '.
A-3
Le�al I)escriptaon for School 1)istrict Propet°tyo
Ti�;."�ETH E�� �°�71 TH
T�`I'_1t �;iC�Y� +3{ t�i.. �4?Ca[t�s`qu�`a;1: ?,�:J�.1Y�:£;Y +.�� °:rt.��.l.�lS �r, �.�d!`a�7i� �:1, a�'�.tY3t�eT '''t a�a':SS�IIti,�.��:'=r,
<�r�.�r?t�ti�, ;°a�irsr��� �xr.� ,�1�; c;t'et��� rJ�: ���arr�rr�ur�;�ir�� ta� �F;� rr f�+�- '`J:;r#1-��rly� �.;�rri�r' ra� TP'��rr;>���c�ri
=;'r�v� E�`u�:�� �`h ,��;�i`i4-an; ra:���:trr�in:� :� ���� �lut *her�:T ;�-�r� �il� ar�� �� r�;��r� irF �},�
, ,. ,
~=`�i,r.� a�r< r .,.a F��'�is��r �:f �:�e:�°�A en nre9 —�r �a�i�� ';�,�:irt� ar-�-� '�A�n-:e, .h�r�,�c� �.�ath ,l';�
:�<�IS.'.^ V,;� Ct'iIC',J}G,. �°�c,..:�;p �> as,.1t�"`s'-°C� �=`7�7�11�,`�x +1ltsl",� "�.�F'Yf'`��}:at �`tiiJf`���+�t;+���f��+ IICte� s�a w,s71��
> �, r r .�. ... ..
Tli �r .�.;,u�r �,rx..���. E. .�4ath�; ��t�� +�,s�:�s}i�.3rs �a ��i,,aiar��.r; �,ry- �3:'`r'a._�� #.°�;t ��� ��et,a�sl �.�ir4t ��f
`�,����:�.�IY`P31t"(s.j i"pl�,; �PG�C4:� '��., L;,t: .��:��Y'I���'.�; �� �f i:;E', iiG`4�1��1 �}:.i ��,':�P;,,',t-;a ''� .�.:.
° � r���r u ,��
���.ur.r�w E���,g 5,�u.�..��� ���t;iY��n:�•� ��u$�� �1� .�r�.,r��°� �� r,�:ir'au'�:� �:� ��-::c�r•�1� �l��f
���,:a'� f��r �rr.cre ;�r I�_.a �� t1~� ��..:r���.��:���e�rl ri fi�* :;f� �; . � � �
�' � � •�� lers = f f �ir� ���,a�l�a=, Cri ��;
',hrr.::€� '��. r.h�r:'='.,'�erly� etl�?r,� ,�:�7ic� �°��.rtE�,��,�7.;t'�`srly ri�t�fi ��� „=t7}� lir�: �� ��_> int.sr-:�;�,�ti�3r=. ���if,w,
¢Irc� ;,..�tP����-�.�.-,r-ly �,x;4,r.�i..�r� x��-�r� r•,r:�t ���,:-,r�tf-���. :t��rl�� lira:� cY �t�:�i�� 7}���-�rr�.::�,� �,r,,,,�4
ET���ti�.� ��f, ��J�Ata,rr<; �h4.arT:w�� h�:�,�rt�mcw�a��>�.rl°,� ul���o� � �;:�iJ `���tf�^���.�t�::sl�° ����r,;:+iE:�rz t�� t�:�
:�!Wxu��l ��er;4 �f k���ir�-r�ir��a:
'd°�'I�ir{� lie:<� nrarth�a�.`}�:rly� �r c.arc� ��=.��tir{�p �;F�� �—Il.�°�ir:,^ e1,���ri��c:�i lir�^�
s.a.rf If•,"1�Y3+_It�`� ;7� ��'c' Y7i...:�-� �;tt�Ja�;,.fl'y` �;:rfi"i�:� t�� ���?: '' '��i:C� ��Car,'G ,��I���. .�P1�
°"L� r-'�,�Ii,If1f"� '���7..�"II'1:'�.';C',P' �;:'t:If'.Lrr ?�,��IP"lP"�?'� .,;1; a. `'., '' � ac�
¢, `f c�rs co _:.a,.l; �-�t .��;..,r� �°� rt�ir,.J��., �r;
.���.ur°�1._ E.a��;t, �a�.;�sarr;�� ka���rirw��� alsur�;� th,� �.�}������:�t�tl��' �°�+�r��i�r, ::,,= �p�,�.
�,:a,�rFi�o��,¢�f1�� Iir:� u, ,;;�i� L�#� i, :al.�c� k�+e�ir��� -h� r�artF.�.��t�rl� Eire� c+¢ E�a.�� ���in�
r��r,a�,I�a� ,�;t�c�c1, �i t�i...a�ar,:m� ,�� ��_�3r f�w �„ �Fi:;r.�.� i��.�r�h�� ��.;�� :��;�r��.� 1.� r-iir�a�:�~ 1i'
,�,� ,r:�1-. E�:,t, �a .:Ji ��r�..z� r,r ���?.�i 4�e�� �w, tf. ..�tatl-x,�k::�;.�rl� lir�� �,f L�Ft �, F�In�,�; �.
�=�-tl("� ,.t�tl �::f z,�r€: E���7 �.� �"a'f' *�.�.�I$f;Y', �b€Cl.`i�91f +��_f'= � s><<�C'f¢'�e ��It'.C"r�,...�., .s�, �'1CIC� :�ll�� IIf1{;
Fr���r�� ��xr�r�i�s�=ir��.
A-4
EXI�I�I'T�
IVIII�I 1�ASSESSlYIEl��'AGI2EEMEl�tTS
(attached hereto}
�-1
�o i ir � �
�
�3� ��s��� �� �
���
� ���'��.���������l���g��.�
���S��o������ ����o�
�y��a$���� .
�°x�co�°�°���� o ��o�o��c�� �.o��� �
���
��c� - ow,���o
���
L'9tJs7�oJa5a.b' �il 7Y Y��1�i.Hd�1� 4.��JA! y ��A�
��11S�OCi1TYi�i1�i��.S d%�$�b�:
I�NI�TEI?Y� C,�IoA�I�9 C4��°t�red
470��llsb�uy Cente�
Minrieapolis,Mir�nesc�ta 55402
(612�337P9300
�-za�azsda
CT165-7
��s .�ss�ss �rr���� �rr,a�t�a��f i z- r�s aay O��u 9 Zoo2,ny
�d betw�en �h� Cotta�e Grov� �onornic Development Ae��hoai�y, � p�zblic b�dy ce�Yparate and
politic (the "Aut�or�ty„} and Csrov�-R�ir�bo�rr, L.P., � hZar�esota lirr��ed p er�flup (the
"Developerf9�.
SSE ;
ASs on or b�for��e e herepf,the AutY��ri�jr�.nd t�xe I)�vel�p��°have�tered into
a Contr°act f�r Pr�v�t�l�ev�lo�iner►F(�e"D�velopm�t A ent"� c�ve�ng�ert�real prop�rEy
a� �1Vashington C�e�ty, I9/Iinai�sc�ta, �vhich pro�erty is le�ally des�bed on E °bit A heret�s� (the
6i �ey_99`9 �
��d �
E a4.S, �e Authas�ify �d Dev�lt�p�desire to �stablish a m° ' �n��ket value for
the �'rop�rtg/ and the I�Iin€murr� B.�x-iprov�en� t� b� constna.cted tla�a-��, ��arsuant to 1l�Iinnesot�
Staiutes, se�tion 469.177,Subd. $;and
�tEAS, the Auth�rity at�d the Asse,ssor fcar �7 `n�ton C�ta�aty, t�vlinraesota hav� -
�°eview�d the �lans a.tid specificati�ns for the I�I' ' um Irriprovern�nt� which �he I��v�loper has
agreed to corastnzct or c�use ta be �or�tructed �n tlae Proper[�r ptzt°�uarit to �h� Development
�gre�ment.
NOW9 TI� ��, tlae parties to th�� d4ssessment �greeznertt, ir� consrderatic�n of the
pra�aises9 cov�nanY.s and a�reerr,ents rrcad�l�erein and in the D��elopxraer�t Agr�errient by each ta Yh�
other,dm hereby agr�e as foll�ws:
l. 'The IvI' ' urn M�k�t `lalue for th� Fr�p�rty wi#� the ` ° �rn Ira1p�°ovements
shall be ��,363,333 far tax�s pay�bl�in 20{D4 �d �5,045s for tax� payabl�ir�2005,provided
t�iat the City has c�anpleted all Public Irnprov�ments �`ar th� Prop required to be cor�str�cted
pua•suant to the I7�velop�eait Agreerrrer�t. Prcrvided that th� �ity has coanpleY�d the �zblic
Impr�vements, the parties agree that (1)the M' ° �1�°ket Value of$4,363�333 shall be placed
ap�ainst the Propert�r as of Jan�z�ry 2, 2003 (the `C1O�DbI� f$`mJ�yySidlY8ll �.Jbbl&e99), for tax�s payable
begi ° � in 2004, �rad (ii) the Ivl�nirnurrs l�Iarket Val�e of�5,0458000 shall be placed a�ainst the
Property as �f J�nuary 2, 2004, far taxes payabl� be�a ' � 2005, �o�gh the 'I'erra�nation D�t�,
notwathstanding �y failur� ta� corr�pP�t� c�nsf�-uction o�' srzch ' 'tnum Ignprc�rrern�r�gs by such
d�tes. I�o�riti�tagadiri� th� forega�� pr�visi�ns �f thi� Sectiara 1, in th� �vent fihe Ci� has not
�ornpleted all �f th� �ubl�c �rnprovec��nts b}r th� �rop�rty .�ssessrnent ��te, (a� th� Miniizrauri-►
Mark�t Value of$4,363,333 set farth ui �lus S�ct��n I shall be plac�d ���t th� Pro�aerty as ef
- 7ar�uary 2nd o�'the calendar year ' �diately foilowia��t,h�ye�r an which ali Pub�ic Tir�pro�ements
ar� campleted as r�quired by tl��Deve�oprn�nt a4gre,�ent, fo�tax�s paya.bl�in the ye�thereafter,
arid(b)the NIiniinutn 1Viartcet Value of$Sy045,Q00 shall b�pIaced agai�st t,�e�ro�erty as ofJanuary
2nd af`2he second cal�a�daa°ye�a ' ediately foll�wing�he y�s� wliich at� �ublic Ilrrrpresvements
are corn�leted,thr°ougl�the T'et�nninaticsn F?ate.
2. `3'�ae Nli�mt�r�a Market �T�1ue herein established sha�l be af r�o fur��r force and
eff`ect anci this�A.ssessinent Agreern�t shall tea�ninate s�n the°T�rrnination T9ateo
�-z�aszsVi 1
crr6s-�
3. °I'his ,Asses�rnen� A�r�rnent shall b� pr�rnptly r�orded by th� D�veloper v�rith a
copy of�IirBriesot� ataat ,se�tion 469.177, S�bd. �, set faxfih i�E 'bit�h�r�to. T'k�e Devel�per
shall pay�11�osts of rec�rdin�tt�s Assessrr�en�Agr ent.
�. °s �ssessn��at A�ree��xt �ds th� ° ° al essrn�t Agre��rt witla
resp�t to th�Pr�perty. T'he hr1° ' Ieliarlc�t Valt�e ass�gned tcs ���'roperty a�der th� Origanal
�sess�n�nt �gre�ent shall be �3,000,000, tua�il su�h t�rri� as th� d�' ° � Ivlarket �Ialt�e
established�a Sect�oa� ! ��°�f be��mes effect��.
5. N�ptl�er�Yi�pre bl�s nor tt���rcaviszons of Yhh�s�s�ssrreent Agreer�ent are i�t�ded
t�,nor shall�ey be corastaued as,rriodifying tY��terrr�s of the I3ev�loprn�t��reetraent, Unless the
context indicates cl�.rly tm the�n ,tt�e terr�as�as�d i�this�ssessrsi�nt Agre �at sI��11 have the
sarr,e me ° g as �1a� tersais cis�ld �rc the I3�v�loprnent A�re �nt. � the everat �f any cc�nflicg o�-
inc�nsistency laetvveen t.�e terrns of ttus �sessinent Agreear�e�t and fh� t s of the I�ev�lopr�en�
A�reern��t,the terrras of th�i�evelc�pment Agree�rrent sh�11�ov�as�arfld cont�al.
6. This �sessrment A�-�ernent sl�all iraure Yo the b�a�fit of and be binding upon.the "
s�access�rs�nd a.ssig�s of the parties.
7, E�ch �f�he parties ��°r�nts and represe�t,s that it has autl�arity to �nter into this
�.ssesstnent AgreemenY anel to take all a�ti�ns required of it �d has taken a.11 act�o�s necessa�y to
auth�rize the ex�cuti�n and deliv�ry of ttus�issesstnent A�re��ent.
8. In the eve�t that aaiy pr�vgsion of tlafls Assessment �4�reernexit is heid invalid or
aanerif�arc�able b� �y �� of compe��r�t j�sdyctaor� such holdgng shall r�ot invalidate or render
�enforceabie�y oth�r pra��si�n her�of
9. T'he parties hereto a�ree that they�ill,frorm time to titne, �xecazt�, ackn�wled�e and
deliver, or c�use to be exec�ted, ac�owl�d�ed and delav�red, s�ch s�ppl��ats, arraera�ients and
rr�odYfications laereto,and se�ch er�as ents as�ay a°��smnably b�reqtaired for car�ect�ng any
inaciequate� or incorr�ct, or�ended descript��r� of the �roperty, or for c `r�g o�t �h� expressed
i�tention c�f°this�.ssess�nent A.�reement.
10. Except as pro�ded in �ec�on 9 h�reof, this s�ssar�ent a4�r�ment may nmt be
amended ne�r ariy of its t�rms rnadifi�d exc�pt by a�tiaig auth�rized �d executed by all parties
hereto.
lI, This Assessrnent Agr�ernent rnay be sim�lt�e�tzsl� �x�cuted iti several
cc�a�a�t , each of wluc� sha11 be an �rigina� �nd all �f�l�ch s�alt �r�s�ttate�r�� �d th�s�e
� ent.
12. °Ti�s�.ss�srner�t Agxeern�nt shall be�csvem�d t�y and constrix�d yr�a�cerdaa�ce v�rith
the laws of Ivlir�esot�.
�-zeasasV� 2
CT165-7
CO'I'I'�C"aE GROtIE ECC?T�T� C
I7E L,�� I�AiJ'I°'F-€t��ITY
� � ���
Its Pr�sid t
,
�y
xecutive I?ir�ctor
ST'.�T�O� S�'TA } .
)S5
COIJI�tT�'OF � �� )
, The for g�in��n ent as ackraowl ��ed before rne thi � a}r�f , �. ,
bY r ` /� �d ,pa°esident arid execuhve direc#or,r �tively,of
th Cott�ge tarove Ec�no�c eveloprnent 1�uth�rity,a putalic ba�dy corporate artd poli�ic ur�d�r the
Iaws of Ivii�esota,�n behalf�f the Eeonorni�Llevela�pme�t Authority.
:�� L R.6 �P+AP� I�1ot Public
_�`.' .�p AR�' INNESOTA
WAp 31,
�,.
RHB-2]4825v I 3
CTI b5-7
Ci�tC) O�I,g,.�.
a esota ' ited p �rship,
FI ding C�m��ty II,��.,
� Iv 'a o r�tior�,its general p �r
�y
� �.i.,�p
s°r��r�o��� s�r.,v y
�S�
eo �o�� ��.,� �
'The for��onn��ns �nt w�,s ex��t�d�s�f daY mf � by Edward
�. L,ipl�n, �he president of E�L�S�icaldiri�Corrzpan�r IIy &lYC�..y ���ru�ylv '�cssrpora�ao�,fhe sole
geraeral partner esf Ci�-o���l2auxbc�va9 I,.�.,a l�inaaesot�lira�t�d�S �rshig< �
�d
Not�r Pu c �
RJ� \ ;i 1,�....
FJ�rg�re4 P�A, f� I�� .. :' . • ,'
�nio�deiph�a. el �; ;x;��.: �.;�;., >
My �s6ori r�Fea.22, :y�.
y�� ,., :.
-{_s:•,.. '. •.
` <::e a��� '. ,
� �°< dr��.. ,. «a ..
, ••.• ;iJ
:l!'
. f," �r n�+J�r
'!7� °e7i.,+e
f"'? .
��-z��825V] �
C1'165-7
CE1Z IC�'TION BY ASSE�S�O�L
°The�ders�gned, having revaew�d tfl�e�l�s �d s�s�ifications for the impr�v�er�ts to be
constructed �d the marlset value assigned �o the larid n which the im�r�vern�nts are t� be
constructed, �d beu�� csf the opinic�n �hat th� ir�a�� rnarlcet valu�s ��t� ° ed � fhe forega��ng
Assessrrie�at Agr�errien�app��rs re�nable,hereby certifies�.s fall�ws: T'h�a�dersign�d�ssessor,
bein� legal�y re�ponsibl� for the �,ssessm�t of the descr�bed p�� �s �as ° �t�a� Co�ty
Asscssor,h�reby c�rti�ies that�x�m�ket vatuvs�ssigaa�d to such la.�d�d��roveanez�t�b� ' ' �
at such f�traes a�specified in the Ass�ssanent a4�a-�r�en�s1�I1 be not less tfl�an ttae am�a�rats stated in
sectior�.s 1 arad 4 of tiae Ass�ssrn��.t P��re�ment�til t� ` t��n�f °s Agreement.
�, �, ��� �� �
�..ssessmr for Vt�asliington�ourct�y ' �svta
s°r�T�o�n� so�� �
) �
ct� � �o� � , )SS
'The fore�oiri�iris en#was ackatowl�d�ed before me thas ��day of ,
� b�'_� d�� �- 4�e Assessor for Wa�h�n�ton Ca�anfiy9 Ivl�esot�.
�
� KRI�1'1 M.H t� � I�tot �ublic
N4TARY PUBIIC-�MINWESOT�
�qy .�p1r�s.l�n.31,
� �
RHB•214825v1 $
CTP65-7
E I'T A T'O
. ASS��S N'�"t�G E
'The�'r�gs�rty is loeated�rt�J�.sh�ngto�a C�i�ty,I�aa��s�ta�aad is l�gail}�des�ribed as follows:
L,�t 1,�lock l, Grmve�'laza 2°d,,�ddit�e�n
�-z�a�2svi 6
cr1 es-�
� IT�T°O
ASSESS �� E I�°
S�Y�on 469.d 7'7, �ubd. �. A.s��ss ent��re��a�ntso �auth��ity rriay�ter�to a
��te� assessxxrg�nt a�r�em�t �th any ��rson establishi�g a ° tsrm nxark�t valaa� af land,
existing iinprovernerits, car irr�pa�eerrient�to be�orr�ss�cted�aa a district, if the property is owned ar
will be o�ed�y the�ers�n. °Th� ° " aasn a�nark�t valtae est��lish�d by�ra�ss�ssment a�reement
may be fixed, or �acreas� or d�r�ase u► lat�r ye�rs from�e ini�aal ° um marlce�value. If aai
agxeement is full�exec�ted befose Jul�r 1 of an asses erit year,�Yse l�et valaa�as provided under
the agr�ern��at me�t be iased by t�e coaarity �� Iocal �sse�,sor ass tl�e 8�x�b1� rrc�rk�f value �f the
�rope�for t asses�ment, Agr�xrien�s e�c�cut�d�n or a�ter Jul}r 1 �f an asse�srnent year becoa�,�
effective f�r asses�m�nt p oses in the followir�� �ss� �at �ear. � a�e��ar��t �gr�ern�nt
terminat�s on th� ��ltest of tlae d��� a� wh�ch c�ndit�on� �a the as�essrnent a�r�ement f�r
terminatio� are satisfied, �e t�rx��ati�n date specified �n �e ��reernent, op ttie dat� vyhen tax
incr�nent is no l�r�ger paid to the a.uthority�d�r sectimn 469.I76, subdi�sion 1. The assessrr��nt
�gg°eerraerat sha�l be �resented to the coi�t� assessor, csr city �ess�r having the powers c�f th�
coaanty assessor, of tl�e jurisdicti�n in d✓hich th� t� �cs��nt fi�na�cing district �d the property .
that is the subject of the agreeanent is located. '�Y�e assessor st�ail review tlie plans and specifi�ations
for tt�e irr'prov�rnents to be constructed, r�vie� the rnarket value previo�r�ly assigned Ym the land
upor� �Yuch the improve�rtents are t� be constr`zcted and, sc� lmng �,s th� ' u� market value
containeel °u�the assessment eernent appears, in th��azd �t of the �sess��, to be a r�asonable
esti�nate,shalI execute the follow��g certificafiaon u�on the a,gre�rn�t:
T'he undersi�ned assessor, bein� le�ally resporasibl� far the as�essn�e�t of tt�e abov�
descaibed presperty, certifies that the tnark�t vaIues assi�ned to the l�rad �d �pr�verr�ents are
rea��nable.
'I`he assessment �greem�nt sha11 b�filed for rec�rd�d r��rded�tlie�ffice�f the c.mua�ty
recorder or th�registrar�f titles of each cau�aty svhere the real �state c�r arry�art ther��f is sittiated,
Afier the agr°eernent b�ce�rnes effectpwe for a�sessr�ent }��oses, th� assess�r shall v�I�e the
pro�erty t�der ��ctimn 273.11, exc�pt that �h� rr�arket va��ae assigried sk�a�l not be Iess than tlxe
miraiiYatzrr'tnarket valt�e cstablished by the�ss�.ssr��nt��r��ment. 'The assessor may assig�a rnarket
value to the property an exc�ss �f the rnini�num market ��Irxe established by the assessment
ag��errient. The �wner�f�he�roperiy�nay seek, through tl-i� �x�rci��of ` 'strativ� and legal
rerreed�es9 a redu�fii�n ia� anarket value fo�° proper�y ta� p�pos�s, but no city assessar, county
assessor, coas�ty a�aditor, baard of revi�w,b�ard of�aaaliz�tion, co 'ssion�r of reveneze,or c�uuflt
�f this state shall�r�.ttt�reduc�a�n of the rnarket�value belr�w the rninirtatuxa�,ask�t value established
by the assessment agreement d�zri��t�e t of t�e agr�ernent fil�d of record regardles� of actual
rnarket vaiues which �ay resuit from incoinplete corist�ction of ias�apraa�einer�fs, tles9x-�zction, or
diminution by any caa��, insured ar tar�insured, exc�st in the�as� �f�cq�eisition or re�quisition of
the �roperty by a public er�tity. Recordi�g at� assess�ent agreement corisf�t�at�s notice af the
agreemen� to �yc�ne who a�quires aaay interest in the land �r improv�nents th�t is suhje�t to the
assessment agreera�.er�ty and the a�z°eerrient�s binding upor�theaai.
�-zi�szs�i ry
CTl 65-7
� �3 �� ��1� ��
o��e of th�
County R�cord�r
t���i�g#on County,��
CerfiOod�9eA aedlor eecorAed on:
ZQQ?�Q6/7� 4a37o0Q P�9
1
C�fllb(�008M�fl
� Geanty�medai
� �.
. �
dc�of da�
County Record�r
� �Qfon Coont�,R�N
GettlN�d�ted er�d/or seqrded on:
200 05/2� 9a24:OQ p
Cindy Ko-aemann
�* Coumy�Wrder
�
�6 � �� � �
�������s�������.�������
�a�d ����:��,�,.��_����"PF�� S L�e E.�mt;
ASS�SS�IZ'S CE�2T'TF"ICAT'iOI�
�y�nd aman�
T°�iE CQ .�GE GRO ECONONIIC�E L�P NT A FIO TY
��d
GRO m O`3',�„aP<
�nd
AS�E�S()R F'C3I2 W��IiN�'I'�I�'C'O N St7TA
�
Ti�s I3oc�trnerat dvas drafted by:
� D�i'�i C VET7,Chaatered
4701'i�lsbury Center
1�Iinneapolis,Ivliru�es�ta 55402
(612)337�9300
�'I-�S EI� SESS I�I'T AG E , dated a� af this J�� day of
n��r , 2004,by arad be��en the Ca�ta.ge Car��e�oraorr►�c I?ev�lapanea�t Authorit�r,
a public bod �o�a°ate and gsolitic(the"Aaatho�ty„)a�d Carove-R�ia�baw,L.�.,�h� es�t�limited
p �rship(the"Deeel�per").
S5E'I�-I:
, the Auttiority arid the I3evelczp�r have previo�asly entered �to a Contract fvr
Pr�vate �evelopari�t (t�ae 66Devel�prr�ent Agreement"� r rd�d on �pril 30, 2003, as I)oc�e�t
I�1o. 3331064 an Wa�hh�atgtot� Cc�tu�tyID Io�anraes�ta, whi�h cox�cerns pa�p�rty l�g�lly d�scr�b�d as I.ot
l,�lock 1 y Grove PI 2"d Addition�the"Deveio�san�t p '�° �nnd
a
�, the �iiy of Cssttage �ove �the 66Caty„�9 'te �ear e .4�s�iates, a IaT��
�'ork Zi�ted p �°s�ip {pred�cessor in �t�rest tc� tti� I3ev�lc�per iri a.�d to the T?�velmpinent
Pr�pert�'), and th� A�sessor for �Jash2n�ton �oi�rty (the "Assessor"� h�v� entered into an
�ssess��nt Agr ent dated�ay 17, 1996,r�cordecfl��July 2, 1996,a,s I��eirn�r�t No. 892566 in
�Jashin�8on C�unty,Minriesot.�, �s arr�ended by(i��nen ent tm�ses�rnent A�r�eflnent dated as
of A�ril 16, 299`1, by and ��ng�he City, th� Develmp�-and the Assessor, recorded an Apri123,
1997,a�I3oc�ent rTo. 929114�in�Iash�gtora Courity, ' es�ta, (ii)�issessria�nt 14�r-e�ment and
Assessor's Certification dated as�f Jurie 12,2002,lay and art�ong the Authority,th�I3�vetoper amd
the.�ssessor,record�d�n Jurie lZy 20029 as Dcsct�ent 32431�2 in�Iashingt�n Cotanty,M�esota,
and (iu) .�ssessment Agr��ment z�d Assess��-'s ��rtification dated as �f May 31, 20Q2, by and
airiong ttte Authority, th� I�eveloper arad the Assessor, recarded on �srii 30, 2003, as I3ocumen�
Noa 3331063 in 4Uaslungtor� Co�ty, Nlinnesota (collect�vely `•�ginal A�sess7z2ent Agr�eanent"),
in order to establish mi�ar�� r��°keg values fog the Deveio�arnent Pr�perty �ad the I�Iinar�um
Improvernents tc�be consfructed thereon, p�zrs t t� ' esota Statut�s, section 469.i77, Subdo E;
arid
�AS, t�ie I7evel�y�er has soid that�r�ara of th�I�ev�l�p��t Pr�perty described `ui
ExYubit`<A�,attached�ereto (the`6Sold Property„), to � ` d p and the Auttt�rity has corasent�d
to such sale;and
I�AS, the Aaz�orit� ar�d the I)evelope�- wish ta enter ia1t� �a amer�eled ass�ssment
a�-eer�aent (th� " eraded�A.ssessanent Ag�°ee�ent"� t� reflect a.re�rised minimuu�n et value of
the D�veloprrben# �r��ertg� �ad to re�se th� legaI d�scription of t�e I3�velopmerat Pr�pert�r
fallowang said s�le.
l�i(�W, �O ,the�a�tYes to�tais �nd�ci Ass�ssrn�nt Agr�errgent,izi cr�nsidexation
of't�e proaraises, covenar�ts and a�°�einents snade here� and ix� the l�evel�prrt�nt Agreernent by
each to the s�ther,do h�r�by agree as follov�rs:
1 a T`h� Ni° ° aarrr l�ark�t ��lcae for the I�ev�loprri�t I'roperty wi8h �he M' ' urti
Iznprov�mer�ts shall be $49617,�6�.Q� as of Jan�y 2, 2005, fcsr t�ces payable be ' ' g �200�
thz°oug�a the T'er4n�ation I�ate, notvsri4h�t�nding any failure Yo cora�plete c�r�truction af such
I�Ia�niarn Improvements by such d�te.
2° The Authority, �h�Deve2oper atid the�ss�ssor he�°eby�gre�that the Sold Property
is a'eleaseei fr°orn the�gir�al Assessrr'ent Agi-eement ar'd tliis�ended Assessrtierit Agre�metrt and
the� ° al Ass�ssrnent A rn�nt�nd ` ended Ass�s �nt A�reem�nt sha�l n�t be bin � g
upon9 mr er�forc Ie a� ° t9 t.t�e Sold�rop
3. � ���ho��ys �� Developer and �F►e d4sse�sor h�reby agree that tt�� 2egal
d�script��r� of th� I�evelog�meret perty attached !� C7ri ° � �srnent A��e�xt�a�t �.s Extaibit
"A„is h�a°eby deleted iri i��t�r�ty,aaid the leg�l de§crip�a�n tsf��I)evelaprn�t Pr�perty aitached
Yo tr�s A,rnend+ed t�sess�raent Agre�txzent as E °bit"�"as hereby subst�tuted irb��s pda�c.
4, To the extent of�y con�lict �r�nconsistency b�t�reen �h� te s and conditioras �f
th� Orig�a�al t�ss�srn�t A e�ent �d tkais r4me�d�d �s �xt A�ree�er�ty �e t s of th�s
ended�,ssessment shall�ov d c�ntro�.
5, �xc�t �.s e�plicatly modifi� by �s eaided ��s �n# Ag�°��rn�te �1 t�s
�d c�nditior�s�f the 'g�al Asses�sexit�gree€rie�t shall be�d rern ' in�zll far�e and�f3Fecf.
6. All init��Ily ��pitali�ed t� not d�fisi�d in �s end�d �s�essment �4greernent
shall ha�e the rnear�ngs ascribed thereto�n the I7evel�prnerat Agreern�nt.
7, This �nded :4ssessar�er�t Agreem��t rriay be ex�cuted in s�ver�l c�untecparts,
each of whicfl�rr�ay be deemed�original, and a11 of such coa�ger�arts to�ether shali��r�stitu�e or►e
and tlae sar�e agreet�aent,
c:�wraa�ws�T�n,s�w,�,a�a���,c��_�sw.a� 2
�OT"�A�''aE CRC��dE ECOI�IC�I�IIC
DE��,O� N�`A ORI'T�'
�Y -� .�''�------��1..,.��
Its Presid t
ts x�cu8iv��ax�ctc�r
5`I`AT'�C��°M SC?'TA }
CO O�' ^�>nr� ) S�
'The for ° g i s �nt as�cicnowledg�d befere rr�e thi Y�f ,2004,
�� and
, presiderat at�d ecutave dir�tmr,
re ect�v�ly, c�f the Cc��ta�e Grove Eco �raabc I3ev�loprn�nt ut�aarity, a pub�bc body�orporate�d
polatic under the l�ws�f I�i�esot�,e�n b�half of t�i�Ec�nozx�c I7eveloprraent Autkaoa�ty.
'�' SS rr9y hand and of�aei�1 se�l iai the aba����oault�r and Co s�n�vvealth.
�T° I' L,IC
My�� issior�Expirese /�,��
O
, .�.�` . °
��� h�ll R.BELSCAMPER
NOTARY PUBIlC-A9INNESOTA
�� �Y 3l,:.�
C:\WdN�Ws\T'LMP�An�nd�Assessar�t�gr�s_AHW.doc 3
�TS��J�L's� C9 YY g 3.s.3�.
� ° �sota 1° ° p ersl�ips
�y E� oldin� c�r�pariy Ig,In�m,
a Penns�l � c� ati�t�,its�en p �r
�y
Edvvard�,L,i .
ST'AT'E OF PE S�"L,� �
�O o IP��`F E�P )ss
)
T'he for�goira� iris ent was ex�ut�d this � day �#' 2004 b
Edward�. T,ip ' ,the presirl�t of EEI,�cS FImlciang l:ox�ap�y II, I�a�.9 a I� ylv °a��rporati�n,
the sale general�ar�za�r of�ov�- 'nbow,I,.P.,���esota�in�ited p ership.
T' SS rny hand and�fficial seal in the above�otaiaty and�oa�nonwealth.
Id at°yy 1'ublic
Ivly Coanmission E�pir�so
� �,
�
` �
c:�wnvaoe�rs�T���,a�d�s��r,�nn��r-rw.a� $
CER1'IFTCAT'I�7N�tIT�SSE5SC)12.
The ur�d�rsigcl�d,havirig reviewed the revised plans a.rad sp�cifcations for the irz�provem�n�s
tt� be constru�ted a�d the max�Cet value assigned to�he l�d upon which the improvemer�ts are to be
constructed, atid be�ng of khe op�u�r� that the ° `�num r�arket value cor�tain�d an the forego��
Amended Assessment�gr��aiaent appears a-easonable,hereby certi�es as follows: The undersigried
A.ssessor, beir�g le�ally respc�nsible for th� ass�ssrn�nfi �f th� d�scribed prop�rtSr �s y�rashington
County Assessor, hereby certa�es that the ma�ket value assigne� tc� su�h Iaa1d ar�d improvernents
shall be nc�g Iess than$_�, b i"1, � as ofJanua.r�y 2,2005 for tax�s p�yabie be ' ' g�20Q6
until t� ' ation of thi�Agreement. Ex��pt as spe�ifically noted ab�ve,all terms ar�d�alcaes in the
2002 Assessment A�reernent concez�ng this pxo�ert�r sha.11 rern�in an ef�ect.
�
Assessor for Washington Caunty,DilinYaesota
STATE OF I�I S�TA )
)ss
C�UI�TY 67F�1�h.a., `�, }
The foregc�in�iz�st�yent�,as ackrbawied,�ed b�fore ma t � ��day�� ,�,, ,2004,
b�'�p'°---��`-� 1"�m..o..� n ,the Ass�ssor for Was�izagtan Co`znty,lVli�ar�esota.
gri.r�-«�..._.�y.
