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EDA AGN 05-06-13
AGENDA COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY Monday May 6, 2013 6:30pm City Hall, Conference room 1 1. Call to Order Gary L. Peterson President Bobby Williams Vice President Bruce Nawrocki Secretary /Treasurer Donna Schmitt Tammera Diehm Gerry Herringer Marlaine Szurek 2. Pledge of Allegiance CONSENT AGENDA 3. Approve Minutes of April 1, 2013 Approve financial report and payment of bills for March 2013 Resolution 2013 -04. Approve Huset Park Fifth Amendment— BNC Bank, Resolution 2013 -02 Motion: Move to approve Consent agenda as presented. PULIC HEARING 4. Consider sale of 4502 Washington —Resolution 2013 -05 Motion: Move to waive the reading of Resolution 2013 -05 there being ample copies available to the public. Move to adopt Resolution 2013 -05 approving the sale of 4502 Washington Street in the amount of $15,000. REGULAR BUSINESS 5. Scattered Site contract Motion: Move to approve and execute the Listing Agreement with Remax Synergy. Motion: Move to approve and execute the Purchase and Redevelopment Agreement with Timbercraft Homes. Motion: Move to approve the model homes as presented. 6. Administrative Report 7. Other Business The next regular EDA meeting will be Monday, June 3, 2013 at City Hall. ECONOMIC DEVELOPMENT AUTHORITY (FDA) MINUTES OF THE MEETING OF APRIL 1, 2013 IN CONFERENCE ROOM 1 The meeting was called to order at 6:30 pm by Chair Peterson. Members Present: Bruce Nawrocki, Gary Peterson, Donna Schmitt, Tammera Diehm, Gerry Herringer. and Bobby Williams. Members Absent: Marlaine Szurek Staff Present: Walt Fehst, Scott Clark, Sheila Cartney, and Shelley Hanson. 2. PLEDGE OF ALLEGIANCE- RECITED 3. CONSENT ITEMS 1. Approve the Minutes from February 4, 2013. 2. Approve the Financial Report and Payment of Bills for January and February, 2013 on Resolution 2013 -03. Questions by Members: Nawrocki asked what the amount paid to Elaine Norman for $955.00 was for. Cartney told him it was a Housing Program rebate. Herringer asked about the payments to Kurth Surveying and Metro Utilities. Clark stated those were expenses for the Mady's property. Schmitt asked if the payment to Kelly Dunn was another rebate payment, and if it had anything to do with the flooding she had at the property. Cartney said it was a rebate payment for a roofing project she did, and was unaware of any flooding issues. Motion by Williams, seconded by Nawrocki, to waive the reading of'Resolution 2013 -03, there being an ample amount of copies available to the public. All ayes. MOTION PASSED. Motion by Williams, seconded by Nawrocki, to approve the minutes and adopt Resolution 2013 -03. All ayes. MOTION PASSED. EDA Minutes Page 2 April 1, 2013 EDA RESOLUTION 2013 -03 RESOLUTION OF THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) APPROVING THE FINANCIAL STATEMENT FOR JANUARY AND FEBRUARY 2013 AND PAYMENT OF BILLS FOR THE MONTHS OF JANUARY AND FEBRUARY 2013. WHEREAS, the Columbia Heights Economic Development Authority (EDA) is required by Minnesota Statutes Section 469.096, Subd. 9, to prepare a detailed financial statement which shows all receipts and disbursements, their nature, the money on hand, the purposes to which the money on hand is to be applied, the FDA's credits and assets and its outstanding liabilities; and WHEREAS, said Statute also requires the EDA to examine the statement and treasurer's vouchers or bills and if correct, to approve them by resolution and enter the resolution in its records; and WHEREAS, the financial statement for the months of January and February 2013 has been reviewed by the EDA Commission; and WHEREAS, the EDA has examined the financial statements and finds them to be acceptable as to both form and accuracy; and WHEREAS, the EDA Commission has other means to verify the intent of Section 469.096, Subd. 9, including but not limited to Comprehensive Annual Financial Reports, Annual City approved Budgets, Audits and similar documentation; and WHEREAS, financials statements are held by the City's Finance Department in a method outlined by the State of Minnesota's Records Retention Schedule, NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners of the Columbia Heights Economic Development Authority that it has examined the referenced financial statements including the check history, and they are found to be correct, as to form and content; and BE IT FURTHER RESOLVED the financial statements are acknowledged and received and the check history as presented in writing is approved for payment out of proper funds; and BE IT FURTHER RESOLVED this resolution is made a part of the permanent records of the Columbia Heights Economic Development Authority. Passed this lst Day of April 2013 EDA Minutes Page 3 February 4, 2013 BUSINESS ITEMS 4. Consider Sale of 4502 Washington Street Cartney explained that at the August 6, 2012 meeting the EDA directed staff to list four of the Scattered Site lots for sale on the City's webpage and to post signs on the lots. Included in the four lots was 4502 Washington Street. hi the meantime staff was directed to seek professional services from realtors to list all the scattered site lots for sale (while keeping the four lots listed on the webpage and with signs for sale). In February 2013, the EDA interviewed Real Estate teams and narrowed it down to one team to sell the lots, to date a formal agreement is not in place with said Real Estate team, that is why this is being considered. Cory Mattson owner of 4500 Washington Street has proposed to purchase 4502 Washington Street from the EDA for $13,000.00. Mattson's backyard abuts the subject lot, he proposes to expand his backyard with this lot and combine the lots into one lot. The EDA purchased the 4502 Washington Street property in 2009 as part of the Scattered Site program for $35,000. The lot is 5,160 square feet. Overall the EDA has spent $46,086 on this property including the purchase, demo prep, and demolition. Staff seeks direction from the EDA on the proposed sale of this lot; it is a policy discussion for the EDA whether to sell this lot for $13,000 now and have the lot joined with the adjacent lot or to wait and list the lot for sale with the Real Estate Team for future development. If the EDA agrees to sell the lot to Mattson, a public hearing is required. Questions /comments from members: Nawrocki said he looked at the lot and noted it is a level lot that could easily be built on. He stated that if this vacant lot is allowed to be combined with the corner lot it will generate less tax revenue for the city. He said if we sell the lot on the scattered site contract we would get approximately $10,000 for the lot, which he doesn't think is a good price either. He told the other members that the County has placed an estimated market value of $29,200 on the lot. Schmitt asked about the size of the lot. Cartney responded that it is a 40 x 129 lot, or 5,160 s£ It can be built on because it is an existing platted lot. If newly platted, the minimum size for a buildable lot would be 70 feet wide or 6,500 sf. Peterson asked if Mattson combined the property with his own and later decided to split them again, could someone then build on the lot. Cartney stated that he would not be able to do so. Fehst stated the purpose of the scattered site district was to re- develop the properties. He stated that everyone knew going into this program that we wouldn't recoup our expenses on the sale of the lots, but on the future tax revenue generated by the new construction over time. He said the City has considered requests such as this in the past and have denied them for the same reasons. He noted the loss of $33,000 on this particular lot would never be made up with the taxes on the vacant piece once combined with the adjacent lot. He understands by joining the lots it would make the corner property more attractive and improve the neighborhood, but he pointed out, so would another new home in the neighborhood. FDA Minutes Page 4 April 1, 2013 Peterson wants to eliminate blight and improve neighborhoods and this would make an attractive property. Cory Mattson was present and stated his house and fence are less than 5 years old and he plans on staying there long term to raise his family, and he is vested in the community as a member of the Fire Dept. He told the members he understands the profits to the City are less, but in the long run his investment and the improvements he has made are more beneficial to the neighborhood than another home that could be turned into rental like most of the neighborhood. He assured the Board he has no intention of building on that site and plans on using it as green space only. Williams asked how this would affect the price points of the other lots if we agree to this offer. He said in hindsight that he wouldn't have agreed to spend $46,000 to get $13,000 in return. He didn't think we should accept this offer as we would lose too much money and it is not fair to the other taxpaying citizens. Schmitt noted that other lots in that block are larger lots. She said Mattson's lot is small and he has no room to expand at all. She asked if it would affect the deal with the scattered site contract, that will be discussed later if we took this particular lot off the list. If it doesn't affect that contract, she was in favor of the sale to Mattson. Diehm stated that at one time the Board discussed the option to contact neighbors to see if the lots could be split and sold to them to create larger lots. She asked if the owners of 4504 Washington St would be interested in purchasing part of this lot. Mattson said 4504 is currently vacant and investors just purchased it and plan to rent it out. Cartney stated those investors did call about the lot (4502) and wanted to purchase it to construct a duplex on it. She stated the lot does not meet the requirements for construction of a duplex. Peterson knows we will lose money on all of the lots, but he sees it as an improvement to the neighborhood and he is in favor of the sale to Mattson. Herringer questioned how much tax would be generated for the city on a house that is valued at $160,000. There was some discussion on that estimate. He stated he understands Mattson's situation and he would make the same request in his position. Nawrocki said he knows improving neighborhoods is important, but notes that a new house will also improve the area, and generate more revenue at the same time. Diehm asked if we could exclude this property from the scattered site contract for the time being and make a decision on this at a later time. Cartney said out of respect to Mattson, a decision should be made as he has obtained financing to move forward with this. Motion by Nawrocki, seconded by Williams, to deny the request of Mattson to purchase the lot for $13,000. Roll call: ayes: Williams, Nawrocki Nays: Schmitt, Diehm, Ilerringer, Peterson. Motion failed. EDA Minutes Page 5 April 1, 2013 Fehst asked Clark what the County owned lots recently sold for. Clark stated they sold for $19,500. The properties were located at 38" and Jackson, one on 51" Street, and one on Madison St. I-Ie told members that a local builder, Value Homes, purchased the properties. He stated that they haven't built anything in the City before so we have no idea what they have planned for the lots. He said they can build any type of home they choose on the lots, as long as they meet minimum zoning and building code requirements, but we have no real control over the style or finishing. These lots were also valued in the $29,000 range. Motion by Williams, seconded by Nawrocki to split the loss and to sell the lotfor $29,500. Roll Call: Ayes - Williams, Nawrocki Nays Schmitt, Diehm, Herringer, Peterson. Motion Tailed. Ferringer would like to see a negotiation between the two prices of $13,000 and $29,500. He would be in favor of something in the range of $16,000. Peterson asked Mattson if he would be willing to purchase the lot for $16,000. Mattson said he would agree to $15,000 so he would still have funds to landscape and fence in the empty lot. Motion by Herringer, seconded by Diehm to sell the parcel at 4502 Washington St. to Mattson for a price of'$15,000, Roll Call: Ayes— Schmitt, Diehm, Herringer, Peterson Nays— Williams, Nawrocki MOTION PASSED. Clark reminded members they need to hold a Public Hearing to take formal action on the sale to Mattson. Motion by Herringer, seconded by Schmitt to call a Public Hearing for May 6, 2013, at 6: 30 pm in Conference Room I to consider the sale of 4502 Washington Street NE. Roll Call: All ayes. MOTION PASSED. 5. Scattered Site Contract Cartney introduced John and Pete of ReMax, and Peter from Timbercraft Homes. Sheila reminded members that in February the EDA interviewed four Real Estate teams in search of representation for the Scattered Site lots. The EDA decided to go with Pete Heryla and John Rockwell of Remax. Pete and John presented options with a builder for the lots where the builder would take down one lot and build a model home and then sell the lots with the options of the model home or someone could buy the model home and then the builder would buy another lot and do the same. This meeting is to review the process and what the builder is proposing for these lots. Pete and John have drafted a contract that the EDA attorney has reviewed. The EDA attorney also drafted a purchase agreement for the builder. The Program Guidelines that the EDA created are met with the builder's proposal, however with the two story model the floor area is not 1,020 square feet, but the finished area is. There are 5 items to discuss tonight in preparation for action at the May EDA meeting. EDA Minutes Page 6 April 1, 2013 1. Does the EDA have any questions /comments regarding the language in the drafted agreements and contracts? Nawrocki wanted the contracts explained. Cartney explained the first one is the listing agreement to sell the lots to the builder. This is between the EDA and the realtors to broker the lots on our behalf. It is a standard listing agreement except for Addendum A which lists the price of the lots, with the exception of 4303 Reservoir Blvd., at $10,000 (which is what the Board needs to consider), along with the 10% commission fee and the broker fee if the property sells. Nawrocki expressed his opinion he thought the price point of $10,000 was too low. Clark asked Pete and John how they arrived at the $10,000 figure. John stated they took numerous items into account including: 1. Criteria set by the EDA regarding size, style, the number of BR, etc. 2. The need to meet price points that will sell on small lots in existing neighborhoods surrounded by older homes for the most part. He said they are aiming at $150,000- $160,000 selling price. 3. They took into consideration the overall economy of the residents and market values of the surrounding neighborhoods. He said they would like to build higher end homes, but they wouldn't sell in older neighborhoods. Herringer clarified that we are actually netting less than $10,000 /lot. Clark stated that at these figures we would actually net around $7,000 /lot. Nawrocki asked when they would take title to the property. Clark responded at the time the builder purchases the lot. Once the builder purchases the lot they would then enter into the Purchase and Redevelopment Agreement which is an agreement between the EDA and the Builder. He also noted that the Builder is agreeing to buy these lots "as is ". Diehm asked what the term of the listing agreement is for. Clark told members that it would be set at 24 months. 