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Purchase and Joint Use Agreements - The City Attorney has drafted purchase and joint use agreements. City staff has reviewed the -_ agreements, but they have not yet been provided to Trinity Lutheran Church. The agreements are subject to change pending the church's review. Following are key deal terms in the draft purchase agreement: • The City will purchase 71,474 square feet at $3 per square foot($214,422). _ • Earnest money of 1% ($2,144)will be deposited with the Seller. • The Seller will obtain a title commitment. The City will purchase title insurance. • The City has the right to inspect the property. Staff recommends that a Phase I Environmental Site Assessment be completed for due diligence. • At this point, closing is estimated to occur on or before April 15, 2011. • The Seller will deliver a Warranty Deed and an executed copy of the joint use agreement at Closing. • The Seller will obtain plat and final PUD approvals from the City prior to closing. The City is not obligated to approve the plat or final PUD unless applications are in compliance with City regulations and standards. • The Seller indemnifies the City against any claims by a realtor or broker. Following are key deal terms in the draft joint use agreement: • The City, its employees and agents, and the public may use the Parking Lot between 8 a.m. and 10 p.m. in conjunction with their use of Hazelnut Park. • The joint use agreement can be terminated by the City with 60 days written notice. The agreement may not be terminated by the Church without the City's consent. • The joint use agreement will be recorded against the church property and will be binding on successors and assigns. The current maintenance agreement will remain in place and will be reviewed at a later date. uestions 1. Should the City proceed with a purchase agreement for 71,474 square feet of land from Trinity Lutheran Church? 2. Does the City Council have any direction to staff related to the proposed terms of the purchase agreement or joint use agreement? Attachments A. Draft Preliminary Plat of Trinity Lutheran of Lake Johanna Addition B. Draft Purchase Agreement C. Draft Joint Use Agreement City of Arden Hills City Council Work Session January 31, 2011 Page 2 of 2