:��.:�� � !taDli'I� �1}. ELLIS
��r..._...„� fVotary�ubli�-Mf _
�-�nn coa„m • �e. tat�Ptabli�
�
E �A
�4LD PR�PER
That p�art of�,,ot l,�31ock 1,of th�record�ci�Pat of GRC} I'L�A 2�1D I?IT'ION,irV'ashirigton
Co�ty,I�iir��so�described as follov�rs; .
�e�irirung at�tae l�i�rthwesterly cozner of Lot 1;thenc�I�Torth 43 de�re�s 56 rniri�ztes 36 secs�r�ds
East aI�ng the�Iorthwesterly l�ae of said I,ot I,�dis�arice of 519.70 f�t��h�nce I�toa°th 6q degY�es
50 rninut�s 21 seconds East a dis8ance of 40059 f�et Y�th�paint of begi ' �of the area g�be
d�scrib�d;�-ience Ivorth 44 degrees OS rr�nutes 40 s�onds E�st a dns ce�f 34.75 f�et;th�ce
Soa�t�45 d�gr�s�4 ' utes 20 s�oa�ds t a distanc�of 30.00 fee�9 th��ace�o q.4 degr�es OS
a�nut�s 40 s�c�rads East a das ce vf 1 I 1.5�feet;therice South 45 de �s�4 a�ra�riutes 20 s�conds
East a dist�nce c�$'�5,00 fe�t;�hea�ce South q.4 cie�a-ees OS m�utes 4Q s�cands W�st a dist�nce of
146.33 feet;th�r�ce I�orth 45 degre�s 54 zriiniztes 20 sec�r�ds VJest a clistance�f 115000 fe�t t�the
�oint of be� °ng.
E IT�
DE LOP P�OPER
LoY 1,�lock 1, of�he r�:ord�plat of CiRC3�E PL 2� I�ITI�l�d,VVas ' gt�n C�t�r�ty,
1Vluir�eso4a,cx�ept for�hat pa.t#of I.c�t �ID�l�scl� 1 described a�foll€��s:
�egintun�at t.he Nortt�westerly eorri�r of�t 1;�hezice I+T� 43 d�grees 56 rr�inu4es 36 secc�nds
East alon�Y}�e 1�1�rthwesterI�line of saad Idot 1,a distaarac�of 519,70 feet,th�nce I�Po 64 d�grees
50 ° utes 2 B s nds a d�stanc��f 40.59 f�ef to the��is�t of b��. ` �of the aa-ea t�be
descr�bed;t�errce�0 44 ai�grees OS ° utes 40 s��nds a ciastance of 34.75 f�et;thence
S��zth 45 degr��s 54 ° tat�s 20 s�onds t a dist�xce of 30.Q0 feet;�xe�ce I�otth 44 de�a°e�s OS
rnir�utes�0 seconds E�st a distance�f 111 e5�fe�t;�laerace So�#h 4�degrees 54 ` ut�s 20 s�conds
Ea.st a distarace c�f�5.00 feet;thenc�South 44 d�gre�s OS ° utes 4�0 s�ond�W�st a distag�c��f
146.33 fe�t;4her�ce 1�Tortk�45 degi°ees 54 mir�utes 20 secmrads�rest a dist�c�of 1 ISo00 f�et to the
poinf of b��. • �.
� • B
@� ryry �p dJ E 8 � 1 6J
L� §JIJWPU d i d d.Ad L 1 V A
Sectiora 469.1779 subd. 8, Assess ent A�ree�xents. �i a�a#hority rnay enter�to a aaritten
ass�ssment agr�ement s�i#h any person estabiishing � ° ° � market vaflt�e �f tand, ��tistinn�
ianpr�vem�t�, or�xnprov�m�nt� to b� corsstreacted ��distric�, �f�e pr�pertgr is ��un� mr�ll b�
owrted by the person. The ' ` urn k�t�aiue�st.ablished by an assessrr��t e�xrtent may be
fix�d,�r iricrease or decre�e�later years fi-om the ini�al ° ' ta�rn�rket valtae. If an agreem�nt
is fiz1ly �xe�uted before Jaz1y 1 of an ass�ssm�t y�°, gh� �n�ket value as pro�deci und�r the
agr°eerri�rat rnust be ats�d by the courfl�-y or local a�sessor as the able artarket valu��f�ie prc�p�rty
for ttlat assessm�nt. Agre��a�ts exec�ated�n o�af��r Jax2y 1 of���ssment y�a�b rs�e e�'ec#ave
for assessrnent p ases�the foll�vv�g assessm�nt y�ar. assess�aent� �at t ° ates on
the �arfliest of th� date �n wh�ch conditions � ti�e �sess�sa�t agr� ent f�r te '�ation ate
safisfi�d, the t� ° a�aon date sp�ifitd � the agreeras�nt, or �e date v✓hen B� iaac er�t is no
dong�r��d to tYae aut�ority��der s�cction 469.176, subdiv�siora 1. The�sessrr�ent agre�ent shall
b��r�setated tv dz��unty assessor,or city ass�ss�r havirig the powers of�he co�ty assessor9 of th�
jurisdic#i�n in vvhich�he tau� incret�ent fircan�ing district and the pro�erty ttiat is the subject of th�
agre�rrserat as loca.ted. T�T1��SS�SSOY SI1�II 1'�t�1��I t�l��DI�T1S c1lid 5�.9�CIf1C�tH03tS �OT'$�3� l%17�7I'�jI�2T1�11L5
to be �onstz�zcted, revieur �he rnaxket �a1ue pr�vio�ly assigned t� the land �zpon which t�e
irriprs�ve�ercts �e to be consir�acted and9 s� lon� as tt�e ini ' �ra rrxarket val�te can8ained in the
a�sessrnerat agreernent a�p��rsq in the judgr�ent of the asse�soa°, t� be a reas�rriable �sti�nate, shall
execute tile following c�rtificatioz�upon the agreerner�t:
'I'he tiridersigned �ssess�r, beang legalfly ��sponsibie for th� �sssessment of th� abave
descr�bed prop��, �ertifies that the rnarket vale�es assigned tca �e laatd a.�d iaaaprovements are
r��.sonabl�.
The assessment agr�ernent shal�be fi1�d for re�rd ar�d recorded�n the offiee af th�county
r�carder or the re�strar caf titles�f each co�t}r wh�re the�eal estat�s��°any part ther�of�s situate�,
�fter the a�re�ment becom�s effectiv� for ass�ssAnent p ses, the assess�r shail vatue the
pr�pert�r urider sect�or� 273.11, exc�t that the �ark�t vapue �,ssi�ed shall n�t be less than the
�nirii.m�n rnarket value establBshed by the assessanertt a�reernent. TYa�assess�r may assbgn a rriarkeq
vala�e tc� �e p�operty ir� e�cc��s of the mi ' �aaarket v�Pne es�hlished by the assessment
agreem�nt. 'I`he orxmer of tl�e properiy rriay seek, through �e exercis� of a ' 'strativ�as�d legal
rerrtedies, � reduc�on in r�arket v�lue for �rop�rty �ac p oses, bt�t rao ciEy essor, s.�unty
�ssessor,c��zz�ty aa�dit�r,bma�d of review,bc�ard of�qualpzat�or�, co 'ssi�n�r of�even�e, �r court
of t�s s�ate shall grarat a reduction of th�rnag°ket valu�bels�w th� ' ° �a mark�t value�stablished
by th� �sessment agr�e�sent duri��f�e terni ssf the agreem�nt faled vf rec�rd regardless of actual
m�k�t ealues w�ch may re�ult fr�rn i�cornplete co�.sgr°u�taon c�f�pr�ves�ents, d�s�ction, or
diminution by�ny catas�,insut°ed�r ° sured, except in the case�f uisit�oz��r reacqu�sitiom of
the prope� by a pub�ac �ntity. R�cord�n� � �ssessment agreernent car�stitutes notic� �f th�
ag��errrent to any�ne who a�qu�es any interest in th� land or�prov�rrt�nes that is st�bject t�the
assessrnent a�-�ernen�,ar�d the a�reem�nt�s bi�clin�u�son th�m.
E I IT C
PIZEI,II�i Al2�'PI.AI�t DOCLT NTS
'I'he Minirraum Irnproverrients shall be constructed in accordance vvith the attached preliminary
plan documertts
Cml
aira �in3a
�, snn ou� :-t3'irv:+:anw. exw µ�..,.a..
s�l�=r/�. �vrvu a ,
ca , �
,nva �u.m „ ;�o
—_ -�_ ""�s" � _ 133HS 31111 NbV'3A02iJ�3JV1103 �V
:, N�, �;. �r n
s '�/ : 33i\-AH w
--... _._— .__. ��� ��`�_3������� � �° �
�sso
Nool�nalsNo�ao�loN-Mainaa ao�oanssi
a�� ��
�
��
0
� z
'oo
n�
a'o
o –
ww Ma ��,
> > � �
�,� g�
W �'� ZZ�
� r=� ooaa ja �� �ci
d w w � o a
� �"' aa ��� j "
. �m H- U�U cn I= p
� H�I LL �F �
J h li-- � U'�
� � a �
w w Q
� U U �
� Z a
tJl � z
W LL
a �� a
L M M M
j l�. LL LL
E O O o O
o � o 0
m U w w V V a w
� m W W W
� N � N
� �
� � �F�� # �u`'�`SE. �",,..£'�'"t�f ��t �
,pB, �S"'��'{. � }�.� F"�+rob�4�� , �' �
�Y6 ���y.
.�a§ "+t'�?� �."`R�`s�.t•�"h ".K�r
Q� �'�5's'�a�-s�, E,�g• w� =s��' �^ 3 �g 3
� � .� c'�' .�ra -�"'�- '��.sr , t� U7 c � �
p� a r
� > �
� O6 ��, �l``h'Y3�t�`� �: '*•�i��� � f� a
., � s„�� �^�"���,-� ����:°���: z �� '
� ������"�` �� � `� = a,� �
� ,`�� �k- ��� g ���' s
� '� � ������� ����� � �i� ;
� � ,� �x,.'�� � �y, �' �b g ,
r���� � ��� °� � �w
"x��.� ����. r y? ����z�j ��ln ��i.� �-
v ���1 ���� ��Ca������`����� U Z ��;� f�
� z� w � a� �
� ayLr"��: � � � a
��"�a'��.,�. �``� s, `r� �. '�. S��Y� �a
� pp� �s� J_���'���.�� N S y����
� � � c .*r� �'_�{"€:�..v�...�a"mi zldd��a�jw
�
6 � W
� �
a a¢
� � YO
� � L� U¢Wro
Z�2 N
ri
� W��N
� y O W�
� T W��
� ��
� m�
= � z
w `*� �
Q w�
r�rn r�
� � a3 �
Q .�. ��,
o �<r�
s � ��N�,
z m�-
y � W a�a
W�� W�
Z �zdnd
'uy'' ��J
3� � a.��GFI�
- wdbi� aIOL 'SL��9wa�aa„�6rp.._,3F..]lliLwr•y`DOJ�s�aai5���d�OdJ�b.caq���.�a o��a6o11�J�33A�AF��3(1loJM1\NN
���a��tgt .. f F `ah's � . _ wo f�E
�.y 9 5 gAg��� � o
O�
� � N �i@
F➢ � � U a
S
� � #�a€��p m y asx � _ � - $ siY
� n :R x[ � � 3 li �' �` $�
� e cx.� .s � � � �� - � �� i �„ �.� �
!!. � x €a� �a� s �:� � � . ' =m . ,��» �� ��`'�.:.� �$zxw��
LL9 � a t�°EssEc a � s s E 5sv�6 a � m � Y� 4 vi/;� �� �opti;}}e
�.�p 5 £k£a� ' .3 Y C� �6�c ��� ! i I �� � �� a w �� " s
� � x Ep & s z x . � s��"���, � ;a � o� `` �� <vE &
y? N s �.� s. 's � s z.R�� �r _ ��� �'
ye� ER�' z� � �g � sa�$$w a s � ��$� r ,� ��o � m
� P g m a� L � � F� g$� � o � ��w
W� p .�Cxt�� 4 fr m € 6 .g g z � �� Vs j � � �z
� fr
� p �y 6.�T�'.. 1 i 8 5 pCa 8 �_ � S4 � �k / 'b��� Yu�
� L � sE v � y �.e� g s �� s V �� .,� ° ��9
� {� o ��. e k� � � €.�` �E e � s�a a a ,o '�'�a � o'
11.� p, y..- �� E a �s e� � �. z�� y:Y.
� � .&�' E�5� 3 s � E 6 6s 3 �xf I rc�i . �,� � a
� � U�r �frR y ��Az..oa � Q a �a4 ��n�.i" _�� p e
dL� W oe� c: _ "s� �ss �a � V a Ea tyi x �� w
� � 4�R o � � � ` e y g 1!6+ ' {I y � >
� �vE E� � b� E .YF 3.. � E r y Y�� i G � § K 3 $
� �ox e_W ¢apR �_ . ._ F__.�s. ._ � s � � 1�1�� c�o o W �°
� �< i s �. m . .. � ,. _a SS Uw:: y W
W o
�i 0�
'b1�� p''q��,•�f`t � O�.
�
J,(� q�M� �s��� t�,�.a[l 1 � i b°�'�q,�, (ssYs?ss'�7-' . �lN o c
5���1 I I���� ' � ' r% _l� �- - a�n\! � \ i �g
4 ;�,�� �- e, __ a�\i ` � � w m
��. � � �\\ y '�,�tl- ___ -__ �-- l'�� � i � .�. o
�'( � \ �f =1 a�s�\ f � Q
� I�I � � ' � , `�\� � ��T4�s�� o �d
�.C�t I � ��•� i /'� i i 4-`� '_ �A��P p;,C < o�
i l` `�� i.`� # i I r =� N � > N g
,, .
.�
. , �
� �;� �, � � o +- o
> �� V��� �iC ff il� r� -- � � �
` .
� /' �� �C �4� �� � � ,�' ��� i � r� �
$ � N
/� \
� �J� I a �
$�.. / ��6Q� � `�`` 'i��r �j.i �ya ��i .I� l ¢
�� { � c I�� I. ('
/ �� �� ` ` .i��/� I I� q�� ���1 � (�
_., ``�` ��/� I�� _ ��' 1�I �� - �`" G
� ���! a�� - g`. � �� �� � C
� � �: � � � � _ _L-�'� q I!� �a
� ` �\ �. 9 c= 3- ;=���;,,�y'� ;:'i �- � --;"�r-� is� ' 1 .•��'
-- . �-� i . i I� r.._ �'.y .i � �. �C
� `� o �, � 1, � �a i I� __ i�' �` __ `--_� 'p
� I w ��1 C] 1�I • � (h
I
/ . F- F� .� "�� i � 5� i'� c� i i� i` r,:i ._ �
\ �, " er�' .� J� i� ( �; i�� i I� �x _� �
' c� ��^�:�� ���\� �� �{�� Ex� i �� ` i!i �q � '�.� s�.
� i �I l �
a� a �r �� � �s ��� i!� �3 ` Q
� _ `��r��'�� �t't �$ i fl�l 4� i l i �, i�� � � �.I � a
� �ig�.+.qSd� k �\� � i y k� ��i .i l� i � � � y
a J e � aec-o'a;9+� ��P� a ���Y� �'-�,� i j� je `' "� w �
Z Q Z Y"�°+��e���'� ��1i � I i�+R�N � a�� (i - i I i �' >
Ud �O �+�$@� �V i�S�} ���I !i i i i i � = Y
� �� �i�a-' � � ���P J��'-' i I !i i I� { 2 � � `°
� ' ; �� �I �� I —,� �
� �� , \:� �.�w"� }�:,'�`� �'i!�pl� ���Y�°i i I+.! i �� ,,� I
� �� �\� W - J����\� i I�il I i I i �!i � �x !
E y'•r, Wq�, ,� --�` i � .�".bv ���,�sr- i I i � `� � � (�
� �(�9 R� � •�8 x tla I ��� i-�i�� i i /__ , �i i �'; — �^
� O R�aR .���. � �,�8 � �\� ��i i I i . y d i �
0 � ,. .� �s� � � �` i� � _�',�,� --- --� --- � 6-4�= � c> FPAiltO(PlESS � LL�
� - - -
� --`_- ----—
� iry� ��.- �i � ���_ � -�„�''-� ,r---- -1++ ----------- �=—Y ;_=-r �:� ROe4D � �
IL� ���� i a.ex.n:s»r �Si. l,il — —��I j -_._ 's �i. T �
� � � � & p asi� vf i I�i � i I i — ..—.,, I � � �
I�� _ �t! �i �
CV }M�� 6 ,�i i �h i i � i i �=�. a (�
idl� � "�� ��� v � � i i�� �!i �i ^ � 'o � � �L
�
� �� �� t�g� �'a i I�il� �I� � �i F� � �
� i i _ � — �
� �� e � �� ;���;�� �I� � ��
�
� �� � °�-------, �� ;I�� � �I� �,
� � i ss� illi'1 i�i 4 i
� $�+ i�li�I � i�i � ' _
i r j �� i
� ��' ; $° �r�i�1 � ��i - � � ,.
� ��� � � p 1�II�� r 1�I i. p �b
z
J `��� ;' j ,� V'll � e 1�I . l6 "
C9 � I� q �--_ 1 ��, i!i � � � -_
�a ��� r------1 --��,� .I x � i�i '. � is �
g ' � - I ..I ie
� F ����� �I � � � � � i�I � j� :Z�N
� s°s I,� ;I i I I I � �` i�i �.� " �p o�
��k � � ' � a i.�i j�i y
� �1 I I � � ..> I 7 �
� j . I I I v ��1 <' i� i,_� � a
� li�� I�I C �5 . �
� `� I 1 J
M �'>:
I:� �I I w $ I I I h �
0. __�____�C) '� � ; i�� i� t_
-.;�'� _ �� � � g ili � i� �
�5.i ` � � [I�� � ��
N, �� .. I' � Rili �
� ��� I � �.�r-i�� �8 .. _
� �s i ����� � i i i ie . ,�
�a iji i , g iL
� "� � ��' R iii ' .� o_ �,�5 �
i �� Um�
�o.i �����=' i��i � ti. ����' .
� �
..i �� i I i �os ���.;" k � .
.v � u
-q'Yo. � �J� . . � -�'.�_-�{---� `�P .
� -------------- �-----1.0��.--- -- "-- .,; � � a
��,�. � � ,,�. ' — — ;
�
lzo.;�cssl 8 f '" � 13m..�nz) o. � , .
FP.!/D�� �4�����'°�7�6f�Q 1Nd�d 1�@3 �voi
� - �o�
� a �� � vo� o�
� �# �c$ � � � � a �e.e. ���g��A P ��� � z
�0 � .�qRB���e�R 68�R�AB%�8d8N8�N8't868B 6���'PgR' �� �FR:B$�B� m �.�'8 ��833 �8S$F11� yZ ��§
� � � �. ~ �^ r� # �m �'� e "s a5 a.e sa5. s�aS�'.,oa a y_ a�..r�
�,� h `� �b �a x� r, ��goa330
��� j .�za£ezua�a@iz�a„�s�"�.csr�m.,�..;a"s..a�m�,m�au"aka�$xS ��e&cex%.,.amez�� ��.Fe ,�a#�P��¢$mae$mbs,��'£ �$ .�;. c�LLs�
I pg��� Ns a
�_ (A �p� � �a� ��
� �g.�er. . .�'�.R YFR2F SY. 'R&�3 � ....., ' �....s � .. . ,.,�_r ` �`�� C m.
�� �� �.,Ee��„-�e,.�,s,�,;�.,�Ee,,..�.,rrse�ec��e�ew„e.,�e� „c;:cua.,.,u.c.uur _ .a��s��a�f..�m�„3Saa# � �, , �.'
W
�� \ ���£� o =
� � o o.o % � a
� � o
�� � �
� � � �
�� � �� � � � �e
r d'p i
�� � ��� � , �
� a� ,. �C x�+:a�� ,.� "�, � a
AA��� �" � � � �'. � � �,,,f,�"� v �' ��' � � �
F ap �/-'H�, .�y.{�'. f &1� ` �O
�V 3�g''�n� '��� �� '�d ; �� °:'r:� 1 � �1 H
-S� �M\� Y' A �� �� �� �. R��� sep \� f 0 N�@
`'� A '� �.'� ' ' �/ R � `�-- .ti��" 1.: " �� /f.�.� .�+b�
��" � ° %�' � � �,..��� � ,-' �H§ s �
I, q, �t' `�"`' e �'7}��_ R� D;,l a c
�� �� 1 :\b. ��/� .. 1��1t, �1��p:�� .� Wg
f
j �a gr
�� 1� �' 1 I� #�� „'�1.�. ,.,�''� n ` � o °>
.S ��.t°'A� �; f`t T 1.1 �� ! �.. M ra - 3d 1� I f- 4! N Q
4� a% �, °` i� �� � , � � s „��,� � i t �, �^ i� . o �m
0 �� pp��f
,r�'°° ,� ix �
� �'d°'� n� � ' ��f 7�Tj 7,� ���y�9 3 � �;�, �rg t? } N�
� a.m�,-' 1�I �, � ' . . ��. , �c9 � �V
� y.,,.�. s^ .,m'� � _, I��. ..� ..i a O
, I
' � � ( �'I� N�. � n
� //�� y1 f y I 41 I� �,, f K
/ y ?F _ �^ h\/ � d� , � � FI' I Q
�f , � s '�.'y�..
� i ..�t i � ��� g� -
V �i� � � t� F I .I
/ , C> t �`B {p,� �y __ �'. �� C':�`� ('1
_-, �.,��� ��. a � f'�e � � � c7 �yf �°g � � C
\/ .._ M.. �y��� 1 �$ ,.�u ' I�e �. C� N�(:3'er J ` ll . I
\ �.,. (' � �x I �JJ ( )3' ! 3 ., �i nG — �
j�} + ! �
�:. t.� �y � ���� �` � ��" �'`�1�f'�� ; '��: �3 i t��i� � .. �� �
1 ,, ���-({- � '
`` ��� j��� i ,-'t� i � �,, �� '1 'i , I N
�-:_ . g. �' � ? � �' � f l I „. 1�, � �� �1 GJ � .. �'_ �
�. . ,.,v , 6 .�� � -�- :: � .
°.f' ,� �� tt.:I j , ." �o . I� C
� ��,?� , 1 ��:a'� �' :� �'� � � °
x
'' 11 •���� `�� + ,;�� �' � a�" a� -___ � 1 0 >,
� & �1 � ' �� �`��.'.T 1� � �� y �
� ��� � ,� ������; ;r�,�_ ; �� � � w �
, >
�� ° " � ^\�i� � r����)���ar�. di��i�� o ..k � �, aii... ., = Y
� g'j� 1I F �f a(I�r A� :.^. I � m
� \ \ . I t �� � lt 9°P-}4 3 F �,.�i j��� - �t L �
♦ '
_
�,.. H
` ��� --r-r -'`a �i(. ,T..� � - - --- 4� ; c, J4ARKN�SS
� �i� --i�± �. - , -- --- -�--� � � v; ROA�``�q
� ` I� �. f �� ii � I� id{' ��� � � __ "�� � �
i �i � � �
� � � � � t i. I t� s �:�` �� a� o � LLJ
va I ��w � �' �" ' I � �
� �- � � ��� �- � _ � � �
�, , ,,.
y-
� , �� � ���; ; � � �� � �o ���_� .� � �
� , �� '� ; i ,x e � - ��f � — - � � tt�
� � hi , � W, �
— � $� . '€� �,�§�`" . �e � ,�€� �
'* � ! �' �: �� �
��� + ' f��� r .. @ ��t� M$$��
� € ���s 1 � � � � � 2 I � a d�+ ����.��a�
c�. F i• , i i i �� :
� ' ` � f � I
�I� � , � � ,�
�� , ���,� E' �� ��--�-�--- '�I , � �; ����� i i I I�1 I I
a ���; �iE ��� � { - � e ;�� � 1 � �,i�llll
� � `';� �g ' !�� ,111 f�b� �� �s `� ��
�d��g�y� � .�'� � � l�i ���� '� � '��� � _
"° � � ��t/ � ���j��l��t'I� � � '�� � ���o , � �� �' � a � �
��� p ��' �,, � 1(�I �. i ��o �v� �� � � �, e��� � a � v�g�
� �# _iE. �..,,,,::,.s� � 9{: 6 i�ti �.'° ai t'.-� g��aa�" � � � �,
���' � I 'i � �'i � � � � �� � � —> -
r g ' I � �}��f,�i i sa � ���� .�a�,����� �
� �` � � I i ' i„' � � �*
� i } ' i �--�
� �' � ��a -� � !. I ,,� 1 � 'i�_� �a _
a
'f 4
.� s �.,�„" � a. .�� �.$ �.` � �-:;_ 'n � � ��..'FS . g a
y .�� $ :: � t �. � 'u� :: ���� , \ � `����� �Vax�. ��. � k, f I .s�� � ..�'��€;
0
. _
� � a , � ` . '� - -- �mC3-� i �=����?Za� , � . -• : . `�b ����m �s�
� g �y,e � u�r#o-���i �.. Z
� � ID d �.,y., 0 � • • . � .._ . . xi� !� 3 �
OsmJ
z ��r.7t� Ar�� c�� �m��r' s�°��oa as�a�� �ts�� �� r � �o� ���
�������� ° � �� � g �:
� aaa� ° � �
a� .�x m � �
� ��� � �o
W�iGb.3az<3��.�� mp �d
� -,�ea���o�nAeab-e ?� 3.�m°z
a
e -
;e
<,.��5,�3a _
�,«=�o - -
"�' ���f � N`d'IdAll"IIl(1 NW'37i02iJ�3Jti'1100 � �
a�,j
—---�— �— ,���.s� ���.����� i c� . �3A-Aii w U
�
� � N011�f1tilSN.O��a0�.lON-M3I�3212lOj O�f1SSl
F G g �a�� � -
� � `"`�����.c������ �� ��
�w �� �e3ob � � ? i
��"s�� � � �� a
�s�m������oS.������ p� �o,
�aa��aaLLaaaa� �w � � o,
z � ��� e �
r,� ,, `, �'�
�. v
�' � �� > .�\ ' m
.. �� ` �a�\� � �� GPa� -'/ V"�
� �� �� � Y
I o�"I I I I) �J, '/i` ,�. �� �*�� �` - ._ � �?
� I r � � i
�j. ' i; �� � '�`` �r� � /.: .
. i/ � '{' � j / ✓ �� '• �l:"'.`i
k� '/ � � �`�� �, i� j T �_���,R�A�
�� �/ � � ��`���� ' �� � I � ' '
� �/ �\ .A �� � %' � ��. z � I �� �"--` ��
� 1 \ .- �� � ��,� 3 , i�: � I I
�',. ; 4 �
\ \ � � f �o��
\ \ �� � � I.'-.a
'��" f'� \ a �" / �� �' I � ----
q,� � \ ;�\ ,/�`�'t I � � � � , � -- -
t � I
��/ \ /\`\ I �� ��;� i� I .�
% � � \ Y �' ,>� � � �
� . .
; � a � / i .
� I ,
R � ., ✓. Y ___________._
ls:Ek,
v ^ ��Y\\\. ' `y/`�J ���I � I ��, (
i� � � '
\\� 1' , � �`z' �A I � I ��� �'
�! �- {f . � �� � s . � .. _ �__'_--__
i i �_� , �W ` �. I � �� � f i" ,�F.
.
.,
i . '.i ��S t ; _I � iy - - , �
; , . ;.�. -�f R�
�� �5 '.. � �` Q i ., .� � � � a�
�' �
� � � �, oF I � I
� �
5 �
i t �Q I r C _ �,-""� - ---
i �,��,��,�. i F � �:
� `� '� i a .r, � �
`, .- . �, ��. � , � �.i ,� „ ,_'i --------
/
� r
�� � ,\� i/ } . ` �� f I I
=`i
� � ����: I, I :� . �� _, �a��'�. �
� �� I ���S � � I ��I � �f � � __--__-
� �
r
�� � ' � j '_� a�dsaa��w�s�a�� � .I I L'r.f p R K Fd E S
�� � � E� � ����� I >� � �� � _ �� — _ � � R�Aa7�:
���� � ��� �; � �'`� f � �� '�` � _- ---r--
�l \ � ^ - 7 L � : � ��3NIl Aly3d �11HIXa` � � �{
�\ ��V ..1.,� I.3t.1 LadO�,�°M1 1>�R9_ �1 _ c ,a� .. �_� � I
Q�`, _� #/ °k.." � . .� g« i�:t -F'� ( I o i
PB2. � _ � /1 °i��� II ..�� � �u ' � .::I �g ��I
j �
' I l ✓' ��.:. ". I H a
� 1 3ur uu�doa� =iN3 3.�.�o �..9._) —� —� T ��� �
�: � -2!3s�o8a / c- �' — ___j_
��'` 1 y I I _�_ < Y �
� £I���w �€ I — — �� �I
���.. �'�_. &���� �: �a..� � -- ���t� f� 1
-� � �$�� -r *� I'.-
��' 4 �� g �� �
�1 � �� �I ��1�� �� �¢�� g� e�a� 1 � � I
� �� f J—}R��g I T I� . � . �� �� K�. i� Xp _as. v� .I f� .�
� ��� G�. , -� '€ \� ����b��� �� �= a°�-, w ��'� ��
�_� i ��' '� � ;'.\, � ����,��a a� ��= �� �, i�
�i� l � ���'a� �" � �� ..
� � �" ' ; I �- .,�` ��. `� � ��
� �� � . e ; �I �i=
� i I t_g� b�� $��: � f ' / I � / P2� &} ' � I,�
� �'`g� wE_ I � !����\� `, °� O�4 i i,sa
� e 3 w � �'C`�\ ' / J 6� � �
� i k.��� ��o�s �� `� �o- �/ � ' � u
4 ��'II �� ���\��������� .t, '�� � ���'�I II�� ��
, � � /�� �
F- f� � °. ��� �i ��/���/�I��fI� a �i"' �� �j� �I�� �s
� i� '���/J��l�� // ��� � ,� -,i �</ "� ��` I 1ia= ��
� <,
� ,���; X� ; ' w ��� � /
ua -�, . � ��' `(` \V �� �� l � / :
� ��������� �� T�
� i `� � �� ���i �` � � � a�= � � , � �r .
�� � � ` ���� � r,: � ` t I � _ i�
;, �� :� � ,�� � ' ,� �, � _ —_-- -,� --< i
.� �_� �T � �� '� �
� i ,����,��uEa-,-,� � + ��z _ �� _
vs 6i�.�.i�v3Kvnn�__ _ ,-�g„y_��ha3���'` .
^ �::'�.--�nruaa�?�3''�' 4 1 td 1 O d 1 S d 3
�!�hd.lf7OS ai���f � 5b'7`JCit)C7
:. ,a,e..o.o�M�-.,� ,�o ,k,��<� �,a,�.„ o�.,���w w,,�� �,o,o���»,:�,���.u».,��w.,qN,�, ,_M.,. �.A� w�a ,M� . . � w
.a., w ,� �, Nv <w,_w�„��
a���� s oa� ;r,,�a,,,�„�s aMe�Nv�d unun�-o'to\%�•�+suomCoaa,.q-�aa c\�^m��b�n�o\33n an\�3aroti+:Vr
� _
� �o ��
�� � d
y�� g� �
s � � =���o - m �m� �w
�— �� e �� � � �� „ s�Y
x c � �, tl e .. — �F H�
�� i �$E 2'� T � ` \v I� �� s.�...r w.0 I� .:f:%� t(1�y� W.�„
� W � �T, n � ��y� � �'d�Rj�
a � a�6E �,� �� d'� a�—�y;F ��dP NI43&
'3�� 5 .kPS� 3 y i r�. 7 #I �r.�"� Q' �4 3s
� � f £w � S `y .y ' U � g'� �� .@
� � @ .c� ��� � :� i `'x y`� �
(61� � g�c e $ s �� � � / �7�r U� 3p
� � p �`,`Tp E x �� 3 i `� � � y Z
t6.� 6 y ��E � g{�:x`d�� �s� . � �. ��+� �` �
j� � � .a�� E�x�.� € j 5 � 2b�. �'� C
� � W E ��� fr8 � �� �§{$� � �a
U�� �s. �}�rY�° � a tl9- m � �0�+� '� W
J r - Os e � ��^
� ��� .aa . ffi a' o� s�, ..z
�� �F �an 0� � u m
, �_w 3?�x- �,. . oe o m �a
�a z � ��
'-0 0
,.� ,�' if a�
� � � �� \ °�
m'2 �'2 �e� ✓
�d`� ,4"�< ` .�k�r`�,� t�5,�eo+c� . .�b'.E�.. ..��z, ��rsyss y'hR7r � \` a �
5�hi � �'��\ "� ��� � ��
d �"' � , r
�}q,� y�S ���` ,� .,-, rnor.� ,�KM�wos000„d � % vi o a�
� � - .