2. Does the EDA agree with the lot prices presented? a. Things to consider in lot pricing: 1) water availability 2) retaining wall work Schmitt questioned what this is regarding. Cartney explained that all the lots have water service in the street, but half the lots need to re -size the new service connection and the piping from the main. She also said the two lots on Tyler need retaining wall work. The cost of these items could be $5,000- $6,000 per lot. Clark stated the Realtor has agreed to a price of $10,000 across the board (except the Reservoir Blvd. lot) even though some of the lots will result in extra costs to them. Clark noted that the County lots did not need these improvements, and therefore, the price points are somewhat closer taking this information into consideration. EDA Minutes Page 7 April 1, 2013 Herringer asked how they were going to handle the sale of the lots to make sure that the Builder doesn't "cherry pick" the good lots and leave those needing extra work, then after the listing agreement runs out, we are left with those lots. Clark said that is why this is being discussed tonight and to get questions answered so that a policy can be established. He said staff is not making a recommendation one way or the other and the Board needs to set the policy and direction they want this to go in. Pete Heryla stated the price points are critical. He said they would probably start with a middle lot (not the most desirable and not one needing the most work). FIe said the plan would be to build a model home which lie believes will sell quickly. Then others that are interested would be able to choose a lot to build on, or the builder would construct another model that would most likely sell. People tend to purchase something they can actually visualize for themselves. Clark asked if there was any validity to higher price points for the good lots and decrease the price of the lots needing extra work in order to protect ourselves from being left with those lots if the plan doesn't work to get them all sold and developed. Herringer asked if we are requiring too much house. Clark said that is a policy question for the Board. If you want more for the lot, then less will go into the construction of the house. Clark and Cartney both stated they don't think it is too much house. Most of the basics, such as square footage and garages, are already a requirement of our Ordinance. But they both felt a better constructed house with amenities to make it more attractive is more important and will make them sell better. Herringer, Williams, and Schmitt all agreed with this. Fehst said the County lots went for $19,500 but the construction on those lots will not necessarily meet the same guidelines the EDA has set for our lots. In our project we have some control over the square footage, the style of the home, the number of bedrooms, the number of windows, porches or other outside finishing that make them more attractive, etc. The homes built on the other three lots could be a simpler style with fewer windows, cheaper finishing inside and out, and with fewer amenities. As long as these houses meet our minimum zoning and building code requirements we have no right to dictate the amenities they add or don't add to make them more appealing to the neighborhoods. EDA Minutes Page 8 April 1, 2013 3. Does the EDA agree with the two /three model homes presented? The members liked the design concepts presented by the builder. The Builder said he will submit final plans at the next meeting that will be similar to those included in the packets. He noted that he plans full unfinished basements and detached garages that weren't depicted on the plans in the packets. Nawrocki said there wouldn't be much backyard if these houses and garages were constructed on these small lots. Clark said we are trying to build the most house on the property that we can to encourage others in the neighborhood to improve their homes also. Clark went on to say this is not any different than the homes and garages that were previously on the sites. Many of the expansion homes or small ramblers exceed the square footage footprints of the houses proposed by the builder. This is something the City has had to deal with since the parcels were platted as 40 foot lots years ago. We are very limited as to what can be constructed on them and how much people will pay for homes on these lots. Nawrocki asked again about the price points of the proposed homes. The realtor told him the first model will be built with a price around $150,000. This leaves $10,000 for upgrades if buyers wish to make some, or for the additional expenses that are necessary for some of the lot improvements that would raise the price to approximately $160,000. 4. Does the EDA agree that by approving the models each house will be administratively approved except for the house constructed at Reservoir Blvd.? The Board generally agreed they liked the designs presented and that administrative approval is authorized, with the knowledge that the plan for the lot on Reservoir Blvd will be brought back to the Board at a later time. Does the EDA want to remove 3853 3`d Street from the listing as it is zoned GB? Cartney explained the north end of this parcel touches the south end of the Root property. She said the question is do we want to include this in the scattered site construction program and re- zone it to use as residential or remove it from the program and deal with it later. It can always be re -zoned and used as residential at a later time or could be combined with adjacent properties and used for a future business site. The general consensus was to leave it off the scattered site redevelopment contract for now. EDA Minutes Page 9 April 1, 2013 Clark stated the contract will come back to the Board in May for action according to the direction they expressed at this meeting. 6. Administrative Report There was nothing further to discuss. The next regular EDA meeting will be Monday, May 6, 2013 at City Hall at 6:30 pm. The meeting was adjourned at 8:10 pm. Respectfully submitted, Shelley Hanson Secretary COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) Meeting of: May 6, 2013 AGENDA SECTION: Consent ORIGINATING EXECUTIVE NO:3 DEPARTMENT: EDA DIRECTOR APPROVAL ITEM: Financial Report and Payment of Bills BY: Sheila Cartney BY DATE: April 30, 2013 BACKGROUND: The Financial Report is for the month of March and Resolution 2013 -04 is attached for approval. RECOMMENDATION: Staff will be available to answer questions. If the report is satisfactorily complete, we recommend the Board take affirmative action to receive the Financial Report and approve the payment of bills. RECOMMENDED MOTION: Move to waive the reading of Resolution 2013 -04 there being ample copies available to the public. Move to approve Resolution 2013 -04, Resolution of the Columbia Heights Economic Development Authority (EDA) approving the Financial Statement and Payment of Bills for the month of March 2013. 12117:WGCOl11M[01\ii EDA RESOLUTION 2013 -04 RESOLUTION OF THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) APPROVING THE FINANCIAL STATEMENT FOR MARCH 2013 AND PAYMENT OF BILLS FOR THE MONTH OF MARCH 2013. WHEREAS, the Columbia Heights Economic Development Authority (EDA) is required by Minnesota Statutes Section 469.096, Subd. 9, to prepare a detailed financial statement which shows all receipts and disbursements, their nature, the money on hand, the purposes to which the money on hand is to be applied, the EDA's credits and assets and its outstanding liabilities; and WHEREAS, said Statute also requires the EDA to examine the statement and treasurer's vouchers or bills and if correct, to approve them by resolution and enter the resolution in its records; and WHEREAS, the financial statement for the month of March 2013 has been reviewed by the EDA Commission; and WHEREAS, the EDA has examined the financial statements and finds them to be acceptable as to both form and accuracy; and WHEREAS, the EDA Commission has other means to verify the intent of Section 469.096, Subd. 9, including but not limited to Comprehensive Annual Financial Reports, Annual City approved Budgets, Audits and similar documentation; and WHEREAS, financials statements are held by the City's Finance Department in a method outlined by the State of Minnesota's Records Retention Schedule, NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners of the Columbia Heights Economic Development Authority that it has examined the referenced financial statements including the check history, and they are found to be correct, as to form and content; and BE IT FURTHER RESOLVED the financial statements are acknowledged and received and the check history as presented in writing is approved for payment out of proper funds; and BE IT FURTHER RESOLVED this resolution is made a part of the permanent records of the Columbia Heights Economic Development Authority. 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Oo U1 wa HI Oo UI N al wN Na HO 16 U I (7 I ul z w I HU1 W zzl H< 1 N p p pq P, I 1 Q m I !)1 wm1 wU m M 001 asI � o al N Q I N E1z 1 'J1H I I M H Q I uzl a ail wElm x 001 N � NM � wo a P4 Q 1N £H I w I HM OJ Q lozCEO N I O w I O N q I }JO a I r w wh a a UI x zl m 1 1 H �w O P6 a) o W z Q I O w I x QI H wl n 1 P4 H o >I W WI C4l 0 a x H W ono mm� �m m "a �H a- r� H H H W Umq z� mow zNp H\ Wio N �W O\�a w � a H O H Q z P4 P4 0 N d� Q w H z a a rn Q a 0 0 w a. w O a w x z a H O H 1(�7 COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) Meetina of: Mav 6. 2013 AGENDA SECTION: Consent ORIGINATING DEPT, EXECUTIVE NO: 3 Community Development DIRECTOR 103 APPROVAL ITEM: Adopt Resolution 2013 -02, Fifth BY: Sheila Cartney BY: Amendment to Amended and Restated DATE: April 15, 2013 Contract for Private Redevelopment — Huset Park Development 50 IB BACKGROUND: On October 25, 2004 the City, EDA and Huset Park Development Corporation entered into contract for private redevelopment of the "Industrial Park." On August 1, 2007 the same parties agreed and entered into an Amended and Restated Contract for Private Redevelopment, and on February 9, 2009 the same parties entered into an Amended and Restated Contract for Private Redevelopment (the "Contract) changing commencement and completion dates for development. The "Minimum Improvements" in the Contract are broken out into phases and includes three different housing types and one commercial space. These are summarized as follows: TYPE NUMBER OF UNITS /SQ. FT. PHASE Townhouse 123 IA 103 IIA 51 IIB Subtotal 277 Senior 50 IB Condo /Coo 47 IIIA 52 IIIB 84 IIIC Commercial 11,560 I I I B The Contract was amended three times, and then, due to the down turn in the housing market and economic conditions, BNC Bank foreclosed on this project. As part of the Fourth Amendment to the Contract (dated November 21, 2011), BNC Bank took over in the place of the original redeveloper and further amended the construction schedule. BNC Bank now requests a Fifth Amendment to the Contract to further revise the commencement and completion dates for some of the Phases described above. Section 4.3 of the Contract states "if the Redeveloper is making substantial progress with respect to the redevelopment project, and is unable to meet one or more of the above - referenced deadlines, the Authority and Redeveloper shall negotiate in good faith for a reasonable period to extend the time in which necessary action(s) must be taken or occur, the lapse of which time would otherwise constitute a default of this Agreement." The following table represents the existing dates from the Fourth Amendment, and the proposed dates for a Fifth Amendment: Phase Fourth Amendment Dates Fifth Amendment Dates IIIA Housing Commence by 12/30/2012 Commence by 1213112013 Complete by 12/30/2014 Complete by 1213012015 IB Senior 80% December 31, 2012 80% Complete December 31, Housing 2013 IIIB Housing and Commence by June 30, 2013 Commence by June 30, 2014 Commercial Complete bv June 30, 2014 Complete by June 30, 2015 Park Dedication: In 2004 the City authorized staff to charge Schafer Richardson $750 per unit for park dedication. This charge was done as a policy from the City as the Redevelopment Agreement merely states a negotiated fee should be arrived at for each Phase. Compared to many municipalities which charge a "fixed fee per unit' this number is very conservative. In a 2010 Park Dedication Survey conducted by HKGi cities that charge on a per unit basis illustrate an average for multi - family development of $2,643 per unit (seven cities surveyed). Staff is recommending an increase to $1500 per unit for all future phases of the development. This policy will be presented to the City Council, and does not require a change to the Contract. We are reporting this to the EDA for information purposes. RECOMMENDATION: Staff recommends the EDA approve a Fifth Amendment to the Contract as requested to change commencement and completion dates. RECOMMENDED MOTION: Motion: Move to waive the reading of Resolution 2013 -02, there being ample amount of copies available to the public. Motion: Move to adopt Resolution 2013 -02, a Resolution approving the Fifth Amendment and Restated Contract for Private Redevelopment by and between Columbia Heights EDA and BNC Bank as Successor to Huset Park Development Corporation. 20/ EDA ACTION: COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2013-02 RESOLUTION APPROVING A FIFTH AMENDMENT TO AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF COLUMBIA HEIGHTS AND BNC NATIONAL BANK AS SUCCESSOR TO HUSET PARK DEVELOPMENT CORPORATION BE IT RESOLVED By the Board of Commissioners ( "Board ") of the Columbia Heights Economic Development Authority ( "Authority ") as follows: Section 1. Recitals. 1.01. The Authority has determined a need to exercise the powers of a housing and redevelopment authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ( "EDA Act "), and is currently administering the Downtown CBD Redevelopment Project ( "Redevelopment Project ") pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ( "I-IRA Act "). 1.02. The Authority, the City of Columbia Heights ( "City ") and Huset Park Development Corporation (the "Redeveloper ") entered into a into An Amended and Restated Contract for Private Redevelopment dated as of August 1, 2007, as amended by a First Amendment thereto dated June 16, 2008 and a Second Amendment thereto dated as of February 9, 2009 and a Third Amendment Thereto dated as of September 28, 2009 and a Fourth Amendment dated as of November 22, 2011 (the "Contract "), setting forth the terms and conditions of redevelopment of certain property within the Redevelopment Project, generally located east of University Avenue and south and west of Huset Park. 1.03. BNC National Bank (the "Lender ") is the successor in interest to Redeveloper under the Contract. 1.04. The Lender has requested the Authority and City to modify the Contract in certain respects, and the Authority has caused to be prepared a Fifth Amendment to Amended and Restated Contract for Private Redevelopment between the Authority, City and Lender (the "Fifth Amendment'). 1.05. The Board has reviewed the Fifth Amendment and finds that the execution thereof and performance of the Authority's obligations thereunder are in the best interest of the City and its residents. Section 2. Authority Approv4 Further Proceedings. 2.01. The Fifth Amendment as presented to the Board is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the documents by such officials 394612v1 SJB CL205 -23 shall be conclusive evidence of approval. 