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Home My WebLink About15-119CITY OF LAKEVILLE DAKOTA COUNTY, MINNESOTA RESOLUTION 15-119 RESOLUTION APPROVING THE ACQUISITION OF REAL PROPERTY AND DISPENSING WITH STATUTORY REQUIREMENTS FOR REVIEW BY PLANNING COMMISSION OF DISPOSAL OF PROPERTY WHEREAS, the City is proposing to acquire certain property ("Property") legally described as Outlot G, Argonne Village, Dakota County, Minnesota; WHEREAS, Argonne Investments, LLC and the City of negotiated terms for the acquisition of the Property as provide in the proposed purchase agreement attached hereto as Exhibit "A" ("Purchase Agreement"); WHEREAS, Minn. Stat. § 462.356, subd. 2 requires that the Planning Commission review the City's proposed acquisitions and dispositions of property, and; WHEREAS, Minn. Stat. § 462.356, subd. 2 provides for an exception from the Planning Commission review requirement upon 2/3 vote of the City Council dispensing with the requirement and finding that the acquisition or disposal of the property has no relationship to the comprehensive municipal plan. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota, that: 1. The Purchase Agreement is hereby approved; 2. The acquisition of the Property under the Purchase Agreement has no relationship to the comprehensive municipal plan. 3. Review by the Planning Commission of the acquisition of the Property is hereby dispensed with, the proposed transaction is hereby approved, and the Mayor and City Clerk are authorized and directed to execute all documents, and take all appropriate measures to convey the Property under the terms of the Purchase Agreement. ADOPTED this 5th day of October, 2015, by a 2/3 vote of the Lakeville City Council CITY OF LAKEVILLE BY: Matt,tittle, or AT//TEST- , T%FEST: j C - Charlene Friedges, City/ erk 1836760 PURCHASE AGREEMENT THIS PURCHASE AGREEMENT ("Agreement") is made and entered into as of September h,, 2015 (the "Effective Date") by and between ARGONNE INVESTMENT LLC, a Minnesota limited liability company ("Seller") and CITY OF LAKEVILLE, a Minnesota municipal corporation ("Purchaser'). In consideration of the mutual covenants and agreements contained herein, including the costs and expenses incurred by Purchaser to perform due diligence related to the acquisition of the Property, and other good and valuable consideration, Purchaser and Seller do hereby make and enter into this Agreement upon the following terms and conditions: ARTICLE 1 - PURCHASE AND SALE 1.1 Agreement of Purchase and Sale. Seller agrees to sell to Purchaser, and Purchaser agrees to buy from Seller, the vacant land described as Outlot G, Argonne Village, according to the recorded plat thereof, Dakota County, Minnesota (the "Pro e "). 1.2 Purchase Price and Manner of Payment. The purchase price for the Property shall be the sum of the second half real estate taxes for 2015 and all costs associated with the conveyance (collectively, the "Purchase Price") - ARTICLE 2- REPRESENTATIONS AND WARRANTIES 2.1 "As Is" Sale and Release. Purchaser is purchasing the Property "as is" and "where is" based on its own investigation and inquiry and is not relying on any representation or warranty of Seller. Subject only to the express representations and warranties made under this Agreement, Purchaser waives any and all warranties pertaining to the Property whether express, implied, statutory or other. Subject only to the express representations and warranties made under this Agreement, Purchaser hereby forever waives, releases and covenants not to bring any demand, claim, cost recovery action or lawsuit it may now or hereafter have or accrue against Seller, its directors, officers, partners, members, employees, agents, successors and assigns arising from any environmental release or matter related to the Property, including, but not limited to: (a) any hazardous substances currently located or which come to be located in the Building or within the Property; or (b) the release of any hazardous substances into, from or through the Property, whether or not attributable to the handling, storage, generation, transportation or disposal of hazardous substances or the mere presence of hazardous substances within the Property; or (c) any hazardous substances which have migrated, leached or traveled onto or off of the Property from any source. This section shall survive and be enforceable for an unlimited