� �
.g vd� i i � ,� �------- ----- � W `° °
� � i . r` -- / �f�F � n�
� �` i � � �`t — t� ° �e m
�� x3 � S , .�A � i r— ��'��������` r ��
. . '
� . �
�1� y V. 4 \� � lo[� 10 y'� CJ h �
1�„R�� � � � � � \ C' 0`U
� \ � � � ......._ �i , W o.
Y0 / Y'� `C �\ .Y ) 1 � I � 4.. � N
�o� / ��6� r`�1� � I � I � �` _ �°�' n
� t.�\ �/ I � 1� j� [� .
� A
/ ' � ��1 i i 7 i � I���
_., 1 \ �/ I � I .— __�I.0 U
1,��` / � .�' i � j � C
� �/\ �,. � _ }���' / i C- �`� i
` ! � �'
� •� �. $'� __ _,- s^ti��v i � i�,' i -.
\ �V
, •� _ ,� t � r- �,i � _ _r. �
�
� ,� �� � �� � i __ �s i j.. .o
-_ _ i i [�� i�i ��� m
� � <' \� I " ' � I � .` N
� ��`fl i i c� i��� � � i q
�� n'� t � i � •c i�s �� �
� ��^�t� �a� i� � i � i r ---{ e
� :> > W i o i " I �
Q � �; � . � ��i t o
a. � j � � �
\ Cl ..� X�� jl�Y� `1 I z j I ; ; h. I �. �
��� � � ��f
� ;�����gi� & ���� i � � i i � �, , o �
\� ��,e•� '��+ i =_ i i � � `' w �
�.'.�°'. ���s� }� i g i i � e f >
� a.m R. ��.1 I o � I � K Y
��Q `;�� � � � f � � _� �
�NJ ` ��1 � � � 1 � I ,�— �.
� � c �W�W���y Jo�'''�� I ' � � �� �' I I
I ��
` �aIaZKM. ���^{�''' 1 � � I � �$ '
�� , a W . ig1 I I � I � vi.�"`^. .„
1 (
$� � � �� ��R .:.F� I \�`�\ � ��/-�— --- I ' I --�-. _._" —� � �
S ��r� $b l � i t �or,� I �ARO.dEaiS �
�.� �: ¢a � � 'a _� _'"� � � -----------� ---- _� ` Jo o O � .�a'
J� °�S� h � . - -� �_ ! =i v�
�� �ffi8� �j ei.wtrian � ',— — --/ i � � i „— � �
� � ws�t �J i � -r— _� �
� b 1 r�� i �— .
+f ' � � �� �� � �
� O h:;i r � a � i � t i c� � � � �
yp^� 9
8�.� . � 5�.ho-a � v "Y� I I I 5 � �' � . � '� p�
� p P � Y.'�� � I L _ _-_ _________ __ t ��'— _I OR �6
� i �;�� i i _� I I v.,a
Q. � 1 8� i i � -------------------- � �LL �—
I ..w�w��s��a
o � ii i
� I -- '
� � i i i
"-----�__ ���i i � \�l
� g _�� � � . � b _�
r—_�_____.,1. ` �� � _ I
� \ 1 � ��
� � i \��I I i. �
Q � 1 J � � �
r I � �
I � t
V I ' I �.� ' � �
� � � i �
� I L��_ In 1 _ �n
� i�J j� � I N.d
� � � � � 2 v�i
.�i � I ` � O�
� i i g i �� + q
� `t � `� �' i � � � w �
�. `� � � � ' �-., �
z �-r---='u------� ; �, �� �, � e,
: �a � .� � --
� - � o , �_
a� �> � � '
a ,, �� i ,` -
, m
�S r1_____________� r___.` I I °�
� �, I I c'c� I � �
I I I ` I , �
� 1 I j `I *� � .i o, Q
� w
I I I � � LL
'_"_J r m
I I I � _._' �C ' `-' v!g. �m�a .
II L"__—_______—'—.—_
�-°� � %x � �^ e .
;Do� `_'___ ___ . L"__'� " u3rra�,�.i� u;+enesoav> < .
,�� �
n s.v . f3us,s nsl 0. g f ."":"' (3ar.xcsrs) a,,� � �y �� .
fl���a ����E-r�i�S��7�ROQ dal�� 15��� ° 3�.i°z� .
�� - �„�=
3ira rrors�n3a _
9i/SZ/6 _ _ ,
�ss ��o _ NOIlIaQV m o
�"'"'"vB10Z�` �� O2i£VZVId 3/�021`J NW�3AO2iJ 3JV110� _
�p q�1Y'�SS���"�N�� � z;�zi�x 1V�d A2iVNIWll32id 33A-AH � a
40�N il
� F �vou�nalsNo�ao�LON-nnainaa ao�o�nssi
_ � w��� €
a a a g '
} � ��!�� � �,s�� } �a�� z �Wg#��o�g°�� Wg�� �e� �a
`"sYs a � � � s� �
¢ a ��a� � �a=ry K m g� wE��� ��� `�3�$ � g"
� � > " � ag_� ��p��n������b�������� ' _. °°� : W,� � .�- s�
N � �y� i� � � F� Q'�Y ��wu�u�'�'�u��$�iu�E$'��iu�Lfw u� �� �n� ����' � �. p�a �M� 5p3 � ,� `
1¢- C7 ��p � ¢" Y a � w I 1 � �,T g� � ����$'� �9° ��"��� �q' "2'�u5� xs��'�} �df �8�
o i= `w a ��¢ ¢e����� �'I� i ' . C ��w,.� a` � w a,i p'�y�' ty� r r�� ���'� �-"�"`� � �i �1r'
N ��I�a ��V& m � I �. : boQO#�.:':7 \ t"�' Se �"Y'�c'{�`�� , �r�� �'' '��y � .g
w "� o � �€�sN�Ia � � , ,1 n_C�� " 5
� w "� a� ;5 s (w�o__ � ) I '. �` „�r�� ��,/' ��""'`# —.��"r ,<�_— � � � t \t v'a s / .
� � w � ,
�� N�
� �, � {�����"�.�"`°��-�v��4 �� ` ,,� � -- �i.-<
� � � � i� I I T� � / l �'� I P �P
/ 'S . '.��`y '��. � `� .�.�3. Ce !,_ / � � --b�� P�
i �C �ri��, , I k��f,;.�,.. � i�� � l� � � ���
i �� r � I }' � �� � �-..,,_ ' i I Y' � � `,
�/�9°6J e`�,�'�f�y� '� ��.. .��_.-. � f� cerra � w� �eerr,�p�n _', I � __� �/
� � � ��� ���. & _ � � . -
/f I, ..1VU!'L 4 IXl,l4t YfY ` f I� �� . ' 8
/ � P .�' � I t��f 100 �> � �: � anexr.,.r, n_.�sua�.r k:. ��
� ..., w, ' s+`�� ir. \ \ ds / - � �� :- L� �o �,: �4 �. ���
O��� �y,:: ,d� :,. � {�:� �g / i i�I ��:. ...,�r� w :��� � N �. ... gg6�-� -'
��
6�
e �'�:�� ' 8� a�_ �'� r E� � �,�� �� c� I� � g _
�r
�� ° P `��y' �F,j ,�' ���� ���� �� �
° i � T• � �,
r� ..� � � �1�. � �� _ �� � o �e
�'� _- w �, 'i,� ��iy- ;�,�,, a �s� ,�.�i i��� ��a w ---
,. LL t � i r � �
� � � �r��— � � `,� i �;�_ � �����. ,��
; ��� ��� ��- , w� � �� � �,� �� �,�� a �
, �< i
� . ��� � � ���:�i �u = i c�,��., w �W � --
.
� 1 o� ,a k � �ci�' �`� � "�
g� 3 h t}, �� j l� I i �� � ., k;, °,�' I L �� ��
h M
� . F o ' I: � C C�'
�� h � � F. �� � �� hl„�. � �„ g' x� � I �E i �� i�
�s �, h\ ` z g a �� �r, � E �', ` g �
�
1 `�� l � / � h� I __
� � i��ti,� A � �. — � g�
f��` �i �'� I"� 4 �%'� b a
p�� o z ry �,�� �;�`�- �i �`f u^ � ;s b
%
5° 2 a� �\ j .e 4 � � ;,� � 4,a�h t
N�55, 3 � \ {.. , . •. ��, ��
,°�
� � � � �MI i� e
a`�°a0 �'� � �a� -- � � �`i �Q� i=" '��� " ----
.
� c��ag`'9� :,� �� � � �, ��, � r��� � � p" �����3 3 ��_
e \ �l "^o H
� � � . .; � <<\ J � ;w � f k r , . p � a
�� ° r� GQ 1 �� �� ��� �� � �f �� °� ��
$ ri s
�,( a..� ti i� �;, �i
i <� I
x� -, �I �
. � � � �I �:hj
�\\ . .z,,�..�..onsa � / �' � "�. ---
�'o
u z r)
v e �4` �,ez.cv.ems 'r,1, � � , . ,� _ __
� 1'r�'4��2�� �o
� �,'
I � , �� � f� � E3
,`� � � � �1�� � � �_i .✓� �� ,1 �� ��-)f�tK9V
� �
\ �\; n�� �'— �"���-' �, , �� �
„�\C�� _� r � I _ ��,� _�,'�- _'��,"�'f f, � �,�' ___";-�
�
w R:
^°'�_. 1 �� z -�-� t }� � _ � �
�
�.� , ��� �ai k ) � ' �;�,
��� � e'I 1 �� w�` � � ��'; t 1:
z„p
eom — �
�,�.% ,:
e M1 ,
n
�1� M,BZ.Lb SON ,('�-, I -�+
"� t osu � l � ,.,r' - '�i�P,' ��z��eb�M.bz.arobrd���� �� 9 l�� �� i
o C�e/��,,, I��w��"..L,_-c"""""Y"`.`.�,___�" U`� .0 .M., . � .. ' {�.' SR '
� �� ....o �_� f P z � �
i� €s 'x j i t , � �; 4s �
q��� - N '`i ��` f �� I a--�� —k,- ,_ 1 � �`i � �'
. _, �� _ _ ____,_
�f I c, 9 �r ! � I ; t�__1-— ° ��� � '^— r
,.�
� �1 rH .. g� �il�� _ I' � �������r�nt�r�:n� ?��7�t�;��«����������A����s� ��'�i F`
��° � os� �I •s � 4' I °� �� �,� � �I {,�,.
zes�€ ^o..E i� � � �r W I °r i "E�i \ gs �rvo-��\� ��,.
*a��- �ea�a �n( �- � ��-��y' 1 � ��, I �. a� � ���
� �'�^: 'i"as '�`�I � ��,�� "1 �i� i I�� A�� � _n ;�a�l :� � �, i1111 � �_.
s.£= I -i i \ � �c � 1
rs��f E �� r � � i �� � �\ �3 �1� �� �!
$ x �a`g C7 � r � � � � P l�i ) �
tt F �eE � � � �", � � j 3i ��� �
\ - A X : Ij i � '1�� �.�.� � . s
Pa`<r� e;�r� \� I O���y } � �'-T �',9 �� r,�� +Aj �.�i G� � ll� � �
= sox_ �_ � _ 9 t 1. �VI t i � t-'_ �``�� _ ,r� ��� �N
� F�b� €�-f.w �.�-� ,�,� ��1=��1 I �� � a� I ��� °r � �r I;�, �� �I
��peao s�Re�i y T� i �{�i c � 1 i � : 5 :I y� �� �q; � � �j a�.'�
� py z' B R -:,����,�j '{,1'2'i� � 1� � .. �� �`� p�� � i� \�rY,a)\ a�1�' § �o f
� F S9 g G6FLo i x 1 ' {� � �hl., � � P{1�.'�� � � �I � 1p�.l�a Q
>�wka�� g PeRp� g � ���t � �J f��"��� --_ I -_ �r/.i� .�`W\�� .���.7 - t i ���1�� � ��..�%
a
. � gc �86�' � �wS�� '�Izl � I � �� 7t'.{I � I\ V � T� 2 _
5 8 S i s t f p fr d./� �-1-�-�}— � , � � . )-�,: 1
Fo��& �^MS`s= g �` � i � ,r,m, ! I 'i I � \ � f� ��. �w I
� p �eF� ,. ,�e � ,,tt e"' " �
s c;a$°L Y e'xef= i . r e4:� ��\� / ,� �y � , .<.�y �I 1�1� .... i�/
�^o.E<
F �i^s oE�sks E xf' l(� � \�/ � ' \ ....� �� �- & � .. g �
a s�€�f:; e Ef^-�e W�� �\ � � �1� ���� �� ' /
� �� ��8 �s�`s�$ ` � '�T �l'J ,� \ —' :` '� l � s y aa��,�����,���a�a� � � �� � // I',
, r=-� � � ��� ,,
� �, � ��x�_ s l6� i�� 1�! '`-_]tT_ � a� � r�� � �1��.� ( �4 �� � I
�r �g r ' � � � i � i,��E �� �� � �' 'n��� \.
£F�g�a � � �E8 � � + �� � � o�z; � �., � � �,f�4�3 ,Ly 1 � � .�k.;.
E � ea� Cc��y � f�� .�� � / ���� � � � . v �^ r— / ..
� x �`=xz � ��: ` �I�!$ !}�) � �� �s �`xI 1�a � �� � ~ � " � "�/� _ ,'
Z° '.",Ye�z xg�R " �r�:�.. �� R{ -- I � r f �.(� i f..2is- N:, �-.-�
� t.,�; € .�m 64N �
� e _
< � 4 s � � ^r<� �= F .�`�. _.
��a
� & =x`a�e a�a$4' $ , �foCsv.� , �- � .::. «e+' `_,.,Z�'CLC`�8b 4o56N �
seee;,`z'z fl=a�eos _ * w _ •
m tlazE g g�s'<e3� � � .��k^ -w-^- _OZ�,N�86� .:�� 4 N " 1�t�d�� ��✓3.,
1 ...., �-L �q •�]-d��\� J(`�'°�'p'��� ' /
� , � ^. ��.���V JP _ \ i
w451'{��StOZ�'L00+'ao��p�6up�6ui.�sixa�3oid���ouV,wl»dw�DNLdd�s1a�45��d�aV���6�sad�u��ano�a6o41oJ\33naAH\�341WJM1\YN
�.� �: a M =
� e�A��, o�� •�� nho g�
a�z.�a'- q.oiba ^- 0 0Y
a :
� Y,�,co��r S m:.��iEa fll�MhW'e
~ ��a��[o _ �C.g��' W S
°�'� � 'E�M- 6 YE`-p=."� C 11>�
^¥ a 'i�_ k &,'r Zc�� �
� k ����°s� s rseRs�* t i i 3¢ mz��'�W
`L � i € 3%_�, � SCTH�`� y z 5.,.,�...�w W �` bp N�V 4d'
o�-Ee�3� �€2a� � , a �Y � W'"w
�,qad > x- „vV� - � .ii� -V � :. N ao�g� �
B!d SC P �m�€°=3 £ p"`��,x�c � :� d - a a � . `� � �S
� � �eg?�as 'g�x :'E s e g Do � g� dw �c 4�s
� e �eo:� � ae^ Ec , o ` �� cis �
dd � � ba��'%�' P g=�E��mr � � F '� �� �
���g � �aFZE_� & ��P�"%�5� g � R o b t °a^° �,. Z�
�P W a O���C�E � xso��o� s g � m� �_�y y� � _
a � �. b��^V � F� o6� �` Y g q� g� ➢ e
� L e �-�,5_§.�P -gosW' � � f p� �s � �
� ° - `yry^- � >'xe=G� s t 8 - g��ww o o ��`f+9 � tl �
F� �E "ga$�Ec: i T$�esy"a. � C 9 ����w ¢4 �
� � U� e E� _ "sE�.s e .1. d z��� �� C
� M �;kg� _ � r� ' O � ��szx �� ��
� e Q 5 �6bo�a! gs "=A�� � @V� ��2U�: x [�
U G b £sK^� ° e a:�a;os e m- n og��,x �
� Q s` c =9`b�'e a _"aoo�.$` �; o �oN§„ �z
�co�E' °Y'e � Q Ep y$ "� V
W m.� - - - 6'�„ 8 `s0E<�' 6 S S � 9
J��, �,.fs"��� 4 g m��[frN�.� � � 6 d d 0� O w �y
N�
4��* //�\ 0�
,� �''g�`� � `°k�,� o O
� aE<�\ �'�,�`�"� 3g�oE) ,,," �$. �a (��75s'� ' S c
�� cl�'l �� (�' .�' � E�z'`� � a c
�y1������M,. i�'\��\.�� ,- � ' ''�'''~ ,Nm„->3,.m,�.�b..«�o.�d, �, � N W�
.`
. �s
i � \ \ , w.b
,� i . ,� r-------------- W °' e
� i �
�, �w i i �,� ---- �O� g1DE o '' a�i
�� es� i � �\ .ti,��� '� �i ��H 0 ` "�
�� ,d' `� 4�=�" ' iozir--� NEA� oC a>- r
�
�e \�� �� < i � i __ ' w �o
RS" / �Y'�2 �l �1C\\ `/ \� � I j f� p
q, I � I ` h
�� / t'q3+JY � 1 a� � � I � I �-
� 1 j I � I j [�
o ' . �4� � � � � I
.� �1��\ i I � � I f�
� � I
/ l�l I t= � I ' `C U
�` ��'{ �/ I � 1 j I C
1�1 j I C> I � I
p ,�] V i � I � tlj
1/ I �^�
�\ \ � ,-",_s^faY I Po `_ �`�#I � -` V
� •� �� � �-��� � � I h_ lu� 1
�� `_�, �
� „ , (> \ � � _' ��; j VO
\ i � C� I � N
I `:� �
� `' " F 5a��Fb j I C� I s� � f:) , Q
5 � j y� <� i$� -J �
' � (� Ej���i d 1
' [� a'�° �� � d I O � I F � L
ry� ��1 � I �I � `C 0
� �� .. `����'�R ���� i � � '° i � i r_ .ti I ¢ S
� \ - r�?�:yStT �' ;� i a i i ; � `•� o �
`�Ya+.a�'.�>>�� ��\� j 6 i -' i � � ` ' � �
� �3,�a-N;�°• Y '��t i M � � i � � j Y
r�' �+�''�Nf?, ';e=• �t J � i � i � :! •�� - -__� + N
�YTi'1l-.. I � 1 � �y�`
J +� � I � � f�.� C)
�\ ��� �Re,, � " ; ; ; ; I �� I I
�� B�;,Rg�����afig ��I I p1^,�a ! ``l_ _ — icr'� ; y��_ `r � ` � �
Q.� �z'$��i^��--���-� �� LJ .�---�„-----�--------� L--�n c>!9s@RKeVESa^ � W
a ,�,s��..,N.� do��, .,
� '� g- --� �n R0.4D r
a� ��y� h ffa�.«..s� i - i �/ i---------- � i C, �
��a� � i
�� � & � ros�� � J ^i � — � ', „T � d6 �
� ��� � i i
p, a 7 i i i � � �
�� i
V q �`:�,,�%1 ��.•� � � � i o •
�C 1 I �r�eam r.sLsaar.v � �[�9 �
a RPeO q� ; � � � � -� I `�� I •-. �
1 � L______________________ �
� a �_ � I � � g I �
�s6 � 1 j I 1 -________ncM.vnwossodoxd -_J � _ 1_
/g 1
1� e j � I 1 Ir _______
� o � - � 1 1 ^ 1
� � I � 1
� '�-__ry_—___- g�I�<i i `^� i ' `\� _'
r-- _.� i i� � ;,
� � i i
� i � i � i
�ur � i � ��� ` � i
h6p � I I J� g� � I
V' J � � S I � .,:'
i e
� I �__ $ 1 w �� � r< �
� }' �, j� � ' � - ��
�' N rc
� Z�nr
� I � �_ 1 �� � ���
1 � I N
£ 1 i � � i a =�
im o � -
i o
� ,`--�---='"-------� i f. � r. � �.s
� � -
� � o � �. 'S
Q �� i N �
i �
- ,. i i
� �;,
�
' on�
� I , 'c•- o�_
F� I `� � i
i � n �Go
�7 �1-----------� r---�` i
� p, i i��i ` � � ., �
i i i . :
�y i i i 1 l i �.: g� � o
i i i � \ � �:� oW � �
� � i i � b i..
i i i i . '"� "
I / J u o p
' j `___'_ o '"
_'_"____'______"__
3�� ' /� " x e`
�� �-__'___"____.i L_'_ � ` w�n�sv�.�nuns�ra�iraaasanua .s�
,�� - n r v wraa a�soacae � p,�: `� , _ _ � � v e
(30a,i6cY� g f�c>e�xw (�,ob.K.cs57 � iD.,�
l�1/$O$ QYO�r't^y�5'k'7`�/700 Bf//Ot/ 15`Y3 om ;�$i
�� LL� ����
3�tl� SN05N3N _
SI/SZ/6 _ _ �
S5 ry�'""as s`� �n� wKK,�.�tlU,M, Nb'ld 311S NW'3h021J 3JV110� � v
� nrocss���v Hao .,,�r c�os a� `b31�/�� 33A-AH �
�ao�tleavry
s p �" -�r=1 n�oal�na�sNo�aod lora-nn3in�a ao�a�nssi
. � � ��wa
? r- � prp'����} �c:e. i �� � z-
� m W 3g:s�i��� R�e.�Y �w���se e�§� �$ a
>- w W<S�� $ w A�'o�zi�����,� 40��¢ w,� � ' �� „°
� � a e�tt�e � � w �ry�8� >>5�g 2 >g i��� 2 u
� � `�R��eR `� �3a �� �m��� F `e o �_ � g�
W y e a� 'g �3�
� > w� o �� �� � m_mZ �z =��������g a� ��� �
< ° =g� W �� g� o e �� Y �� ��� ���� I I ��' �,/�o
� c� �.� �n � � �>°y� � � � �� �xoo� ew ,�.. 4; r;
o � =�a` o �� ���m ��� �"aae�� � i I o�4t��r � . f �� !�� �
s� a � �99 �� �a �o '�� � - �oQE � Y �� ,°S
� X "�P�� � _�FF 8��Qok��W���� �� �������B�W� i f I �� ��"f..�,�mY1�t- �}�. C� `' �� '`i��. � `�' ��, � ��(
�, w �w�6° a 6a�W 5H2�, ��,.��������i����a a�y � � � � �}'�'�` ...___ �'.��.�.', f.` {Ef
eaaa
� .� � �° x� � d�
. �� .
�t �� ����.� � �;> �,. ,...�� <C �=�
�� , E 3 „$ ��� j _. �
� �� � � � � � ��:I ,� �
�f�� R �,.J ,.......__ _._.__.._. ,?' f.5 nA�fiRfirro�J7 v�7a1F1 Er 1. �c ti��
5�� �4�'- �� _r�.�tr ,�h
V. �(' )` t.� CRrfl, tM'I'7!2{SrINIH' ,,.,_, y.7 !
� i C"1d.«. ; �. .', ���J ��3l
�� , a �
� s �� ���"` ';ea's, ...._ _' 4
>
�o ._......_._ ... �� s �'�����
6 i_ I
i
_ .___ �, �f t
i
' i ,
i
� �z�'.:� I w' 4 �..
� �
: i �� 5 J�-
� i �4�- -- -___ i� '�� � �d
, .
��`� � ��° ����` ` �
, . ,
, � , . � �,
, , ,
. �
' v
`. i�� � �"s
. . /'�D , .� . � .��- � n+�.
� � 4 o i_ , ....__ ........_. t,u d�
. �` i;, � .
� ' , a �'
t 5
' / `� ��,y_. .__._ ..... �� V �f � f���� if���r.e
3 f�
��
,
, � � it �� �� � � � �
� °;
�� t 44 � J(
k,
\\ � (,,t._ ....... ._____... t,�� � .�. C�H 1. ! ,�
� I �1 f',�, �R P t(�3 ;7
! I .. ' t!�' I- �
� �.
�
�
\ �k
�
�. .y 1�u .. � �Fe I� I�p i., �£p _ � 5�
ry S }
„� �
� r`�� F,
� s .
\\ e T i�3�' ..... �% � 4 4��i L
,'
,' � , �¢\`as0 :. k'= �"
' ` � !� ` �,�'�''y� ' �l� � ��'''�i� �
�
g r. t.._ ---- � �P �� �" ,�� qf ��``
,
� � � � �� �,.. �� �,
� .. �s. � `��i +�f �� �E E�` ___-
_,,
it �r �$ J�s � 3ry�u���p9M1� � C �� '"�ARKn663
r ; � i , , ---- r . � � � .......__...._ i- {`Q p.4 f7
'? �-i " ;� i ��y�,� �T _- T--
�\� �:. �i � �`1, t�. 5I �� t�y �i.,aHnun�no,.... usn�3 " �`-"� �
l ' ) I� I 3ar�ua3doad9JlsXa �.� ( � t)��
.� � '� 3�� �..�-1ay ...._ _ -I , u�o �,��� f ..J I
�, £ � I.I I z 3 �>� S� ��� i— i i
' l \ �� °� � i
p �.
� , � i t� �� � E , � p� , ' I �
:�..o � $� `':io �.. .i >,. _.es.,......J.L�L,.� i
� r.
� + � �
��. _
,y � ��vei.asir�3uranva�wa�ine�o� � •s -- t �
ys — � — — � t
� r �;_�_ ' ' I l __J_
Q Y ... {.� R --1 4- ",� .. ._ g� 1- y I �..�.^'.^'�1
� r �~ � - -i LI�' 'I —_
�� � ���'. o ..�n I �� L
���'�� ' \��. r r_ s.a�.a� .�.d w�� �'.I
-i ^ � �
CJ [\�����1�1�.¢ �` I°I
_ CT� O'c �ry f' �d I II ��...1._.
� 4 Ff I �,
��'��tij ` \ \ `r� �I 1
. �I�'�" ` �� � I�Vi �I +�
�� f
. Qt��'� ��o a owy / ��� � �� �1> `
4 p `��'oo '� �
4h u. l�y S4. &�« ' � em P�� � � �� I
� � o- o s � I
� �u -� � � ��z I f�
q i - �� � b z � � I "� '��'
���':: �i..:_";.� II � ,or€ „ � � �' �g � g � 'l �� �`i
� 'i � �x ° , �� '
ri � � � � � j li
� i _ ���� u / . w�� i � �� '
� � � I
�.� � `�-�� // ed / � � � f d/a �'�� � I I '
Q <�)���//n�������o� / -�s ���4 I �� i
LLt i r �' � �aNa o�
���'� � ` \ I '� ;
� �x
i�i ._ �� ����.AV�����""- V\ �I � �i__',
' . :,o � � .a S � �k I• �
ti � "' _� � � " -
�
� �a — � 1.��_l��
'. `� vodai.�.as�wonneA.__.1 -—` d � - , _.--
I
, tla �
� �.w'.�C�'� ,. :.: . �. ���
' y�tl813S1NiYV3 Yd � ��� y �-,s- ,'
� ,�Z- ��'�eG"� Y $�7��n�� .�fVfo� 1..5`d3
i,,,:, ;H�d9OS �F>O21
- �a9e�f�w�sioaD'so�=w�=o 6Ma�Nr�d 3ns'��o�ao\s�=a�s��id\ova\�s�sao�c��^o,�>bon�o\33a�eH\nao�Wami\-�
E I�I'�'D
FORM OF
CEIZT'II+ICATE OI+CO LE'TIOI�
VV�I�IZEAS, the Cottage Grove Econ�mic I�eveloprr�ent Author�ty (the "Carantor"), by a
deed recorded in the office of the Coaznty IZecorder in Washington County, 1l�Iinnesota, as
I�ocurrient IeTo. , has conveyed to , Ir�c., a 19�Iinnesota
corporation (the "Grantee"), the following described land in County of Washington and State of
l�Bnnesota, to-wit:
(to be�ornpleted prior to execution)
and
WI�EIZEAS, said deed �vas executed pursuar�t to that certain Contract for 1'rieate
I3eveloprrient by and between the Grantor and the C�rantee dated the day of , 2015
and recorded in the office of the County lZecorder in VJashington County, l�innesota, as
I�ocument Ia�o. , which Contract for Private Developrrnent contained certain covenants
and restrictaons regarding completion of the NIinim�rn Improvernents9 and
VJHEI�EAS, saYd Grantee has perforrned said covenants and conditions in a rrianner
deemed sufficient by�he C�rantar to permit the execution and recording of this certification.
�TOW, �'I�EI�EFOI2E9 this is to certify that all construction of the Nlinimum
Irriprovements specified to be done and made by the C�rantee has been completed and the
covenants and conditions in the Cantract for Private I3eveloprttent have been performed by the
Cprantee therein, and the County Recorder in �Iashington County, 1!/�innesota, is hereby
authorized to accept for recording and to record the filing of this instrurnent, to be a conclusive
deterrnination of the satisfactor� tet-mination of the covenants and conditians reiating to
completion of the Minirrium Impravernents,
I�atede , COT�'1�CrE GROVE ECOIeI01liIIC
I�EVEL,OI'1VIEI0T'�'EI�A
�y
l0�yron�ailey
Its�'resident
�y
Charlene 1Z. Steeens
Its Executive I�irector
I�-1
EXI�I�I'T E
FIN PLAT
(to be attached)
E-1
CONT CT
F�r
�IZ.I�A�`E la�VELt7Pl�IE1�1'�'
I3y and �e�een
C()TTt��E G�20VE E�ONOI�I� �3�VEL�I'IVIEI�T�1TJT�ICiI2I'I'�'
�I@�d�" il���V7'y �.Y o -
r�nd
TH� ��'I'�' OF' CO�"I°A�E G�20VE
This document drafted by:
LeVander,Giilen�10�Iiller,P.A.
633 South Concord St. Suite 400
South St. Paul,MN 55075
651-451-1831
�'Ol�`T ��'FO�PRIVATE EV1+,I.OPIi�EN T
T��IS 1�CIZEENIENT, made this day of , 2015, 6y az�d
between the Cottage G�rove Economic Developinent Authority, a public body cor�orate and
politic, having its principal office at 12800 I�avin� �'arkway South, �ottage Gzove, Minnesota
SS016, Grove-Rainbow, L.1�., a Minnesota limited partnership, �iaving its principal office c/o
E�L&5 Property l�anagement, Inc., 200 �outh �r�ad St�eet, The Bellevue, Suite 415,
Philadelphia, PA 19102, and the City of �ottage Grove, a municipal corporation, having its
principal offic�at 12800 �Ravine Parkway South9 Co�age Carove, Minnesota 55016.
WI`I`I�IESSETI�;
�II-�E1ZEt��, th� I)eveloper entered into a Purchase Agreean�nt with the EDA for t1�e
purchase of Dev�lo�znent Property dvithin th� City; and
WHEREAS, the EI�A and the �ity believe that tl�e redevelopment of the I9evelapnlent
Properry pursuant to and in general fulfillinent of this �greem�nt is in the vital and best interests
of the City, will promote the health, saf�ty, morals, and welfare of its residei�ts, and will be �n
accord with the �ublic purposes and provisions of the applicable State and local laws and
requirerr�ents.
NO�, THEREFORE, in consideration �f the covenants and the lnutual obligations
contained herein,the ELL��, the Developer and the City hereby covenant and agree as follovvs:
ARZ'ICI.E I
Def�r�atiorts
Section 1.1, I)efinitions. In this t�gceement the fpllowing terms shall have the
meanings given unless a different meaning clearly appears from the �ontext:
"A�reement" ineans this Agreement, as tl�e salne rnay be froln time to tirr�e modified,
amended, or supplemented.
"City'g rr�eans the city af Cottage Grove9 a lnunicipal corparation under the lavvs of
�illnesota.
"City Code" means the codification of the ordinances of the City of Cottage Csrove, as
amended fr��n time to time.
"Completion B�te" meails the date that at leas� fifty percent (50%} of the net square
footage of the I�ome I3epot Building is leased, or availabl� for lease, to any person or entity,for
use in its privat�trade or busllless, or occupied by Developer for us� in its trade or business.
"Comprehensive P1ai1" means a co���ilati«n �>f �;olicy st�ten��rat;�, 4��1s, �t��c��r�1s, a�nc�
����ps fc��- ��tidit��; th� �phy�i�;�Iq sc�eial ar�c� ecc�nc�mi�; c�evelop��e�tt, both p��iva�t� a��d pul�l�c�, taf�he
C'�ty r�nci its end•ii�c�nsa and lr���y i���:fuc�e, ��rt is r�ot lif�itecf tc�, the fc�llc�wirag. �t�te��7ents «f
polic.ies. gc�als, s�ar�darc�s, a Iarad use pfan, it��fudi�l� pr��pc�sec� densit.ies �f�r c�e��3o�n�en�t, a
1
cc�In�n��f�ity �a.cilities ��l�n, a. �ranspc3rtatio�7 pl�n, at�lci reca���m�nciatiorts Ic�r �l�n ex�:���.�tion. A
canapre��et�sive plan re��r�s�nis t1�e pl�i���in� r���;�i1cy's rec.or����ilcl�tiol��s �Ic�r Ll�e €�t�tur�
c�cvulc��rr�cnt c�f t17e corr�rnt�nity. I'I�e: cu�•r��zt Ccs���tprcl�cr�si-a�e I�1ai� cx�sti��g as c�f'tlze Fft'ectir�e
�.��t� is er�ti�lc;d "F�wtu��e tJi�ic>�� ZQ,t�" az�d�,�as �dc�pt�cl in�,045,
"Construction Plans" means any final plans required to be subinitted by the Developer to
the �ity and ap�roved by the City for construction of the Minimum Iinprovements.