2.02. The President and Executive Director are hereby authorized to execute on behalf of the Authority the Fifth Amendment and any documents referenced therein requiring execution by the Authority, and to carry out, on behalf of the Authority its obligations thereunder. Approved by the Board of Commissioners of the Columbia Heights Economic Development Authority this 6th day of May, 2013. Gary Peterson, President ATTEST: Shelley Hanson, Secretary 394612vl SJl3 CL205 -23 FIFTH AMENDMENT TO AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT THIS AGREEMENT, made on or as of the day of 2013, by and between COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, COLUMBIA HEIGI -ITS, MINNESOTA, a public body corporate and politic (the "Authority "), established pursuant to Minnesota Statutes, Sections 469.090 to 469.1081 (hereinafter referred to as the "Act "), the CITY OF COLUMBIA HEIGHTS, a Minnesota municipal corporation (the "City ") and BNC NATIONAL BANK, a national banking association (the "Lender ", and successor in interest to I-Iuset Park Development Corporation, the "Redeveloper). WITNESSETI-I: WHEREAS, the Authority, City, and Redeveloper hereto entered into that certain Amended and Restated Contract for Private Redevelopment dated as of August 1, 2007, as amended by a First Amendment thereto dated as of June 16, 2008, as further amended by a Second Amendment thereto dated as of February 9, 2009, by a Third Amendment thereto dated September 28, 2009 and by a Fourth Amendment thereto dated as of November 21, 2011 (the "Contract "), providing for redevelopment of certain property in the City described as the Redevelopment Property; and WHEREAS, the Authority, City and Lender entered into a Subordination and Consent Agreement dated July 10, 2006 (the "Subordination Agreement ") regarding the Contract; and WHEREAS, the Subordination Agreement provided that, if Lender foreclosed on its Mortgage (as defined in the Subordination Agreement), Lender is entitled to all the rights and benefits of Redeveloper under the Contract as though Lender were the Redeveloper, subject to Lender's performance of all terms and conditions of the Contract.; and WHEREAS, the Lender has requested that the Authority and City amend the Contract as further described herein; NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1. Section 43 of the Contract is modified as follows (italicized language shows revision): Section 4.3. Completion of Construction. (a) Subject to Unavoidable Delays and the provisions of paragraphs (b), (c) and (d) below, the Minimum Improvements must be constructed in accordance with the following schedule: Phase I: As of the date of the Amended and Restated Contract, the internal site improvements and at least 80 percent of the required number of units for Phase IA are complete. Redeveloper must substantially complete all 419270v1 SJD CL205 -23 internal site improvements for Phase I13, including roads, and at least 80 percent of required number of housing units for Phase I13, by December 31, 2013. Phase III: Redeveloper must construct and complete all internal site improvements, including roads, and at least 80 percent of the required number of housing units, according to the following schedule: Phase IIIA: Commence by December 30, 2013; complete by December 30, 2015. Phase IIIB: Commence by June 30, 2014; complete by June 30, 2015. Phase IIIC: Commence by December 31, 2014; complete by December 31, 2016. 2. The Contract remains in full force and effect and is not modified except as expressly provided herein. 419270v1 Sin CL205 -23 2 IN WITNESS WHEREOF, the Authority has caused this Agreement to be duly executed in its name and behalf and its seal to be hereunto duly affixed and the Redeveloper has caused this Agreement to be duly executed in its name and behalf on or as of the date first above written. COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY By Its President By Its Executive Director STATE OF MINNESOTA ) SS. COUNTY OF ANOKA ) The foregoing instrument was acknowledged before me this _ day of 2013, by Gary Peterson and Walter R. Fehst, the President and Executive Director of the Columbia Heights Economic Development Authority, a public body politic and corporate, on behalf of the Authority. Notary Public 419270v1 SJ13 CL205 -23 CITY OF COLUMBIA HEIGHTS By Its Mayor STATE OF MINNESOTA ) SS. COUNTY OF ANOKA ) Its City Manager The foregoing instrument was acknowledged before me this _ day of 2013, by Gary Peterson and Walter R. Fehst, the Mayor and City Manager of the City of Columbia Heights, a Minnesota municipal corporation, on behalf of the City. Notary Public 4192700 SJn CL205 -23 BNC NATIONAL BANK :A STATE OF MINNESOTA ) Its SS. COUNTY OF ) The foregoing instrument was acknowledged before me this day of 2013 by , the of BNC National Bank, a national banking association, on behalf of the Bank. Notary Public 419270v SJB CL205 -23 CONSENT BY ASSIGNEE The undersigned, as assignee of certain rights of Redeveloper under the attached Amended and Restated Contract for Private Redevelopment (the "Amended Contract "), hereby consent to all terms of the Amended Contract; provided that nothing in this consent will alter or affect the rights of undersigned under the Agreement of Purchase and Sale (Finished Lots) between The Ryland Group, Inc. and Redeveloper dated April 18, 2005, as amended. THE RYLAND GROUP, INC. By Its STATE OF MINNESOTA ) SS. COUNTY OF ) The foregoing instrument was acknowledged before me this day of , 2013 by I the of the Ryland Group, Inc., a Maryland corporation, on behalf of the corporation. Notary Public 41927ov1 SJn CL205 -23 6 CONSENT BY ASSIGNEE The undersigned, as assignee of certain rights of Redeveloper under the attached Amended and Restated Contract for Private Redevelopment (the "Amended Contract "), hereby consent to all terms of the Amended Contract. PARKVIEW HOMES, LLC By Its STATE OF MINNESOTA ) SS. COUNTY OF ) The foregoing instrument was acknowledged before me this day of , 2013 by , the Parkview Homes, LLC, a Minnesota limited liability company, on behalf of the company. Notary Public 419270v1 SJ13 CL205 -23 7 COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2013-02 RESOLUTION APPROVING A FIFTH AMENDMENT TO AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF COLUMBIA HEIGHTS AND BNC NATIONAL BANK AS SUCCESSOR TO HUSET PARK DEVELOPMENT CORPORATION BE IT RESOLVED By the Board of Commissioners ( "Board ") of the Columbia Heights Economic Development Authority ( "Authority ") as follows: Section 1. Recitals. 1.01. The Authority has determined a need to exercise the powers of a housing and redevelopment authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ( "BDA Act "), and is currently administering the Downtown CBD Redevelopment Project ( "Redevelopment Project ") pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ( "PIRA Act "). 1.02. The Authority, the City of Columbia Heights ( "City ") and Huset Park Development Corporation (the "Redeveloper ") entered into a into An Amended and Restated Contract for Private Redevelopment dated as of August 1, 2007, as amended by a First Amendment thereto dated June 16, 2008 and a Second Amendment thereto dated as of February 9, 2009 and a Third Amendment Thereto dated as of September 28, 2009 and a Fourth Amendment dated as of November 22, 2011 (the "Contract "), setting forth the terms and conditions of redevelopment of certain property within the Redevelopment Project, generally located east of University Avenue and south and west of Huset Park. 1.03. BNC National Bank (the "Lender ") is the successor in interest to Redeveloper under the Contract. 1.04. The Lender has requested the Authority and City to modify the Contract in certain respects, and the Authority has caused to be prepared a Fifth Amendment to Amended and Restated Contract for Private Redevelopment between the Authority, City and Lender (the "Fifth Amendment "). 1.05. The Board has reviewed the Fifth Amendment and finds that the execution thereof and performance of the Authority's obligations thereunder are in the best interest of the City and its residents. Section 2. Authority Approval• Further Proceedings. 2.01. The Fifth Amendment as presented to the Board is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the documents by such officials 394612v l sin C1.205 -23 shall be conclusive evidence of approval. 2.02. The President and Executive Director are hereby authorized to execute on behalf of the Authority the Fifth Amendment and any documents referenced therein requiring execution by the Authority, and to carry out, on behalf of the Authority its obligations thereunder. Approved by the Board of Commissioners of the Columbia Heights Economic Development Authority this 6th day of May, 2013. Gary Peterson, President ATTEST: Shelley Hanson, Secretary 394612v1 SJn CL205 -23 2 COLUMBIA HEIGI -ITS ECONOMIC DEVELOPMENT AUTHORITY (EDA) Meeting of: May 6, 2013 AGENDA SECTION: Public Hearing ORIGINATING EXECUTIVE NO:4 DEPARTMENT: EDA DIRECTOR APPROVAL, B! ITEM: Consider sale of 4502 Washington BY: Sheila Cartney I BY: DATE: April 29, 2013 BACKGROUND: Cory Mattson owner of 4500 Washington Street has proposed to purchase 4502 Washington Street from the EDA in order to combine the lots together. The EDA held a meeting on April 1, 2013 to discuss the purchase and negotiated a purchase price of $15,000 with Mattson and the majority of the EDA. At the meeting the EDA called for a public hearing for the potential sale. Mattson's backyard abuts the subject lot, he proposes to expand his backyard with this lot and combine the lots into one lot. The EDA purchased the 4502 Washington Street property in 2009 as part of the Scattered Site program for $35,000 the lot is 5,160 square feet. Overall the EDA has spent $46,086 on this property including the purchase, demo prep and demolition. A public hearing is required when the EDA sells property; the public hearing has been advertised for May 6, 2013. At the public hearing the EDA can discuss this item further and anyone from the public is able to speak to the item. RECOMMENDATION: Staff recommends approving the sale to Cory Mattson and approving the purchase and redevelopment agreement, which requires the lots to be combined. RECOMMENDED MOTION: Motion: Move to waive the reading of Resolution 2013 -05, there being ample copies available to the public. Motion: Move to adopt Resolution 2013 -05, approving a purchase and redevelopment agreement (including the sale of land) between the Columbia Heights Economic Development Authority and Corey Mattson. Attachments: Purchase and development agreement, teesmuuon zo n -w EDA ACTION: PURCHASE AND REDEVELOPMENT AGREEMENT 1. Parties. This Purchase Agreement is made as of 2013 between the COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of Minnesota having its office located at 590 40TI1 Avenue NE, Columbia Heights, MN (the "Seller "), and Corry Mattson (the "Buyer "). 2. Offer /Acceptance. Buyer offers to purchase and Seller agrees to sell real property legally described as follows (the "Property "): Lot 14, Block 4, Gillette's Annex to Columbia Heights, Anoka County, Minnesota 3. Price and Terms. The price for the Property is Fifteen thousand dollars ($15,000.00) which Buyer shall pay as follows: Earnest money of Five hundred dollars ($500.00) by check, receipt of which is hereby acknowledged by Seller, and the balance of Fourteen thousand five hundred dollars ($14,500.00) to be paid by certified check on the Date of Closing. The "Date of Closing" shall be June 30, 2013, or such other earlier or later date as the parties mutually agree. 4. Personal Property Included in Sale. There are no items of personal property or fixtures owned by Seller and currently located on the Property for purposes of this sale. 5. Deed. Upon performance by Buyer, Seller shall deliver a quit claim deed conveying title to the Property to Buyer, in substantially the form attached as Exhibit A (the "Deed "). 6. Real Estate Taxes and Special Assessments. The parties agree and understand that the Property is exempt from real estate taxes for taxes payable in the current year. Seller 1 4222540 CL205 -51 shall pay on Date of Closing all special assessments levied against the Property as of the date of this agreement, including those certified for payment with taxes due and payable in 2013. Seller states that the Property is currently exempt from being subject to real estate taxes. If a special assessment becomes pending after the date of this agreement and before the Date of Closing, Buyer may, as Buyer's option: A. Assume payment of the pending special assessment without adjustment to the purchase agreement price of the Property; or B. Require Seller to pay the pending special assessment and Buyer shall pay a commensurate increase in the purchase price of the Property, which increase shall be the same as the estimated amount of the assessment; or C. Declare this agreement null and void by notice to Seller, and earnest money shall be refunded to Buyer. 7. Closing Costs and Related Items. The Seller shall be responsible for the following costs: (a) recording fees and conservation fees for all instruments required to establish marketable title in Seller; (b) deed transfer taxes and conservation fees required to be paid in connection with the Deed be given by Seller. Buyer shall be responsible for the payment of the following costs: (d) recording fees required to be paid in connection with the Deed to be given by Seller; (e) the cost of the registered property abstract or updated abstract, or in the absence of an abstract, the cost of the premium for an owner's policy of title insurance, and (f) closing fee, if any. Each party shall be responsible for its own attorneys' fees and costs. 8. Sewer and Water. Seller warrants that city sewer is available at the Property line, and that city water is available in the right of way adjacent to the Property. Seller makes no warranty regarding the conditions of any existing water stub from the main to the Property line. Seller advises Buyer to inspect the condition of the water stub. 9. Condition of Property. Buyer acknowledges that he has inspected or has had the opportunity to inspect the Property and agrees to accept the Property "AS IS." Buyer has the right, at its own expense to take soil samples for the purpose of determining if the soil is suitable for combining the Property with his existing property located at 4500 Washington Avenue NE to use the combined parcel for single family residential purposes. If the soil is determined to be unacceptable the Buyer may rescind this agreement by written notice to the Seller, in which case the agreement shall be null and void and all earnest money paid hereunder shall be refunded to the Buyer. Seller makes no warranties as to the condition of the Property. 10. Marketability of Title. As soon as reasonably practicable after the date of this Agreement, Seller shall furnish to Buyer documents relating to the current status of title for the Property. Buyer at its option may purchase a title commitment and title insurance. Buyer shall have fifteen (15) business days after execution of this Agreement to examine the same and to deliver written objections to title, if any, to Seller. Seller shall have the 2 4222540 CL205 -51 greater of (i) the number of days remaining until the Date of Closing or (ii) thirty (30) days to have such objections removed or satisfied. 11. Title Clearance and Remedies. If Seller shall fail to have title objections timely removed, the Buyer may, at its sole election: (a) terminate this Agreement without any liability on its part; in which event the earnest money shall be promptly refunded in exchange for a quit claim deed to the Property from Buyer; or (b) take title to the Property subject to such objections. If title is marketable, or is made marketable as provided herein, and Buyer defaults in any of the agreements herein, Seller may elect either of the following options, as permitted by law: A. Cancel this contract as provided by statute and retain all payments made hereunder as liquidated damages. The parties acknowledge their intention that any note given pursuant to this contract is a down payment note, and may be presented for payment notwithstanding cancellation; B. Seek specific performance within six months after such right of action arises, including costs and reasonable attorney's fees, as permitted by law. If title is marketable, or is made marketable as provided herein, and Seller defaults in any of the agreements herein, Buyer may, as permitted by law: C. Seek damages from Seller including costs and reasonable attorney's fees; D. Seek specific performance within six months after such right of action arises. 12. Well Disclosure. Seller certifies that Seller does not know of any wells on the Property. 13. Individual Sewage Treatment System Disclosure. Seller certifies that there is no individual sewage treatment system on or serving the Property. 14. Combination of Property. Buyer agrees that it will combine the Property with his existing property located at 4500 Washington Avenue NE into a single lot for single family residential purposes and related single family accessory uses consistent with the City of Columbia Heights minor subdivision process, and subject further to zoning and building codes and policies (the "Lot Combination ") (upon completion the "Combined Property "). This covenant shall survive the delivery of the Deed. A. The Buyer shall have ninety (90) days from Closing to take all steps necessary to combine 4500 and 4502 Washington into the Lot Combination and provide evidence to Seller that the Lot Combination is a single tax parcel in the public land records of Anoka County, Minnesota. 