period after the date of Closing and delivery of the deed. ARTICLE 3 - CLOSING 3.1 Time and Place. The closing of the purchase and sale transaction contemplated by this Agreement ("Closing") shall be within seven (7) days following the Effective Date. 3.2 Seller's Obligations at Closing. At the Closing, Seller shall deliver to Purchaser a duly executed quit claim deed in recordable form, conveying title to the Property to Purchaser and all rights appurtenant, free and clear of all mortgages and liens, together with a seller's affidavit, FIRPTA affidavit, and all other documents reasonably necessary to consummate the transaction contemplated by this Agreement. Seller shall also deliver possession of the Property to Purchaser at the Closing. 3.3 Purchaser's Obligations at Closing. At the Closing, Purchaser shall pay to Seller the full amount of the Purchase Price, and shall deliver to Seller all other documents reasonably necessary to consummate the transaction contemplated by this Agreement. 7236347v2 ARTICLE 4 - REAL ESTATE TAXES AND SPECIAL ASSESSMENTS 4.1 Real Estate Taxes and Special Assessments. On or before the date of Closing, Seller shall pay all real estate taxes and special assessments for the Property due and payable in years prior to the year of Closing. Real estate taxes and special assessments for the Property due and payable on or after the date of Closing shall be paid by Purchaser. The obligations of Purchaser and Seller contained in this Section shall survive Closing or any termination of this Agreement. ARTICLE 5 - MISCELLANEOUS 5.1 Successors or Assigns. This Agreement shall be binding upon and inure to the benefit of the parties, and their respective successors and assigns. 5.2 Severability. In the event any provision of this Agreement shall be held to be invalid, unenforceable or in conflict with the law of the jurisdiction, the remaining provisions of this Agreement shall continue to be valid, enforceable and not be affected by such holding. 5.3 Further Assurances. Each party agrees that it will execute and deliver such other documents and take such other action, whether prior or subsequent to Closing, as may reasonably be requested by the other party, to further consummate the transaction contemplated by this Agreement, without further consideration. 5.4 Governing Law. This Agreement shall in all respects be interpreted, construed and enforced according to the laws of the state where the Property is located. 5.5 Counterparts. This Agreement may be executed separately and independently in any number of counterparts and each and all of which together shall be deemed to have been executed simultaneously and regarded as one agreement dated the Effective Date. 5.6 Attorneys' Fees and Costs. Purchaser and Seller will pay their own attorneys' fees for the transaction contemplated by this Agreement, except as follows. In the event of litigation arising out of breach or claimed breach of this Agreement, the prevailing party shall be entitled to recover from the other party all costs and expenses incurred as a result, including attorneys' fees and costs. 5.7 Survival. All of the terms of this Agreement, including, without limitation, any representations and warranties contained herein, shall not survive after the date of Closing and delivery of the deed. 5.8 Entire Agreement/Amendment. This Agreement constitutes the entire agreement between the parties with respect to the subject matter herein and fully supersedes all prior written or oral agreements between the parties with respect to such matters. No other agreement, statement or promise made by any party and no amendment, modification or other change of any provision of this Agreement shall be effective unless in writing signed by the parties. signature page follows 7236347v2 IN WITNESS WHEREOF, Seller and Purchaser have executed this Purchase Agreement as of the Effective Date. PURCHASER: CITY OF LAKEVILLE, a Minnesota municipal corporation By: Print: Matt Little Its: Mayor Dated: October 5, 2015 City Clerk 7236347v2 IN WITNESS WHEREOF, Seller and Purchaser have executed this Purchase Agreement as of the Effective Date. SELLER: ARGONNE INVESTMENT LLC, a Minnesota limited liability company By: United Properties Investment LLC, a Minnesota limited liability company By: Print: Its: By: Print: Its: 7236347v2 Its: Managing Member William P. Katter President & Chief Investment Officer