"County" means Washington �aunty, Minnesota.
"I�eveloper"means Grove-I�ainbodw, I..P., a 1Vlinnesota liinited partnership, its successot-s
and assigns.
"Developinent Praperty" or "Property" mear�s �h� real property upon whiclZ tl7e Home
Depot Building is iocated. The Prop�rty is described in�x�aibgt t�attached hereto.
"EDA" nleans tne Cottage Grove Economic I�evetapment r�uthority, a public body
colporate and politie und�r the Iaws of tl�e State of IVIiilnesota.
"Effective Date" ineans the date that the City, I�eveloper and th� EDA. each receive a
fully executed copy of this 1�g�reement with a11 Exhibits attached hereto (�xcept Exhibit E),
which Agree�nent may be in original or �lectronic format. The �inal Plat (�xhibi� E) shall be
added following approval by the City. The addition of Exhibit E to this 1�greeinent do�s no�
change the original Effective Date of tl�is Agreement.
"Event of I�efault" means a�n action by the Developer or the EI)A listed in Arti�le TX of
this Agreement.
"Final Plat" nleans a replat of tlie prop�rties included u� the TIF I)istrict, including the
Developmen� Property. The Final �lat shall identify all public drainage and utility easements
avithin the TIF District, and all points of access, direct and/or "ind�rect" (ineaning oaer and
aeross the l�ainbow Property or other property) fram I�evelopment Property to East Point
I�ouglas IZoad South. Th� Finai Pla� shall be attached hereto as Exhibit E upon approval by th�
City.
"Home I?e�ot" means Home Depot U.S.1�., Ine., a I�elaware corpo�ation.
"Home Depot �uilding" �neans the existing vacant building on the Development
Property.
"Hy-Ve�'" ineans Hy-Vee, Inc., an Iowa corporation, its successors and assigns.
"Minimui-n l�ssessin�nt Agreement" means tlze Assessi�taent l�gr�e�nent by and b�tween
the EDA and Holne D�pot dated June 12, 2002, documen�nuinber 3243181, which is recorded in
the lNashington County Recorder's Of�ce and attached hereto as Exhibit l�.
`�Minimum Improvements" ineans ihe Home Depot �uilding, or any part thereof, is
available and bei�lg a�;tiv�ly market�d for commereial uses eonsistent with the �-2 zoning
2
district. This s�all be evidenced by the use of leasing signs,pre�aring inarketing materials, hiring
�ornmercialleas�lg agents or other reasonable efforts to market the Hoine IJepot�uilding.
"Planning Comrnission" means th� �Slanr��n� �g�ncy c�r the p�lat�n�n� c3e��7rti��en� ot t�e
Cii��, as defined in �ity Cade Title 11 �hapter 1 Section 3.
"I'urchase Agreement" tneans the purchase agreement between tlie D�veloper and the
EDA for the sa]� of the Development Property, attached hereto as Exh�bit C.
"Rainbow Pioperty" m�ans property located at 7300 East Point I�ouglas Road South,
Cottage Grove, l�Iinnesota, currently owned by D�veloper.
"Sehool I)istrict"means Independent School T�is�rict#�33.
"�chool I�istricr Property" means property the EDA intends to acquiae from th� School
I�istrict and subsequeiltly se11 to �Iy-Vee. School I�i�trict I'roperty sha11 not be incorparated or
inctuded on the Fil1a1 1�1at until the TIF Dis�rict expires, which is no Iater than I�ecember 31,
2028, unless e�tended by 1aw. The �chaol I3istriet Property is not currently included in the TI�
I3istrict and is not anticipated to be added ta th� TIF I�istrict.
"�tate" means the state of 1Vlinnesota.
"5ubsidy Amount" rne�ns Three Hundr�d TlZousand and 001100 I�ollars ($300,000.00).
The �ubsidy Aznount represe�nts the difference between the pi-iee the EI�A is paying for the
I3evelopmeazt Property to acc�uire the Developinent Praperty froln Horr�e I�epot (�2,250,OQ0)and
the price that L)�veloper is pa�ing for the I�ev�lo��ment Property (if Developer purchases �lge
Developinent�'roperty) to acquire the I�evelopment Property from the EI�A (�1,950,000).
"TIF I�istrict" means Tax Increment Financing I�istrict 1-12, which ineludes the
Dev�loprnent I�roperty.
"Unavoidable I�elays" means delays which are the direet reslilt of adverse weatl�er
conditions; strikes ol other labor troubles; unavailability of materials; fire or ather casualty to the
Developinent I'roperty, the Home L�epot Buildiiig (interior or exterior) and/or any other
Developer iinproveinents (interior or exterior) on the I)evelopmei�t Pxoperty; litiigation �
comnleneed by third parties or titigation co�nmenc�d by City, I�eveloper, EI3A or Hy-Vee under
th�t cei�tain Developinent Agreemen� dated f>ctober 29, 2015, by and ainong City, EI�A and Hy-
Vee with respe�;t to the redevelopment of the IZainbow Property and certain adjacent property
(the "�Iy-Vee l�evel�panen�A�ree�e��") and the recon�iguration by�Iy-Vee of the storm wat�r
retention/detention pond on the Rainbow Property �nto an unclerground pipe systezn for the
benefit of Hy-Vee, I�eveloper, the I)evelopm�nt I'roperty and others, which by injunction or
other action directly or indirectly r�sults in delays; or, except those of the �EI�f� reasonably
contemplated by this Agreement, any acts or oinissions of .�any federal, State or local
gov�rnmental unit which resLllt in dela�s in inarke�ing the I�ome Depot�uilding for col�mereial
uses or recons�ruction of the Home Depot �uilding (itlterior or exterior) or any other T3eveloper
iinproveTnents (interior or exterior) on the I�evelopment Property following a fre or other
casualty, or any other delays eaused by reasons outside of the reasonable control of I�eveloper.
3
.
"Zoning Ordinance'� n7eans tlle Cottage Grove Zoning Ordi�l�nce, Title 11 of the Cottage
Cirove City Code, as it may he ainended fro�n ti�ne to tim�,
Section 1.2. EXhibits. The following e�hibits are attached to and b� reference r��ade a
part of�his Agraement.
Exhibit 1�. Legal descripti�n of the I3evelopment Property
Exhibit F. 1�/Iinimuin Assessment Agr�emeilt
Exhibit�. Purchase Agreement by and betdv�en the EI)A and Cirove-l�ainb�w
Exhibit L. I3usin�ss Subsidy Policy
Exhibit E. Final Plat
Section 1.3. IZules of Inter�retation.
(a) This Agre�ment shall be interpreted �n accordanc� �zth and go�erned by the laws
of Ie�[innesc�ta.
(�) The words "herein,"' "hereunder," "hereto,'� "hereof' and words of siinilar
import, wzthout xeference to any �articuiar section or subdivision of this
Agreement, refer to this Agreement as a whole rather than to any par�icular
section o�- subdivisioll hereof.
(c) P�eferences herein to any particular section or subdivisioi� hereof are to the section
or subdivision�of this Agreement as originally executed, or subseqLlently modified
or amended.
(d) Any titles of the several parts, articles anc!sections af this t�greeillent are inserted
for convenience and reference only and shall be disregarded in construing or
int�rpreting a�1y of the provisions of this Agreement.
Al2'TI��E I�
�2e�,resen�ations at�d �a�ra�taes
Section 2.1. Representations by the EI�A. The El�f4 mak�s the following
re�res�ntations as th� basis for the undertakings on its part here�n contained:
(a) This Agreement has been duly executed and delivered and coi�stitutes the legal,
vaiid and binding obligation of the EI3A enforceable in accordance with its terms.
The EDA has been duly formed Under the laws of the State of 1vlinnesota and is in
good standing under the laws of the jurisdiction in whi�h the Property is located,
is duly qualified to transact busin�ss in the jurisdiction in whieh the Property is
located, and has the requisite power and authority to enter into and perform this
Agreeinet�t and the documents and instruinents requi�ed to b� executed, including
the Indemnity Agreement, and delivered by the EDI� pursuailt hereto. This
Agreement and the dacuments and instruments required to be executed and
delivered by the EI�A pursuant heieto have each been duly authorized by �ll
4
ne�essary action on the part of the EL�A and su�h e�ecuti�n, delivery and
performance does and �ili not conflict with or result u1 a vialatior� of the EDA's
organizatior�al agreenlent or any judgtnent or order.
(b) The execution, delivery and �Serformance by the EI�1� of this Agreement will not
(i) violate any provision of any law, statute9 rule or regtillation or any order, writ,
judgment, il�junctioil, decree, deterinination or award of any court, governmental
ag�ncy or arbitrator presently in effect having applicability to the EDA, or (ii)
res��lt in a breach of or constitute a default under any indenturs, loar� or credit
agreeznent or any other agreelnent, lease or instrui�ent to which the EI7A is a
party or by which it or any of its properties (includil�g th� Property) may i�e
boLlnd.
(c) I�o order, consent, approval, license, authorization or validation of, or fling,
recording or registratior� with, or exeinption by, any governmental or public body
or authority, or al�y other entity, is requir�d on �he part of the EI�A to authorize,
or ts required by the EI3� in connection with, the ex�cution, delivery and
performanc� of, or the legality, validit�, bincling effect or enforceability of, this
Agreement.
(d) To the EIaA's kno�vledge, there are no actions, suits or proceedings pending or
threatenad against or affecting the EI�A or any of its properties (including the
Prop�rty), before any court or arbitra�or, or any governmental d�partment, board,
agency or other instrumental�ty which in any of the foregoing (i) challenges tl�e
legality, validity or enforceabil�ity of this Agreement, or (ii) if determined
adversely to the EDA, would have a material adverse �ffect on the ability of the
EI)A to perform its obligati�ns under this Agreeinent ar create any judgemeilts,
liens or other encunlbrances on the Development Propet-ty.
(e) The EI�f1 is not a "fot-eign person," "foreign corporation," "foreign trust,"
"foi•eign estate" or "disregarded entity" as those terms are defined in Section 1445
of thc Internal Revenue Code and the regulations promulgated thereunder.
(� Provided that I�eveloper purchases the Development Prop�rty, the EI3t� shall Lis�
good faith efforts to initiate the termination of' the Mini�nuin Assessment
�gree�ment on or about February 1, 2017. However, the 10�1inin�uin Assessment
Agreement shall, in any event, terminate no later than D�cember 31, 2017, Upon
termznation of the Minimuln Assessment Agreement, the EI�A shall execute and
deliver to Developer a notice of the termination of the 11�Iinimum Assessme�lt
f4greement, in recordable form and in substance reasonably acc�ptable to
Developer, and Develop�r may record the termination of record. This provision
shall survive the�ermination or earlier expiration of this Agreement.
5ection 2.2. Re�resentations and �Iarranties b�he ��veloper. The Dev�loper malces
the follo�ving repr�sentatlons as the basis for the unde�rtakings on its part herein contained:
5
(a) The B�veloper is a �Iinnesota limited �aartnership, duly organized and in good
standing ur�der the Iaws of Minnesota a�d is not in violation Qf�ny provisions of
i�s organizational documents. Th� Developer has the power to enter into this
Agreement and carry out its �bligations hereunder, The persons exe�uting tl�is
Agreeinent and related agreements and dacuments on behalf of the Developer
have �he power and autihority to do so and to bind th�I�eveloper by their actions,
(b) In the event the L3evelopment Property is conveyed to the Developer, the
I�ev�loper will �narl�et the Home I)epot Building for commercial usess and
operate and maintain the Holne IJepot�uilding on the Deveiopment Property(or
cause the Hoin� I�epot Building on the Developinent Property to be operated and
rriaintained), and reconstruc� the �Iome Depot L�uilding on the I�ev�lopment
Property following any �r� or other casualty (or cause th� reconstruction of the
I-�oine I��pot Btailding) in stabstantial accordanc� with the t�rms of this
Agreezn��nt, the �onstructlon Plai�s and all local� �tat� and federal 1a��s ar�d
regulations, ineltiding, but not limit�d to, envixonmental, zoning9 building coc�e
and public health laws and regulations.
(�) The L)evelop�r will apply for a.nd us� its best efforts to obtain, in a timely inann�r,
all requirad permits, licenses and approvals, and wi11 use its best effot-�s to meet,
in a timely manner, the requirenzents of all applieabte 1oca1, State and federallaws
and regulations which must be obtained or n�et before the I�oln� De�ot �tiilding,
or any part thereof, may be lawf�lly used and/or buiit-out fc�r their il�tended
purpose.
(d) Until the Minimunl Assessment Agr�ement is termina�ed, as provided in Section
2.1(f� of this Agreernent, the "l�i�imum 1VI�rket Va�e�e" (as defuled in t1�e
Il�Iinilnuin Assessn�ent 1�gre�ment) of the Development Pr�aperty will continue to
be th� IVlinimuln�Iarket�alue stated in the Minin�um Assessinent Agr�etr��nt.
�ection 2.3. �Representations and�arrantres bv the �itv. The �ity malces tihe following
representations as the basis for the undei-takings on its part herein contained:
(a) This t�greement has been duly executed and delivered and consti�utes th� legal,
valid and binding obligation of the City enforceable in accordai�ce with its terms.
The City has been duly formed under the laws of the State of Minnesota and is in
good standir�g under the laws of the�urisdiction in which the Property is loeated,
is duly quali�ed to transact business in the jurisdiction in which the Property is
Iocated, and has th� requisite power and autlloz-ity to enter inta and perform this
Agreement and tlze documents and instruments required to be executed, ineluclii�g
the Inciemnity Agreeinent, and delivered by the City pursuant hereta TIZis
Agreernent and the documen�s and instruments required to be executed and
delivered by the Gity pursuant hereto have each b�eiz duly authorized by all
necessary action on the part of the Gity and such execution, d�livery and
performance does and will not conflict with or result in a violat�oz� of the City's
orga�izational agreement or any judginent or oider.
6
(li) The execLition, delivery and pexforrnance b� the C;it� of this Agreement will not
(i) vzolate any provision of any law, statut�, rul� or regulation or aa�y order, writ,
judgment, injunction, decree, determination or award of any court, governmental
�gency or arbitrator presently in effect 11�ving applicability to the �ity, or (ii)
result in a breach of or constitute a default und�r any indenture, loan or credit
agreement or a��y other agreement, lease or instruinent to whieh the Gity is a party
ol•by which it or any of its properti�s (ineluding the 1'roperty) rnay be bound.
(c) I�io order, consent, approval, license, authorization or validation of, ar filing,
reeording or r�gistratzon vvith, or exemption by, any governmental or public body
or �uthority, or any other entit�, is required on the part of�he City to authorize, or
is required by the �ity in eonnection �vith, the exe�ution, delivery and
performance of, �r the legality, validity, binding effect or ei�foreeability of, this
Agre�inent.
(d) To th� City's lcnowledge, ther� are n� a�tPons, suits or proceedings pending or
thr�atened against or affecting the City or any of its properties (including th�
Property), before any court or arbitrator, or arly governrr�ent�l departrnent, board,
agency or other instrumentality which in any of the foregaing (i) challenges the
legality, validity or enfor�eability of this Agreement, or (ii) if determined
advers�ly to the City, would have a material adverse effect on the ability of the
City to perforin its oblagations under this t�greement or create any judgments,
liens or other eilcuinbrances against the D�velopment Proparty.
(e) The City is not a "foreign person," "foreign corporation," "foreign trust," "foreign
estate" or "disregarded entity" as those terms are d�fined in Section 1445 of the
Internal R�venue Code and the regulations proinulgated thareunder.
(� I�rovided that L)eveloper purchases the IJevelopnlent Property, the �ity shall use
good faith efforts to initiate the terinination c�f the IVliniil�um Assessment
Agreeinent on or about �et�ruary 1, 2017. I��w�ver, tihe Minimum Ass�ssmen�
Agr�errient shall, in any event, tenninate n� later than I�ecelnbei 31, 2017. Upon
termination of the Miniinum Ass�ssment t�greement, the �ity shall cause th�
EL)A to execute and deliver to I�eveloper a notice of the terrnina�ion of the
Miniinuln 1�sscssment l�greement, in recordable form and in substance
reasonably acceptabl� to I�ev�loper, and I�evelop�r shall hav� the right t� place
the terrnination of the �Iinunum �ssessment Agreement of r�eord. This provision
shall survive the termination or earlier expiration of this Agreement.
AI2TICi,E III
C�ntin�efficies
S�ction 3,1 I�eveloper's Contin�encieso The effectiveness of this Agreeinent and
Developer's obligations to perform under this Agreement are contingent upon the following:
7
(a) I�evelo�er's aec�uisition of Dev�lopment I'roperty from the EI�A and the
satisfaction of the contingenci�s in fa�or of the T�eveloper contained in th�
I'urchase Agreem�nt or the waiver of the contingencies contained in the Purcllase
Agreement.
(b) I�eveloper's ex�cution of a regional s�orm �va�er manag�ment agreen�ent�vith the
City and other relevant parti�s, if required, if fornl and substance (including th�
requirement for the payrnent by the I��v�loper of any costs or �xpenses of any
Icind or nature whatsoever) sa�isfactory to T�eveloper in its sole discretion.;
(c) EXecution and delivery to I��veloper of an indemnity agreement by the EI�A and
the City in favor of t�e Developer, its successors, assigns and tenants (th�
"Inclern�aity ���°eer�e�tt'�), pursuant to which the EDI� and the City shall jointly
and sev�rally indeinnify, dcfend with counsel reasonabl}�acceptable to I�evelop�r,
its successors and assigns, ar�d hopd I�ev�loper and its successars, assigns and
tenants, haxml�ss from and against any ar�d all clairns, demands, detats, actiolls,
causes of action, sutts, judgtnents, obligations, damages, losses, costs, expenses
(including attorneys' fees, disbursements and �oti�rt costs) and Iiabilities of any
kind or cha�acter whatsoever, known or unknown, suspected or unsuspected,
foreseeable ol� unforeseeable, present or future, liqLaidated or unliquidated,
�natured or unlnatured, direct, indirect or derivative, �x�d or �ontingent, iticluding
without Iimitation9 such claii�s as �conomic loss, invesfiment loss, loss of business
opportunity, breach of contract, profess�onal fees, e�einplary, puniti�e,
consequential or o�her damag�s, that Home I3epot, its affiliates, successors or
assigi�s, may allege, suffer or sustiain as the resutt of an alleged bxeac(� of clause
1(b)(iii)(A) and/or 1(b)(iii)(I�) of�he IZestrictiv� Covenant Agreement ("ItCA"),
whicl� the EI�A and �Iome I�epot wi11 execute and record against th� Propert�.
I9eveloper acknowledges that the RCA will be recorded against the Property.
The IndenZnity Agreemen�sha11 be in form and content acceptable to I�eveloper in
its sole discretion. IVotwithstanding the foregoing provisions of this Section, the
Indemnity Agreement sha11 not cover any "direct affinnative a�tzon" of
IJeveioper, its successors, assigns or tenants, in conn�ction with the prohibitions
ii� clause 1(b)(iii)(�) of the I��A. As used herein, "direct affirmative action"
means the actual e�ecution by Developer, its successors or assigns, of any
instruinent specifically agreeing to, allowing, providing or talcing any action with
respect to, or waiving, any of the prohibitions in items (1) and/or (Z) of claus�
1(1�)(iii)(A) of the RCA. The failuxe of I)eveloper, its successors or assigns, to
take any action, directly or indirectly, to contest, object to, prohibit, ei�join ox
otherw�se prevent the violation of any of the restrictions in items (I) andlor (2) of
cfause 1(b)(iii)(A) of the �Ct�, shall not constitute (a) a violation of the R�A, (b)
a waiver or consent �o, or v�ith respect to, tl�e I2�.A under item (2) of clause
1(b)(iii)(A) of the RCA, ar (c) a direct affiranative action.
(d) Execution and delivery to De��loper by th� City and the EDt� of certif�cates of
insui-ance, in forin, sUbstance and amounts as shall be dete�rn�tined by Developer,
and issued by insurance coinpany's reasonably satisfactory to I�eveloper, naming
Developer and its designees and any lnortgagee of the I)evelopinent Property as
�
adclitional insLireds, covering the obligations of the City and the EI�A �inder th�
Indemnity�greelnent.
(e) The satisfaction by the EB1� of the EI�A's contingencies described in Section 3.2
of this �greement.
(fj IZeceipt by J�eveloper of a fu11y exe�ut�d copy of the �Iy-Vee L��velopment
Agreement, vvhich must obligate Hy-Vee to raconfigure the storin water
retention/detention pond on the IZainbow Pr�perty into an undergraund pipe
system for the benefit of the Rainbow Property, the Development Propei�ty and
others, at no cos�oz �xpense to D�veloper,
(g) Approval by I�eveloper of the Final I'lat.
Section 3.2. EDA's �ontin�encies. EDA's obliga�ions to perform under thzs
Agreen�ent are contitlgent upor�the following:
(a) EDA's purchase of the L�evelopmer�t Pi°ope�ty from �Iome D�pot and EL�A's sal�
of I�evelopment Property to�7ev�loper;
(b) EI7A's acquisition of School I�is�rict Properr�y and subsec�uent sale of School
District Propert�y to Hy4�I�e;
(c} I7eveloper's sale �f Rainbow�'roperty�o I�y�Vee;
(d) Developer's execution of a regional storm water rrianagement agree�nent with the
City and other relevant parties, if required.
(e) I�ecording of the Final Plat.
Al2�'ICLE I�
Constructi�n of Im�r°overnents
Section 4.1. Constructioi� of Im�rov�m�nts . All I�eveloper improvelnents and any
build-out of th� interior af the I�o�ne I)epot Building, or any part th�reof, and an� revisions or
remodeling ta the exterior of the Home Depot �uilding, or any part thereof, constructed on the
I)evelopment Property shall be constructed, operated and maintained in accordance with the
terms of the City Code, the Zoni�lg Code, this Agreernent, �he Comprehensive Plan, all zoning
approvals and conditions unposed, and all 1oca1, Mia�nesota and federal laws and regulations
(including, �but not limited to, Environmental Controls and Land Use Regulations)a Develop�r
vvi11 use comrnercially reasonable efforts to obtain, or cause to be obtained, in a tzmely rnamler,
a11 required permits9 licenses and approvals, and will use coinmercially reasonable effQrts to
meet, in a timely manner, the rec�uirements of applicable Environmental Controls and Land Use
Reglilations which must be inet before and IJeveloper improvements may be lawfully
constructed.
9
5ection 4.2. Inten�ionally Blanlc.
Sectior� 4.3. Intentionally �31ank.
Section 4.4. Inten�ionalty Blank.
�ection 4.5. �onin ; Other Approvals. The City and EDA agree to eXercis�r�asonable
effo�-ts to gra�nt or obtain such land use plailning revi�w and approvals as znay be required �n
connection with the development of the I)eaelopment Property and/or the I�ome I�epo��uilding
b� applicable Land Use Regulations. The City, D�velop�r and EDA agree that the development
of the £�evelopment Property andlor th� Hoine l�epot ��ilding is in the public interest, wi11
provide significant and irnportant benefits to the City and its residents, and is a desirable ar�d
appropr�ate use of the I3evelopm�nt Property. I�eveloper acltnowledges and agrees that neith�r
�he EIjA nor the �ity ca�, and do not undertake in this I�ev�lopment Agreement, to bind itself t�
grar�t or obtain any approvals, peimits, varianc�s, zoning or rezoning applications or other
matters within th� legislativ� or qltasi judicial discretion of the EIJ�, the City or the governing
body of any other political subdivision �r public agency. The City and EIJA nevertheless agre�
tl�at upon request of De�eloper, they wi11 each cooperate with I�evelc�per to seek and secur�
approvals, permits, variances, and other matters as tnay be required prior to or after the
acquisition by I�eveloper of all portions of the Developinealt Property af�acted thereby, �o cause
such matters to be timely considered by the EDA, City and the Planning Conlmission ar the
governing body of other political subdlvisions o� public agencies with jurisdiction, and to
otherwise cooperatie with �eveloper to facilitate impleinentation of any I�eveloper iinprovements
on the I��velopment Property and/or the Home Depot�uilding.
�ection 4.6. Commencement and Coinpletion of Construction. 5ubject to Unavc�idable
I�elays, the I�eveloper shall �ominence the Mznimu�n Improvements no later than tl�ree l�undred
sixty-five (365) days following the comm�neemerzt of construc�ion by IIy-Ve� on the �ainbow
Property, unless written pernlission is granted by the EL)A to delay commencement of t11e
I�inir��um I�nproveinents, which consent shall not be uilreas�nably withheld. The Developer
shall nlake sL►ch reports as reasonably requested by the EDA regarding the IVlinimum
Improveinents as the EI�A deems necessary or helpful in order to monitor progress of the
l�Iinimum Improvements. Subject to Unavoidable I�elays, the I�eveloper shall continue the
Minamum Inlprov�rrients until at le�st the g�rand opening to the public of a fully stocked ai7d
staffed Hy-Vee supermarl�et on the Rainbow Prope�-ry and the substantial �ompletion by Hy-Vee,
the City and/or the EI�A, as applrcable, of any improvements required to be constructed pLarsuant
to the H�-Vee Development Agreement, including without limitation, the reconfiguration of the
storm water retention/detention pond on the Rainbow Property into an und�rgro�znd pipa systern
bene�ttTng the Developinent Property.
Sectioil 4.7. In�entionally Blanlc.
Section 4.8. Rec�nstruction of Improveinents. If the Hoine l�epot Building �r any
other iinprovem�nts constructed by Developer on the I�svelopment Proper-ry are dai��aged or
destroyed b�fore completion theraof, then subj�cY to the terms of any lease or leases w�th tenants
at the Development Property with respect to restoration of any I�eveloper improveinents and/or
the �Iome Depot �uilding that the Developer is required to construet pursuant to such lease or
10
leases, the Developer agrees, fo� itself and its successors and assigns, to re�onstruct any sucl�
L�eveloper impro�e��nents and/or the portion or portions of the I�ome I3epot Building or any
t�nant build-out of the I�ome Iaepot ��zilding, or an}� part or paz�ts thereof �collectively, a
"Tenant �uild-Oa�t"), within eighteen (l�) rnonths of the date of the da�nage or destruction,
subject to Unavoidable Delays. Any such I�evelop�r iznproeeinents, any �ortion of the Hor�e
IJepot �uilding, and aily Tenant Bui1d-�ut required to be reconstrueted by I)ev�loper shall be
reconstrueted in a�cordance with the approv�d Construct�on Plans, rf r�quired, or such
�nodifications thereto as lnay b� r�quested by the I3evelop�r aild approved by the EDA in
accordance wifh 5ection 4.1 of this Agree�nent, which approval will not be unreasonably or
arbitrarily��ithh�ld, ��nditioned or delay�d.
AI2T'ICI�E V
C)ther C'lbli��ta�ns of D�velo�e�°
Intentionally�Iank.
Al2TICL� VI
Insttr�nce
Intentionally�lank
AI�T�CL�, V�I
�tas�n�ss Subsidy
S�ction 7.1. Business �ubsidv Act. The assistance provided to the I�evelaper under th�
Developinent Agree���ent is subject to Minnesota Staf;utes, �ections 1163993 to ll63.995 (the
"�3�asiness Subs�dy t�ct") and the City's Business Su6sidy Criteria, Resolution 03-138, attached
hereto as �xhib�� �. The provisions of this S�ection constitute the "business subsidy agreement"
for the purpases of the �usiness Subsidy Acta
Section 7.2. Finditz�s. The EDA hereby%nds that the subsidy is needed because (i}the
cost of acquisition of the I3evelopment Property, (ii) the anticipat�d costs of I�eveloper's build-
out of the Home I�epot Buildir�g„ (iii) th� anticipated costs of Developer unpiovements to the
Developinent Property, (iv) the anticipated costis to I�eveloper of Tenant Buiid-Out, and (v) th�
Minimuin Assessment Agreement, made redevelopment of the I�evelopment Property financially
infeasible witho�t public assistance and the Develop�r eannot proceed without the subsidy. In
addition, the EI�A hereby finds thatthe cost to Developer of its probable renovation of portions
of the I�evelopment �'roperty other than the Home De�ot �uilding and the probable cost to
D�veloper of Tenant�uild-C)ut, and recording of the Final I'lat:
(a) Are consistent with tl�e �ompreh�nsive I'lan.
11
(b) VVill contribute to th� establishment of a critical i�ass of coznnlercial development
w�thin the area.
(�) �Iill increase the range of goods and services available or encourage fast-growing
or other dasit-able businesses to locate �r expand within the commul�ity.
(d) Wzll promote additionai or spin-off develop�ment within the comrnunitya
(e) Will encourage fLi11 u�ilization of ex�sting or planned public infrastruct�zr�
�z�nprovemen�s.
Section 7.3. Public Pur�ose. The public purposes of the subsidy are to redevelap an
a�ea that was occupied by a snbstandard building, iinplement the City's land �ase goals identified
rn the Coinprehensive I�lan, and increase the tax base.
�ection 7.4. (�eneral Terms. '�'he City, the I�eveloper and tl�e EI�A agree and represetlt
to eaah other that the Business Subsidy provided to the I�eveloper consists of the co�lveyance to
the Developer of the Development Property for less than the amount that the EI)1� paid for tl�e
I�evelopment Property.
Section 7.5. �3usiness Subsid�oals. The goals for the subsidy are:
(a) T� secur� the tiinely marketing of the Hoine I3epot �uilding on the
Development Property for Iease to third-party tenants9 and
(6) To maintain the �Iome Depot Building as a cornn�ercial facility for at least five
(5) years afger the Completioi� I�ate. For the purpose of this section, the Home
I�epot �uilding will be considered to be "�naintained" in operation if a� l�ast 50
percent of the net square footage of the Ho�me I�epot Building is �onfinuously
leased, or avafll�l�te for l�ase, to any person or entity, for �zse tn its trade or
business, or occupied by I��veloper for use in its trade or busi�zess.
If t11e goals describ�d in this Seetion 7.5 are not rnet, the remedies are as described in
S�ctio�z 7.� below.
��ction 7.6. The I�eveloper does not hav� a parent eompany.
Section 7.7. Th� I�evelop�r has not �°eceived, and does not expect to receive for t1�e
I�evelopn�ent Property, financiai assistance fioln any other "grantor" as defined in the �usiness
Subsidy t�ct.
Section 7.�. l�emedies, If the L)eveloper fails to meet th� goals described in Section
7.� of this Agieement, and subject to the notice and cure provisions of this Agreeinent, the
I��veloper shall comply with the remedies deseribed in Section 7.9 and 7.10 of this Agreement,
as the case may be. Those provisions include (among oth�r things) repaynlent to the EDA of up
to the �ubsidy AmoLint, all under the terms and conditions described in thc�se paragraphs.
12
Section 7.9. If t]Ze 1dliniinum Improvem�nts are timely completed but I3eveloper fails
to meet the five-year operation goal, the total S�tbsidy Amount wi11 be prorated by tl�e pc�rtion of
the five-year period lapsed as of the date of defaLilt. In that event, as tl�e El�A's sole and
exclusive remedy for the fail�r� of Developer to meet the goals described in Section 7.S hareir�,
as liauidated damages and not a penalty, and in lieu of all other remedies at law or in equity,
I�eveloper mList pay to the EDA a prorated portion of the Subsidy Amount (allo�ated to the tirr�e
remainir�g in the five-year operation per�od), togeth�r with a�� i13t�rest rat� t11�t �� se�� at no less
�than t4�� ���plicit ��srice t��flt�tc�r �o� �overnt���nt cons3��r��}�ti�7� e�.��ncli�tures ar�d ��•t�s� ir�v�stme�at
fc>�� statc and Iacal ��ver��_���dnts pre��z-e�l 1��� tl�c; �t�rc�ti� �f F,cc�nc���z�c �l:r��ty�is ��1' th� Unitc�
�>t�t�s I�e�:���rt��cnt oi`C:t����nerc-� fc�r tl�c 12-��c��ith period ���di�� 1�a�-ch 31 of tl�� ��r�•���ic��s ��c�r
on the prorated amount the rate described in the I3usiness Subsidy Act, accrued from the date of
violation through the date of payment(the "I,aquidat�d l��mag��").
Section 7.10. The I�evelop�r agrees and understands that it zna� not reeeive a business
subsidy from the EI�A oi• fror� any other grantor for the �eveloplx�ei�t Property for a pez•iod of
five (5) years froin the date o�the failure of Developer to me�t the five-year operation goal or
until th� I�eveloper satisfies its r�payinent obligation unde� Section 7.9, whichever occurs firs�.
Notwitllstanding the foregoing, nothing contained in Section 7.10 or any other pr�vision of this
A�-eement shall prevent I)eveloper from mortgaging the L)evelopment Properry, or any pat-t
thereof, at any tim� and for any purpose, notwiths�ant�ing Yhe failure of I�eveloper to meet the
five-year opeYati�n goal or any other business subsidy goals contafned in this Agreement and/or
the �usiness Subsidy Act, or otherwise.