3 4222540 C1.205 -51 B. The Buyer represents and agrees that until he has provided evidence of the creation of the Lot Combination: (1) Buyer has not made or created and will not make or create or suffer to be made or created any total or partial sale, assignment, conveyance, or lease, or any trust or power, or transfer in any other mode or form of or with respect to this Agreement or the Property or any part thereof or any interest therein, or any contract or agreement to do any of the same, to any person or entity (collectively, a "Transfer "), without the prior written approval of the Seller's board of commissioners. The term "Transfer" does not include encumbrances made or granted by way of security for, and only for, the purpose of obtaining construction, interim or permanent financing necessary to enable the Buyer or any successor in interest to the Property, to complete the Lot Combination. (2) If the Buyer seeks to effect a Transfer to any person or entity prior to completion of the Lot Combination, the Seller shall be entitled to require as conditions to such Transfer that: (i) any proposed transferee shall have the qualifications and financial responsibility, in the reasonable judgment of the Seller, necessary and adequate to fulfill the obligations undertaken in this Agreement by the Buyer as to creating the Lot Combination; and (ii) Any proposed transferee, by instrument in writing satisfactory to the Seller and in form recordable in the public land records of Anoka County, Minnesota, shall, for itself and its successors and assigns, and expressly for the benefit of the Seller, have expressly assumed all of the obligations of the Buyer under this Agreement as to the Lot Combination and agreed to be subject to all the conditions and restrictions to which the Buyer is subject. (iii) Any and all instruments and other legal documents involved in effecting the transfer of any interest in this Agreement or the Property governed by this subsection shall be in a form reasonably satisfactory to the Seller. (3) If the conditions described in paragraph (2) above are satisfied then the Transfer will be approved and the Buyer shall be released from its obligation under this Agreement. (4) Upon completion of the Lot Combination, the Buyer may Transfer the Property and /or the Buyer's rights and obligations under this Agreement with respect to such Property without the prior written consent of the Seller. 4 4222543 CL205 -51 I5. Revesting Title in Seller upon Happening of Event Subsequent to Conveyance to Buyer. In the event that subsequent to conveyance of the Property or any part thereof to the Buyer, the Buyer, subject to Unavoidable Delays (as hereafter defined), fails to carry out its obligations with respect to the Lot Combination, and any such failure, abandonment, or suspension shall not be cured, ended, or remedied within thirty (30) days after written demand from the Seller to the Buyer to do so, then the Seller shall have the right to re -enter and take possession of the Property and to terminate (and revest in the Seller) the estate conveyed by the Deed to the Buyer, it being the intent of this provision, together with other provisions of the Agreement, that the conveyance of the Property to the Buyer shall be made upon, and that the Deed shall contain a condition subsequent to the effect that in the event of any default on the part of the Buyer and failure on the part of the Buyer to remedy, end, or abrogate such default within the period and in the manner stated in such subdivisions, the Seller at its option may declare a termination in favor of the Seller of the title, and of all the rights and interests in and to the Property conveyed to the Buyer, and that such title and all rights and interests of the Buyer, and any assigns or successors in interest to and in the Property, shall revert to the Seller, but only if the events stated in this Section have not been cured within the time periods provided above. For the purposes of this Agreement, the term "Unavoidable Delays" means delays beyond the reasonable control of the Buyer as a result thereof which are the direct result of strikes, other labor troubles, prolonged adverse weather or acts of God, fire or other casualty to the Minimum Improvements, litigation commenced by third parties which, by injunction or other similar judicial action, directly results in delays, or acts of any federal, state or local governmental unit (other than the Seller in exercising its rights under this Agreement) which directly results in delays. Unavoidable Delays shall not include delays in the Buyer's obtaining of permits or governmental approvals necessary to enable construction of the Minimum Improvements by the dates such construction is required under this section of this Agreement. 16. Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in the Seller of title to and /or possession of the Property or any part thereof as provided in Section 16, the Seller shall apply the purchase price paid by the Buyer under Section 4 of this Agreement as follows: (a) First, to reimburse the Seller for all costs and expenses incurred by the Seller, including but not limited to proportionate salaries of personnel, in connection with the recapture, management, and resale of the Property or part thereof (but less any income derived by the Seller from the Property or part thereof in connection with such management); all taxes, assessments, and water and sewer charges with respect to the Property or part thereof (or, in the event the Property is exempt from taxation or assessment or such charge during the period of ownership thereof by the Seller, an amount, if paid, equal to such taxes, assessments, or charges (as determined by the Seller assessing official) as would have been payable if the Property were not so exempt); any payments made or necessary to be made to discharge any encumbrances or liens existing on the Property or part thereof at the 5 4222503 CL205 -51 time of revesting of title thereto in the Seller or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Buyer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Minimum Improvements or any pant thereof on the Property or part thereof; and any amounts otherwise owing the Seller by the Buyer and its successor or transferee; and (b) Second, to reimburse the Buyer for the balance of the purchase price remaining after the reimbursements specified in paragraph (a) above. Such reimbursement shall be paid to the Buyer upon delivery of an executed, recordable warranty deed to the Property by the Buyer to the Seller. 17. Time is of the essence for all provisions of this contract. 18. Notices. All notices required herein shall be in writing and delivered personally or mailed to the address shown at paragraph 1 above and, if mailed, are effective as of the date of mailing. 19. Minnesota Law. This contract shall be governed by the laws of the State of Minnesota. 20. Specific Performance. This Agreement may be specifically enforced by the parties, provided that an action is brought within one year of the date of alleged breach of this Agreement. 21. No Remedy Exclusive. No remedy herein conferred upon or reserved to the Seller or Buyer is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. 22. No Merger of Representations, Warranties. All representations and warranties contained in this Purchase Agreement shall not be merged into any instruments or conveyance delivered at closing, and the parties shall be bound accordingly. 23. Recording. This Agreement shall be filed of record with the Anoka County Registrar of Titles or Office of Recorder, as the case may be. Buyer shall pay all recording costs. 4222540 C1..205 -51 In witness of the foregoing, the parties have executed this agreement on the year and date written above. SELLER: COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY By: Its President STATE OF MINNESOTA } ss. COUNTY OF ANOKA By: Its Executive Director The foregoing was acknowledged before me this day of 2013, by and the President and Executive Director of Columbia Heights Economic Development Authority, a public body corporate and politic Linder the laws of Mimiesota, on behalf of the public body corporate and politic. S -I 4222540 CL205 -51 BUYER: I: STATE OF MINNESOTA } ss. COUNTY OF ANOKA The foregoing was acknowledged before me this day of 2013, by Coret Mattson, a single individual. This document drafted by: Kennedy & Graven, Chartered 470 U.S. Bank Plaza Minne ,qnolis. MN 55402 S -2 4222540 CL205 -51 EXHIBIT A to PURCHASE AND REDEVELOPMENT AGREEMENT FORM OF QUIT CLAIM DEED THIS INDENTURE, between the Columbia Heights Economic Development Authority, a Minnesota, a public body corporate and politic (the "Grantor "), and Corey Mattson (the "Grantee "). WITNESSETH, that Grantor, in consideration of the sum of $15,000.00 and other good and valuable consideration the receipt whereof is hereby acknowledged, does hereby grant, bargain, quitclaim and convey to the Grantee, its successors and assigns forever, all the tract or parcel of land lying and being in the County of Anoka and State of Minnesota described as follows, to -wit (such tract or parcel of land is hereinafter referred to as the "Property "): Lot 14, Biocik 4, Gillette's Annex to Cohimbia heights, Anoka County, Minnesota. To have and to hold the same, together with all the hereditaments and appurtenances thereunto belonging. SECTION 1. It is understood and agreed that this Deed is subject to the covenants, conditions, restrictions and provisions of an agreement recorded herewith entered into between the Grantor and Grantee on the of 2013, identified as "Purchase and Redevelopment AgreemenC (hereafter referred to as the "Agreement ") and that the Grantee shall not convey this Property, or any part thereof, except as permitted by the Agreement until a certificate releasing the Grantee from certain obligations of said Agreement as to this Property or such part thereof then to be conveyed, has been placed of record. This provision, however, shall in no way prevent the Grantee from mortgaging this Property in order to obtain funds for the purchase of the Property hereby conveyed or for the refinancing of the same. It is specifically agreed that the Grantee shall promptly begin and diligently prosecute to completion the Lot Combination described in the Agreement Promptly after completion of the Lot Combination in accordance with the provisions of the Agreement, the Grantor will furnish the Grantee with an appropriate information establishing completion of the Lot Combination. Such certification by the Grantor shall be (and it shall be so provided in the certification itself) a conclusive determination of satisfaction and termination of the agreements and covenants of the Agreement and of this Deed with respect to the obligation of the Grantee, and its successors and assigns. Such certification and such determination shall not constitute evidence of compliance with or satisfaction of any obligation of the Grantee to any A -1 4222540 CL205 -51 holder of a mortgage, or any insurer of a mortgage, securing money loaned to finance the purchase of the Property hereby conveyed or the Minimum Improvements, or any part thereof. SECTION 2. It is intended and agreed that the above and foregoing agreements and covenants shall be covenants running with the land for the respective terms herein provided, and that they shall, in any event, and without regard to technical classification or designation, legal or otherwise, and except only as otherwise specifically provided in this Deed, be binding, to the fullest extent permitted by law and equity for the benefit and in favor of, and enforceable by, the Grantor against the Grantee, its successors and assigns, and every successor in interest to the Property, or any part thereof or any interest therein, and any party in possession or occupancy of the Property or any part thereof. In amplification, and not in restriction of, the provisions of the preceding section, it is intended and agreed that the Grantor shall be deemed a beneficiary of the agreements and covenants provided herein, both for and in its own right, and also for the purposes of protecting the interest of the community and the other parties, public or private, in whose favor or for whose benefit these agreements and covenants have been provided. Such agreements and covenants shall run in favor of the Grantor without regard to whether the Grantor has at any time been, remains, or is an owner of any land or interest therein to, or in favor of, which such agreements and covenants relate. The Grantor shall have the right, in the event of any breach of any such agreement or covenant to exercise all the rights and remedies, and to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curing of such breach of agreement or covenant, to which it or any other beneficiaries of such agreement or covenant may be entitled; provided that Grantor shall not have any right to re -enter the Property or revest in the Grantor the estate conveyed by this Deed on grounds of Grantee's failure to comply with its obligations under this Section 2 Grantor certifies that it does not know of any wells on the Property. ON 4222540 CL205 -51 IN WITNESS WHEREOF, the Grantor has caused this Deed to be duly executed in its behalf by its President and Executive Director and has caused its corporate seal to be hereunto affixed this day of 2013. COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY Its President By Its Executive Director STATE OF MINNESOTA ) ss COUNTY OF ) On this _ day of 2013 before me, a notary public within and for County, personally appeared and to me personally known who by me duly sworn, did say that they are the President and Executive Director of the Columbia Heights Economic Development Authority (the "Authority ") named in the foregoing instrument; that the seal affixed to said instrument is the seal of said Authority; that said instrument was signed and sealed on behalf of said Authority pursuant to a resolution of its governing body; and said _ and acknowledged said instrument to be the free act and deed of said Authority. Notary Public This instrument was drafted by: Kennedy & Graven, Charted (MTN) 470 U.S. Bank Plaza Minneapolis, MN 55402 A -3 4222543 CL205 -51 EXHIBIT B To PURCHASE AND REDEVELOPMENT AGREEMENT FORM OF CERTIFICATE OF COMPLETION WHEREAS, the Columbia Heights Economic Development Authority, a public body, corporate and politic (the "Grantor "), conveyed land in Anoka County, Minnesota to a (the "Grantee "), by a Deed recorded in the Office of the County Recorder [and in the Office of the Registrar of Titles] in and for the County a and of Anoka and State of Minnesota, as Document Numbers , respectively; and WHEREAS, said Deed contained certain covenants and restrictions set forth in Sections 1 and 2 of said Deed; and WHEREAS, said Grantee has performed said covenants and conditions insofar as it is able in a manner deemed sufficient by the Grantor to permit the execution and recording of this certification; NOW, THEREFORE, this is to certify that all building construction and other physical improvements specified to be done and made by the Grantee have been completed and the above covenants and conditions in said Deed and the agreements and covenants in Sections 14A and 14B of the Agreement (as described in said Deed) have been performed by the Grantee therein, and the County Recorder [and the Registrar of Titles] in and for the County of Anoka and State of Minnesota are hereby authorized to accept for recording and to record, the filing of this instrument, to be a conclusive determination of the satisfactory termination of the covenants and conditions of Sections 14A and 14B of the Agreement and the covenants and restrictions set forth in Sections I and 2 of said Deed; provided that the covenants set forth in Sections 14E of the Agreement, and in Section 3 of the Deed, remain in full force and effect through the period stated thereon. Dated: 20_ 4222543 CL205 -51 COLUMBIA HEIGHTS ECONOMIC DEVELOPMEN AUTHORITY By Its President By Its Executive Director STATE OF MINNESOTA ) ss COUNTY OF ANOKA ) The foregoing instrument was acknowledged before me this _ day of 20_ by and , the President and Executive Director, respectively, of the Columbia Heights Economic Development Authority, on behalf of the authority. Notary Public This document drafted by: KENNEDY & GRAVEN, CHARTERED 470 U.S. Bank Plaza Minneapolis, MN 55402 (612) 337 -9300 B -2 4222540 CL205 -51 COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2013-05 RESOLUTION APPROVING A PURCHASE AND REDEVELOPMENT AGREEMENT (INCLUDUING THE SALE OF LAND) BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AND COREY MATTSON BE IT RESOLVED By the Board of Commissioners ( "Board ") of the Columbia Heights Economic Development Authority ( "Authority ") as follows: Section 1. Recitals. 