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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />WHEREAS, the City likewise has the power under Chapter 469 <br />of Minnesota Statutes and intends to create an authori ty or <br />development district or a program within the meaning of said <br />Chapter 469 to acquire, construct, reconstruct, improve, alter, <br /> <br /> <br />extend, operate, maintain or promote developments aimed at <br /> <br /> <br />improving the physical facilities, quality of life and quality of <br /> <br /> <br />transportation in the City, <br /> <br /> <br />NOW, THEREFORE, BE IT HEREBY RESOLVED that the City acquire <br /> <br /> <br />the Kern Milling property from Kern Milling for the price of <br /> <br /> <br />$550,000.00 cash, with $10,000.00 cash to be paid as earnest <br /> <br /> <br />money and the balance of the purchase price to be paid at the <br /> <br /> <br />closing, which shall take place 60 days from the date the <br /> <br /> <br />purchase agreement has been executed by both Kern Milling and the <br /> <br /> <br />City, the City's consummation of such purchase, however, being <br /> <br /> <br />subject to the following two conditions: <br /> <br /> <br />a. The City has first established an authority, <br /> <br /> <br />development district or program within the meaning of Chapter 469 <br /> <br /> <br />of Minnesota Statutes, as amended, and <br /> <br /> <br />b. An environmental audit of the Kern Milling property <br /> <br /> <br />-- which shows that it is totally free of all hazardous substance <br /> <br /> <br />and contaminants and thus is not violative of any federal or <br /> <br /> <br />state environmental pollution law has been performed by a <br /> <br /> <br />reputable environmental audit/testing company, approved by both <br /> <br /> <br />Kern Milling and the City, whose charges and disbursements shall <br /> <br /> <br />be defrayed solely by Kern Milling. <br /> <br />-3- <br />