S�ction 7.11. IZe�orts. The I�eveloper inust submit to the EI?A a written report
regarding business subsidy goals and resLtlts by no later than IVlarch 1 of each year, cominencing
in March in the year following the Completion Date (for exainple, if the Completion Dat� is Ma�
l, 2017, then the first business subsidy report would be due 1lilarch 1, 201$) and continuing un�il
the later nfo
(a) The date tl�e goals stated �ection 7.5 are met;
(b) 30 days after expu•ation of the five-year period described i11 �eetion 7.5; or
(c) If the goals stated in S�etic�n 7.5 are not inet, the date the Subsidy Ai�loi2nt is
repaid in accordance with Section 7.9 of this Agreement. The report rnust colnply
w�th S�ction 1163.994, subdivision 7, of the Business Subsidy Act.
Sec�io�a 7012. The EDA will provide information to the I�eveloper regarding the required
forins. If the I?eveloper fails to timely fi1� �ny report req�ir�d under S�ction 7.11 of this
Agreement, tlle EI�A will inail the Developer a warning, by certified rnail, return receipt
reqc�ested, prepaid, within one �vee1� after the r�quired filing dateo If, after 14 days foltowing
I)eveloper's receipt of the warning, the L7�veloper fails to provide a report, the I3eveloper must
pay to the EI�A a penalty of $100 for each subsequei�t day until the report is filed. Th�
tnaxiinuin aggregate penalty payable under this Section is �1,000. Any warning sent by the
EI)t� in the manner required by this �ection 7.12 shall be deemed to have been received by t1�e
Developer on the date of receipt or rejection as evidenced by th� return receipt car�d froln the
United States Postal Service.
13
Section 7a13. This �greeinent shall terininate upon satisfaction of �h� reporting
require�nents or re�payn�ela�of the SLlbsidy Alnount, as rnore fu11y described in Section 7.l 1.
Al2'TICLE VIII
�al� of��veflo�arient Pt°ope�°tv
Section 8.1. Sale of I�evelopment I'ro�ert�. The I�eveloper repres�nts and agr�es that
its Lise of the I3eveloprrien� I�roperty ai�d its other under�akings pursuant to this �greemen�, are,
�i�d will be, for the ptarpose of developi�ent of the D�velopment Property and not for speculation
in land hoiding. Th� Developer further re�o�nizes tha� in vi�w of the importanee of ti�e
Nlinimum Improvements ora the ➢evelopment Property to th� gen�ral welfare of th� City and the
substantial assistance that has been inade available by the EDA for the purpose of inalcing such
deveiapl�ent possibl�, the fact that ar�y act or transaction involving or resulting in a significant
change in the identity c�f the I�e�veloper is of parti�ular con�ern t� the EI3�. The I)eveloper
further recognizes that it is because of s��ch qualifications and �dentity that th� EI3A is entering
into this �greeinent with the I�eveloper, and, in so doing, the EDA is further willing tQ accept
ai�d iely on th� obligations af tiie Developer for the faithful performance of all undertakings and
covenants to be perforined by the Developer under this Agreeme�nt. For th� foregoing reasons,
the City, the EI��. and Developer agree that Developer may se11 and/or transfer the Development
Property to (A) an entity creat�d by and wholly owned by I3evcloper for the holding of t11e
Dev�lopinent Property, or (B) any unaffiliat�d third party, only if that party accepts the
responsibiliYies and obligations of the Developer contained in this Agreement. Upon the sale
and/or transfer of Yhe Developinent Property and the acceptance by the transfer�e of th€
responsibiiities and obligations of th� I3evel�per contain�d in this Agreement, th� Developer
shall automatically (without th� e�ecution of any other documents by�he City, �er�eloper or the
EDA) be released froill any responsibilities and obligations und�r this Agreernent.
Notwithstanding the foregoing, upon any sale ar�d/or tiransfer of the I9evelopment Property
pursuant to wllich the transferee accepts the responsibili�ies and obligations of IJeveloper
contained in this Agreement, the City and the EI�A shall execute and deliver to I�ev�toper, in
forin and substance acceptable to I�eveloper, a written release of Iaeveloper, in recordable form,
fioin all of the res�onsibilities and obligations of the Developer under this Agreement.
Section 8.2. Mort�a�e/Estop�el Certificate._Notwithstanding the foregoing provisions
of this 5ectian �.l or any other provis�ons af this A�°eement to the contrary, the prohibition
against a sale andlor transfer of the I�evelo�ment Property shall not be deemed or construed �o
prevent Developer from (a) mortgaging the L�evelopment Property, or any part thereof, or (b)
ground leasing the Development Property, or any part thereof, at any tirne atld for any purpose.
At the request of th� Developer, the City az�d the EI�A shall execute and deliver to any
mortgagee ar �iospective mortgage� of the Developin�nt Property, and to any prospective
purchaser or Cenant of the Developm�nt Property9 or any part thereof, an estoppel certificate, in
form and substance satisfactory to the Develop�r, the inoi-tgagee andlor the tenant, as applicable,
certifying as tc� such matters concerning this Agr�elnent as may be requ�sted by any such party,
provided�hat th� inatters requested to b� certi�ed are t��ue aild eorrect.
14
Al2TI�LE �X
E�ents �f Def�e�lt
Section 9.1. Events of I�efault I3e�ned. Each and �very one of the following shall b�
an Event of I�efault under this Agreement;
(a) Faiture by the Developer to commence and complete the Minimiig�n
Improvements pursiiant to the terms, conditions and Iimitations of Article IV of
this Agreeinent, including the tirriing thereof, unless such failur� is eaused by an
Unavoidable Delay or � breach of any representatis�n, warranty, cavenant or
agre�ment by the City or the EL)A under this Agreement;
(b) Failur� by the I�eveloper to pay (oi cause to be paid) real �stat� taxes or spec�al
assessments on the Development �'roperty and th� Home l�epot �uildiilg or any
o�her I�eveloper improv�ments as they becolne due;
(c� Use 6y the I�eveloper, its successors or assigns, of the I�evelopment I'roperty,the
I�ome Depot Buildin�; or aray other I)ev�loper iinprovements on the I�ev�iopment
Property, for �urposes other than those contemplated and permitted by th�s
Agreei�ent, including failure to comply with Sectio�n 10.3 of this Agr�eznent.
(d) Transfer or sale of the Developmen� Property, or any part thereof, by the
Developer in violation �f Section �.1 of thas Agreetnent;
(e) Failure by the I�eveloper, the City andlor the EDA to observe or periorm any
material covenant, condition, obligation or agreement on its part to be observed or
performed under this Agreement following the expiration of any applicable cur�
p�riod;
(fj �`ailure by IJeveloper to coinply with the I3usiness �ubsidy requirernents in
Article VII.
Sectio�� 9.2. Reinedies on Default, The City, Developer and the EII:)A agree that �
monetary damages will not be an adequate remedy at law for an Event of I�efault heieunder.
VJhenever any Event of Default ref�rred to in Section 9.1 of this Agreement ocetirs, the non-
defau[ting party may take any one or �nore of the following actions aft�r providing thirty (30)
days written notice (in t1�e ma�l�ler provided ir� Section 7.12 of this Agreement) to th� defaulting
party of the Event of I�efault, but only if the Event of Default has not been eured within said
thirty days or, if the Evei�t of I�efault is b� its nature ine�arable within t�irty (30) days, the
defaulting party does not provid� assurances to the non-defaulting party reasonably satisfactory
to the non-defaulting party that the Event of Default will be cured and wi(1 be �ured as soon as
reasonably possibl�:
(a) Susp�nd its performance under this 1�greeme�t until it receives assurances frorn
the defaulting party, deeined adequate by tl�e non-defaulting party, that the
defa�alting party will cure its d�fault and continue its performance under thzs
Agreement;
15
(b) Termit�ate or rescind this flgreement;
(c) Ta1ce whatever action, including legal ox adi�linistrative action, with the exeeption
of withholding a certificate of oceupanc�, which inay appear n�cessatry or
desirable to the noi�-defaulting party to collect any payinents due under this
t�greement, or to enforce perforinance and observance of any obligation,
agreen�ent, or covenant of the defaulting party under this Agreement.
Section 9.3. Intentionally blank.
�ection 9,4. I�Io Ren1, edv Exclusive. Except�vith respect to the �IJA's limited remedy
of the right to Liquidated I�amages set forth in Section 7,9 herein for a failure of the goals set
forth in Sectior� 7a5, i�o remedy herein conferred upon or ressrved to tl�e parties is intended to be
exclus�ve of any other available remedy or rerr�edies (except that neither tlae �ity or the EDA
shall be entitled tc� withhoid any certificate of occupancy for the �-Iom� I)e�ot �uilding, or any
part thei-eof, o�r for any other L�eveloper imp�ove�inent on the Develop�nent Property), but each
and �very such rerrledy shall be curnulative and shall be i� additioig to �very o�her remedy gzven
under this Agreemen� or i7ow or hereafter ex�sting at law or in equity or by statl,lte. No d�lay or
omission to exercis� ai�y rignt or power accruing upon any Event of I�efault shall irnpair any
such right or pou�er or shall be construed to be a waiver thereof, bat any such right and pow�r
may be eXercised from time to time and as often as inay be deemed e�pedient.
Section 9.5. No Additional Waiver Implied by One Waiver. I� the event any covenant
or agreeinent contained in this Agreenlent should be breacned by t11e City, I3ev�loper or the EI�A
and thereafter waived by the non-breaching party or parties, unless otherwise set f�rth in the
terms of such waiver, such waiver sha11 be liinited to �he particular breach so waived and shall
not be deei�ned to waive any other concurrent,previous or subsequent breach hereunder.
A�2TI�I.F� X
Additional I't°ovisions
Section 10.1. Confliet of Interestsq Representatives Not Individually Liable. No officer,
official, or employee of the EDA or City sha11 have an� personal financial interest, direct or
indirect, in this Agreeinent, nor shall any such office�r, official, or employee participate in any
decision relating to this Agreeinent which affects his or her personal financial interests, directly
or indirectly. N� officer, offic�al, or employe� of the EI�A or City shall be personally liable to
the Developer, or any successor in xnterest, in the event of any Event of Default or breach or for
any alnount which inay become due or on any obligation under the terms of this t�greement.
Secfion 10.2. Equal Ein�loyment �� op rtunity, The Developer, for itself and its
successors and assigns, agrees that during the performan�e of the Ii�linimuin Improvements
provided for in this Agreeinent, I�eveloper will comply (or eause coinpliance) with ali
applieable equal employment and nondiscrimination laws anci regulations.
Seetion 103. Restrictions on Use. The Devel�per, for itself and its successors and
assigns, agrees to devote the I�evelopment Property, the I-�ome Depot �uilding and any other
16
I�eveloper improvements on tl�e Developmer�t Property only to such land use or uses as may be
��nnissible und�r the City's land use reg�lations.
�ection 10.4. RTotices and I�en�ands. Except as otherwise ex�ressly provided in this
Agreeznent, any notice, request, dernand, consent or other cotninunication (collectively,
"Neati��s") under thzs Agreernent or any related document bp the City, the Develaper or the EI�A
to any othei part� shall be sent by registered or certi�ed United States �nail, postag� prepaid,
return receipt requested, or delivered persor�ally to:
(a} in the case of�he EI�A; 12800 I�aviile Parkway Sou�h
Cattage �irove M1V 55016
Attn: EDA Executive l�irector
(b) �n the case of the I�eveloper: Gro�e-I�ainb�w, L.�.
c/o E}�L�S Property Management, Inc.
200 South�road Street
The Bellevi��, Suite 415
Philadelphia,PA 19102 �
t�ith a copy to: Alan Vo�allen, Ger�eral�ounsel
E�L�S Property Management, Inc.
200 South�road St�eet
The�ellevue, Suite 415
Philadelphia, PA 191 Q2
(c) in the case of�he City: 12�00 Ravine Parlcway South
Cottage �rove MN 55016
Attn: City Ad�ninistrator
or at su�h other address wi�h respect to any such party as that party may, fronz tiin� to time,
d�signate in wrrting and forward to the other parties as provided in this S�etion 10.4. Notices
sent by register�d or certified mail, postage prepaid, �eturr� receip� reqtiiested, shall be deemed
received on the date of receipt or rejection, as evidei�ced by the return receipt froin the United
States Postal Service. Notices sent by personal deliv�ry shall be deerned receiv�d on the date on
the receipt from the person making�he delivery, signed by th� addressee. Notices flnay b� given
by legal counsel for any party.
Section 10.5. Counter�arts. This Agreement may be executed in any number of
coui�terparts, each of which shall�onstitute one and the same instrument.
Seetion 10.6, I�isclaimer of Relationships. The City, the EI�1� and I�evelop�r
acknoWledge that neither this Agreement nor any aet by th� City, the EI�A or the DeveIoper shall
be deemed or construed by the City, the EI)�, the I�eveloper or by any third person or entity to
17
create any i•elationship of third-party beneficiary, principal and ag�ent, Iimit�d or general partner,
orjoint�✓enturer between the �ity, the��7A and the Develc�per.
Section IOo7. Approvals. Approvals by the EDt� and City shali not be unreasonably or
arbitrarily�ithh�ld, coilditiol�ed or delayed.
('�'he retnain�ler eaf t��s �a�e has been flr�t�ntiona�ly ieft bla��.)
1�
IN WITNESS WHEREOF, the EDA, the Developer and the City have caused this
Agreeinent to be duly executed in their names and behalves on or as of the date first above
written.
CO'TTAGE GI20VE ECONOli�IC DEVELOPIi�IEl�dT AIJTI�OI�IT�'
B y °���^� �� ��.,��wu
Myron B ' ey
Its Presi� nt a,��� ��*"
�,��..^J �s� �m,M.„� �,�
�������/�� �o �' �C....��.��.�.s
�,��,� � � ��
By ,,�.�� �,� f �� ��,,;�
�Charlene R Stevens
Its Executive Director
STATE OF MINNESOTA )
) 55
COUNTY OF WASHINGTON )
m�^.� r
The foregoing instrument as acknowledged before me this ���� � day of ��%'°�'`
2015, by Myron Bailey and Charlene R. Stevens, president and executive director, respectively,
of the Cottage Grove Economic Development Authority, a public body corporate and politic
under the laws of Minnesota, on behalf of the Economic Development Authority.���� ,
� ��� �
� � i��d:%'p� � ��:;;� �� ;�� °�a, �,�,,�
Not�ary Public
�..�� ���
� �W
- �d��i�� �r�
�90
19
�A�� i P.:A�l\l18.��0 vV 9 1J.1 .9
a Minnesota lirnited partnershipg
By: EI�I,c�S Holding Company II, Inc.,
a Pennsylvania corporation,
its sol�C�enezal Partner
�y:
Edward B. Liplcin
President
COMNI�I�IWEALTI� OF �EIeINSYLVANIA )
) SS
COUl�TT�' OF I'HIF,ADELPHIA )
O� this day of , 201 S, before me, the undersigned, a I�Totary
Public in and for �he commonwealth and county aforesaid,= personally appeared Edward �.
Lipkins to me personally lcnown, who bell��;by�ne duly sworn did say that he is th�President of
EBL�S Holding Conlpany II, Inc., a I'ennsylvania �orporation, t11e sole Gez�eral Partner of
Clrove-Rainbow, �,.P., a Minnesota limited partnership, that the instrument to which this is
attaehed was signed on behalf of E�L�S Holding Company II, Inc., as sole General Partner of
said liinited part�ership on behalf of said limited partnership; and that the said offic�r
acknowledged �h� execution of said instrument �o be the voluntary act and deed of said limited
partilership,by it and by hlln voluntarily e�ecuted.
�Totary Public
20
C'I'I'�' F' CO°T'TAG� GI20VE
�y
1�/Iyror��ailey
Its 1Vla�or
�y
Joseph F�schbach
Its Cit� Clerk
ST1�'�"� �� �INl����T.� )
) SS
CO��'Y OF V�ASIIIIVC�'a`TON �
The fore�oing instruinent as acknowled�ed before Bne this day of ,
2015, by 1l�Iyron�ailey and Jose�h Fischbach, Ii�Iayor and City Clerk, respectavely, of the City of
Cottage Cirove, a rnuni�ipal corporation under the laws of Ivlinnesota, on behalf�f the City.
Notary Public
21
EX�I�3IT A
L.�GA.I, I)ESC'RI��I�31�
Lot 2, �lock 1, Grove �laza 2"d �ddition acc�rding to the plat thereof recorded in the Offiee of
the County Igecorder for �hTashington �ounty, I�linnesata on 3une 12, 2002 as L�oculnent No.
3243175.
A-1
L�-II�IT� TO I�E�ELOPME2�TT AGIZ��EI�IEIeTT
p ��� �
` �� ����
II�1I�IIIIIi���lll�lll�ll�l�l�ll��l
� -
������ ���� �
�������t[:���.���?�°�����r�'0..�.�l.G:
�tac1
t➢.t7�3L'.3t9�.YbPs:9 ��S\.��d"�����l.11�
�J'�9�CI�1i1f9I1� .
T'�I�+ C��"`�'��'i�+ �IZC� �'��1�'�����$�' Y.�I� N°I't��.T�'I�£3 T'�'
�t�d
A3�li'.L�d9�%"S..J1 i.Ja�ed'�ey 11�4r.
���
f�s�����������.�,��I��s���������y � s���
1'his I?octar�lerzt��.s draf�ed by:
DY�i C� �IY,Chartered
470 PBiisbury�ertt�r
Nlinneapc�Ii�,I�iiririesota 55402
(612)337-93d0
ar�-ziaaa6vl
CT16S-7
'I'f3IS �SSES�I�E�"AC�REE�1+�'7'9 dated as af {�- this da�r of Jtlt2�.� 2002 �S
arad be�eesa the �cst�age Cirave Eco�arz��� T3ev�lo�merat �4utreori 9 > Y
ty, a public body c�rp�rate �nnd
politic under the la�s o#'�Iinn�sata (�h� "t'�uthority'9� �nd I-�orn� �3�pat U.S.A.9 Zzic., � I�elawar�
Ca����ll���66d1�Y��+AJ���b9y�.
YY A R���E?�i,
t�S, crr� �it�.e g�-- 4 2002g the A�ilac�r�ty �ad C`xrove�Raanbc�w, S,.P., a
1�Iinn�sc�t�.licr�ited p �z°ship �"Grav�� °a�baw9') e�t�r�d�rbta a�csr�tra�t for I'riv����e�elopm�r�t
(the "l��v�loprraent A�re�meraY9) ��vez�rig c��°ta�n ra�l prop�rly c���d by Cprc��e-IZair�bow �
l�Vashington Cc��znty, ° esc�ta, wluch pr�p�r�y is I�gally desc�bed a��s�t i,�I�ck l, C`irm�e�'�az�
2"d Additic�n(th�66C'sro��-��.inbow I'rap��„�g�t�
RE�S, �orr�� I3epot xs �lae o�naer of certain real praperty ira Wa� ' gtan �aunty,
h/�ir�nes�ta,�rhich pxr��erty is le��Idy d�scr�bed i�EaLh�ibit.A attaehed hereta and r�ade�part hereaf
for all purposes�the"�or��I3epa�I'rop�Yty„�; and
�T�t�S,the�-Iame�7epest�rs�pea-fiyy zs ccsnt��aaus t�the Ciroven.Rainb��v�'rc�p�rty;and
'6�EIiEAS,pi�rsuarzt to t�e I��v�loprner�t Agreem�r�t,the A.uthority�Z�s agreed�o consiruct
(�r Yo�;ause th��ity of Cott�g�C°rr�ve(th�`•�'it�y98)to const�a�t)(a}a r��ion�l storan�at�r detention
por�d (the "�7eter�tian P�nd9') o� the Grove-�2ainbo�✓I'rr��aerty, e�✓�ich T3etentiara Pond sh�ll benefig
the �rov�-IL�inbow �roperty and the Hame Depcst Property, arrd (b) ap�ars�x�at�ly 230 feet af
stor�a� see�er �Sipe fz•am the l�etention �'ond to the Cr�ve-IZainbo�r Praperty (�he "�tonn Sewe�
F'ipir�g") for tige purpase c�f pravid�n� st�z�nn s�wer draina�e ta the IIome �JJepot �roperty, which
Starrra S��uer Pip�sg shall b�n�fit th��-Iorz�e I?�pot F�rs�pez�y; a�ad
���5, th�Cirav�-R.ai�bow 1'roperty and�he�-Tc�r�e Depoti Pr�perty ar�located wiYhin
T'ax Inereme�t Financing I�istz�ct�c�. �-I2 (the"°T�F l�istrict"}; �nd
�I��.S, ttie.A�athori�y and�arr��D�pot desire to establish a mixumc�market value fa�°
real es��te ta� purposes (the °`I�. . urx� �%ark�t Va2ue"� far the I�orrae �3epot Property and the
irn�rvvements �nd sto�°� to be canstruc�ed ther��n ��csIle�tiv�ly, th� "1�1. . u�n Trripr�vements"},
p�-sa�aazit t�a Minraesata S�at�a#es,s��tio�A�69.177,subd. �.
I�iC}W, °I`�-IE F�1�, the �aarties to t�is fi.ssessment �gr�ement, in consideratior� of the
�romises, cwvenarrts and �greerrients znade h�z�ezn by each to the oYl��r, ax�d in furthe�-consideratian
of thc agr�ement mf th�A�sthor'rty ta cansYruct(or tm�a�se the�ity to co�struct)t�e I)et�n�ioz�Pond
and the Storrr��e�,er Piping,do hereby agree as foIlows:
1� '�e Niis��i�um �vlark�t '�alue for the �IaTne I�ep�t Prc�perty sh�ll be �4,�SO,OOQ for
ta�ces p�yable sz� 2004 and �5,775,000 for t�es payabt��2005,provaded f�at th�Autho�ry Qr�h�
City has �ampl�t�d the I3etention I'ond and the �tomt ��wer Pi�in� required fa b� �onstructed
pursrzant to the Develaprnerzt Agreement. 1'rovided tha#tt�e Authmrzty or the City has completed the
I3etention F�or�d and the Storrz� Ser�er�'iping, th��Sartres agr�e that (a) the I�inimum Market Vaiue
�f$4,$50,000 shaTl be effective as of January 2, 2003 {the "�'roperty �ssessm�r�t Dats"}, for taxes
�ayabl� beginning in 2004, a.nd(ii)the Ivlirun�um Market Value of�5,775,000 shalp be effect�ve as
�-ztas26u1 �
CT165-7
csf Ja.�uary 2, 2004, fmr tax�s payabl� be�ir3zung 2005, thr��gh the 66T'errriinat��n Daie" �as
hereinafter d�fin�sl�, �o�v�thstanding �y failur� tcs coraaplete c�rrisstruction e�f #he �inim�x�n
Iznpraverrients c�n th�I-Iome I�epc�t Praperty by that dat�. I�Iafwithstanding th�for��oing provisions
of this Sectian l, in the event tl�e Au�hc�rity �r the �xty h� not com}�leted the I)et�a�tiors Pond arid
the �torm Sea��r Pi��ng by the �roperty �.ss�ss�aent Aate, (a} th� �inir�� �ar�C�t �Ialue af
�4,8S09d00 s�t f�rth irr th�s Sec�zon 1 shall be effectiv�wie�r�sp��t to �he Harne I�epc��F�rop�rty as
of January 2nd af th� cale�dar year iinm�dia.tely foll�wing the �ear� dvh�ch th� I3eterctaon Pa�ad
�d the Stonn S��ver �iping is emmpl��ed, as,�°equired by the L�evel�prner�t Agre�rn�nt, for ta���
payabl� � t�i� }rear thereafter, a�ad (b) the ' 'muzrz Mark�� `I�l�� of�5,775,00� set fc�rth in�iis
S�ctioz� 1 sh�ll b� effecti�re �ith r�sp�ct #o th� �Iom� I�epot Property as �af Janu�r 2nd of th�
se�c�nd �al��dar }�e�- ixnin�diately fbilo�rir�g the year in ���h the I.�et�r��z€�n Pond and the Storzn
S�w�� �ipiaa� �.re corr��let�d, thh�au�h the T'�rmir�aticsn I9at�. �'ar �u�oses �f tY�s Asse�sr�er�t
A.grc�ment, G6Teimar�atic�n I�ate'" rt�e�s th� date tta� °I'I�' I7istri�t t�rrninates, �vhi�h �11 c�ccur nd
later than af��r 25 years after rec�ipt af�h�firs�tax ir�crer°nent paid to the Authoi-�ty by�ashingtors
Coua�ty with regard tcs the CYrove-�ainbow F°raperty and the Hom� I�epot �'roperiy, but na earlier
ti�an the date by �uhich th� Authc��ty ha� reimbursed �irove-�tainbo�v far the acf�aai cost� of sit�
�rnpres��rnents as required by th�I��velop��nt Agrcement.
2. �`he 101�i�rn�Nl�rket'Va1�es herein�stablzsh�d shall be of na her fe►rc�or effect
�d this �ss�ssznent Agreernent shall te�ninate on the Z'� ° ation I3�te. 'The Authority {ar the
C�ty) shall provide uPrxtten �atice ta �i�m� I�epot �f�l�e Teimir�ation �3ate as soon as reasanably
passibie follow�ag th�det�rn�in��iart of°th�Termirration I)ate.
3, °I'his t�ssessment Agreern�nt sha11 be prornptly recardect by Ham� I�ep�t with a
cmpy c,f Mirin�sota S�atutes, s�ction 469.1'77, s�zbd. $,set fmt°th on E�ibit�atta�hed h�reto. Ham�
L�epot shall pay(or�ause to be pa�d)all cc�sfs af recording tfus Assessment��r°e�rnent.
4. This f�ss�ssment�.gr�ement amer�ds th�t��rtain Assess�er�t Agreerr�ent d�ted May
I7, 1996, filed orz J�ly 12, 1996 as L�ocument I�tumb�r �9256b, as arriended by r�measdment ta
t��sessment Agreemer�t dated A.p�l 169 1997, filed on Apri123, 1997 as I�oc�zrn�n�I�Iuznber 9291 I4
(collectively,the"�iginal 1�ss�ssment��°e�mer�t")�zYh resp�ct te�th�I-�ame I�ep�t PrQperry. The
Minirncim Mark�t �al�� ass�gned t� �he �-Iarne I�epot P'a�op�rty under the C�a-i�'tnal t�ssessment
�gre�m�nt shail be �3,OOOyQ00.00y ur�til sr�ct� tirn� �s Yhe �1�imt� �Iark�t V�l�� established in
�ecti�n � hereof b�corrzes effectav�.
5. T'h�s �4ssessrnent Agreer��n� sha11 inure to the b�nefit t>f and be bindzn� upon the
succes�ars�tsd assigr�s a�`the parti��.
6. Each m�the parti�s waarr°ants and r�pres�r��s that it has a��hc�rity #o ea�ter �nto this
Assessrn�nt fl��emer�t azad tw tak� aIl �ctior�s reqcaired of it �d h�s takken a11 act��r�s necessacy fio
�uthariz�the e�cecutimn axad delivery csf this Assessm�nY A�°��rrie�t.
7. B� the event that at�y provrsian of�s Assessmen� Agreerner�t is held invaPid or
unenforceable by any court af compet�nt j�zrisdiction, su�h holdin� shall a�at i�validate or render
uraenforceabl�amy other provision h�reof.
tuas-ztasz6�� �,
CTE65-7
$. 'T'1��par�r�s h�r�tcs a�°ee�hat they will, fr�ari t�m�ta tirr��, �xecute, acflca�c�wrledge�nnd
deIiver, �r cau�� ta b� �x�c�zt�d, acknowl�dg�d �d delivez�ed, su�h suppl��nt�, a.�aez�dments atfld
modi�xcatic�za�hereto, �d�uch fiarYher i�astru�nents�,s ar�ay r�a�o�ably be requir�d for correcting�ray
inad�uate, c�r in�orrect, csr ariaended des�riptimn of ti�� �-I��ae Dep�st�'rop�rty, or for carrying out
the���ressed inte�tit�z�c�f thgs I�.ssessment Ag��ean�nt.
9. Excerst �s provided iz� Section � her�af, thas .Assessrrient A�°��r��r�t rnay not be
am�ncied r�or �ay �f its terms a�c�di-fied exc�� t�y a�z�ting �uthori�ed �d ex�c�ted by alI parta�s
her�ts�.
1 Q. '�'his �ssessrr��r�t A.gi°eerr�er�t m�y be s��zltaraeously e�e����d in sevez-a�
c�unt���rts, �ach�f v�tt�ch s�all b� aaz origizaal ar�d aIl af�rhich sh�11 c�rr3stit�t� ��� �nd t�ie sa�xs�
iizs ent.
11. '�'his Assessm�rat Agre�rner�t sh�ll be go��rried by arrad canstrued i� acccardance�ith
th�l��rs of�ira�esota.
��m-zia�z6va 3
CT165-7
��TTAt��GRtJ'V�EC��ICC�119T�
I3E�i,C�� �A�iQ12ITY
� � �"""" .._._._,._____.
Its�r�sider�t
k3y
s�xectttive E�it�ector
STA'I'E OF �S�'1"A }
�C? '�'�3F � . ` )�S
" ° )
The for��oing instrlamment as ack�c��vledged be�'ore me thi� w� - �y r�$' �,
�Y � �7�` and. ' �. „�,pr�sident and���cuti�v�dire�tar, sp�ctavely,�f
t ��otfa�e Cprc�ve Econarrz�c I�eve opm�nt t�uthnrit�, �publi�body corp��ate�d pai�ti�iznder the
law�of I�Iinn�scat�,wn behalf of th�Eccanomic]�evel€�prr�ent Authority.
, ._�._..._,.
',�,' ° � P�A � ta�-y Publ° ____
:;',�;,_a. �#3T tdNESOTA
�r �drasJ�.39.2W5 ;�j
,
.._.._�...:t
, R}�-214826v1 4,
CT16S-7
11�LYlH,.y,O,q�g��� V.n3.t"i.q xi�Il..
A I�elaware�.c�rpc�rati�sra,
�y:
Jeff isra�9
I`�am�: Se��ar�arrpora�s Couns�l•Re�i Est�t�
Titlee
- - t� � T'�SEA�.,J
,, �.�;��j��
r .. Y
; �,;�,c�°�s�� v�� .�t��s �
� � ,
� ..
F �� ��Sll'7i�;
P
`�d" bOn°'. �'1�1�:
�. 'e�o4a�a
kk�����ffi����
�
S"I`AT°E�� �" a(�. )
)ss
COLTI�I"I"Y�� �
e foregoing ' strurr� t as e cufied this � day of , �'��
, the �.. f �I�rsz� Depat U. .f�.9 Inc., a I7elaware
cc�rporation,
� / �it,�
���FiC1A1.5 �I�tary Pubtrc
�te�d��e�g9i�,
Nctary Public Sta�of
t�y�mma��on��r�12 27-�3
�s-zzasz�v� 5
CT165-7
�ERTTFIC�TIC)�t�X.�SSESSC?l�
The u�dersi�2ed, having r�vi�wed gh��laris �d spec�fic�.t�ons fo�the ita�pra�rernents to be
corastruct�d and the market val�ze assigz�ed to the land upcsn �v�ch th� zmpravern��ts are to l�e
constructed, and �e�ag af the opira��r� that the r�tini�a�rn mark�t valu�s eortt��ri�d � th� faregoia��
Ass�ssrn�nt Agreern�nt appe�rs reasonable,here�sy�ertgfies as foilo�vs: T�e undersign�d Assess€�r,
being legally �-�sp�nsyble fcsr �he assessrneri� of ghe d�scr�bed �Src�perty as t�J'a�hingterr� �ouraty
l�ss�ssor,h�reby certifies t11at the m�t-ket v�I�zes assigned t�such land and z�prr�veffn�r�ts b�giruu�g
at such tirz�es a� sp�cified� the�sessrne�t A�reement sha11 be raot I�ss than the are�c�unts stated in
sectaoris � an��c�f the�ssessrri�a�t A�-e�rn�nt a.az�txl t��ninat��t�of th�s.Agre�rt�ent.