1.01. The Authority has determined a need to exercise the powers of a housing and redevelopment authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ( "EDA Act "). 1.02. The Authority and Corey Mattson (the "Redeveloper ") have proposed to enter into a PURCHASE AND REDEVELOPMENT AGREEMENT (the "Contract "), setting forth the terms and conditions of sale and redevelopment of certain property owned by the Authority located at 4502 Washington Avenue NE and described as Lot 14, Block 4, Gillette's Annex to Columbia Heights, Anoka County, Minnesota (the "Redevelopment Property "). 1.03. Pursuant to the Contract, the Redeveloper will acquire the Redevelopment Property and will combine the Redevelopment Property with his existing property located at 4500 Washington Avenue NE into a single lot for single family residential purposes and related single family accessory uses, consistent with the City of Columbia Heights minor subdivision process, and subject further to the City's zoning and building codes and policies (the "Lot Combination ") (upon completion the "Combined Property "). 1.04. The activities of the Authority under the Contract implement housing goals of the City's Comprehensive Plan: "Promote and preserve the single - family housing stock as the community's strongest asset." and "Provide a variety of life -cycle housing opportunities within the community." 1.05. The Board has reviewed the Contract and finds that the execution thereof and performance of the Authority's obligations thereunder further the goals of the Comprehensive Plan and are in the best interests of the City and its residents. Section 2. Authority Approval Further Proceedings. 2.01. The Contract as presented to the Board, including the sale of the Redevelopment Property described therein, is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the documents by such officials shall be conclusive evidence of approval. 324409v1 SJR CL205 -43 423084.1 2.02. The President and Executive Director are hereby authorized to execute on behalf of the Authority the Contract and any documents referenced therein requiring execution by the Authority, and to carry out, on behalf of the Authority its obligations thereunder. 2.03. Authority and City staff are authorized and directed to take all actions to implement the Contract. Approved by the Board of Commissioners of the Columbia Heights Economic Development Authority this 6°i day of May, 2013. President ATTEST: Secretary 324409v1 SJB CL20543 2 423084.1 COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) Meeting of: May 6, 2013 AGENDA SECTION: Business Items ORIGINATING EXECUTIVE NO:5 DEPARTMENT: EDA DIRECTOR APPROVAL ITEM: Scattered Site Real Estate Contract BY: Sheila Cartney BY DATE: April 16, 2013 BACKGROUND: At the April EDA meeting the Commission met with Pete Heryla and John Rockwell of Remax and a representative of Timbercraft Homes. At this meeting lot prices, housing styles and contracts were discussed. Staff explained that half the lots were shovel ready while the other half still had to have the water lines redone to meet today's standard of one inch. Timbercraft Homes also presented two concept drawings of homes that could be built on the scattered site lots with the idea that the plan for 4303 Reservoir would come back to the EDA for approval. At the meeting tonight the EDA is presented with the following: 1. Remax Synergy listing Agreement. This document is an agreement with the EDA and Pete I-Ieryla and John Rockwell to list the lots for sale at a sales price of $7,500 each with the exception of 4303 Reservoir Blvd, which will be $35,000. There is also a clause in this listing agreement that after one year if the house sales increase the lot listing prices may increase. 2. Purchase and Redevelopment Agreement. This document is an agreement with the EDA and Timbercraft Homes. A Purchase and Redevelopment Agreement will be filled out for the sale of each lot. This agreement determines the sales price, the model home type and completion date. 3. Model Homes. Timbercraft Homes is providing 2 models for buyers to choose from. If the EDA approves the models tonight then the Model Homes become part of the Purchase and Redevelopment Agreement and will be approved as part of the building permit and will not need additional EDA approval. The only lot that will need additional approval is 4303 Reservoir Blvd. RU COMMENDATION:. Staff recommends approval of the agreements as presented. RECOMMENDED MOTION: Motion: Move to approve and execute the Listing Agreement with Remax Synergy. Motion: Move to approve and execute the Purchase and Redevelopment Agreement with Timbercraft Homes. Motion: Move to approve the model homes as presented. MOUCI EDA ACTION: standard Features Columbia 3- feights Two -Story Node( Exterior .Features TinyCsiding ,21 Cuminum Soffit and -Fascia Brick Front (Optional) StandardAsphaCt Shingles Construction Features 2 .x6 Exterior 'WaCCConstruction ,vinyClvindows MetaCExterior Doors 2 Car Detached Garage 3wechanicaCFeatures Hi � dd . ?® \ Model #1 4, � y It « . .� . . � 2 £ » MIKE, Lain - ....ate. m.... X%?Qn9AGT>M House plans are Copyright e 2013 by our architects and designers. Style: Traditional Total Living Area: 1169 Main Flr.: 581 2nd Flr.: 588 Bedrooms: 3 Full Bathrooms: 1 Half Bathrooms: 1 W idtb: 24' Depth: 24'6" Maximmn Ridge Height: 27' Exterior Walls: 2x6 Ceiling Height: Main Floor: 8' 2nd Floor: 8' Standard Foundations: Basement Special Collections: Narrow Lot. Metric, Canadian Special Features: 2nd Floor Master Suite, PDF, CAD Available Five Sets Eight Sets Reproducible $625 $660 $825 PDF File CAD $825 $1,480 A�Ait.Ihral T)PkiPM " 571Danh11v Rnad ° W"t" CT ClCxQ7 t 2nd Level 24'- a" (7,32) A,A,;tcIh IVA) T)PS1Pllq " S7 T)A1 h"" ROAd " Wilt" CT ()6R97 24'-0 0 (7,32) 1 x8' -2" i 3,48x2,49 Main Level LL LLL �-. L OA Im 15' -1 "x11 ° -2 °' 4,sax3,4a A rAitnCfill'A) T)PRi41)C " ';-t T)' "11111V Read " Wilt" CT 0699"/ fo i N I N r; a IC I Model #2 31, e ... ,P Flnnre Plan House plans are Copyright 0 2013 by our arcnneces a... •• -•- This two -story Queen Atme -style house plan of 1,197 square feet features a spacious living and dining room area and a private master bedroom suite with a walk -in closet. This open floor plan includes a total of three bedrooms, two fall bathrooms and a powder room. laundry room and U- shaped kitchen with a breakfast bar and opens to the dining room. • The historically - inspired exterior offers a double hip roof, a first floor projecting bay, a covered front and rear porch and exterior storage room. • At 21'4 " wide it is ideally suited for a narrow lot. • Related Plans: Get more room with house plans 10096TT (1,176 sq. ft.) and 1009 7TT (1.552 sq. ft,). • For a master -down Queen Anne. see house plan 10046TT. • For all alternate elevation see house plan 10047TT and 10048TT. Style: Traditional. Craftsman Total Living Area: 1197 Main Flr.: 597 2nd Flr.: 600 Bedrooms: 3 Full Bathrooms: 2 Half Bathrooms: 1 Width: 21'4" Depth: 35' Maximum Ridge Height: 27'8" Exterior Walls: 2x4 e ..,.t.:•e,.mrral Tlraionc •• 57 ilanhmv Rnad Wilrnn ('T ()6R97 Main Levei 21'-411 __, ..__.,..•..1 Tlcci mic •• 57 Tlanhnry Rnad •• W"t" (`.T 06R97 Zj 5R 2 ti so x'o io �141C 2nd Level AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS 1. Page i' 2. MINNESOTA LAW REQUIRES that early in any relationship, real estate brokers or salespersons discuss with 3. consumers what type of agency, representation or relationship theydesire."' The available options are listed be low,This 4. Is not a contract. This is an agency disclosure form only. N you desire representation you must enter into a 5, written contract, according to state law (a listing contract orabuYerltenant representation contract). Until such time 6. as you choose to enter into a written contract for representation, you will be treated as a customer and will not receive 7. any representation from the broker or salesperson. The broker or salesperson will be acting as at Facilitator (see 8. paragraph V on page two (2)); unless the broker or salesperson Is representing another party, as described below. 9. ACKNOWLEDGMENT: I/We acknowledge that Uwe have been presented with the below- described options. 10, l/Wo understand that until Uwe have signed a representation contract, I/we am /are not represented by the 11. broker /salesperson. VWe understand that written consent is required for a dual agency relationship. 12. 13. 14, 15. 16. 17. 18. 19. 20. 21. 22. 23. (slenatwe) THIS IS A DISCLOSURE ONLY, NOT A CONTRACT FOR REPRESENTATION. (Dale) (slaiafuie) Seller's /Landlord's Broker: A broker who lists a property, or a salesperson who is licensed to the listing broker, represents the Seiler /Landlord and acts on behalf of the Seller /Landlord. A Seller's/Landlord's broker owes to the Seller /Landlord the fiduciary duties described on page two (2).( 2) The broker must also disclose to the Buyer material facts as defined in MN Statute 52.68, Subd. 3, of which the broker Is aware that could adversely and significantly affect the Buyer's use or enjoyment of the property. (MN Statute 82.68, Subd. 3 does not apply to rentaVlease tmnsectlons.) If a broker or salesperson working with a Buyer/Tenant as a customer is representing the Seller /Landlord, he or she must act In tho Seller's /Landlord's best interest and must tell the Seller/Landlord any Information disclosed to him or her, except confldential information acquired in a facilitator relatfonship(see paragraph V on page two (2)). In that case, the Buyerrrenant will not be represented and will not receive advice and counsel from the broker or salesperson. 24. 11. Subagent: A broker or salesperson who is working with a Buyerrfenant but represents the Seller /Landlord. In this 25. case, the Buyer/Tenant is the broker's customer and Is not represented by that broker. If a broker or salesperson 26. working with a Buyerfrenant as a customer is representing the Seller/Landlord, he or she must act in the 27. Seller's /Landlord's best Interest and must tell the Seller /Landlord any information that is disclosed to him or her. 28. In that case, the Buyerffenant will not be represented and will not receive advice and counsel from the broker or 29, salesperson. 30. III, BuyerslTenant's Broker: A Buyer/Tenant may enter into an agreement for the broker orsalesperson to represent 31. and act on behalf of the Buyer/ i' enant. The broker may representtheBuyerfrenantonly , and nottheSeller /Landlord, $2. even if he or she Is being paid in whole or in part by the SelledLandlord. A Buyer's/Tenarifs broker owes to the 33. Buyer /lenentihefiduciary duties described on page two ( 2).( 2) The broker mustdiscloseto the Buyer material facts 34. as defined in MN Statute 82.68, Subd. 3, of which the broker Is aware that could adversely and significantly affect 35. the Buyer's use or enjoyment of the property, (MN Statute 82,68, Sulod. 3 does not apply to rentaillease transactions,) 36. If a broker or salesperson working with a Seller /Landlord as a customer is representing the Buyer/Tenant, he or 37. she must act in the Buyees/ienanl's best interest and must tell the Buyer/Tenant any information disclosed to him 38. or her, except confidential Information acquired in a facilitator relationship (see paragraph 'V on page two (2)). In 39. that case, the Seller/Landlord will not be represented and will not receive advice and counsel from the broker or 40. salesperson. 41, 1 have had the opportunity to review the "Notice Regarding Predatory Offender information" on (fnllialJ (lnipaU 42. page two. (2) MN;AGGYDICS•1(11 /10) / prMsl W AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS 43. Page 2 44. IV. Dual Agency - Broker Representing both Soifer /Landlord and Buyer/Tenant: Dual agency occurs when one 45. broker or salesperson represents both parties to a transaction, or when two salespersons licensed to the same 46. broker each represent a party to the transaction. Dual agency requires the Informed consent of all parties, and 47. means that the broker and salesperson owe the same duties to the Seller/Landlord and the BuyerMnant. This 48. role limits the level of representation the. broker and salesperson can provide, and prohibits them from acting 49, exclusively forelther party. in a dual agency, confidential Information about price, termsand motivation forpursulng 50, a transaction will be kept confidential unless one party Instructs the broker or salesperson in writing to disclose 51, specific Information about him or her. Other Information will be shared. Dual agents may not advocate for one party 52. to the detriment of the other r3) 53. Within the limitations described above, dual agents owe to both Seller /Landlord and Buyer/renant the fiduciary 54. dutles described below.(2) Dual agents mustdisclose to Buyers material facts asdefined in MN Statute 82.68, Subd. 55. 3, of which the broker is aware that could adversely and significantly affect the Buyer's use or enjoyment of the 56. property. (MN Statute 82.68, Subd. 3 dons not apply to rental/lease transactions.) 57. V Facilitator: A broker or salesperson who performs services for a Buyer/Tenant, a Seller /Landlord or both. but 58. does not represent either in a fiduciary capacity as a Buyses/ienant's Broker, Seller's /Landlord's Broker or Dual 59. Agent.THE FACILITATOR BROKER OR SALESPERSON DOESNOTOWE ANYPARTY ANYOF7HE FIDUCIARY 60. DUTIES LISTED BELOW, EXCEPT CONFIDENTIALITY, UNLESS THOSE DUTIES ARE INCLUDED IN A 61. WRITTEN FACILITATOR SERVICES AGREEMENT. The facilitator broker or salesperson owes the duty of 62. confidentiality to the party but owes no other duty to the party except those duties required by law or contained In 63, awritten facilitator services agreement, it any. In the event a facilitator brokeror salesperson working Wth a Buyer/ 64. Tenant shows a property listed by the too llltator broker or salesperson, then the facilitator broker or salesperson 65. must act as a Seller's/Landlord's Broker (see paragraph I on page one (1)). In the event a facilitator broker or 66. salesperson, working with a Seller/ Landlord, accepts a showing of the property by aBuyer/lenant being represented 67, by the facilitator broker or salesperson, then the facilitator broker or salesperson must act as a Buyer's/Penant's 68. Broker (see paragraph III on page one (1)), 69. (1) This disclosure Is required by law in any transaction involving properly occupied or Intended to be occupied by 70, one to four families as their residence. 71. (1) The fiduciary duties mentioned above are listed below and have the 10110wing meanings: 72. I ovally - broker /salesperson will act only In client(s)' best Interest. 73, Obedience.- broker /salesperson will carry out all client(s)' lawful instructions, 74. Is s g- broker /salesperson will dlsclosetoclient( s) all material facts of which broker/salesperson hasknowledge 75. which might reasonably affect the client(s)' use and enjoyment of the property. 76. Confidentiality - broker /salesperson will keep client(s)' confidences unless required by law to disclose specific 77, information (such as disclosure of material facts to Buyers). 78, Reasonable Care - broker /salesperson will use reasonable care in performing duties ro agent. 79, ccoun n - broker /salesperson will account to cllent(s) for all client(s)' money and propeerr ty received as agent. 80. (3) if Seller(s) /Landlord(s) deckle(s) not to agree to a dual agency relationship, Sellers) / Landlord(s) may give up the 81, opportunity to seliflease the property to Buyer(s)/Tenant(s) represented by the broker /salesperson. if Suyer(s)/ 82. Tenant(s) decide(s) not to agree to a dual agency relationship, Buyer(s)/I'enant(s) may give up the opportunity to 83. purchaseAease properties listed by the broker, 84. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory offender 85. registry and persons registered with the predatory offender registry under MN Statute 243.166 may. be 87. ortheMnne otaDepartmenttofCorr Corrections or from he Department otoorectonsWebsteat 88. www.con.state,mn.us. MNtAGCYDISG201 /10) EXCLUSIVE RIGHT TO SELL LISTING CONTRACT This form approved by the Minnesota Association of REALTORS°, which ©d201111M n a neso Association of out REALTORSas form. Edina, MN 1. Date 2. Page 1 of n pages 3. DEFINITIONS: This Contract involves the property located at (MU11i le Lots . see Attached Addendum A) , 4, legally described as (Multiple Lots - see Attached Addendum A) (Property). 