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<br />2 <br />190485v1 <br /> WHEREAS, the Landowner desires to grant to the City an option (“Option”) to purchase <br />the Civic Use Land for the consideration and upon the terms, covenants and conditions hereinafter <br />set forth; and <br /> WHEREAS, the City desires to obtain the right to purchase the Civic Use Land for the <br />consideration and upon the terms, covenants and conditions hereinafter set forth; and <br /> WHEREAS, as a part of the development of the TCAAP Property, Landowner as the <br />Master Developer will design and construct the improvements, including an underground parking <br />ramp, utilities, and road improvements to serve the Civic Use Land, as depicted in the attached <br />Exhibit C (“Improvements”). <br />NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained <br />and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the <br />parties agree as follows: <br />1. Grant of Option. The Landowner hereby grants the City the Option to purchase the Civic <br />Use Land, upon the following terms: <br />A. Within two (2) years of the Approval Date, the City may purchase the Civic Use Land <br />from Landowner for the price of One and 00/100 Dollars ($1.00). The City will not pay <br />the costs incurred by Landowner for the construction of the Improvements. <br />B. After two (2) years, but within five (5) years of the Approval Date, the City may <br />purchase the Civic Use Land from Landowner for the purchase price of fifty percent <br />(50%) of the actual cost paid by the Landowner to Ramsey County for the land as <br />documented in the MCPD (pro rated if part of a larger parcel). The City will also pay <br />fifty percent (50%) of the costs incurred by Landowner for the construction of the <br />Improvements.