��� � �
1�ssessor for Washin�tar�Ca�nty, Iv1°inz�esota
�'�'�i'I'E(�F i tt�� )
�ss ,
COIJN'TY OF �,�
The faregoirag instre�rnent as ackno�uledged bef�re rrie�s day of_
��- by ���.. ��.� �- ,the�ssessor for�1ash�ragtan Cour�ty,��-a�sota. '
�
� �
�
1{�I�Tff IUi.Fi PV
hlOTARY PUBLIG—MINNES07A �Libj1C
M1y Gomm.F�cpires Jen.31,
� �
Rf➢3-214826v1 6
CT i 65-7
E I"I'A'I'Q
A�S���I�I�'l�°I'ACa�.EE�l1E�I'
The�om� l��po�I�raperYy is I�cated in�a�hingtax� �oun�yy I�ir,xiesata and is 1�gally described as
fall��vs:
Lc�t 29�lock l,C`artsve�'laz�2"d Additit�n
ru�-a�as26V t 7
eT�ss-�
E IT B TC7
ASS�SS�I�I�'I`�G�2E�I�IEI�I°I`
Sectis�n 469,177, subd. �. �ss�sst�ae�t A�r�eer��nt�o .r�r�atzthc�rity may�nter ir�ta a wrii�en
assessment a�reezn�nt �vith any �ersora �s�ablishin� a mirr�nzurrA rrz�-ket value �f Ia�d, existz��
�rnprovem�nts, or is�xprmverr�ents ta be consfi-�cted irt a dist�ict, i�th�pro��rty is ovvn�d or wil� b�
av✓ned by the g��rson. 'The rttnriimurri rraarket vaiue esfabl�shed b���ssessrr�e�t��r°�ernenC may be
fix�d, or i�creas� or d�cre�se in lat�r years froa� th� erutial rninirn�un �ark�t ealue. If an z�arket
�greem�nt is fully�x�uted b�fc�re J�ly 1 �f an assessmer�t year,th��aarket aalaa�as prs�vided under
the a�°e�tn�r�t ��st b� used by th� coaer�ty ar l���I ass�ss�r �s th� t�able rr�ar�Cet valu� af`th�
prop�r�y fcsr�.hat assessment. Agre�mer-�t�e�ecuf�d ca�or af�er Jul� 1 af an ass�ssm�r�t y�ar becorra�
�f�'ecti�ve fc�r �,ssessz��nt p�os�s in the folflr�vvir�g �ss�ssrr��r�� yeaz°. ��sessr��rat �greeznent
term�za���s an th� �arli�st mf t�ae date ar� wl�%ch condit�ans �r� t�e assessm��t a�re�znent fc�r
termi�atior� are satisfi�d, the �errrYinatimn date speci�ied ir� th� agr��mentp or the date v✓hen ta.�
iracrerr�ent is no Ic�n��r�aid ta the az�thc�r�ty �nder s�ction 469.176, subd'zvisia�z l. The asse�srn�nt
agreerrient sh�il b� p�res�nt�d to the caunfy assessor, or city assessor ha��g the pov✓ers af th�
cc,unt� assessor, of th��ur�sdiction gn 4vhich tlle tax i�cr�rr�ent �ir�ancing distri�t and the �roperty .
that is th�subject afthe agreement is ip�ated. Tl�e asses�c�r shall review the pians a�sd sg:�ecificatioras
for th� iar�pr�veznex�ts t� be �onsti-�act�d, r��ie�v the market v�lue previou�ly assi�ed t€� #he Iand
upon wh��h the i�prc�verr�ents are to b� constriacted �,nd, so long �s the rn=nim�m �arket val��
coz�tair�ed ix� th� assess�nent a�reemerat app�a.��, irz ttae judg�nent 6f the assessor, tcs be a reasanable
est�rr�afe, shali execut�the folloguing certificataon�apon the agr�ement:
1'h� undersi�ned assessor, being Yega�ly responsible fes� the assesstnent €�f the abov�
described praperty, �ertz�i�s that th� market val�zes ass�gn�d to th� laa�d ayxd iarzpz�ovsrr�ents are
reasonable.
The assessznent agi-�em.ent shall be tzled for recc�rd �ad recorded xn the �ffice of th�caurzzty
record�r ar the re�istrar of titles of`each�ounty w�aer�the real esta��or a�ay part thereof is situated.
A�er the agre�men� b�corr�es effectiv� for assessment purpases, the �sssessor sha11 �alue the
�rtspert}y t�sde� sec�ion 273.11, except that the rn�-ket value assign�d �hadl rsat be less than the
�nir�irraiu�market v�lue�stablished by the ass�ssrn�nt agreement. °I'h��ssessor rr�ay ass��a mark�t
value ta the praperty ir� �xc�ss of the rt�inayn�rn znarket valu� �stablis�ed by the assessm�r��
agra�ment. "I'tie s��r✓rzer of the p�operty ya�ay s��k, tha�ough �h� e�ercrse �f�dr�inistr�tive and legai
remedies, a reduction ir� rn�rket valr�e f�r progsert� t� pui-pases, b�t no city �ssessor, caun�
assessor, coiznty auditor, board of'review� baard r�f�qualization, cc�mmissi�ner of reven�ze, or cou�
ofthis state shall �rang a red�action�f t�e market vaIue below the�inar��n�naa�k�t vate�e establ'rshed
by tile �ssessme�t ag-eement daaring the term af the agr��ment fi}ed of record r��ardless of a�tuat
market valu�s sul�ich rr�ay r�sult fro� incomplete canstruction �f improvernents, d�sinaction, csr
diminution by any caus�, ins�zred or uninsczred, except in the case mf a�quisitio� c�r reacq�isition of
the property by a �oublx� ent�ty. Recordirig an assessmer�t agr�emerst cc��sti�iates not�ce of th�
�gre��ent trs ar�yon� c�ho a�q�ir�s any interest in the la�d �r impxoveza�ents #hat is sut�ject ta the
assessment agreeme�t, and th�agreernent is binding tapon tlsem.
rtxs-zias�bV t g
CT1b5•7
e B
l��,� �� � �
Offic�ai t�� �
Caunty R�c�rdar
�ashingtnn Coaanty,��
C�rflfled Ilied�ndPor�ecordod a�s:
20�ZfA6l12 4:3�:�6 P
Cfndy Kao�mene
COUR'Fji A009PQBt
p% 4
J � -
a �
EXHI�IT C TO �EVELOI'1VIEI�T AC�REEl0�1EN�T
��ECIIT��N C�P�'
I'�I��I����Af; +El�I�+1V`T'
TI-II� PUIe�HASE I�GREEMENT (this "t��r�ea�e�t") is entered into as of October ,
201 S, by and betwecn the Cc�ttage C`rrove Ecanomic Development Authority, a public i�ody
corporate and palitic under the la�s of Nlizlnesota ("��iler"), and �rove-FZainbow, I,,P., a
Minneso�a limited partnership ("��y�i~").
�E��TALS
A. Se11er has entered into a purchase agreement to acquire real propez�ty, together with
ai1 buildings, structures an�l other im�rovem�zlts, if any, th�reon, and an� and all fixtur�s tlierein,
Iocated at 7210 East Fc�int Dauglas Road South, in Cottage Grove, Washington County,
Minnesota, l�gally described on Exhibit � attached to this Agreem�nt and incorporat�d in thi�
l�gr�emen�by refere��ce (the "I��oper°�y"). The Property is �urrently owxied by�-Iome Depot US1�,
Ii1c. ��6I���� ��p�t").
�. �uyer desires to purchase tl�e Proparty fro�n Seller, and Seller desires ta sell tlle
same to Buyer, all on tl�e ternls and conditions of this Agreement,
N��, T�IE�EFC7RE, �uyer and Sell�r agr�e as follows:
1. S�le.
101 Sa�e. Subject to the terms and provisions of this Agreement, Seller shall sell to
Buyer, and�uyer shall purchase frol�� �eller, the I'roperty.
1.2 ��z�ehas� �'r�ee. The purchase prxce to be paid by Buyer to Seller for the Property
shall be One Million I�ine Hundred Fifty Thousand Dollars ($1,950,000) (Che
��I'�zr��i��� P�°i�e").
1.3 Earnest lYIoaaey. Within three (3) business days after both pas-ties receive a fully
executed copy of this Agreement, in original or eleetronic format (the "E�'feet�v�
I)�ate"), I3uyer agrees to depasit in escrow with �hicago Title Ins�arance Company
(66���-'���� 6'��Q➢r�L999 dl Ln �.L.S �+a�aCil4y a�? LILl�i In.�Jur��� 66�g9�6� 6�������99`' C�.l IL.S
f
affice located at 10 South LaSa11� Street, Suite 3100 Chicago, IL, Attn: Danielle
Spencer (312) 223-2034, an earnest money deposit in the amount of Two Hundred
Tifty Thousand Doll�rs ($250,000} ( "Ea�Q�aest S�'Io��y"). Escraw Agent shall
invest the Earn�st Money in a federall�-insured i�t�rest beari�g aecount. Except to
the extent otherwise set forth ii� this Agreement, all Earnest Nloney shall l�e non-
1
r�fiindable and shall be applied for Buyer's ben�fit against the �'urchase Friae a�
Closing (as defi���d beiow). �ll interest which has accrued on the Earnest I�1loney
shall, und�r all ei�cumstances, belong to the party that is ultimately entitled to
rec�ive th� Earnest Ivioney. Suyer shall pay all investment fees which are char�;ed
by Eserow �gent in connection �ith plaeing the Eanzest �oney in an interest
bearing accoun�. Buyer and Seller each waives any statutoly or eommor� law right
to contest or challenge the enforceability of this Agreemezlt based upon a lack of
ad�quate consideration, the refundab�lity or non-r�fundability of ai�y Earnest
Maney and/or the exercise of atly discretion afford�d to Buyer and/or S�Iler under
�l1is Agreement.
1.4 C'lai�s fa�r Eart��st l�Ione�. If either Seller or �uyer believes that it is entitled to
the Earnest Maney, such party shail inalce written deinand for the Earnest Money
upon Escrow Agent. Escrow Agent shall promptly give the non-demanding party
written notice c�f a�zy such demand, including a copy af any such demand, The
non-demanding party shall have the ri�ht to obj ect to the delivery of the Earnest
Money to the demanding paz-�y by giving Escrow Agent written notice �f such
objection at any time within three (3) business days after receipt by the non-
d�marading party of notice from Escrow �g�nt of such demand, but not thereafter.
Any objection notice from the non-demandiilg party must set forth the basis for the
obj�ction from tl�e non-demanding party to the delivery of the Earnest Maney to
the demanding party. Upon receipt of any objection natice from the non-
der�landing party, Escrow Agent sha11 promptly give notice of the objectior�,
including a copy o�the objection letter,to the party making demand for ti�e Earnest
Money. If Escrow flgent does not receive any objectian notice from the non-
demanding party within three (3) business days after receipt by the non-demanding
party of notice from Escxow Agent of thc demand for the Earnest 1Vloney by the
demanding party, Escraw Agent shall promptly (i) deliver the Earnest Money to
Sel�er, if Se11er macle the demand �or the Earnest Nloney, or (ii) deliver the Earnest
Money ta Buyer, if Buyer Ynade the deinand for the Earnest Money.
If Eserow�lgent rec�ives a not'rce of ob�eetion from Seller or°Buyer to the del�very
of the Earnest �Ioney to the other (demanding) party, Escraw�gent shall continue
to hc�ld th� Earnest Money until (a) Escrow A�ent receives writtei� rzotice from
Seller and E3uy�x directing the disposition of the Earnest lYloney, in which event
Escrow Agent shall deliver the Earnest IVloney in accordai�ce with such mutual
direction, or (b) litigation arises betw�en Se11er and Buyer �vith respect to th�s
Agr�ement or the Earnest Money, in which event Escrow Agent may, at its
election, and shall, if clir�cfed by the eourt in any such litigation, tender the Earr�est
�Ioney into the court in which such litigation is pending, or (c) Escrow Agent
notifies Seller and Buyer that Escrow Agent is terminating its duties as Escrow
Ag�nt under this Agreerrient and Escrow Agent deposits the Earnest Money into
any court with jurisdiction (whether or not litxgatinn with respect to this
Agreement or tl�e Earnest Money is then pending).
2
Escrow A�;ent may act on any instrument ar otll�r ��riting believed by Escrow
A�;ent il� �ood faitl-� to be g�nuine and to be si�ned and presented by the proper
���rty (S�llei or Buyer), and Escro� Agent shall not be liable in conzlection with
the perforinance of its duties as Escrow Ag�nt under this Agreeinent except as the
result of Escraw lagent's own gross negligence of willful inisconduct. Escrow
Agent shall have no duties or obligations as Escrow Agent ttnd�r this Agreement
except as otherwise sp�cifically provided in tl�is Agreement, Escrow Agent shall
not be bound by any modification or amendm�nt to this Agr�ement that changes
any of the duties or responsibiTities of Escrow Agent undex this Agreement unless
Escrow Age�t shall have given its priar written consent to any such modification
or amendment.
1.5 �Sol� Or°der �serc��o Not�vvithstanding anytl�ing to the contrary contained in this
Agreement, including withaut limitatiort, any other provisions of this S�etion 1.4
or the provisions of paragraph 3 (I3uy�r's Inv�stigations) of tlzis Agreement, the
escrow of the Earnest Money with Escrow Agent shall be a "sa�e ��°d�r" escrow
for the l�enefzt of BLryer (meanuz�that Escrow Agent� shall act sol�ly in.accordance
tivith instruations from Buyer with respect to the Earnest Nlon�y until the
expit�ati�n of the `�Contingeney I�ate" (as defined in Seetion 5.1 (d) of this
l�greement). Withotiit limiti�ng t11e generality of the foragoing, in the event that on
or prior to the Contingency Date, �uyer d�liv��s notice to Escrow Agent stating
that �uyer has elected to terminate this Agreemexlt, Escrow Agent shall promptly
refund the Earnest Money to Buyer without any requirement that Escrow A�ent
first notify Se11er or obtain approval frorn Seller as otherwise provided in Sect�on
1.3 or any other provision of this Agxeement. In furtherance of the foregoing, in
the event Buyer notifies Escrow 1�gent on or pric�r to the Conting�ncy Date that
Buyer has elected to terminate this Agreement and �uyer instructs Escrow Agent
to refund tlZe Earnest Money to Buyer, Escrow Ag�nt, by signin� this Agreem�ilt,
agrees �hat it sha11 not be permitted ta, and sha11 not, follow any conflicting
instructions given by Seller, S�ller's counsel or any other person or entity acting,
or purpoz-ting to act, oii behalf of Seller, as to the disposition of tl�e Earnest
Money, but sI1a11 only follow the instructians of Buy�r. If on or before the
Co�ltingency I7ate Buyer notifies Escro�v Agent tl�at Buyer is terminating this
�lgreement and Buyer directs Escrow�lgent to r�fund the Earnest IVloney to �uyer,
5eller agre�s not to d�liver any conflicting in.structions to Escr�w Agent for any
reason whatsoever, and Seller hereby instructs �,scrow Agent fo act in respect to
the Earnest Money solely in accordancc with instructions from�ltyer o11 or prior to
the Contingeney Date.
2. Av�i��bl� Surve�s, T'ests� and �e��r�so Seller repres�nts to Buy�r that Seller has
delivered to Buyez, (i) copies of any surveys, soil tests and environnlental reports
previously coYlducted on the Property and in the possession of Seller, and (ii) copies of all
existing title work for the Property and in the possession of Seller (the 66I?�� I��lig�nc�
1'vIaterials"). �uyer aild 5eller specifically acknowledge and agree th�t Sell�r has pravided
and Buyer has received copies of an ALTA Survey dated 8/24/15, a Phase I environmental
report dated 7/28/15 and a Title Commitment dated 7/28/15. 5eller represents to Buyer
3
that 5�ller has no other Due L�iligence Materzals or any other reports, znspectians or any
other information or docui�lentation in its possession with r�spect to the condition of the
Property (iai�luding with�ut limitatian,, fhe physical ar structural or �nvironmentai
condition of the Prop�rty or mechanical systems comprising the Property). Seller makes
no representations or warranties regarding tlle ac�t�racy of the Due Diligence Materials.
3. �u��r's ���ves�i�atio�so For a period (hereinafter called "�uye�'s I�spe�tion Period")
of Lip to tbirty (30) calendar days following the later of (i) the date S�ller aloses on its
acc�uisition of the Property fro�n Home l�epot ("�ellerss F�ssessic�r� I)ate") or (ii) the date
that �uyer rec�ives from Seller (either �lectronically or izz hard copy) all of the followin�;
reports: (1) a Phase II Environmental 5ite Assessment for the entire Property certified to
Buyer from �raun Intertec Corporation, ("��au� �ratertec"), (2) a roof inspection of the
eiltire roof over the Home L�epot building certified to Buyer f'rom CentiMark Corporatic�n
("Ce�tilVlar�."), and (3) a physical, structural and mechaiucal inspection (including
without limitatian, inspections of the electrie, plumbing and �I��4C s�stems in the Home
Depot building) c�rtified to Buy�r from Cushman&Walcei`ieldJNorthMarq ("�ushrnan �
��ke�el�/i�Tor��ali�arq") (collectivelyy the "Invasive "I'est R�po�ts"), Seller sha11 allo�r
Buyer and �uyer's agents access to tl�e Property withoLrt charge and at all times for the
purpose of Buyer's investigation arid testing of the Property, including, without lirnitation,
surveying and testing af soil and groundwater ("��zye�°'s Iz�v�sti��t��r�s"}; provided,
however, �uyer shall not perform any invas�ve testing ("invasive testing99 shall include9
but is not limited to testing of HVAC, plumbing, and electrical systems, and structural
analysis of the building) unless (a) Seller gives its prior appraval af Buyer's consultant
that will �erfornl th� testing, which approval sha11 not b� Linreasonably withh�ld,
conditioned or delayed. Seiler agrees that �raun Intertec, CentiI�ark and Cushman �
Walcefield/No1�thMarq are all approved consultants; and (b) �uyer gives S�11er twetlty-
four (24) hours advanced no�ice (which, notwi�hstanding anything con�ained in this
Agreeinent to the �ontrary, may be b� �-inail to Jennifer Levitt at '�levitt c�cotta �e_
Qrc���ve.o_� } of such testing. Seller shall notify Buyer, in writing, of Se11er's aequisition of
the I�roperty from Home I�epot, within twenty-four (24) hours following �eller's
Possession I�ate. Seller shall have the right to ace�mpany Buyer during any of B�ayer's
Investigations of the Property, at its own expense, Buyer sl�all provide ta Seller copies of
all third-party, non-confidential written test results and r�ports conducted as part of
�uyer's Investigations.
Except as otherwise p�ovided in tl�is 5ection 3 with resp�ct to the Pliase I ESA that has
already been perforrned for Seller, and e�cept for Seller's obligation to pay for the
Invasive Test Reports if �eller fai�ls �o puxchase the Property from I-�ome D�pot, Buyer
agrees to pay all of the costs and �xpenses ass�ciated with Buyer's Investigations, to cause
to be released any lien on the Property arising as a result of�uyer's Investigations (except
for any liens arising as a result of the In�asiv� Tes� Reports if S�ller fails to acquire the
Property from Home Depot) and to repair and restore, at Buyer's e�pense, any damage to
the Property caused by Buyer's Investigations, ex�ept for any dainage caused or arising
fr�m any invasive testing, as evidenced by the Invasive Test R�ports, if Seller c�oes not
purchase the Property from Home Depot. �uyer shall ind��nnify and hold ��lier and th�
Property harmless fram all costs and liabilities, iiacluding, but not limited to, reasonable
4
attomeys' fees, arising fi•om I3uyer's Investigations. The indemnif cati�i� obligations
pro�vid�d herein shall survive the terminatioi� c�r cancellation of this Agreement far a
period of 180 days. �uyer and �eiler acic�io�vl�dge and agree that S�ller has ordexed the
Invasive Test Reports prior to the �ffective Date. If Seller does not acqu�re the Property
from Hozne I�epot, Seller shall pay for all costs associated with th� Invasive Test Reports,
inclucling any applicable testing and any sarri�ling and/or analysis of materials. If Sellex
acquir�s th� Property frc�n1 Home I��pot, then Buyer shall pay for all costs asso�iated with
the Invasiv� Test Reports9 including any applicable testing and any sampling and/c�r
analysis of rriaterials, with the exception of the Pl�ase I environmental testing already
cai�npleted.
Additionally, provided that Buyer does r�ot terrriinate this Agreement on or priar to the
Clasing I�ate, �uyer �nd its agents shall still hav� access to the I'raperty; without charge,
at aIl times pr�or to �Iosing (as defin�d in Section 6 of this Agreement) to inspeet the
�roperty, ar any part th�reof, subject to the terms of this Se�tion.
4. I��ur�n���isl� of I��ss. Seller assum�s all risk of destruction, loss or darnage ta the
Property prior to the Closing I3ate (as defined in Sect�on 6 of this Agreem�nt). If, priar to
tl�e Closing Datc, all or any portion of the Property or access thereta is conclemned, takeza
by e�ninent domain, or damaged by cause of any nature, �eller shall immediately giv�
Buyer notice of such condemnat�ion, taking or damage, �fter rec�ipt of notice of such
conc�emnation, taking or damage (frorn Seller or oth�rwise), �uyer shali have the option
(to be exercised in writing within thirty (30) days) �ither:
4.1 'I'o require Seller to (i) convey the Prc�perty at Closing ta �uyer in its damaged
eondition, upon and subject to all of the other terms and conditions of this
Agreeinent wzthout reduction of the Purchase Price, {ii} assign (in a form
reasonably acceptable to �uyer) to I3uyer at Closing a11 of 5eller's right, title and
�nterest in and to any claims �eller may have to insurance proc�eds, condemnation
awards and/or any causes of action with respect to such conde�nnation or taking of
or damage to the Property or access th�reto, and (ii�) pay to Buyer at Closing, by
wir� transfer to an accou�t designated by �uyer, a11 payments made prior to the
Closing I�at�under such insurance policies or by such condemning authorities, or
4.2 To terminate this A�reement by giving notice of such termination to Seller,
whereupon this Agreement shali be terminated, th� Earnest �1o�1ey shall be
refLinded to l�uyer and thereafter neither party shall have a.ny further obligations or
liabilities to the other under this Agreement, except for such obli�ations as survive
termination of tlzis Agreement. If tlze right to terminate this Agreement under this
Section 4.2 is not exercis�d ii�writing within such thirty (30) day period, such riglit
shall be deemed to have been waived. Tf �uyer elects to have 5eller convey t11�
Property to Buyer at Closing, as provided u1 Sectio�n 4.1 above, I�tityer inay
designate counsel, appear in, or otherwise act with respect to (including the
settlement o� the condeinnation proceedings with written notice to Seller, but
without Seller's consent, and Seller shall (i) ex�cute any documents r�quired by
any insurance company or condemnatior� auth�rity ta evid�nce the autharity of
5
F�uy�r to appear i�l, aet with r�spect to, aald/or settle, any stich claim, ancl (ii) if
required by any insurance company or condemnation authority, appear (at Seller's
own expense) at ax�y n�eeting, hearing or other proceeding with respect to any such
caslialty or condemnation.
5. (:a�ntin��n�ies.
5.1 �i��e�~9s �or�tir��e�cres.
(a) Unless waived by Buyer in writing, Buysi's obligatian to procaed t�
Closing shall be subject to (i) performance by Seller of its obligations
under this Agre�ment, (ii) the continued accuracy of Seiler's
representations and warranties prov�ded in �ection 4.1, and (iii) Buyer's
sat�sfactic�n, in �uyer's sole discretion, as to the contingencies d�scribed in
this ��ction 5.1 within the time peric�ds set forth below:
(1) On or before the Contingency Date (as hereinaft�r d�fined), Buyer
shall have d�t�rmin�d, in ��s sole discretion, that i� is satisfiec�
�vith the results of and matters disclosed by Buyer's Investigations,
surveys, soil tests, engineering insp�ctions, hazardaus substance
and env'rronmental reviews of the Property (�ncluding xhe Invasive
Test Reports) and with aIl other inspections and due diligence
regarding the Property, including the Due L?iligence Materials.
(2) On or before the Closing I)ate, �uyer shall have raceived from the
Tit1e Company an irrevocable com�nitlraent to issue an ALTA 2006
form owz�er's title ins�lrance policy far th� Property, together with
any endorsements required b� Buyer (provided any such
endorsements �re authorized to be issued by title insuranc�
companies in the Stat� of Minnesota), i1� a form and substanc�
satisfac�ory to Buyer in �uyex's sole discretion, not disclosing any
encumbrance not acceptable to Buyer in �uyer's sole dkseretion,
subject only to such changes in title as are Permitted Encumbrances
or as are otherwise acceptable to �3uyer in I3uyer's sole discretion.
(3) On or before the Closing Date, Seller shall have obtained releases
(which will be recarded at Closing) of the Property from any and all
mortgages or other monetary Iiens affect�ng any af the Property.
(4) On or before the Closing I�ate, Buyer has closed on the real
property located at 7300 East Paint Douglas Road, in Cattage
Grove, Washington Caunty, Minnesota ("Gr�vea�2�inbov�
F����.��991 w�Lll.{.2�`Y eVy 11A�. �G6Sa�'Y 6iL99�.
/
(5) �n or before the date that Buyer and Hy-Vee close the sale of the
Grove-Rainbow Property to Hy-Vee (the "I�y_Vee C�o�ang��te99)
6
which date inay be earlier or later than the Contingency I�ate, the
Restated I3eclarations of Restr�ctions and Easements dated J�ine 12,
2002 and record�d in th� Washington County Iiecord.er's Office as
I�acument Number 32431�0, as previously amended (66 A") sha11
(i) be amended to (A} be consistent with the new plat and
own�rship of the relevant parcels that are or will be parties to the
IZEf�, (8) modify and amend signage restrict��ns and allocations t�
the satisfaction of Buyer, (C) delete the us� rastrictions against
physical fitness centers and the "Restricted Use Area" (as defined in
the £�EA) to the satisfaction of Buy�r, (D) grant to Buyer and Hy4
Vee stich�xclusive trse rlghts (with specific language defining thos�
exclusives) as Buyer and Hy-V�� shail require, (E) permit �uyer ta
use the bacic of the Home I�epot building for warehouse,
distribution and self-st�rage purposes (subject to compliance with
any reqttirements a17d approvals frozn applicable governmental
a�,lthorities), and (�') include such ather xnodifications and
arrlendments as Buyer and Hy-Vee may rec�uire, and (ii) b�
executed, witnessed and/or acknowledged, as applicable, by (A) all
owners' whose property is or will be encuz�lbered by th� REA, (B)
all lenders holding a mortgag�, deed of trust or any si�nilai
encumbrance against any such property, to subordinate any such
enculnbrance to the REA� and (C) all tenants of any property to b�
included in the REA, if approval of any sucl� tenant is required
under its lease ("r��e�ad�d I�EA")o
(6) Qn or before tl�e earlier of the �losiilg Date or, if rec�uir�d by Hy-
Vee, the Hy-Ve� Closing I�ate, but not befor� Seller's Possession
T�ate9 the Amended REA shali be r�corded in the Washington
County Recorder's Office and shall encumber all prop�rties that are
or will be included in the Amended REAS including any property
acquired or intended to be acquired by Hy�Vee that is immediately
adjacent to the Grove-Rainbow Property.
(7) On or befor� the Contingency Date, Buyer, Seller and the City of
Cattage �'irove (the "Cflty") shall agree upon (i) the form and
substance of an indelnnity agreement from Se11er and the City in
favor of Buy�r aild its successors and assigns (the "�ndenana�
A�reem��t"), and (ii} tl�e form, substance and amount of all
rnsurance to be maintained by Seller and the City in favar of�uyer,
its successors and assigns in cannection with the Indemnity
Agreement, pursuant to whicll Seller and the City shall jointly and
severally i�ndemnify, d�fend with counsel rsasonably acceptable to
Btayer, its successors and assigns, and hold Buyer and its successars
and assigns, harmless frcom and against any and all claims,
d�mands, debts, actions, causes of action, suits, obligations,
dainages, losses, costs, expenses (including attorneys' fees) and
7
Iiabilities of any kind or character whatsoever, known or unknown,
suspected or unsuspected, present or future, liquidated ar
unlic�tilidated, matured or urzmatur�d, direct, indirect or derivativ�,
f�xed or contingent, including vvithot�t limitatit�n, such claims as
economic lass, investment loss, loss of business opportunity, breach.
of contract, pr�fessional fees, exemplary, punitive, consequential or
other damages, that I-�ame Depot znay allege, suffer or sustain as the
result of an alleged bre�ch of elause 1(1�)(iii)(A) and/or 1(b)(iii)(�)
of the IZestrictive Covenant Agreement ("I2�A99), whieh Seller and
Hoine Depot will e�ecute and record against the Prop�rty o�
Seller's Possession I�ate. Buy�r ack�lowiedges that the RCA will be
re�orded against the Property. The Indemnity A�;reement sl�all be
in f�rm anc� content acceptable to Buyer in its sole discretion. Th�
I�C�1 is attached hereto as Exhibit B. Notwithstand�ng the
for�going pravisiaz�s of this Section 5.1(a)(7j, tl�ze Indemnity
Agreement shall ilot cover any "darect ��f���raa��v� act���" of
Buyer, its successors or assigns, in connection wzth th� prohibitions
in claus� 1(b)(iii)(A) of the RCA. As used liereiz�, "direct
af�'irmative actian" means the actual execution by Buyer, its
successors or assigns, of any instrtzment specifically agreeing to,
allowing, provid'zng ar taking any action with respeet to, or waiving,
any of the prohibitions in items (1) ancUor (2) of clause 1(b)(iii){A)
of the RC�1. The failure of Buyer, its suceessors or assigns, to take
any action, directly or indirectly, to contest, object to, prohib�t,
eiljoin or otherwise prevent the violation of any af the restrictions in
items (1) and/or (2) of ciauss 1(b)(iii)(�) of the R�A, shall not
constitut� (a) a violation of�the RCA, (b) a waiver or consenf to, or
with resp�et to, th� RE� under item (2} of�lause 1(b)(iii)(A) of the
1ZCA, or (c) a direct affirxnative action.
(8) On or before the C�ntingeney Date, Buyer and Se11er shall agree
upon a Development A�;reexnent or a Business Subsidy Agreement
i�z form and substanc� satisfactory ta the parties. Any D�velopment
Agreeznent or Business 5ubsidy Agreement sha11 not (i) provide
that the l�eed shall contain a right of reverter, a condition
subsequent or any similar right granting �eller the right to
recapture the Praperty, or any part tl�ereof, if�3uyer defaults under
the applicable agre�ment, (iz) require Buyer to create any specific
number of jobs at the �'xoperty, at any time9 (iiz} rec�uire that Buyex
provXde landscaping for the Prop�rty, or at part thereaf, (iv) prohibit
the sale, transfer, encumbran�e or other disposition of the Property,
or any part thereof, without the written consent of Selier or (v)
prohibit the sal�, transfer, encumbrance or other disposition of
Buyer or any interest in Buyer without the written consent of Seller.
It is specifically understood and agreed that any �usiness Subsidy
A�;reernent or Develapment Agreement shall �nclude, as an exhibit,
�
a copy of Yhe final plat (the "Fina� Pl�t") approv�d by tha City, of
the Property, the Grove-Rainbow �'roper�y, and any other property
proposed to be �included in the Final Plat. It is a1sQ understood and
agreed that the Final Plat shall specifically show all public drainage
and utility easements cavering either or both the Pr�pei-ty and th�
Grove-Rainbow Froperty �nd ali points af access (direct or indirect)
to or from either or both the Property and the Grove-I�ainbow
Property to publicly dedicated str�ets adjoin�ng the Property or th€
Grove-Rainbow Property.
(l�) Th� foregoing continge�cies axe for Buyer"s sol� and exclusive b�nefit and
one (1) or more may be �aived in writing by Suyer in its sole discretion.
Se11er shall reasonably cooperate with �uyer's efForts ta satisfy stzch
contingencies, at no out of pocicet cost to Sell�r or assum�tior� by Seller c�f
any obligation or liability of I3uyer. Seller and �tlyer shall each be
responsible far its own attorney59 fees and costs in any efforts to satisfy the
coiltingencies. Buyer s11a11 bear a11 cost and expense of satisfying Buyer's
contingencies. If any of the foregoing cc�ntingencies have not been satisfi�d
on ox befor� the applicable date set forth in this Section 5.1(a), then this
Agreement may be terminated, at Buyer's option, by �ritten notice fi•or�
Buyer to Se11er. Sucl� written notice must be given on or before the
applic�able date set forth in this Seetion S.1(a), or Fuyer's right to terminat�
this Agreelnent pursuant to any specific contingency contained in this
Section 5.1(a) shall be waived as to that specific contingency. If Buyer
tezminates this Agre�ment purslrant to this Sect�on 5,1(a), the Earnest
Money shall irrimediately be refunded to Buyer. Upon termination, neither
party shall have any further rights nor obligations against the other
regarding this Agreement or the Property, except for such obligations as
survive termination of this �greement.
(c) If I�uyer elects not to terminate this l�greernent based an any of th�
contingencies set out in this Section 5,1(a), such election shall not Iimit any
representations, �varranties, covenants, agreements or obligations of Seller
set out in fhis Agreement or in any docurrflents delivered by Sellar in
connection with this �greement, including without limitation, the
Indemnity Agreement, any other indemnity or any representations with
respect to enviror�nental n7atters.
(d) As used in this Agreement, the 66�ontingency Date" shall mean the first
(1�`) bltsiness day oecurring thirty (30) days from th� Iater of (i} the
Ef�ective T�ate, (ii) Seller's Possession Date or (iii) the date of Buyer's
receipt of all Invasive Test Reports.
5.2 Selle�'s ��aatira ��ci�s. Seller's obligation to proceed to Closing shall be subject
to the satisfaction, on ar priar to dates set below, of each of the following
conditions:
9
(a) Seller has acquired fee title to the�'ropex-ty on or before th� Closing Date.
(b) �n or before the Contingenay I�at�, �uy�r and Seller shall agre� upon a
Development Agreement or a Btisiness 5ubsidy Agreernent in form and
substance sat�sfactory to the parties. Seller hereby agrees that neither th�
I�evelopmenY Agreeinent nor the Business 5ubsidy Agr�em�n� shall
contain any of the provisions prohibited by Section 5.1(a)(�) of this
Agrcei�7ent.