5. 6, Selleris Columbia Hei hts Economic Develo ment Authorit (E)A) (Seller). Re Max s er, (Broker). 7. Broker is (goal Estate Company Name) 8, This Contract starts on 20 , and ends at 11:59 p.m, on 9. 20 - 10. This Contract may only be canceled by written mutual agreement of the parties. 11. 12. 13. 14. 15. 16, 17. 18. 19. 20. 21. 22 23 24. 25. 26. 27, 28. 29. 30, 31. 32. 33. 34. 35. 36, 37. 38. 39. II ff rs the Property for sale for the price of $ , upon the following PRICE. S e e er o Conventionnl Conventional Insured Cash - (See Attached Addendum A) terms ;FRA, VA, LISTING: Seller gives Broker the exclusive right to sell the Property. In exchange, Broker agrees to list and market the Property for sale. Broker may place a "For Sale" sign and a lock box with keys on the Property, unless prohibited by governing authority. Seller understands this Contract DOES NOT give Broker authority to rent or manage the Property. Seller understands Broker may be a member of a Multiple Listing Service (MLS), and if Broker is a member of MLS, and where available, Broker may give Information to the MLS concerning the Property. Broker may place information on the Internet concerning the Property, Including sold information (except as limited in the Internet Display options Form). If Broker sells the Property, Broker may notify the MLS and member REALTORSO of the price and terms of the sale. Seller acknowledges that neither Broker, the MLS, the Minnesota Association of REALTORS@, nor any other broker is insuring Seller or occupant against theft, loss or vandalism. (Initial) Seller acknowledges that Seller has received and has had the opportunity to review the Internet (Seller) (Seller) ' Display options Form. LISTED FOR LEASE: The Property [I IS nX IS NOT currently listed for lease. If IS, the listing broker is --- -- - - -- (Check one.) -• - -- -- If IS NOT, Seller E] MAY Z MAY NOT Iistthe Property for lease during the .------ .- ..(Chock one) .......... terms of this Contract with another broker. Nothing in this Contract shall prohibit Broker and Seller from entering into a listing agreement for the lease of this Property upon terms acceptable to both parties. SELLER'S OBLIGATION: Seller shall notify Broker of relevant Information important to the sale of the Properly. Seller shall cooperate with Broker in selling the Property. Seiler shall promptly Inform Broker about all inquiries Seller receives about the Property. Seller agrees to provide and pay for any inspections and reports required by any governmental authority. Seller agrees to provide unit owners' association documents, if required. Seller shall remain responsible for security, maintenance, utilities and Insurance during the term of this Contract, and for safekeeping, securing and /or concealing any valuable personal property during Property showings or open houses. Seller shall surrender any abstract of title and a copy of any owner's title insurance policy for this Property, if in Seller's possession or control, to buyer or buyer's designated title service provider. Seller shall take ail actions necessary to convey marketable bythe date of closing purchase the ll lments netessary t transferobuyermarketabletitle o the P operty. Seer has f ll legal right t sell the Property. MN:ERSLC -1 (8111) ,rystmt YOrms EXCLUSIVE RIGHTTO SELL LISTING CONTRACT 40. Page 2 41. Property located at (Multi Se Lots - see Attached Addendum A) 42. Seller authorizes Broker, and any other broker authorized by Broker, to preview and show the Property at reasonable 43, times and upon reasonable notice and agrees to commit no act which might tend to obstruct Broker's performance 44. hereunder. If the Property Is occupied by someone other than Seller, Seller shall comply with Minnesota law and any 45. applicable lease provisions of an existing lease and provide tenant with proper notice in advance of any Property 46. showing. 47. NOTICE: THE COMPENSATION FOR THE SALE, LEASE, RENTAL OR MANAGEMENT OF REAL PROPERTY 48. SHALL BE DETERMINED BETWEEN EACH INDIVIDUAL BROKER AND THE BROKER'S CLIENT. 49. BROKER'S COMPENSATION: 50. Seller agrees to pay Broker a retainer fee of $ 0.00 at the commencement of this Contract, which 51. fee should be kepi by Broker whether or not Seller sells the Properly. The retainer fee will apply toward satisfaction of 52. any obligation to compensate Broker. 53. Seller shall pay Broker, as Broker's compensation, to percent ( %) of the selling price or 54. $ , whichever is greater, if Seller sells or agrees to sell the Property during the term of 55. this Contract. 56. Other: seller a real to a Broker a 295 Administrative com liance Commission at aloein . 57. In addition, if before this Contract expires Broker presents a buyer who is willing and able to buy the Property at the 58. price and terms required in this Contract, but Seller refuses to $ell, Seller shall still pay Broker the same compensation. 59. Seller agrees to pay Broker's compensation whether Broker, Seller or anyone sells the Property. Seller hereby permits 60. Broker to share part of Broker's compensation with other real estate brokers, including brokers representing only the 61. buyer. Seller agrees to pay Broker's compensation In full upon the happening of any of the following events: 62. 1. the closing of the sale; 63. 2. Seller's refusal to close the sale; or 64. 3. Seller's refusal to sell at the price and terms specified above. 65. If, within 180 days (not to exceed six (6) months) after the expiration of this Contract, Seller sells or agrees to sell 66. the Property to anyone who: 67. 1. during this Contract made inquiry of Seller about the Property and Seller did not tell Broker about the inquiry; 68. or 69. 2. during this Contract made an affirmative showing of interest in the Property by responding to an advertisement, 70, or by contacting Broker or the licensee involved, or was physically shown the Property by Broker and whose 71. name and address is on a written list Broker gives to Seller within 72 hours after the expiration of this Contract; 72. then Seller shall still pay Broker the compensation noted herein, even if Seller sells the Property without Broker's 73. assistance. Seller understands that Seller does not have to pay Broker's compensation if Seller signs another valid 74. listing contract or facilitator services agreement for this Property after the expiration or cancellation of this Contract, 75, under which Seller is obligated to compensate another licensed real estate broker. 76. To secure the payment of Broker's compensation, Seller hereby assigns to Broker the gross proceeds from the sale 77. of the Properly in an amount equal to the compensation due to Broker under this Contract. 78. COMPENSATION DISCLOSURE: Broker's compensation to cooperating brokers shall be as specified in the MLS 79. unless Broker notifies Seller otherwise In writing. 80. CLOSING SERVICES: 81. NOTICE: THE REAL ESTATE BROKER, LICENSEE REPRESENTING OR ASSISTING SELLER OR REAL ESTATE 82. CLOSING AGENT HAS NOT EXPRESSED AND, UNDER APPLICABLE STATE LAW, MAY NOT EXPRESS 83, OPINIONS REGARDING THE LEGAL EFFECT OFTHE CLOSING DOCUMENTS OR OF THE CLOSING 84, ITSELF. 85. After a purchase agreement for the Property is signed, arrangements must be made to close the transaction. Seller 86, understands that no one can require Seller to use a particular person in connection with a real estate closing and that 87. Seller may arrange for a qualified closing agent or Seller's attorney to conduct the closing. MN:ERSLC4 (8111) lystalo !forms EXCLUSIVE RIGHTTO SELL LISTING CONTRACT 88. Page 3 89. Property located at (Multiple Lots - see Attached Addendum A) 90. Seller's choice for closing services. (initial one.) 91, Seller wishes to have Broker arrange for the closing. (Seller) (Seller) 92. Seller shall arrange for a qualified closing agent or Seller's attorney to conduct the closing. (Senor) (seller) 93. ADDITIONAL COSTS: Seller acknowledges that Seller may be required to pay certain closing costs, which may 94. effectively reduce the proceeds from the sale. 95. Seller understands that mortgage financing services are usually paid for by buyer; however, certain insured government 96, loans may require Seller to pay a portion of the fees for the mortgage loan. Seller understands that Seller shall not be 97, required to pay the financing fees on any mortgage without giving Seller's written consent. 98. WARRANTY: There are warranty programs available for some properties which warrant the performance of certain cocar may wish to investigate prior to the sale of the Property. au. OVIII)JV.,V1eJ -, ar, ,. Y,.. .1 1 .. _ too. AGENCY REPRESENTATION: If a buyer represented by Broker wishes to buy the Seller's Properly, a dual 101, agency will be created. This means that Broker will represent both the Seller and the buyer, and owe the same io2. duties to the buyer that Broker owes to the Seller.This conflict of interest will prohibit Broker from advocating exclusively 103. on the Seller's behalf. Dual agency will limit the level of representation Broker can provide. It a dual agency should arise, 104, the Seller will need to agree that confidential information about price, terms, and motivation will still be kept 105. confidential unless the Seller instructs Broker in writing to disclose specific information about the Seller. All other 106, information will be shared. Broker cannot act as a dual agent unless both the Seller and the buyer agree to it. By 107. agreeing to a possible dual agency, the Seilerwill be giving up the rightto exclusive representation in an in -house transaction. 108. However, if the Seller should decide not to agree to a possible dual agency, and the Seller wants Broker to represent 109. the Seller, the Seller may give up the opportunity to sell the Property to buyers represented by Broker. 11o. Seller's Instruclions to Broker: 111. Having read and understood this information about dual agency, Seller now instructs Broker as follows: 112. ❑X Seller will agree to a dual agency representation and will consider offers made by buyers represented by 113. Broker, 114. ❑ Seller will not agree to a dual agency representation and will not consider offers made by buyers represented 115. by Broker. 116, Real Estate Company Name: He Max s nos 117 Seller: Columbia Heights HDA 118. By: Seller: (Licensee) 119 Peter Heryla Date: 120. OTHER POTENTIAL SELLERS: Seller understands that Broker may list other properties aunng uio =,,, „,. 121. Contract. Seller consents to Broker representing or assisting such other potential sellers before, during and after the 122. expiration of this Contract. 123. PREVIOUS AGENCY RELATIONSHIPS: Broker or licensee representing or assisting Seller may have had a previous 124. agency relationship with a potential.buyer of Seller's Property. Seller acknowledges that Seller's Broker or licensee 125. representing or assisting Seller is legally required to keep information regarding the ultimate price and terms the buyer 126. would accept and the motivation for buying confidential, if known. 127. INDEMNIFICATION: Broker will rely on the accuracy of the information Seller provides to Broker. Seller agrees 128. to indemnify and hold harmless Broker from and against any and all claims, liability, damage or loss arising from any 129. misrepresentation, misstatement, omission of fact or breach of a promise by Seller. Seller agrees to indemnity and hold 130. harmless Broker from any and all claims or liability related to damage or loss to the Property or its contents, or any 131. injury to persons in connection with the marketing of the Property. Indemnification by Seller shall not apply if the damage, 132. loss or Injury is the result of the gross negligence or willful misconduct of the Broker. MN:ERSLC -3 (8/11) Iforws - EXCLUSIVE RIGHTTO SELL LISTING CONTRACT 133. Page 4 134. Properly located at (Multi le noes -sea Attached Addendum A) 135. CERTIFICATION INDIVIDUAL TRANSFEROR: Section 1445 of the Internal Revenue Code provides that a 136. transferee (buyer) of a U.S. real property Interest must be notified in writing and must withhold tax If the 137. transferor (Seller) is a foreign person and the sale price exceeds $300,000. In the event transferor (Seller) is a 138. foreign person and the sale price exceeds $300,000, requirements of the 1980 Foreign Investment in Real 139. Property Tax Act (FIRPTA) will be fulfilled. 140. Seller(s) states and acknowledges the following: Seller is a citizen of the United States or, If a corporation, partnership 141. or other business entity, duly Incorporated in the United States or, if a partnership or business ®Ye formeNdd 142. governed by the laws of the United States: 143. It "No;' please state country of citizenship, Incorporation or the like: 144. Under the penalties of perjury Seller declares that Seller has examined this certification and, to the best of Seller's 145. knowledge and belief, It is true, correct and complete. 146. FAIR HOUSING NOTICE: Seller understands that Seller shall not refuse to sell, or discriminate in the terms, conditions 147. or privileges of sale, to any person due to his/her race, color, creed, religion, national origin, sex, marital status, status 148. with regard to public assistance, handicap (whether physical or mental), sexual orientation or family status. Seller 149. understands further that local ordinances may Include other protected classes. 150. ADDITIONAL NOTICES ANDTERMS: As of this date Seiler has not received notices from any municipality, government 151. agency or unit owners' association about the Property that Seller has not told Broker about. Seller agrees to promptly 152. Inform Broker, in writing, of any notices of such type that Seller receives during the term of this Contract. 153. This shall serve as Seller's written notice granting Broker permission to obtain mortgage information (e.g., mortgage 154. balance, interest rate, payoff and /or assumption figures) regarding any existing financing on the Property. A copy of 155. this document shall be as valid as the original. 156. ELECTRONIC SIGNATURES: The parties agree the electronic signature of any party on any document related to this 157. transaction constitute valid, binding signatures. 159. fax, e-mail other 0 means off Seller authorizes Broker and its the term of this Agreement andsanytime thereafter. Seller r. mail, phone, 160. OTHER: see Attached Addendum B 161. 162. ACCEPTED BY: Re/max synergy BY: (Real Ealato Company Name) (Licensee) Peter Hezyla 163, Date Signed: ,20 164. ACCEPTED BY: ACCEPTED BY: s__ (SeMm) Columbia Haight. EDA (Date) 165. --- (Address) 166. (Phone) 167. 168. MN:ERSLC -4 (8/11) (Address) THIS IS A LEGALLY BINDING CONTRACT BETWEEN SELLER AND BROKER. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. (Date) ltO�S6 LONG LEGAL DESCRIPTIONS EXHIBIT A 3853 3rd Street NE LOT 10 & THAT PRT OF LOT 11 BLK E REAR OF BLK E OF COL- UMBIA HEIGHTS ANNEX LYG SLY OF FOL DESC LINE: COM AT A PT 351.1 FT NELY ALG NWLY LINE OF SO LOT 11 FROM MOST WLY CDR THEREOF, TH S ALG FORMER WLY RJW LINE OF T H NO 56 (NOW KNOWN AS T H NO 47) 05 FT TO POB, TH W AT FIT ANG TO NWLY LINE OF SD LOT 11 & THERE TERM EX RD ALSO EX THAT PRT OF SD LOT 11 LYG NWLY OF FOL DESC LINE: BEG AT A PT ON NWLYUNE OF SD LOT 11177.9 FT NELY OF MOST WLY COR THERE- OF, TH SW LY 165 FT +OR -TO A PT ON SWLY LINE OF 50 LOT 111173 FT SELY OF SD MOST WLY CDR & THERE TERM SUBJ TO EASE OF REC 4303 Reservoir Blvd NE AUDITORS SUBDIVISION OF WALTONS SECOND SUBDIVISION LOT 4 BLK 4 AUD SUB OF WALTONS SEC SUBDIV (SUBJ TO AN EASE TO CITY OF COL HTS FOR WATER MAIN OVER THE ELY 8 FT THEREOF) 3842 Tyler Street NE WALTONS 1ST SUB OF RES HILLS, CITY OF COLUMBIA HEIGHTS LOT 7, BLK 4, WALTONS 1ST SUB OF RESERVOIR HILLS 3846 Tyler Street NE WALTONS 1ST SUB OF RES HILLS, CITY OF COLUMBIA HEIGHTS LOT 6, BLK 4, WALTONS 1ST SUB OF RESERVOIR HILLS 1309 Circle Terrace NE CIRCLE TERRACE 2ND ADDITION LOT 9 BLK 1 CIRCLE TERRACE 2ND -SUBJ TO UTIL EASE OVER NWLY 5 FT- 4133 2 "d Street NE THAT PRT OF LOT 14 BLK 2 REAR OF BLK D COLUMBIA HEIGHTS ANNEX LYG SLY OF N 90 FTTHEREOF & LYG WLY OF A LINE DRAWN FROM A PT ON S LINE OF N 90 FT OF SO LOT 14129.6 FT E OF W LINE OF SD LOT 14TO A PTON N LINE OF LOT 11 SD BLK 2129.6 FT E OF W LINE OF SO LOT 11 SUBJ TO EASE OF REC N w awo awo .Aa o w r n'Pi � vAi N o lya w o r w o o N a W t°D N N N lD W O to 00 N CO 1� � � 2 3 0 .