(c) 13iiyer shall have performed and satisfied all agreements, covenants and
conditio�s required pursuant to this Agre�mel�t to be performed and
satisfied by Buyer on or prior to the Clasing L)ate.
(d) All representations and warranties of �uyer contained in this Agreement
shall be accurate as of the Closing Date.
Se11er znay in its sole discretion waive any of the conditions precedents set out in
this Sectiono �
6. C'losin . The closing of the purchase and sale contemplated by this Agreement (the
"�Iosing") sha11 occur on the first (lst) busi�less day oceurring one hundred fifty (150)
days after the Contingency Date (the "Closi�g Date"). Notwithstanding the faregoing
sentence, Suyer and �e11er may mutually agr�e in writing to a Closing Date at any time
after the Contingency Date; however, the Closing shall acctrr no later than Nlonday, May
2, 2016. Seller agrees to deliver legai and actual possession of the Property to �uyer on
the Closing Dat�. Closing shall occur through the mail by delivery of the Purchase Pric�,
all closing documents and closing instructions to the Title Company.
6.1 �e�l�r's Clos�n� I�o�uni�nts �nd I3�liver�es. C?n the Closing Date, Se11er shall
�xecu�e, acknowledge and/or delive�- (or cause to be executed, acknowledged and
delivered), as applicable, to BuS�er the follo�ving:
(�) d�a�r�n �3eed. � warranty deed conveying tifle to the Property ta
�3uyer, free and clear of all encumbrances, except the 1'ermitted
Encurnbra�ces (th� "T9eed") 99) The legal descrzption c,f the Property
contained in the Deed sha11 be based upon the legal descriptian on the I'inal
Plat.
(b) I'I�2I'TA Affidav�t. If required by the Title Company, an affidaeit of
Seller certifying that Seller is raot a"foreign person," "foreign partnexship,,'
foreign trust," "foreign estate" or "disregarded entity" as those terms 'are
defined in 5ection 1445 of the Internal Revenue Code of 19�6, as amended.
10
(c) Selle�'s �ff�da�it. A standard owner's affidavit (ALTA form) fiom Seller
which may be required by the Title Company to issue an awner's palicy of
title insurance �vith respect to the Property �vitll the so-called "standard
�xceptions" deletcd (excluding the survey e�ception).
(d) �ett���e�t Sfa�e��nt. � settlement statement with resp�ct to this
transaction,
(e) Gais Ind�ma�i� r��reeme�at. !� Gap Indemility Agreement, if required by
the Title Co�npany.
(f� t�r�ea�ci�d �r�o The�mended RE?�, unless prior to the Closing I�ate, Hy-
�Iee requests th�t Seller r�c�rd th� �.rriended REA on the �Iy�Vee Closin�
Date, in which event Seller shall record the Amended I�FA on the Hy-Vee
Closing I�ate (but not prior to Seli�r's I'assession I)ate).
(g) �eveloprrient_ A�r°��z�ent. � I�evelopment Agreernent or Busxness
Subsidy �greement.
(h} �nde�ni� _A��-eer�en�. Tl�e Indemnity �greement, ex�euted azld
�elcnowledged b}� botli Seller and the City, together with Certificates of
'rnsurance, in farm, subs�ance and amounts reasonably acceptable ta Buyer,
required ta be maintained by Seller ar�d the C'rty �inder the Indemnity
Agree�ent.
(i) Assi��a�aent �f I�icenses ancd Per�aits. �n Assigriment, in form and
content reasonably acceptable to Buyer, of any assignabl� licenses and
permits held by �eller and applicabl� to the Pr�perty, as provided in
Section 10.1 of this Agreement.
(j) ��net°a� �3el�v��ies. All other documents determined by the Tit1�
Company to be necessary to transf�r the Property to Buyer and to evidence
that 5eller:
(1) Has satisfied all monetary indeb�edness with respect thereto,
(2) Has obtained such termination statements or r�leas�s from such
seeured creditars as may be neeessary to ensure that the Pro�,erty is
subj ect to no matletary liens,
(3) Has obtained all consents from third parties necessary to effeet
SeI1er's performance of the terms of th�s Agreem�nt, including,
withaut linlitation, the �onsents af all parties holding an in.terest in
the Property,
(4) Has provided such othex documents as are cletermined by the Titl�
Company ta be necessary ta issue polici�s af title insurance ta
�3uyer with respect to the Property with the so-called "stand�rd
exceptions" delet�d (excluding the survey exception), and
11
(S) Has duly authorized the transactions contemplated by this
Agreement.
6.2 ���° C'l�si�� ���utr�ents �z�d Deli�eries. On tlle Closing I�at�, Buyer shail
execute, acici�owledge ancUor deliver� as applicable, to Seller the follow�ng:
(a) Pa�vr�ent of Pu�ch�se �r°ice. The Pttrchase Price shall be payable on th�
Closzng I�ate, subject to those adjustments, pro-rations and credits
described in thia Agreerr�ent, by wire transfer of immediately available
funds, pursuant to znstructians from Se11er, or at �e11er's optian, by Titl�
Company clzeck.
(b) �ettl��r��nt State�ent, � settleme�zt statement w�th respeet to tl�is
transaction.
(c) FI�2P'I'A �f�'id�vi#. If required by thc Title Company, an affidavit of
�uyer certifying that Buyer is not a "foreign person," `<forei�n
partnership999 foreign �rust," "foreign estate" or "disregarded entity" as
those terrns are defined in Section 1445 of`the Internal Revenue Code of
1986, as ame�ded,
(d) �1a�e�ded I��, The Amended REl�.
(e) �evelo�rne�t r��r°e�ar��nt. A I�evelopinent Agreement or Btisiness
�ubsidy Agreement.
(� General Deliveri�s. All oth�r documents reasonably determined by th�
Title Company to be necessary to evidez�ce that �uyer has duly authorized
the transactions contemplated by this Agreement and that Buyer has the
authority to enter into and perform this Agreement and the documents ancl
inst�-uments reqiai�ed to be executed and delivered by Buy�r pursuant to this
�greement, or as may b� requi�°ed of Buyer u�der ap�,lica�le law, incltiiding
any�3uyer's affidavits or revenue or tax certificates or statements.
7. I'�°a�°atfo�s. Seller and Buyer agree to the following prorations and allocation of costs
regardiilg this Agreemento
7.1 T�tl� �vadence arad Clos��� Fee. �uyer shall pay all premiums for any title
insuranc� policy (and any endorsem�nts to any such policy) it desires with respect
to th� Property. Buyer and Se11er shall �ach pay on� half(1/2) of any closing or
escrow fee ar charge imposed by the Title Co�npany.
7.2 'Transfer T'ax�sa Seller shall pay all state deed tax regarding the I�eed.
7.3 IZeco�dii�� Costs. £3uyer will pay all recording costs wzth respect to the recording
of the Deed and for the recording of any rriortgag� placed upon the Property by
12
Buyer, and any rnortgage registration tax with r�spect to any such mortgage, Seller
shall pay any recording costs to remove any encumbrances against the Prope��ty
required to be removed by Seller pursuant to this r�greemanfi.
7.4 Re�l Est�te T���s �nd ��ecial Assess�raents. General real estate taxes applicabl�
to any of the Property due a�zd payable in the year of Closing sha11 be prorat�d
betr�een �eller and Buyer on a daily basis as of 12:00 a.m. CT on th� Closing Date
based upon a calendar fiscal year, �vith 5eller paying those allocable to the period
prior to the Closing �ate and Buyer being res�onsible for those allocable to th�
�losing I�ate ai�d subs�quent thereto. Seller sha11 pay in fu11 al1 special assessments
(and charges in the nature of or i� Iieu of sucl� assessrrie�ts) �levied, pending,
postponed or deferred with respect tc� �ny of the Prc�perty as oi the Closii�g Dat�.
Buyer sha11 be responsible for any spec%al assessments that are leviecl or become
pending against the Property after th� Clasing I�ate, including, without limitation,
tl�ose related to T3uyer's developnient of the Prop�rty.
7.5 Utilities. All lltility exp�nses, including water, fitel, gas, electricity, se�ver and
other serviees furnished to or provided for the Property, if any, shall b� prorated
between S�ller and Buyer on a daily basis as of the Closing I�ate, with Seller
paying those allocable to the period prior to the Closing Date and Buyer being
responsible for tl�ose allocable to the Closing Date and subsequ�nt thereta.
7.6 Attarr�eys' I+ees. Seller and Buyer shall each pay its own attorneys' fees incurred
in connectian with this transaction.
7.7 S�rvi�al. The obligations set forth in this Section 7 surviv�the Closing.
8. T�tle ��az�in�tio�. Seller and Buy�r acknowledge that on ar before the Hy-Vee Closing
Dat�, HyaVee will place of reGord (ar cause to be pla�ed of record) the Final Plat and that
�he Final Plat wi11 re-plat the Frop�rLy and tize Grov�-Rainbow Property. With�n ten{10)
busiizess days after Buyer's receipt of written notice that the Final Plat has been recorded,
Buyer shall order (i) a current commitment f�r an owner's title insurance palicy (ALTA
Form 2006) issueci by the Title Company for the Property, and capies of all encumbrances
described in the commitment, including the recorded Final Plat (the bb����i��e��99��
showing 13uyer as the �roposed insured; a11d (ii) an ALTA survey certified to Buyer and
�uy�r's designees, bearing the legal description of the Property as shown on the FinaI
�'lat, and sl�owing the area, dimensions aild location of the �'roperty as shawn on the Fina1
Plat (the "5t�a-�ey" and, together with the Commitment, the "'Ti�te Ev�d�ne�"). Seller
acki�owledg�s that (a) �he commitment for an owner's policy of title insurance previously
provided ta Buyer by Seller is dated eff�ctive as of June 11, 2015, is not current, sllows
Seller as the proposed insured, and does not include the legal dcscription of the Property
that will appear on the Final Plat, (b) th� survey of the Property previousl� provided by
Seller�to Buyer is dated Jt�y �, 2015, is not eurr�nt, is no�eertified to Buyer, and does not
depict the Property as will be depicted on the Final Plat, and (c) th� cominitment and the
survey provided ta }3uyer by Seller, as described in subsections (a) and (b) of this
paragraph, do not constitute the Tit1e Ev�idenc�.
13
�,l I3���-9� Ob,�eetions. Vdithin ten (10) days after �uyer's receipt of the Title
Evidence, Buyer may make �vritten objectians ("OI)�EH+L��IOI1�599} to the f�rm c�r
content of the Title Ev�dence (including any matt�rs constitutzng excaptions ta titile
as disclased by th� Comznitment). Any matt�rs reflected on the Title Evidence
which are not objected ta by Buyer within such time period or whach are waived
by Buyer in accorda�zce with Section 8.2(b) of this �greeinent shall be d�emed to
be permitted encumbrances ("Per��itted ��ca�mbra�ces"). I�otwithstanding the
foreg�ing, the following items shall be deemed Permitted Encumbrances: (a) the
reservation, if any, of minerals ar mineral xights by tille State of Minnesota, as Iong
as suc11 reservation does not contain any right to drill, miile or otherwise extract
any minerals by surface or subsurface methods, directly or by directional or slant
dr'rlling or otherwise, in any mann.er that could impact the subjacent support of the
l�roperty; (b) applicable laws, ordinances, ar�d regula�ions; and (c) th� Final Plat.
Buyer shall 11ave the renewed right to object to th� Title Evidence as the same may
be revised or endorsed from time to tiine.
8.2 Seller's Cur°e. 5eller shall be allowed ten (10) days after the receipt of Buyer's
Objections, if any, to cure the same to Buyer's reasanable satisfaction, but Seller
shall have no obligation to d� so. Any agreement by the Title Cainpany to insure
over any such Objeetion shall not be deeined or constru�d to eo�strtute a cure af
any such Objection. If such cure is not eom�leti�d within said ten (10) day period,
or if Se11er elects (by notice in writing to �uyer) not to cure any such Objections,
Buyer shall have tlle option to do either of�11e following:
(a) Terminate this Agreement with respect to all o�the Prop�rty.
(b} Waive one or more of its Objections and pfoceed to �losing,
If I3uyer so terminates this Agreement, neither �eller nor Buyer shall be liable t� the other
for any furth�r obligations under this Agreement (except for such abligations as survive
terinination of this Agreement) and the Earnest Money sh111 be immediately refunded to
Buyer.
9. W��°�°�nti�s a�d�te r�s�n�ati�ns.
9,1 I3y S�l�er. Seller warrants and represents th� following to �uyer, and Seller
acknowledges that Buyer has r�lied on such representations and warrantles in
agreeing to er�ter into this Agreement and will rely on such representations and
warranties in consummating this Agreement:
(a) This Agreement has been duly executed and deiivered and constitutes the
legal, valid and binding obligation of Seller enforceable in accordance with
its terzns. Seller has been duly form�d under the laws of the State of
Ivlinnesota and is in good standing ui�der the Ia-ws of the jurzsdzction in
14
which tha Property is located, is dlrly c�ualified to transact btlsrness in the
jurisdiction in whi�h tize Property is locat�d, and has the requisit� pow�r
anci authority ta enter intc� and perform this Agreement and the documents
and instrumei�ts r�quired to be execlited �nd delivered by �eller pursuant
hereto. This Agreement and the documents and instruzn�nts required to be
executed and delivered by Seller pursuant hereto have each been duly
authorized by all n�cessary action on the part of Seller and such execution,
delive�y and performance does and wi11 no� conflict with or result in a
violation of Seller's organizatianal agreement or any judgment or order.
(b) The execution, delivery and performance b� Seller of this Agreement wi11
not (i) violat� any pxovision of any law, statute, rule ar regulation or any
order, writ, judgment, injunction, decree, determination or award of any
court, governmental agency or arbitrator presently in �ffect having
applicab�lity to 5e1�er, or (ii) result in a breach of or c�nstiitute a default
under any indeilture, laan cr credit agreement or any other agre�ment, leas�
or instrument to �IZich 5�ller �s a party or by which it or any of its
propert�es (including the Property) may be bound.
(c} No order, consent9 approval9 license, autnorizatioi� or validation of, or
filing, reeording or registration with, or exemption by, any governmental or
public body or authority, or any other entity, is requir�d on tlle part of
�eller to authorize, or is reqtiured by Seller in conneetion with, th�
execution, delivery and performance of, or the legality, validity, binding
effect or enforceability of, this Agreement.
(d) To Seller's knowledge, there ar� no actic�ns, suits or proceedings pending
or threatened against or affectin� Se�ler or any of its prop�rties (including
the Property), before any court or arbitrator, or any governmental
department, board, agency or other instrumentality which in any of the
foregoing (i) challenges the legality, validity or enforceability of this
Agreement, or (ii) if de�ermined adversely to Se11er, would have a material
adverse effect on the ability of Seller to perfarin its obligations under this
Agr�eme�at.
(e) Sellcr 17as not received written notiee, and has no knowledge, of (i) any
pending or contemplated annexation or condemnatios� pr�ceedings, or
purchase in lieu of the sam�, affecting or which may affect all or any part
of the Property, (ii) �rith the e�ception of the HyVee p1an��ng applications
approved on �ctober 7, 2015, any proposed changes in any road patterns or
grades which would affect access to the roads providing a means of ingress
or egr�ss to or from a11 or any part of the Prope.rty, ar (iii) any uncured
violatioiz of any legal requirement, restriction, condition, covenant or
a�reerrient affecting all or any part of the I�roperty or the use, operafion,
maintenance or management of all or any part of the Prope�-ty.
15
(f} To Seller's Icnowledg�, ther� are no wells or s�wage treatment systems
located on any portion of the Prop�rty. To 5eller's knowledge, there has
been no tnethamphetarnine production on or about any portior� of th�;
Property. T11e sewage generat�d by the Property, if any, goes to a facilit�
permitted by the �Sinnesota Pollution Coiltrol flger�cy and there is no
<`individual sewage treatment system" (as defined in 1Vlinnesota �tatutes
§ 115,55, Subd. 1(g)) located on the�roperty.
��� ��IIC;T' 1S 170t 1 "f�Y'�l�ri �eTS011," "f0�'e1�11 COT'p0I'at10T1," "��Ye1�,11 �PllSt,'s
"foreign estate" or "disregarded entity" as fhose �erms are defined in
Section 1445 of the Internal Revenu� Code and the regulations
promulgated�h�reunder.
(h) To Seller's I<nowledge, except as may be disciased as part of the Due
�iligence Materials or any of the Invasive Test Reports, {i) no eanditaon
�xists on the Prop�rty that may suppoi�t a claim or cause of action under
any Environmental Law (as defined below) and there are no Hazardo�s
Substances (as defined below) on the Property, (ii) there has been na
release, spill, leak or otller contaminatian or otherwise onto the I�roperty,
and (iii) there are no restrictions, clean ups or remediation plans regarding
the Property. To Seller's lcnowledge, except as may be disciosed as part of
the Iaue Diligence Materials or a11y�f the I�vasive Test R�ports, there is no
buried waste or debris on any portion c�f the Property, e�cept for shredded
automobile tire chips included in fill previously placed on th� Property.
"Environm�ntal Law" sha11 mean (1) the Comprehensi�e Environmental
Igesponse Compensation and Liability Act of 1980, 42 U.S.C. § 9601-9657,
as anzended, ar any similar state law or Iocal ordinance, (2) the Resource
Conservation and Recovery Act of 1976, 42 U.S.C. § 69019 NL SVC�.y (3) th�
Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq., (4} the
Clean t�ir Act, 42 U.�.C. § 7401, et seq., (S) the Toxic Substances Control
Act, 15 U.S.C. § 2601 et seq., (6) the Safe I�rinlcing Water Act, 42 U.S.C. §
300(� �t seq,, (7) any law or regulation governing al�oveground or
unc�ergraui�d stora�e tanks, (�) any ather fedcral, state, county, municipal,
local or other statute, law, ordinance or regulation, including, without •
limitation, the IVlinnesota Env�ronmental Response and Liability Act,Minn,
Stat. § 1158.01, et seq., (9) all rules or re�;ulations proanulgated under an�
of the foregoing, and (10} any amendments of the foregoing. "Hazardous
Substances" shall mean polychlorinated biphenyls9 petroleum, including
crude oil ar any fraction thereof, petroleum products, heating oil, natural
gas, natur�l gas liquids, liquefied natural gas or synthetic gas usable for
fuel, and shall include, without limitation, substances defzned as
"hazardous substances," "toxic substances," "hazardous waste," "pollutants
or cantaminants" or similar substances under any Environmental Law.
16
(i) Thez�e are no leases or tenancies with respect to the Yroperty, There are na
unrecord�d a�;re�ments or other contxacts af any nature or type relating to,
afFe�ting ar serving the Pzoperty.
(j) �'here wiIl be no indebtedness attributable to the Prap�r�y dvhich wi1l
remain Linpaid after the Closing Date.
As used in this Agreement, the term 66to Seller's knowledge" shall mean and refer to only
th� current actual l�nowledge of the designated repr�sentative of Sell�r and shall not be
construed to refer to the knowledge c�f any other partner, officer, manager, memb�r,
directar, agent, authorized person, �mployee or representative of Seller, or any affiliate of
Seller, or to impose upon such designated representative any duty to investigate the matter
to which such actual kno�vledge or the absence thereof pertains, or to impose Ltpon such
designated representativ� any individual personal liabrlity. TIZe term "to Seller's actual
icnowledge" �xclud�s constructive lcnowledge. As used in this paragraph, the terrri
"designat�d represen�ative" shall r�fer to Charlene Stevens,the EI�A Executive Drrector.
The representations, warranties and olher provisions of this �ection 9.1 sha11 survive
Clasing; provided, how�ver, tl�e Seller shall not have any liability with r�spect to any
breaeh of a p�rticular representation or warxanty if Buyer shall fail to notify Se11er, in
writing, of such breach within two (2) years after the Closing Date, and provided further
that Seller shall have no liability with respect to a breach of the representatic�ns and
warranties set forth in this Agreement if Buyer has actual knowledge of �eller's breach
thereof prior to Closing and Buyer consummates the acquisition of the 1'rope�•ty as
provided in this Agreeinent.
Bt�yer ack�lowledges and agrees that, except as �xpressly specified i�1 this �ection 9 af this
A�;ie�ment, or in any docLiments delivered by Seller at Closing, Seller has not made, and
Seller hereby specifically disclaiins, any re�r-�seiztationg warranty or covenant of any kind,
oral or v�ritten, express�d or implied9 or rising by operation of law, with respect to the
Property, iizcluding �ut n�t limited to, any warrant�es or representations as to the
habi�abality, merchantability, fitness far a particular purpose, titl�, zoning, tax
consequences, physical or environmental condition, utilities, valua�ion, governmental
approvals, the compliance of the Property with ��vernmental laws, the truth, accuracy or
completeness of any information pxovided by or on behalf of�eller to Buyer, ar any other
matter or it�m regarding the Property, Except as oth�rwise expressly provided in this
�greeinent, Buyer agr�es to accept the Prop�rty �nd acknowledges that th� sale of th�
Property as provided for in thzs Agreement is mad� by Se11er on an 66AS IS," "Vi1HBRE
IS," and 66WITH I�LL FAULTS" basis. }3uyer is an experienced�uyer of property such as
the Praperty and Bu�er has made or will malc� its own ind�pendent investigation of the
Property. The liinitatiozls set forth i�1 this paragraph shall st�rvive th� Clasing and shall not
znerge in the Deed.
9.2 ��l3azye�•. E3uyer warrants and represents the following ta Seller, and Buyer
acknowledges that Seller has relied on such r�presentations and warranties in
agreeing to enter into this Agreement and will rely on such repr�sentations and
17
warr�nti�s in consuminating this Agreernent:
(a} �uyer has all requisite authority to enter �nto this Agreement and tc�
p�rfor�n a1I of its obligation�under this A�re�m�nt.
(b) Ta �uyer's knowled�e, the execution, delivery and performance by Buy�r
of this Agreement wi11 not (i} vzolate any provision of any law, statute, rule
or regulation or ai�y order, writ, judgment, injunction, decre�,
d�tertnination or award of any court, governmental agency or arbitrator
pr�sently in effect having applicability ta Buyer, (ii) violate or contravene
any provision of Btiyer's �rganzzational docuznents, or (iii) result in �
breach of or constitute a default under any ind�nture, loan or cxedit
agreement or any other agreem�nt, l�ase or instrument ta which �uyer is a
party or by�r1ue11�uyez or any of its properties may b�b6und.
As used in this Agreement, the term "ta Buyer's l�nowledge" sha11 mean and refer to only
the current actual knawl�dge of the des�gnated representative of�uyer and shall not be
construed to refer to the knowledge of any other partner, officer, manag�r, member,
director, agent, authorized persan, employee or representative of Buyer, or any affiliate of
Buyer, or to impose upon such designated representative any duty ta investigate the matter
to which such actual knowledg� or the absence thereof pertains, or to impose upon such
designated representative any individual personal liability, The term "ta Buyer's
knowledge" excludes constructive kriowiedge. As Ltsed in this paragraph, the term
"d�signated representative�' sha11 refer t� Haward M. Levy, the Vice I'resident of EBLcYc�
Property�Ianagement, Inc., Buyer's property manager.
T'he repiesent�tions, ��arranti�s and other provisions of this Section 9.2 shall survive
Closing; provided, however, �uyer sha11 have no liability with respect to any breach of a
particular representation or waz-ranty if Seller sha11 fail to not.ify Buy�r, in writing, of such
breach within two (2) years after the Closing Date, provided that Buy�r sha11 have na
liability with respeet to a breach of any represen�atian and warranty of�uyer provided in
this Agreement if Seller has actual knowl�dg� of any such breach prior to Closing but
Seller consummates the sale of the Property as provided.in this Agreement.
10. Additi���l Obli�ataons of��li�r.
10,1 Lr�enses a�cl �e�°mits. Seller sha11 transfer to Buyer all transferable righ�s, if any,
in any permits or licenses held by Seller with respect to the Property. Seller shall
execute all applicable transfer forms and applications to faeilitate and eff�ct an.y
such transfer and to cooperate fully with Buyer in its effor�s to obtain all of the
necessary licenses and permits for Buyer's use (or the use by any of �uyer's
tenants) of the Property, af no out-of-paeket cost to Seller or the assumption by
Seller of any obligations or liabilities of Buyer. Seller's obligations under this
Section 10.1 shall surviv� Closi�ng.
10.2 Condition �f Propertv �t C'�osin�. Prior to �losing, th� Property shall be
1�
operated in th� ordinary �ourse consistent with previous practic�. C�n the �losing
Dat�, ��Iler shall d�live�-to ��iyer�xcllisive vacant possession of th�Properry,free
aiad clear of any personal property, surface waste and surface debris of any kind.
On or b�fore the Closing Date, Seller shall remove all trash and personal property
from the Prop�rty. Seller agrees that Buyer may dispose of any trash or personal
propert� remainzi�g on the Property as af the Closing L�ate in Buyer's sol�
discretion and Seller agrees to pay for all casts and expenses incurred by Buyer
with respect to the transport and/or disposal of the personal proper�y within ten
(10) days after receipt of an invoice from �uyer.
10.3 Furth�r� As�uran��s. Frorri and after the Closing Date, �eller agrees to execute,
�cknowledge and deliver to Buyer such other do�uments or instruments of transfer
or conveyance as may be reasonably required by I�uyer to carry out Se11e�'s
obiigations pursuantto this t�g�eem�nt,
10.4 l�to�-�ssu��tio� of �o�atracts c�r Other Obli��ti��s. Seller and Buyer
understand and agree that Buyer is only acquiring certain of Seller's real property
assets and that t11is Agreenlent and any related agreements shall not be �onstrued to
be ii1 any manner whatsoever an assumption by Buyer of any agreements,
indebtedness, obliga�ions or liabilities of Seller which are owing with respect to the
Prop�rty or the aperation of the Property prior to the Closing Date. �e11er sha11 be
solely responsible for any inechanics', materialmen's or sunilar liens placed upon
the I'roperty follotiving Closing, by any person ar entity acting un.der authority of
Se11�r. Seller's obligations under this �ection 10.4 shall survive Closing.
10.5 1�Iort a�e�. On or before the Closing IJate, ��ller shall satisfy all mortgage and/ar
lieii indebtedness with respect to all ar any p�rtion of the Proper�y and shali abtain
recordable releases of the Property from any and all such nlortgages or other liei�s
affecting all or any portion of the Property.
10.6 �t�t�rov�ls. �uyer may elect ta seelc certain approvals in order for Buyer to
develop the Property for Buyer's use (or the usa by �uyer's tenants}, iz�cluding
rezoning the Prop�rty or reeeipt of a conditional use permit (the "Appro�als").
Seller., at no out-of-pocket cost to Seller or the assui�lption of any obligations or
liabilities by Sell�r, wi11 r�asonably coopsrate with �uyer's efforts to obtain the
Approvals at or prior to Closing. Seller hereby gral�ts �uyer the right to file and
prosecute applications and petitions for the Approvals and any sp�cial use permits
and variances desired by �3uyer; provided, l�owever, any special use permits c�r
variances shall (i) be contingent on the occt�rr�nce of the �losing and shall not b�
binding upon S�ller or the Property unless and until the Closing occurs, or (ii) be
approv�d in writing in advanc� by Seller. Seller, at no out-of-pocicet cost to Sell�r
or the assu�r�ption of any obligations or liabilities by Seller, agrees to cooperate
with Buyer in th� filing and prosecution of such applications and petitions,
including the filing of the same in Seller's name, if required.
11. Commissions. 5eller and Buyer each represents to the other that all negotiations on i�s
19
b�half r�lative to this �greerrient and the transactions contemplated by this Agreern�nt
have been carried a�� directly between ihe parties, vaithout the intervent�on of any party as
broker, agent, finder or otherw°rs�, and tl�at there are no claims for brolcerage co�nmissians
or finders' fees in caru�ection with the execution of this Agreement, Se11�r and Buyer each
hereby �indeznnifies th� other from ar�d agains� all losses, dan�ages, costs, expens�s
(i��ciudiiig reasonabl� fees and expens�s of attorneys}, causes of action, suits or judgments
of any nature arising out of any claim, dezr�and or liabzlity ta or asserted by any brok�r9
agent, finder or otherwise, claiming to have acted on bel�alf of the zndemnifying party ix�
connection with this tra�nsaction. This pro�ision shall surv�ve �losi�g.
12. l�otiee. �xcept as otherwise expresslp provided in this Agreement, any notice, request,
demand, consent or other coznmunicatior� (collectively, "1Votice"} given by 5eller or
I3u�er tulder this Agreement shall be personally delivered (ineluding messen�er delivexy)
or sent by ��egistered or ce�tified mai1, return receipt �eq�ested, or by a nationally
recognized avernigl�t courier w�hiell issues a receipf, in each case postage pre�aid, to the
other party at the addresses in this Sectian (or to su�h other address as may be designated
by notice given pursuant tc� this Section). Any Notice givcn by parsoi�al delivery
(includ�ng messeizger d�livery) sha11 be deemed received on the date on the re�eipt signed
by the addr�ssee, l�.ny Ielotice given by certifed or registercd maii shall be deemed
received on th� date of receipt or r�j ection, as evidenced by the receipt e�rd from the �
United States Fostai 5�rvice. Any Notice given by nati�nally recognized overnight
courier shall be deemed received on th� date of recei�t or rejection, as evidenced by the
recei�t froin the overnight courier.
If to Seller: Cottage Grov�EDA
Attn: EI�A Executiva Director
12800 I2avine Parkway South
Cottage Grove MN 5501_6
with a copy to: Le�Iander, Gillen� l�iller, P.A,
Attn: Korii�e L. Lar�d
633 Sot,rth Concord StreeY, Suite 400
South St. Patzl, IV1N 55075
If to Buyer: Grove-Rainbow, L.P.
c/o EBLBcS Property Management, Inc.
200 South�road Street
The �ellevue, Suite 415
Philadelphia,PA 19102
Attn: Howard Iv1. Levy
vaith a copy ta: Alan�Uallen, Creneral Counsel
EBL&S Property Management, Inc.
200 5outh Braad Street
The Bellevue, �uite 415
Philadelphia, PA 19102
20
N�tice may be given by legal counsei for Seller or F3uy�r.
13. T��f�ult; I2ernecli�s. If either Seller or Buyer fails to perform any of its obligations under
this Agreemerzt in accordance with its terms, and such failing party does nc�t cure such
failure within thirty (30) days after �vritten notic� thereof from the other party (provided
that na notice or cure perrod sha11 tie rec�uired for obligations to be performed at �losing),
then the other party shall have the right ta termznate this Agreemeilt by giviz�g the failing
party written notice of such election.
13,1 In the case of any default by Buyer9 Selier9s s�le and exclusiv�remedy sha11 be the
termination of this Agreement, as provided above, and upan any such termi�lation,
� the E�rnest Mor��y shall b� forfeited to Se11�r as agr�ed and final liquidated
darr�ages and n� pther ri�hts, remedi�s or darnages shall be enforceable or
collectibl�b� Se11er.
13.2 In the case o�f any default by S�ller9 �uyer's sole and exclusive remedies sha11 b�
(i) specifically enforce this A.greement, or (ii) terininate this Agreement, iiz whieh
cas�e the Earnest �IVloney sha11 be rett.ixned to Buyer as agreed and final Iiquidated
damages. In no event shall Buyer be entitled to record a notice of Lis Pendens
against the Property, unless �3uyer is pursuing specific performance of this
Agreement. Ii1 any action or proceeding to enforce this Agreeinent or any term
hereof, the prevailing party shall be entitled to recpver its r�asonable costs and
attorneys' fees.
Th� cour-t in any such action or proceeding shall determine the prevailing party and
the ainount of attarneys' fees.
14. �ntare t��r�ernent9 1lrl�c�Y�a���fon. This written Agreement constitutes th� complete
agreement between the parties with res�ect to this transaction and supersedes any prior
oral or written agreements between the parties re�;arding this transaction. Ther� are no
verbal agreeinents that change this Agreenzent and no waiver of any of the terms of this
Agreement will be effective unless iii writing and executed by Seller and Buyer.
15. �ind�n� Effect9 �aarvival. This Agreement binds and benefits Se11er and Buyer and their
r�spective successors and assigns. All representations, warranties and indemnzfication.
obligations of Se11�r and �Llyer under this Agreement shall surviv� Closing for th�specific
survivaI periods provided in the Agreement.
16. ����r's �i�s��n�ea�t. BLryer ma� not assign this Agreement without the prior written
consen�oFth� ;eller.
17. Gov�rt�in I.,a�. The pravisions of this Agreement shall be governed by and construed in
accordance w�th the laws of tl�e State of Minnesata.
18. Cc�unter°�artsc F�c�imfle�. This Agreement may be executed in any number of
21
counterparts, and all of the signatures to this Agre�rnent taken together shall coi�stitute one
ancl tize sanie agreement, and any of the partf�s hereto may execute such agreement by
signing any such counterpart. Facsimile or "PDF" sigilatures on this �lgreement sha11 be
treated as originals untii the ac�ual original s'rgnatures are obtained, but the �ailure of either
Seller or Buyer to deliver an original executed Agreerrient to the othe� shall not impact the
validity of an executed Agreement del�vered by facsimiie or P1�F.