+ vO.' n Z Z W Z j fD = Z Z m m m m Z m m M m Z Z m m 0 0 0 0 0 0 00 O O 0 O 0 0 p O O O O O O m m m vwi twn m lwii 61 m twig vWi 0 0 0 0 0 0 0 0 0 0 0 0 A A A A A A A A A A A A A IO b b b b b b o b b.pp o A 0 0 0 A O A O A O A OW 00 1p N OJi J A O O O O O O O O O O =, O O N p�q 0,Q tlQ tlQ S 2 = S n N p v > D D D D ro m D x x x m x x _. .. �xirt o 4 O S O O O 7 on v 'o w w n n F ro m m m D D o D D D 03 D D m 'o o O m o 0 0 S S S d d S v N d o w d 7 � 0 0 0 0 0 0 Z ° o ° N N N O W W W x- A � W N v O N N N N W 20 Gl O r 0 N A W r w N D O. Q (D C. C 3 D O X A C (D A 4G S rt rt O LA !D r rt 7 0Q O rt N O d rt (D Q. m 3 w ADDENDUM B TO 2013 EXCLUSIVE RIGHT TO SELL LISTING CONTRACT DATED _ __— 1, In negotiating sales of all lots of the Property, Broker will use the form of loved by Seller's Community Purchase and Redevelopment Agreement attached hereto (the -purchase Agreement "), subject to any modifications app' Development Director. 2 persons who meet Broker agrees and understands that Seller's goal is to sell all lots of the Property to builders who will construct single family homes for sale to p the its to ma market all lots to builder s who will, in turn, Broker to will rise their best efforts to income-qualified buyers. efforts to sell completed homes to income -q 3• one of three models approved by Seller; the specific Broker further agrees and understands that builders will be required to construe a home on each lot using approval of Seller's Community Development model for each lot will made with app' Director and hellbe at ecif" Reservopurchase , for which B oke tw 11 c nsulpwithtSeller provision r ecifrcations for the house. and proposed buyer regarding the design and sp 4. Acceptance of any offer from a buyer for any lot, will be subject to: as (a) Consultation with he Seller's Community Development Director on deadlines for model of single family home to to: purchase p be constructed; and construct (b) Approval of the Purchase Agreement by Seller's board of commissioners. public hearing Seller's board of commissioners having held a p (c) Seller's subject lot (which hearing may be held in the aggregate for the regarding entire property). 5 From and after the first During the fast year of the term of this Agreement, the Broker will list all parcels of the Property at the prices shown Agreement, eachupar el roust be listed under the anniversary of the date of this following terms: at least (a) at closing on sale from Seller to builder, the builder must pay the list price shown in Addendum A. land and building) Agreement) for price (b) if the builder sells the completed house (including to an Owner occupant n the defined I pay Por Seller 5% of the amount by exceeding $1605000, 4210500 which the fino£the sale price exceeds builder the owner uh additional payment is due upon closing (c) For example, assume Seller sells Parcel n to builder for $7,500. Upon Builder completes a house and sellsto to Seller ner dd t oral $1,500, or 15% o pthe closing on that sale, builder shall pay $10,000 excess purchase price. year of (d) Each Purchase Agreement entered into during the second y the term of this Agreement shall be adjusted to reflect substantially the terms described in this Section. This Section does not apply to the parcel at 4303 Reservoir Boulevard, the list price for that parcel will remain as shown in Addendum for the term of this Agreement. 6. Broker and Seller agree and understand which h Builde Broker expectss to acquire one eor more Timbercraft Homes (the `Builder "), sell an or all lots to Builder, provided lots and build single family homes for resale to Owner Occupants (as define ur the Purchase Agreement). Broker may Y , or to preclude sales of lots to any that nothing in this Agreement is intended to give the Builder any rights under this Agreement, or any rights with respect to any lot other person or entity. 4210500 Synergy Administrative Compliance Commission Broker's Administrative Commission Federal, state and local governments continue to put into effect regulations that require written disclosures to help protect and inform sellers and buyers on such issues as lead based paint, agency disclosure, septic disclosures, well disclosures and inspection reports. The regulations that protect sellers and buyers he Lei estate transactions require that the disclosures be retained and stored by estate broker and agents for a designated length of time. As a result, we have substantial additional expenses for printing, distributing, processing, handling and storage of these documents. As a result, it has become necessary to charge an Administrative Compliance Commission of $295.00 to help defray these costs. As a service to our valued customers, if you have a need in the next six years to obtain a copy of a document related to your transaction, we would be happy to provide it for you. Date Signature �✓%9�fPGE fe4 e4ed Aer .43 U51r P) NorthstarMLS NFIZZEEMM Disclosures By signing the authorization section below, the Seller acknowledges the following disclosures: 1. The Seller's real estate broker (the Broker) is a participant in the Regional Multiple Listing Service of Minnesota, Inc. (RMLS). 2. The Seller has authorized the Broker to give the information on this form about the Seller's properly to RMLS. 3. All data submitted to RMLS becomes the sole properly of RMLS. 4. RMLS assumes no responsibility or liability to the Seller for errors or omissions on this form or in the RMLS computer system. 5. The Broker is required to promptly provide information to RMLS about any change in status or price of the Seller's listing. 6. If the Seller's property Is sold, the Broker must report to RMLS the price and terms of the sale. 7. Neither the Seller nor any prospective buyer of the property can alter the Broker's responsibility to report all such data to RMLS by agreement among them. 8. RMLS shall retain and make available all such data and photographs to all its participants (real estate brokers, appraisers, and affiliated professionals) for an indefinite period. 9. Under no circumstances will RMLS permit data about the Seller's listing to be deleted from RMLS's systems in order to conceal any information, including information that the property was listed for a period of time by another broker or brokers. 10. The Broker's use of RMLS's systems is subject to the duties imposed on the Broker by the rules and regulations of RML S and by the Code of Ethics of the National Association of REALTORS®. 11. At the request of the Broker, unless the field called Display Listing on Internet Is marked "NO ", RMLS will electronically transmit information about the Seller's property to Internet web sites to aid in marketing the property for sale. 12. At the request of the Broker, unless the field called Display Address on Internet is marked "NO ", RMLS will include the address of the Seller's property in transmissions of data to web sites. Aumonzatlon: I nave ron.. or on Peter Copydghl 2012 Regional WhIP1e Listing Service of Minnesota, Inc. All fights reGeNed. �10 %f77S� . j 200 List Number 201 Date Entered 202 Status NO BLACK t on omp are required. - O Active Q Comp Sold 204 Liating Office Phane 4W BLACK OVALS are required for 203 Listing Office Name Comp Sold listings and all others Re /Max Synergy 651 -785 -7858 WHITE BOXES are not required LOCATION r State —'-' List Date Expiration Date County r List Price — -- Municipality • Sub -Agent Comp Zip Code List Office # 214 Plus 4Zip Extension Postal City 9035 QpHoue Number List Agent Name 250 Co -List Agent ID # 217 Street Direction Prefix ❑None ON QS QE OW QNW ONE QSW OSE Street Name Peter Heryla 253 Co•List Agent Phone # 254 Appointment Phone (enter 000. 000 -0000 if BoomShowing only) List Agent Phone # EMFO—ave!1'o—;mJ`ut 2201 Street Suffix Q Avenue O Boulevard Q Circle Q Drive Q Lane Q Parkway Q Place Q Road O Street O Trail Q Terrace Q Way O Other 219 Street Direction Suffix O None ON O S OE O W Q NW ONE Q SW Q SE School District 221 Fire Number only one) Map —Page Map Coordinate Q Site Plan Approved Q Finished Lot 22ffl Complex /Developinent/Subdivision Name . Directions (200 characters available) O Subdivided Tax Q Yes Q No O Unknown O Yes Q No O Yes Q No LISTING - —'-' List Date Expiration Date Buu erBrokerComp Y r List Price • Sub -Agent Comp Facilitator Comp MjVarlable Rate Comp List Office # ❑ Yes Q No 9035 List Agent ID # List Agent Name 250 Co -List Agent ID # 251 Co -List Agent Name 506001452 Peter Heryla 253 Co•List Agent Phone # 254 Appointment Phone (enter 000. 000 -0000 if BoomShowing only) List Agent Phone # EMFO—ave!1'o—;mJ`ut 2 -95 -5546 Status (choose only one) O Other • Raw Land Q Site Plan Approved Q Finished Lot • Site Plan Filed O Subdivided List Type (choose only one) O Service Agreement • Exclusive Right Q Exclusive Right with Exclusions • Exclusive Agency Q Exclusive Agency with Exclusions O Other an A eOr is r wn e ende Owned Potential Short Sale , O O No O Not Disclosed O Yes O No O Not Disclosed Q Yes O No Not Disclosed Yes O No Auction rqu a 262 e, eired if Q Yes O No O Absolute O Minimum Bid O Reserve 2(373AUctioneerlicense #(required if auction) 264 Buyer's Premium (if auction) O Yes Q No n Rev. $112 copyright 2012 Regional Multiple Listing service of Minnesota, Inc. All rights reserved. �jys�yr(:gt lfOrms t� Address MULTI-LOT DEVELOPMENT — If es, these fields re wired: rr Develop if (multiple lots included in this listing) 301 Total Lots Available 302 Minimum Price 303 Maximum Price U Yes U No 3041 Minimum Acres 305 Maximum Acres on LI Yes U No Q Yes Q No on tR Yes Q No I 5a Yes ONO Page 3 of 5 FINANCIAL I Association Fee 321 Association Fee Frequency (requires In here is an Association Foe) Q Yearly Q Quarterly O Monthly Q Other 322 Association Fee Includes (required a there is an Association Fee) Rear Dimensions • Healing O Hazard Insurance Q Security Staff ❑Shared Amenities • Air Conditioning U Electric U Security System U Other • Sanitation Q Cable TV U Professional Management U None • Snow /Lawn Care U Water /Sewer Q Dock U Outside Maintenance Q Building Exterior 323 Association Mgmt Co. Name (required if there is an Association) U Beach Access 324 Assoc Mgmt Co. Phone # (required if there is an Association) Insurance Fee (If separate from Association Fee) 326 Insurance Fee Frequency (required if there is an Insurance Fee) • Land Inclusions U Yearly U Quarterly U Monthly Q Other Terms (seller will accept) Q Conventional U Adj. Rate /Gr. Payment Q Cash • FHA • FHA Rehab 203k Q Rural Development Q Contract For Deed Q Contract/Deed w /Assumption U OVA Q Assumable Q Special Funding Q Other LAND i Acres c Front Dimensions Left Dimensions Rear Dimensions Right Dimensions 335 Minimum Lot size 336 Pasture Acres 337 Tillable Acres 338 Wooded Acres 339 Agricultural Water Q Well Q Pond U Other • Land Inclusions U Easements Q Soil Test Available Q For Sale Sign • Survey • Survey Stakes ❑ Abstract Q Perk Test Q Other Q Platted Q Terrens Q To o ra Topographic Ma P 9 P P. U None Available Utilities Q Sewer u Telephone Q Other Q Electric Q Natural Gas ❑ Storm Sewer U Cable TV Q None Q Water • on-site Utilities Q Sewer Q Telephone Q Other Q Electric ❑ Natural Gas ❑ Storm Sewer Q Cable TV O None Q Water Improvements Q Curbs Q Unimproved Streets Q Storm Sewer Q Other ❑ Paved Streets ❑ Sidewalks Q Fence Q None Copyright 2012 Regional Multiple Listing service of Minnesota, Inc. All rights reserved. '¢J A Rev. 8112 orms "� Address Q Easements 0 Rentals Not Permitted 0 Right of First Refusal 0 Horses /Livestock Allowed • Rolling • Level 0 Sloped Q Hilly 0 Low Land Q High Ground • Open • Limited • Closed LOTS & LAND • Architecture Committee 0 Minimum Lot Size 0 Unspecified • Other Building Restrictions Q Other Covenants 0 Other Cl Land Leased 0 Mandatory Owner's Q None Association • Solar Oriented Residential - Single Family Q Industrial • Flood Plain Q Residential- Mullt- Family Q Lot • Walkout 0 Bus /Commercial Cl Shoreline • Ravine Q Agriculture Q Other Q Other Page 4 of 8 to these Builders (N Omllee or closed aulldor Resiclion). NOTC; TNS space for luting Builder names ONLY. VPIIVNALYKVr'CK I T IIVrVR1Y1HIIVly 410 Assumable 0 Not Assumable 0 Yes w/ Qual. (approval) Q Yes w/ Rate Change Q Information Coming Q Yes w/ NO Qualifying - - - -- 411 Crop Type Q Corn Q Hay /Alfalfa Q Other Q None 0 Wheat 0 Beans 412 Existing Financing (choose only one) 0 FHA 0 Conventional 0 ARM /GPM 0 Special Funding 0 FHA Rehab 203k 0 Rural Development 0 Contract for Deed 0 Free and Clear Q DVA 413 Farm Type 0 Hobby Q Dairy 0 Beef Cl Other 0 Crop 0 Horse Q Tree 0 None 414 Fencing 0 Wood 0 Chain Link 0 Invisible Q Other 0 Wire 0 Rail Cl Full Q None O- Electric Cl Privacy 0 Partial :4:1:61 Lot Description 0 Irregular Lot 0 Tree Coverage- Medium 0 Zero Lot Line Q On Golf Course 0 Corner Lot 0 Tree Coverage -Heavy 0 City Bus (w /tn six blks) Q Sod Included In Price 0 Tree Coverage-Light 0 Additional Land Available Q No T.C. Metro Phone Q Other 417 Out Buildings Q Stables 0 Barn Q Hen House 0 Bunk House 0 Indoor Arena Cl Silo Q Storage Shed Q Guest House Q Additional Garage 0 Machine Shed 0 Dog Kennel 0 Other • Shop 0 Grain Bin Q Gazebo • Pole Building Q Hog House 0 Boat House 4181 Road Frontage ❑ Private 0 State 0 Paved Streets 0 Curbs • City 0 US Highway Q Unpaved Streets 0 Sidewalks • Township Q Interstate Q Unimproved Q None • County 0 Cut De Sac Q No Outlet/Dead End 0 Other 419 Soil Type 0 Sand Q Loam -�, 0 Clay 0 Other Copyright 2012 Regional Multiple Listing service of Minnesota, Inc. All rights reserved. �""L��a1 Rev. 0172 ' O/075 G LOTS & LAND Address Page 6 of 6 WATERFRONT INFORMATION 500 Lake/Waterfront • Lake Front Q Lake View Q Creek/Stream El Association Access • River Front Q River View O Dock El Shared • Deeded Access El Pond Q Channel Shore ❑ Other 501 LakorWaterfront Name 502 Waterfront Frontage (feet) 503 DNR Lake ID # 504 Lake Acres 505 Lake Depth (feet) 506 Lake Chain Name 5071 Lake Chain Acreage 508 Road Btwn WF & Home? Q Yes Cl No 509 Elevation Highpolnt to Waterfront Slope O Gradual Q Level Q Steep 510 Elevation Highpoint to Waterfront Feet 00-4 Q 10 -15 02640 040+ Q 4 -10 Q 15 -26 6111 Lake Bottom Q Gravel Q Sand Q Undeveloped ❑Wetland Q Hard Cl Excellent Sand Q Weeds O Rocky ❑ Soft Q Reeds 512 WaterfrontView O River Q South Q Bay El Harbor Q City Lights Q Lake Q See Remarks Q East Q Golf Course Q Panoramic Cl North Q West _ REMARKS Agent Remarks 0 enerall fora ent to a ent communication Public Remarks (additional property information - do NOT include contact information, or marketing or promotional messages made on behalf of the listing broker, seller or third art Financial Remarks (generally for agent to agent communication regarding financial Information - do NOT include contact Information, or marketing or promotional messages) Copyright ?012 Regional Multiple Listing Service or Minnesota, Inc. All rights reserved. I Rev. 8112 �im (5na�piE a rv/, E4 6H 6oT As 1 i5mzs) INTERNET DISPLAY OPTIONS This form approved by the Minnesota Association of REALTORS®, which disclaims any @abtti yarising out of use or misuse of this form.. 02011 Minnesota Association of REALTORS0, Edina, MN 1. Page 1 2. This farm is Seller's/Owner's instructions pertaining to the Internet display of the MLS input data for the property 3, located at , 4. City of County of State of Minnesota: 5. Listing Contract dated , 20 . 6. EXPLANATIONS AND DEFINITIONS 7. "IDX site" means a web site operated by a broker participating in the MLS on which the broker can advertise the 8. listings of other brokers in MLS, subject to certain MLS rules. The consumer visiting an IDX site is riot required to 9. register on the site or to have a brokerage relationship with the broker displaying listings on the site. 10. "Virtual offloeweb site (VOW)" means a web site operated by a broker participating In the MLSthatdeliversbrokerage 11. servloes to consumers over the world wide web, Visitors to a VOW are required to register on the site (with their name 12. and a real e-mail address) and enters brokerage relationship with the broker operating the VOW.7ha broker operating 13, the VOW can then show the visiting customer /client nearly all of the information available to the broker In MLS. The 14. seller(s) /owner(s) of a listing have the right to opt out of certain kinds of data display under the MLS's VOW polioy.The 15. MLS imposes various other rules and restrictions on VOWS. 16. Option 1. Listing display on the Internet, 17. If Seller/Owner selects "No," this listing will not be included in MLS data feeds to Internet web sites 18. that display property listing data, whether Intended for advertising the property or providing online 19. brokerage services (e.g,, VOWs). Brokers participating In MLSoan still disclose the listing to customers/ 20. clients via other means, Including e-mail, fax, mail, hand delivery and orally. 