19. Re��°es�nted by Coaa�sel. Seller and Buyer have each been represented and advised by
counsel in the transactic�n conterr�plated by this Agreement.
20. 'Ti�e �#'the �sse�.ce. Time is of the esserice of this Agreement.
21. Pdo }'��tne��h�ta, 1�lothing contained in this Agreement vaill be deemed or construed to
ereate or establish a partnership,joiilt venture or any other relationship between Seller and
Buyer or �ny other party or, except as otlser�rise expressly provided in this Agreement, �d
cause 5eller or Buyer to be liable ar res�onsible for the actions, Iiabilities, debts or
abligations of the other.
22. Provisia�s Sea�arable. The prov�siotls of th�s Agre�ment �re independent of and separate
from each other, and na provzsion of this Agreement sha11 b� affected or rendered 'rnvalid
or unenforc�able by virtue of the fact that for any reason any other provision of this
Agreein�nt may be invalid c�r unenforceable, in whole or in part.
23. Gende�°. �ards of any gender used in this Agreement shall b� held and construed to
include any other gender9 and words in the singular r�umber sl�all be held to include the
plural, and vice ve�sa, unless the context ree�uires otherwise. The word "person," if used
in this Agreement, included an individual, corporation, partnersl�ip, limited Iia'oility
company, trust, unincorporated association, government, govern�nental or quasi�
go��ernmental entity or any other entity, The ward "Property59 included all and singular
each and every portio�z of the Property and a11 estates and interests thereul. Unless the
context otherwise indieates, the words "Agreement," "hereof," "hereunder," �`herein" and
word of similar import, refer to this Purchase Agre�ment as a wl�ale.
24. i��adin�s. The heaclings of any article, paragraph, s�ction or subsection of tllis
Agreement are included in this Agreement for purposes of convenience and referenc�
only, and are not intended to define or limit the contents of any article, paragraph, section
or subsection of this �gre�ment.
25. Com�au�ati�r� �f 'T��ee Whenever reference is made to a number of "days" in the
computation of any tzme in this Agreement, such referenc� shall mean calendar days,
unless otherwise specifically indicated. Whenev�r any period of time is specified in this
Agre�ment for the taking of any action, tke giving �f any Notice, or otherwise, the period
sha11 be computed by excludir�g the day upon which the period is speci�ed to commence
and by including ti�e last day of the period specified. Whenever time for performance of
an abligation or for giving Notice, or oth�rwise, occurs or expires on a day other than a
"business day" (as hereinafter defined}, the time for performance or for the giving of
22
Nc�tice, or otherwise, shall be extend�d to �he next business day. As used in th�is
Agreement, the term "business day" sha11 mean ordinary business days (Monday through
Friday) and shall exclude Saturday, SundaS� anc� any day that is a Uiuted States national
holiday or a State of Minnesota ar a Commonwealth of I��nnsylvania holiday.
IN AGREEMENT, Seller and �uy�r have hereunto set their hands as of fhe date
h�reinbefor� first written.
[Remainder of�age il�tentionally left blanlc]
23
4?`�.���,�..i���.$�u .
�`�'��`���.E�� ������'`;� .�������;`+��.I�; ���'¢,'���.+���I��'�"��.��J`�'����'�"�'`�r
��,,��� ���
���. .�,�����__=�° _--�
� _ -.
� �.� . �� __
�'1�tr€�t� ���� � �..
it.���csic���� �� ��
����':
�;.
;,�' �i �' ��'r ���'�µ ��. o._ „
� �
�� s ��� �'` ,; x� <� .:
� �. g��-'� r�__ � d � _ _��_________w
�'Ii`���lt�z�c I�. �tcvi���
lt;��;�c�€:-t���c�� I�i�z:}��c�t�
i
��
}�i aJ z��i15.:
�Li�Y L'1"l�1'9�I.L�i➢�9'Y y fl�,l.y
a l��inziesc�ta Iimited pa�ersliip, i';';
i::
F � i,:'
By: EI3L r���ing�o�lpaz�y II;�nc.,
�
a�'e�u lt��a cy2pc�ration,
its sale � �'�ner�
�
�""",.
By:
'"'�� �� j;.
�dvd� . L�pS��n��_
President
;
i;'
i'
;`
i
�
�
�
I
i
i
2S
0.,.:����F�,.:V,i %,...lEry 3:>74_,�`a�P��� r,�1T3'e;.T�9.,
�<��:r����F:1���;nE je+i�zs ia�i�4c. �:�v;;i�ii«tt c�t tl�i�.�1��.cc��~.���c�t�t 5t,3u1�= ic� �<tc;c����t its��p���t�i���tit��zt. ��� I��;c,t�c`��v
:l�w�ixt t�z�ci ic� ���:i;rsc�1�;�l�c3�nc t�z;st ii ��:ricI�r�;t�i��Eis, <:�7,3 t�;rt�U�4 tc> ti��:� �>7°c>��i;�ic��t� �}1". ��:c�ic���� 1.�, I.=�
�����1 1.�* c��'t?;is t'��?re�;t�����t.
�;��'��C���' �CsI�;��'d
C`?���<��c� �{itl� In,�izx.:�t:�� C`{���.,�E�rl��>
tt i�;���la,�:�t;c�r��t���L�?ic.?a7.
.n
t
��• �z �
� � � �T� :�-
�>;,,, � ",���°� �,"w�`�`,���� "��"�^��(:�,�,
��t4.�11 il�lll"1C'} ^ (:i14?il Il�'tt;)_ � �
� � 't m
`��:,�a ��� z,��a�`��� ��c�'�����,# �.�te�::��t:.�
{���inta�ar��c) �_____ _���:�r�z�i titic:x:�-
�:�� � � �°��'� &.�```�`� �:
��u�¢
I��11'�;t1: r��,.� �� , �()1�.
[��c�i.�4�i�acl����ai`}��z��i��(�clt;��;�<�I1s1 l�°ft t>lr�ra€�l
�Xk€I��T �
I.����I. I)�SCRI�'T'�C)I'� OI' Z'�IE �l�(�P�i�T'�'
Lot 2, Block 1, Grove Piaza 2°� �ddition �ccoading to the plat fllereof re�orded in the Office of
the County Recorder for Washington County9 �Iinnesota on June 12, 2002 as Document No.
3243175.
� �T�3
�°orer► �f��sf�°ictr��C��eraanf�.�e°ee�azent
Vdhen recorded return to.
Cre���I.I3orrnaza,�'sqe
Seyfarth 8ha.�L,LP
I3I S�azth�3�arbom Street
Chicago, di<60603
Space.A.bo�t�for R,ecarder's Use�nly
�'�° �'�' CO N �`�� E l�t'�"
�' � S'I' �'�'iV�CCP�I�T '��.G E IY°.�'(this".r�gr°eem�nt"')gs rriade as of
ttae � day of , �015 by and be�een HO D��(7T IT<�.�.., ��,, a Delaware
c�rporagzon, (fogether w�th its a�lzate, s�xecessors and assigns, collectively,"I�oan��3epsr#9'),and
��'� ���'���`���"���� ��� , 1"d�St�T�, a 1Vldr�nesota rnur�icipal corparation,acting
by and thraug�h its ��C)1�0 � I�E'�I,�� �� �,YT��p T'I,r (together �ifh its
SCPGCBSSOTS 3t7CP�SSI�1S' `c��Sft'iC��C��cL3'$�").
Pz°�I�m�naa-��fat�anen�s
�a �y virtue of a conveyance frorr� Home I�epot by limit�d �varran�.y d��d of even
da�e herewith,lZ.estricted I'arty as ne�tiv�h�Qwner of that certa�n tract oflat�d d�scribed on Exhibit
A, atta�hed h�reto and made a part hereof(tagether with ati buildin�s aa�d other innpravements s
�ocated �her�on8 the 66Reste°i�t�d I�x°ope��yyy) and showz� on the site plan at�ached hereto on
E�hibat$.
13. In conjunct�on with the closit�g of the sate af the IZ�s€ricted�'�°opez�tyy frotn Hame
I�epot to �Z�stricted k'arty, and as a materxal induc�ment for I�ome l�epot to agre� to sell
R�stricted Party th�R�stric�ed Property, �Iorr�e Depot and R�stricted Party agreed�o execute this
Agreeraaent fio, arnang other thin�s, estabIish certair� cover�ants and T�5tT1C$IO11S upon the
IZestricfied I�ropez-�,y for th�bene�it o�'Home I�epoto
���9� ' �'O�, in consideration of the foreg�fng reeitals,the surn c�f Ten Dollars
($10000) and c�ther good and valuabl� consideration, the receipt af `uhi�h is hereby
ackaiowled�ed, Hame Iaepot and F�.esfrieted Pariy hereby agre�that the Restr�ct�d Praperty sha(1
be held, accupied, used, teased, en�oy�d9 transferred, convey�d, mortgaged or otherwise
encurtibered s�abject to the fo[lowin��erinss conditions, res�rictions and covenants set f�rth i�this
Agreem�nt:
1953G394v.7
10 Restrietior�s and �:oven�za�s.
(a) t�r�ything to the contrary in any recorded document or instrument notvv�thstanding
inciuding, �v�thout lzmitation, the Lxisting REA (as hereinafter defned}, no portion of the
Itestricted Property shali be used as a home improvement center, lumber yard, hardware store,or
garden c�nter tha.t is 40,4Q0 square f�et ar greater. The faregoing use restrictions are some�imes
referred to herein as the 66�2estrgstee3 Fro�erty LTse �Ze��r°r��i�z�s." Notwithstanding the
foregoing9 the following uses will r�ot b�prohibited under the foregoing Restricted Froperty Use
�estrictions: (i) a general merchandise or discpunt departtnent store (that xs not primarily in the
busines� of the Restricted Property Use l�estrictions), such as, for exatnple, Vi�al-I�art, Target,
iVleijer°s or Koh1's; (ii) a �vholesale membership club, such as, for example, Costco or Sam's
CIubz (�ii)a ilobb�or craft store9 such as, for exaznple, .To-Ann Fabric,�Iabby Lobby or Michaels;
or (iv) a farnitt�re store, such as, for example, Schneiderman's, Ashiey Furnitur°e, �-IQM, or
SI«mberlarrd.
(b) Restricted Party ackno�wledges and agrees; (i) that the Restricted �'roperCy is
subject to that certain Restated Declara�ion of It.estr'rctions and Easements dated as of June 12,
2002 and recorded in the Of�ce of the �ounty Recorder of W�shingion County9 Minnesota on
June 12, 2002 as Document No. 3243180 (as amended pr�or to the dat� of this l�greement, the
"E�cisting 1�A99), (li) that Section 6 of the Existing IZEr� currently con�ains a home
impro�ement restriction (the "�Iorrbe �rr�provercge�t I2�st�°�c�zc�n'°) on all of the properry that is
subject to the �xisting REA (excluding the Restricted Property) (the ccRerr�ai�der af the
��a�ppin� Cerct�r"), and (iii) as a rrcaterial inducement to Home Depot to sell the Restricted
Propet-ty ta Restricted Party, I�estricted F�rty hereby covenants and agrees that it shall in no
event;
(A) agree to, allow, provide oz'otherwise talce any action (directly or indirectly
in any manner whatsoever) �ith respect to (1) any agreement that would serve ta
terminate, rnadify or aPnend the I-iome Improvement Restriction, or (2) any waiver or
consent to or with respect to the Existing REA that would allow any use on the
I�emainder of the Shopp�ng Center that is currently prohibited under the I-iotne
Improvement IZestriction, without in each case first obtaining Home Depot's prior written
c�nsent; and
(B) allow or permg�any violation of the Home Improvernent Restriction by any
other owner or accupant of any portion of the Remainder of the Shopping Center.
2e Tea°re� of g2estric�i�z�s, The terms, conditians9 restrietions and covenants set forth
in this �1.greement shalI be effective upon the recordir�g of this Agreem�nt and shall terminate on
the date that is f�fteen(I S)years after the date of recordin�of this Agreeinent.
3. �urden�d Own�rs �r�d I,and. The restrictions and cov�r�ants set forth in
Section 1 above shall (a) inure to the bene�t of Home Depat, (b) eonstitute a covenant burdening
and running with the Res�rictecl Property and any portion thereof; and (ii) be 6inding upon
19536394v.T
Restricted Farty ar�d any owner, occupant or other person or e�7tity which has, or obtains, an
interest in the Restricted Property or any portion thereof or any r�ght �o occrxpy or use the
Restricted Propert�for any purpos�.
4. l�ofic�s. A11 noeices, requests, demands oz°other coznrnunications hereunder shall
be in vlriting and shali be delfvered by personal del�very, ovemight rnail or delivery service, or
LJr�ited �tates registered or c�rtified rnail, re�urn receipt requested, postage prepaid, addressed as
follows:
If ta�-Iome Depot: Horrie i7�pot U.S.A., Ince
2455 Paces F�rry Ro�d, C-19
Atianta, CTA 30339
f1.tt�ntfon: Real Estate L�ept(Store No. 2$19)
with capies to: Horrie Depat U<S.A., Irzc.
2455 Paces Ferry 1Zoad, C�20
Atlanta, Gt� 30339
�4ttention: Senior Counsei - Real Estate
If to Restricted Pa�ty: City af Gottage Graves Minn�sota
12$00 Ravine I'ark�ray
Co�tage Grove,NIN 55016
Attention: Executive Director of
Econorriic Development Authority
or to such o�her address as any party may from ticne to tirrie designate by notice in writing to the
other party. Any such not'rce, request, demand or communication shall be deemed to have been
gi�en on the date of maiiing. The refusal to accept delrvery by any party or the inability ta
deliver any communication because of a changed address of which no notice has been given in
accordance with this �ection 4 shall constitute delivery. Any notice delivered by an attorney on
behalf of Hame Depot or Restricted Party, as the case may be, shall be vaiid and effective as fuliy
as if such notice was provided by Home Depot or Restricted Party hereunder.
5. �2emedies. If, at any time follawzng the date h�reof Restricted I'arty, or any
owner, occupant or ather person or entity which has, or obtains, an interest in fihe Restricted
Property or any �ortion th�reof sha11 v�olate, or int�nd to v�olate, the resCrictions set farth in
Section 1 above or any of the terms and provisions set forth in this Agreement(the "1)efault[n�
�ar�99), �-Iome I3epot shail have the right to sue far and obta�n a prohibitbve or rnandatory
ffiJU11Ct1QTl Ol any other equitable remedy to prevent the breach of, or to enforce th� observance
of, the restri�tions set forth in S€ction 1 above and any other term or provision set forth in this
Agreement. In add�tion9 Hazne Depot shaIl hava the right to pursue any available rights and
remedies aY law or in equzty. These rem�dies shall be cumulative with, in addition to, and
nonexclusive of ane another and any other remedies available at Iaw or equity, and any or all
such remedies rzlay be pursued by Home Depot either successively or concurrently as Hame
I�epot may deteimine, and the exerci�e of any one remedy wi11 not be construed as or constitute a
1953G394v.7
bar to the exercise of any other r•erriedy. If F-Iorne IJepot has to take any actxon ta enforce this
Agreerrient, the Defauiting Party shall be 1'rab1� to I�ome I�epot for all attarneys', consultants'
and experts' fees and costs and other costs and expenses of l�tigation at any level. Na brsaoh of
this Agr�ement �vil] ent�tIe any I�efaulting 1'arty to aancel, rescind or oiherwise terminate this
l�g�eement, but such limitation will nat affect in any manner Home Depot's rights or remedies
hereunder by reason of such breacho
60 �2ecordationa This Agreetnent shail be recc�rded in the office of tke I�ecorder of
Deeds for�ashing�on Countg�, Minnesota,
7. �.t�t�licable I,aw, This Agreement shall be construed in aecordanee with the
laws of the Stat�of�Iinnesota,
$• �i�endr�aenf. `I'his Agreement may not be amended, modi�ed, or terminated
except b� an agreement in wrif�ng, executed and ackriowiedged by Home Depot and Restricted
Party or their respect�ve successors or assigns. For purposes of�h�s flgreerrtent, the Restricted
Party is not a successor or assign of Home L3epoio
9. Au�hority, Home Depot and Restrict�d Party each hereby repx•esent and warrant
to the other party tha� (i} the person signing this Agreem�nt on its behalf has the full right,title,
power and authority ko execute this �greement, withou�the necessity of obta�ning consent fram
any thzrd party, and (zi) upon the execution h�reof, this Agreement shall be the valid legal
obligat�on of such party and binding and enforceabis against such party in accordance with the
terms hereof,
[a°emainder o,f page left intenttonally blankJ
14536394v.7
�T`T �'I'l�ESS E�OI+9 each of Home Depot and Restricted I'arty has caused this
�greement to be executed by its duly autl�o-rized�igziatory as af th�date�rst above wr°ttten,
Horn�I7epo�: �O �3�P'O`�iI.SoA.,�l�C., .
a Delavvare corporation
�y: -
pg��t�v��e.
T��1�:
STATE OF GEORCiIA )
)ss.
CQUNTY"OF COB� )
C7n , 2015, before me, a notary public in and for said state, personally
appeared , personally known fo me (or proved to
me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within
instrument and acknowledged fo me that heJshe executed fhe same in his/her authorized capacity, and
that by his signatura an the instrument the persan acted,executed the instrument.
WITNESS my hand and official seal.
signature (This area for official notarial seal)
19536394v.7
�Zest��[�tec3�ar!-y; �I'I`I'O�`�'�'F"I'A��GIt�V�
T��'ON� �I3���.,t��'N��i�I'�'A��°I'�0�2TT�'
Byo
Pr3nY N�ine:
`I'itle;
�y:
Pd°int N�me;
Tifle; �
S�'ATE E7F MINIV�SOTA )
)ss,
�C�CINTY 0�``�IASI-�ING"i'�N )
Q� , 2015, befor� m�, � noY�ry pt�blic in aeid far said state, persanaily
appea�•ed �"d
, parsonally knosvn to me (or proveci to me o�l tlie basis af s�tlsfactory evidcnce) t� be tlie
persons�ahose narnes are subsci•fbed to tl�e ovithin instrun�ent ai�d acknowf�dgad ta me tlaat they e�ecteted �
the sarn� in tf�eir aiathorized capacit}�, and th�t by their sigr�ature on ¢lie instrument tlie persons acted,
exec�jted the ins(,°um�nk.
«I'I"�IESS my hand and officis!seal,
Sfgraature (This area for of�cial nota�•iai sea[)
I
I
I
�953634�v,7
�� �I�' �.
Y,e�al I?esca°at�tiora s�f Ites�rict�d Pr°oper�vv
L,ot 2, �Iocl< I, Grove Plaza 2"d Additian according tc� �he plat thereof recorded in the �ffice of
the County I��corder for Washington County, Minn�sota on 3�zne 12, 2002 as I)ocurr�ent Noa
3243175.
19536394v.7
Cottage Grove,Minnesota
Store#2819
�.�i'�����
Sa��Plan
.___ ___�_ ___�__.. _ _______.,�.:...___------- -
�aar .. ��rri
_-_--- ^M��_ .. ..,:__.
>�—�s.n
�}� m ,..,fT:as'�,u� ,�—r:,--,.�,.._
_. — __:.,� , �.<.�},� �—�' .... _., p+�— �`
J �
� Sd ��/� �f.' � 3•. _
��}� ����� ��—� a / . ��' �,:°
�.,a.� ¢ 4��� - �� � �' -
� �� :: �� �� �. �
�� �� !J �--' �� f ��!�' l� `�` � '
q � C��,{r/ /r� !��1.,� !
.���4�� L_. ..,a e."^�,. ��✓�r. '✓��s�1,�,.,, �'%d{� �,} fw�
�t� •s�'. ;� '?�. x:;� ;, <
r- ,� � � , ;� �,� ��� �t ,� ^�:
,�;� ;�'•
r .�'`.:� �, ����� %� �� � ''� ���
. t.��
, �`.� � ,�;•� ��,�>>'�.,��;� �,�� ,.
��� ���+ ..k .
C }�l�' �� �. '�`�� �``` `��.
�v� � ;� �''z'' ,,��- ,' '�.,�,.
,� � ,�, .;�, t_..:,
. �
SC ,� ,, t, t ? �`�' ,� f J,� �°r � ¢,"
�e�� „� J`�1%� . . tCy� •�.
ti ;�Yfa`q ✓ �;° v`r � ,�i` t'�y:o uv°�.
�QA �¢.0 tigq•� i�,�,. ^�� � �, +'f'y;� J/ ap�'�} �,.
Q `q*1i4k'G�q��.�`='�,`{_��JY ti� s�.�' -. �,� � y✓. �. . 1
l� \4 4`a;\ 4''i•• I Y. �1,�"� �� v . '��e;r
. ��� }�ql�R4���( ��'J!,� � � � t � '
� $4>�t ' � �! ,K P.
� y .��. I/y' d� �tys.. �� � �!;+ .
� � $ 1��� � �!'f��r �� ��,�°� �'+�
�,�'",�/ ! ;�1��¢! r�.J� ',�, �� .✓ `°�` k C;�t��.rrr�f �
� � �4 ..J'�� ��'�rr°�yy�A�i' �� tc `� . ,�5 �„`'�r
4 � fF
f i ,/'
- �! �r'' �:Y'� ,l��.y,. �2� l �� �r
�'`.,�``���w., r�� � `;i� �� !`�;,e�,4;.
.�� �" �`�
.t
�`.�. � ���`,� ���/,;���� ��ri%; ,
�� ,� � ��:, �
>,
.,�*��` a �d ,b�l�
f• �
` *� ` P
� r~r .
�
,, rf� � .t�.�:
� �.
t ���y
;`1 �^
4\ f .,�•
� 1�.�
1953G394vJ
� E�CI�.IBIT� TC� DEVELOI'1VIEIVT P�GREE�IENT
����€..l1T1��1 C��. �3-���
��� ���I 4�� tid�.9�i�[m9� @�d e��,d��9 �8�����i�P"4
��E6M��s� ��L���i,8 9 L3�9 3 ����F^4
�R�vis�d J�ly 16, 20���
���T`I��! !s �l� ����; �°��`��3�` ��' �{� �f�9����
1.t��. Th� ��arpc�s� �f this c�c�cument i� ta ��t�b�ish criteri� to b� ca�ssidered by
th� �i�y �af Cc�t�age �rove (th� "G�ty„} in �ro��s�ir�g, �vafuati�rg and
r�viewing �pp#ic�fic�n� f�a� b�siness sub�ic�i�� far pri��fie r�ev�Cc�pment. 1t is
th� intent af th� City to compiy with �linne�c�ta St�tutes, s�cfiion� ��6J.993
�hrc�ugh �1�J.99�, �s ar��nd�d �th� ",�c�"}. T�� Ci�y he��by �dc�pts the
d��i�itior�� ��r��a�n�d ir� �h� Ac�fc�r applicat�c�rs ir� t�� cr�t�ri�,
�.02. �u�►nes� �ubsidy �rit�ria �ere adc�pted �� t�ec�mber �9 �999 a�d are
l�ere�y r�;rris�:�. �"�� City has �1�� aption �ea am�t�d ��ese �riteria again in
th� f�ature if doing �a �� d�t�rrroir�ed ne���s�ry ar apprc�priate.
Ar��r�dm�nts te� �h��� criteria ar� st�bje�t t� �he p�ablic I�earing
requ�rem�;nts af th� Acfi.
1.Q3. Th�se crif�ri� ar�; int�nd�d �c� �et s�e�ific rrrir�imurr� re�uirements which
recip9er�t� r�ust me�t to b� elig�ble tcs rece�ve busin�ss s�b�ic�ies. T�e C�ty
w�li r�og a�opt bu�in��s su�sic�y crifi�r�� c�� a ���� �y��s� b�sis.
�,�4. Ir� �ccord�r��e ��th �he Act, a1! ��€�ir�ess �ub��dy requests musfi c�rr��ly with
the Act �r�d cat�rer �p��ica��e l�in���a�� st�tufie�. 1"[�e �it�'s ��ility �c� c�rar��
bu�siness sc�bsidies is su�j�ct fo ��e lim�t��i��s �sta�l��hed ir� fihe Act.
���`�I�[� [I. ��Aiu,� �.PJ� � J���'[���
2.01. it is the City'� in��nt �� adv���� th� ��ali�vving measurabl� �nd spec�fic
goa9s and objectiv�s �r� gr�r�tir�g busin�s� subsid��s:
A, F'raj�ct� r�usf b� cc�nsis��nt wi�h the �ity's ce�rnpr`ehensive pl�n and
c�th�r land use pl�ns �r g�aides fc�r d�;v�lfl�m�r�t c�f fihe cc�mrn�nity.
B. �u�ir�es� �u�sidi�s will r�c�t b� pr�vid�d fc�r proj�cts whfch� h�ve the
fir��r�cia! f��sibilit��� prc�c��d witl�c�ut � public ��bsidy.
�. F'c�ea��iai recipien�s vvi�l be required t� prav�de �uch stc�dies, r��or��,
apprais�ls, fir�ar�Gi�l infc�rrrtatic�� or �th�� data �� rn�y be r�qu�st�t�
by tl�� Cit� pric�r tc� co�sider�toon �� a raq��s� for a business
s�absidY-
[2FiI3-232154v 1 �
C7"It,S-I
f2esr�l��tion P�o. Q3-�38
P�ge 2
2.02. �usin�ss sub�rdres �nus� �e jt��t��ie� �y �vider�c� fh�� ��e pr��ec� car�r�at
pr���ed wit�t��� ��� s�rbs�dy. if tax i�cr�m�nt fin�r�c�ng i� use� tc� grant �
subsicfy, �h� r�ci��ent m��t demonstr�t� �orrapl�ar��� �ith afE sta�utc�ry
r�quirem�nts of the TI� Ac�, rr�cluding the "ba�t for" t��t. Th� r�cepi�nt will
be required tc� pravic#e �II docum�nt�tion rt�cess�ry fc�r tf�e City to mak�
t�e r�c�uis�t� �ir�c�ing� �nd�r��� �"IF Act and the Act.
2.03. F�ecdpienfs wil! b� r�quir�d ��a �r�ter ir�t�s �€� agr��r��nt w�fh th� City wi�ich ��
co��i�ter�f wi�h st�tufc�ry r�q�irements �nd �hich �or�tairrs measurable,
speci�ic ��d ta�gibl� go�i�. Th� �gr��m��t sh�ll includ� � c�rn�itmen#for
th� busin�s� ta remain in �oft�g� C�rav� f�r � r�ir�imum c�f frv� y�ars after
��� b�nefit da�e, �r�less �raiv�d by ti�� �ity, ��� � r�q�tr�m�nt tc� ��r�p(y
�vith th� �pe�ifi�j�b �r�� ��ge g�af� �st�bli�B��c� f�r th� pr�ject, if any.
����I�� I�Ia �iJ������ �[J ���7� ��11"�F���
3.�1, �he �ity r��c�gr�i��s th�� ev�ry prc�pqsal is €�r�ique. Noth�ng in these crit�ria
sf�ail be d��rs�ed fit� b� ar� �nti�{em�r�t r�Qr �hall thes� cri�eria establish �
cc�nfiract�a�� rig�af t� � s€�k��rdy. "f`he G€ty r�t�y r�c�dify the�� cri�eri� ��c�m tir�e
t� tirr'ie �rtd re5erves f�te r`sgh� to �v�lu�$� ��ch p�oj�C� c�rt its ir�dividual
rr�erits. Tl�e �ity ��y dev���e frr�r� thes� �r�f��°°r� by dr���r�era�irrc� in writir�c�
the r�aso� fc�r �h� d�viatian �r�d a�ff�chfng � �€�p�r c�f th� dc��ument fo �ts
n�xt anr�ua! r���rf t� �he �#€nnesota st��e �ger��y charged with
�dmir�istr�tio� theree�f.
3.C12. The fc�llr�wi�g criter€� shall b� �atilizec� ir� �ua1���ir�g a requ�s� �or � business
sub�ody:
A. PublGc P�rp�sea � b�a�in�s� su�ssidy mu�t rneet � publi� ��rp��e,
in�luding b�t r�o� (imit�� t� incr��sir�g th� ��x ��s�. Job retentior�
�n�y ortiy b� car�sid�r�d � p�blEc purpase if the lr�ss r�f jobs is
speci�ic ar�d derrror��trabl�.
B. In�r��se �� �ax bas�. V�hil� �n ir��re�s� ►ra ��e t�x ba�e car�r�c�t b�
��5� sol� grc�und� ft�r gr�r�tin� a subsidy, th� City b�lieves it is a
n�ces��ry ���ddtian f€�r ��y subsidy.
�. Job� �nd �11���s. !rs thos� €nst�n�es ir� w�i�h j�b creatian �s
d�#�rr�ined �a b� a gc���, �t �s th� �i�y's ir���nt fi��t t}�� r�cipi�n�
cre��� t�� maxir�u� r�umb�r af �t�alifyi�g ��b� at �h� sste. Th€s
€�ay inclt�d� job� ta be r�ta�ir�ed b�� o��y if �o� r���ntion is specifgc
�r�d d�ma�str�bl�. Th� w�ge �nd lob ec��l rnust b� �tt�in�d wi�hsr�
two ye�rs c�� th� b�nefit d�te. Th� City m�y, �f��r � public he�rEng,
extend for up �a on� year �he peri�d fcar rr��e�in� the wa�� an�f jc�b
gc��L A qu�Eifyirr� j�� �s de�ined as c�ne r��ich p�ys �t I�ast ��1,f�0
_ p�r �c�ur. Ar�y ��viatior� fr�m the �s��b�i�hed +��age �f�c�r m�st be
IZI�E3-232154v 1
CTibS-1.
�iesc�futi�n I�o. �3-�38
l�ag� �
���um�rt��d in confarrn�ty with t�e req�a�reme�ts �et fo�th ir� the A�t.
I� �h� City, fc�llavv€ng a p��l�c h��ring, det�rmin�s #hat �c�b er�atic�n
�r re�entian is n�� p��t �f the public p�rpos� �f fihe su�sidy, the
wa�e �r�d j�af� gc�al may b� �et �t zer�.
D, �cc�norn�c C�evelopm�r�t. €�rc���c�� r�tas� promo�� on�: ar mc�r� of
the �al[awi�rge
1, �nc�ur�g� ��c�nomi� �r�d �flrr�m���i�6 d���;rsfty v���hin the
�or�muni�y;
2. �ar�trEbute ta �he ��t�blishm�r�� c�f a cr�fiical rr��ss of
cc�r�rraerci�l, ir�d�stria( c�r m�r�ufact�r�r�� deve[op�ent �ifihin th�
ar��g
3. Increas� the ran�e r�f gor�cf� �r�d �err�ric�� avaii�ble ar
enco�rac�e fastWgrowing ar c�ther d�sir��le busir�esses �c�
Ic�ca�e or expand �vith�� the carr�munity;
�. Pram�fie red��r��opment c��jec�iu�s ��d rerr�c�val o� biight,
incfudfng �c�llt�fic�€� �lear��p;
�. Promt��e th� r�t��tit�n c�r �dap#iv� reu�� c�f builciings �f
histaric�l or �rchitectura{ sEgr�ifi��r�ce;
6. Pr�m�t� �dditicar��l ar �p�n-off dev�l�pm�r�t within the
��rr�rr�unity; czr
7. �r�cour�g� f�li �tifization o� exis�rng �r �lar��ec� �ubE��
ir�firastr�ctur� kmprc�v�rr���ts.
����"6C9t� #�'o- �{��litt[J� ���t�l��I���`T�e
4.C1'� It� c�rder f�ar � recipEent �c� be �li�i�le far � busir���� ��bsidy, ��re fallowing
rriinimum rec��iremen�s m�a�t b� met,
f�. ��rr�pliar�c� with Sectior�s 2.f�� A, � �nd �;
�3. �c�m�l(�nce �uith S���ic�n 3.�2 �; �r�d
C. �am�lian�� with Secti�r�s 3.Q2 C c�r C�.
����°��� �. ����LS��l�� ��� �����`Cl�� ���i���EF�i�h17'�e
__.:. 5e01. �ny ��af��idy grant�d by the ��fiy will �� subj�ct t�a t€�� ��quirem�r�� of a
p��[�� i���ri��, lf r�e�e�s�rr�.
RT-tE3-23)1 S4v!
CT1G5-1
R�solution C�c�.03-�38
Page 4
5.02 It r�rill b� neces��ry �c�r bc��h th� recipier�t �nd ��e Gi�y tc� ce�rnpfy with th�
repcar�ir�c�. and mc�nitc�ring r�quirern�r�t� r��the Act.
�.�3. A r�c��ient may be aa.�thc�r�z�d tc� mav� fr€�m Gc�ttage t�rc�v� w�thir► �ive
years �f th� ber�efifi dat� �nly if, �fter � p�blic h�aring, t��: Gity approves
th� requesfi �� move,
�dopt�d �}�i� 16th d�y af J�ly, 2�Q3, by�I�e ����age �rt�ve �e�y �ca�nci€.
, ';FR .�
`��,.r_''� 1��i:��.y,f S ry���.,g�..�° _._..._
�~ r
Sandr� �hie��, ��ycr�✓ �'
�TT���`:
��2.�'�..,.�'f'+' `i ���.�.eG�.��
Caron �1. Strar�sky, Ci�y �lerk
RHB-23'4i5"v1
C'J:'1(i5-1
EXH��IT E
I+Il�T�L, PI,AT'
(tc�be attached)
E-1