21. Option 2. Listing address (house and unit numbers and street name) display on the Internet. 22. If Seller /Owner selects "No;' the address of the property will be hidden on web sites 23. receiving data feeds from MLS that result in Internet listing display, whether intended for advertising 24. the property or providing online brokerage services (e.g., VOWs). Brokers participating in MLS can 25. still disclose the address to customers /clients via other means, including e-mail, fax, mail, hand 26. delivery and orally. 27. Option 3. An automated valuation of the property listing or a link to an automated valuation of it may 28. be displayed adjacent to the listing. 29. Some VOWS or IDX sites may provide an automated valuation model (AVM) function/service. An 30. AVM uses statistical oalcuiations to estimate the value of a property based upon data from public 31. records, MLS and other sources and Incorporating certain assumptlons.The accuracy of AVMs has 32. sometimes been criticized because they do nottake Into consideration all relevant factors in valuing 33. a property. Seller /Owner, by selecting "No;' may prohibit display of an automated valuation of his or 34. her listing adjacent to the listing. 35. Option 4. Comments or reviews of the property by persons other than the displaying broker may be 36. displayed with or attached as a link to the listing data of the property. 37. Some VOWs or IDX sites may provide functionality that permits the customers /chants using the 38, VOW or IDX site to enter comments or reviews of the listed properties. If "No" is selected, a VOW 39, or IDX site may not display comments or reviews with the listing or by hyperlink to such comments 40. or reviews. Note that the broker displaying the listing on his or her VOW or, IDX site may add 41. commentary representing his or her professional judgment regarding the listing's value, etc. M1,1100.1 to /i 1) /graLi � Yorms 43. For the property located at 44. City of , County of INTERNET DISPLAY OPTIONS 42. Page 2 , State of Minnesota. 45. For each option below, the MLS system automatically defaults to "Yes." See page one (1) (or definitions and explanations 46. of these options, 47. Option 1. Shall the property listing be displayed on the Internal, including sold information? © Yes 0 No 46. Seller /Owner understands and acknowledges that if Seller /owner has selected "No" for Option 1, 49. consumers who conduct searches for listings on the Internet will not see information about the listed 50. property in response to their searches. 51. If "No "was selected at Option 1, skip Options 2.4 and sign below. if "Yes" was selected for option 1, continue 52, to Option 2. 53. Option 2. Shall the listing address (house and unit numbers and street name) be 54. displayed on the Internet? Oyes []No 55. Option 3. Shall an automatic valuation of the property listing or a link to an 55. automated valuation be displayed adjacent to the listing? []Yes ©No 57. Option el. Shall comments or reviews of the property by persons other than 58, the displaying broker be displayed with or attached as a link to the 59. listing data of the property? ❑ Yes M No 60. (8e110te(OVm¢Y6 $ienaiura) (Dale) (Sallls�OwnerB SipnaWre) (Dale) MMD0-2 ($111) rfOrMs, SELLER'S DISCLOSURE ALTERNATIVES This form approved by the Minnesota Association of REALTORS°, which disclaims any ilabliity arising out of use or misuse of this form. 0 2012 Minnesota Association of REALTORSm, Edina, MN 1. Date 2. Page 1 of 4 pages 3. Property located at xuxex xa ro a -sae Auaaohea Addendum A 4. City of coa umaia aeighea County of Anoka State of Minnesota. 5. NOTICE: Sellers of residential property, with limited exceptions, are obligated to satisfy the requirements of MN Statutes 6. 513.52 through 513.60. To comply with the statute, Seller must provide either a written disclosure to the 7. prospective Buyer (see Seller's Property Disclosure Statement) or satisfy one of the following two options: 8. (Select one option only.) 9. 1) ❑ QUALIFIED THIRD -PARTY INSPECTION: Seller shall provide to prospective Buyer a written report that 10. discloses material information relating to the real property that has been prepared by a qualified third party. 11. "Qualified third party" means a federal, state or local governmental agency, or any person whom Seller or 12, prospective Buyer reasonably believes has the expertise necessary to meet the industry standards of practice 13, for the type of inspection or investigation that has been conducted by the third party in order to prepare the 14. written report. 15. Seller shall disclose to prospective Buyer material facts known by Seller that contradict any information 16. that is Included in a written report, or material facts known by Seller that are not Included In the 17. report. 18. The inspection report was prepared by 19. 20, and dated 20 21. Seller discloses to Buyer the following material facts known by Seller that contradict any information included 22. in the above referenced inspection report. 23. 24. -- 25. 26. -- 27. Seller discloses to Buyer the following material facts known by Seller that are not included in the above 28. referenced inspection report. 29. 30. 31. 32. 33. 2) ❑x WAIVER: The written disclosure required maybe waived if Seller and prospective Buyer agree in writing. Seller 34. and Buyer hereby waive the written disclosure required under MN Statutes 513.52 through 513.60. 35. NOTE: If both Seller and prospective Buyer agree, in writing, to waive the written disclosure required under 36. MN Statutes 513.52 through 513.60, Seller Is not obligated to disclose ANY material facts of which Seller 37, is aware that could adversely and significantly affect the Buyer's use or enjoyment of the property or any 38. intended use of the property, other than those disclosure requirements created by any other law. Seller is 39. not obligated to update Buyer on any changes made to material facts of which Seller is aware that could' 40, adversely and significantly affect the Buyers use or enjoyment of the property or any intended use of the 41, property that occur, other than those disclosure requirements created by any other law. 42. Waiver of the disclosure required under MN Statutes 513.52 through 513.60 does not waive, limit or 43, abridge any obligation for Seller disclosure created by any other law. MN:SDA -1 (10/12) Into SELLER'S DISCLOSURE ALTERNATIVES 44. Page 2 45. Property located at Multi ae Lote -see Attached Addendum A) 46. OTHER REQUIRED DISCLOSURES: 47. NOTE: In addition to electing one of the above alternatives to the material fact disclosure, Minnesota law also 48, requires sellers to provide other disclosures to prospective buyers, such as those disclosures listed below. 49. Additionally, there may be other required disclosures by federal, state, local or other governmental entities 50. that are not listed below. 51. A. SUBSURFACE SEWAGE TREATMENT SYSTEM DISCLOSURE: (A subsurface sewage treatment system 52. disclosure is required by MN Statute 115.55.) (Check appropriate box.) 53. Seiler cortifies that Seller ❑ DOES ❑X DOES NOT know of a subsurface sewage treatment system on or serving ............... tchack ono.).............. 54. the above described real property. (If answer is DOES, and the system does not require a state permit, see 55. Subsurface Sewage Treatment System Disclosure Statement.) 56. ❑ There is a subsurface sewage treatment system on or serving the above - described real property. 57. (See Subsurface Sewage Treatment System Disclosure Statement.) 58. ❑ There is an abandoned subsurface sewage treatment system on the above - described real property. 59. (See Subsurface Sewage Treatment System Disclosure Statement.) 60. B. PRIVATE WELL DISCLOSURE: (A well disclosure and Certificate are required by MN Statute 1031.235.) 61. (Check appropriate box.) 62. ❑ Seller certifies that Seller does not know of any wells on the above - described real property. 63. ❑ Seller certifies there are one or more wells located on the above - described real property. 64. (See Well Disclosure Statement.) 65. Are there any wells serving the above - described property that are not located on the properly? ❑Yes ❑ No 66. Contaminated Well: Is there a well on or serving the property that contains contaminated water? ❑Yes [-]No 67. To your knowledge, is the properly in a Special Well Construction Area? ❑Yes ❑ No 68. Comments: 69. C. VALUATION EXCLUSION DISCLOSURE: (Required by MN Statute 273.11, Subd.16) 70. There ❑ IS Z IS NOT an exclusion from market value for home improvements on this property. Any valuation - - - -- (check 71. exclusion exclusion shall terminate upon sale ofthoproperty, andthe property's estimated market value for property tax purposes 72. shall Increase. If a valuation exclusion exists, Buyers are encouraged to look into the resulting tax 73. consequences. 74. Additional comments: 75. 76. D. METHAMPHETAMINE PRODUCTION DISCLOSURE: 77. (A methamphetamine production disclosure is required by MN Statute 152.0275, Subd.2 (m)) 78, Q Seller is not aware of any methamphetamine production that has occurred on the property. 79. ❑ Seller is aware that methamphetamine production has occurred on the property. 80. (See Methamphetamine Production Disclosure Statement.) 81. E. NOTICE REGARDING AIRPORTZONING REGULATIONS: The property maybe in or nearan airport safety zone 82. with zoning regulations adopted by the governing body that may affect the property. Such zoning regulations are 83. filed with the county recorder in each county where the zoned area is located. If you would like to determine if such 84. zoning regulations affect the property, you should contact the county recorder where the zoned area is located. MN:SDA-2 (10172) Orins� SELLER'S DISCLOSURE ALTERNATIVES 85. Page 3 86. Property located at (Multiple z to - See Attached Addendum A) 87, F. NOTICE REGARDING CARBON MONOXIDE DETECTORS: 88. MN Statute 29917.51 requires Carbon Monoxide Detectors to be located within ten (10) feet from all sleeping 89. rooms. Carbon Monoxide Detectors may or may not be personal property and may or may not be included in the 90, sale of the home. 91. G. WATER INTRUSION AND MOLD GROWTH: Recent studies have shown that various forms of water intrusion 92. affect many homes. Water intrusion may occur from exterior moisture entering the home and /or interior moisture 93. leaving the home. 94. Examples of exterior moisture sources may be 95. 9 improper fleshing around windows and doors, 96. • improper grading, 97. • flooding, 98. roof leaks. 99. Examples of interior moisture sources may be 100. • plumbing leaks, 101. • condensation (caused by indoor humidity that is too high or surfaces that are too cold), 102. • overflow from tubs, sinks or toilets, 103. • firewood stored indoors, 104, humidifier use, 105. inadequate venting of kitchen and bath humidity, 106. Improper venting of clothes dryer exhaust outdoors (Including electrical dryers), 107. line - drying laundry indoors, 108. houseplants - watering them can generate large amounts of moisture. 109. In addition to the possible structural damage water intrusion may do to the property, water intrusion may also result 110. in the growth of mold, mildew and other fungi. Mold growth may also cause structural damage to the property. 111. Therefore, it is very important to detect and remediate water intrusion problems. 112. Fungi are present everywhere in our environment, both indoors and outdoors. Many molds are beneficial to humans. 113. However, molds have the ability to produce mycotoxins that may have a potential to cause serious health problems, 114. particularly in some immunocompromised individuals and people who have asthma or allergies to mold. 115. To complicate matters, mold growth is often difficult to detect, as it frequently grows within the wall structure. If you 116. have a concern about water intrusion or the resulting mold /mildew /fungi growth, you may want to consider having 117. the property Inspected for moisture problems before entering into a purchase agreement or as a condition of your 118. purchase agreement. Such an analysis is particularly advisable if you observe staining or any musty odors on the 119. property. 120. For additional information about water intrusion, indoor air quality, moisture or mold issues, please view the 121. Minnesota Association of REALTORS® Desktop Reference Guide at www.mnrealtor.com. 122. H. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory 123, offender registry and persons registered with the predatory offender registry under MN Statute 243.166 124. may be obtained by contacting the local law enforcement offices in the community where the property is 125. located or the Minnesota Department of Corrections at ( 651) 361- 7200. or from the Department of Corrections 126. web site at www.corr.state.mn.u% 127. I. ADDITIONAL REQUIRED DISCLOSURES (e.g.,city, municipal, county): 128. 129. 130. 131. 132. MN:SDA -3 (10/12) i stmt �orms SELLER'S DISCLOSURE ALTERNATIVES 133. Page 4 134. J. SELLER'S STATEMENT: 135. (To be signed at time of listing.) 136. Sellers) hereby authorizes any licensee(s) representing or assisting any party(ies) in this transaction to provide 137. a copy of this Disclosure to any person or entity in connection with any actual or anticipated sale of the property. 138. (Seller) (Seller) tlmol 139. K. BUYER'S ACKNOWLEDGEMENT: 140. (To be signed at time of purchase agreement.) 141. INVe, the Buyer(s) of the property, acknowledge receipt of this SELLER'S DISCLOSURE ALTERNATIVES form 142, and agree to the seller's disclosure option selected in this form. I/ We further agree that no representations regarding 143, material facts have been made, other than those made in this form. 144. (Buyer) (Buyer) (Dale) 145. L. SELLER'S ACKNOWLEDGEMENT: 146. (To be signed at time of purchase agreement.) 147. AS OF THE DATE BELOW, I /we, the Seller(s) of the property, state that the material facts are the same, except 148. for changes as indicated below, which have been signed and dated. 149. 150. 151. 152. 153. 154. 155. (Seller) (Date) (Seller) 156. LISTING BROKER AND LICENSEES MAKE NO REPRESENTATIONS AND ARE 157. NOT RESPONSIBLE FOR ANY CONDITIONS EXISTING IN THE PROPERTY. MN:SDA -4 (10/12) (Dale) I�oimsw Estimated Seller's Proceeds Seller: Columbia Heights Economic Development Authority (EDA) Address: Scattered Lot Sites Columbia Heights MN 55421 Selling Expense Professional Service Fee 10_0% Closing Fee Discount Points 0.0% Abstract Continuation Documentary Stamps ($3.30/$1000) AHS Home Warranty Truth -in -Sale of Housing Septic Certification Water Test Work Orders Recording Fees Miscellaneous Closing Cost Additional Selling Expenses Administrative Compliance Commission Conservation Fee Total Selling Expense Balance Mo rtcfaaes /Assessments /Taxes /Othe r 1 st Mortgage Payoff $00 Interest Adjustment 0.00% (Conventional= 1, FHA =2) 2nd Mortgage Interest Adjustment 0.00% Unpaid Improvements or Assessments Taxes for 2013 Other Total Mortgage /Assessments /Taxes /Other Cash to Seller (estimate) 1 7500 By: Team Pete & John - Re /Max Synergy - 651 - 785 -7850 Date: 4/29/2013 Sellers: Date: The above figures are estimates only and much of the information contained herein has been repealed to Re /Max Synergy by financial institutions, state and local government authorities, and various other sources normally considered to be reliable. Such information, however, may be subject to changes and /or undisclosed errors or omissions in recording or reporting. Re /Max Synergy, therefore, cannot and does not guarantee or warranty the accuracy or completeness of such information. Sale Price $7,600 750 270 0 300 25 0 150 0 295 5 ($1,795) $5,705 0 0 0 0 Prorated 0 $5,705