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CITY OF CENTERVILLE <br />COUNTY OF ANOKA <br />STATE OF MINNESOTA <br />RESOLUTION #22-____ <br />A RESOLUTION TERMINATING REAL ESTATE PURCHASE AGREEMENT WITH <br />CENTRA NORTH, LLC <br /> <br />WHEREAS, the Centerville City Council approved a Real Estate Purchase Agreement with Centra <br />North, LLC, on August 11, 2021, to sell lands owned by the City. <br /> <br />WHEREAS, Centra backed that Purchase Agreement with earnest money held by the City. <br /> <br />WHEREAS, the parties worked diligently and in good faith to produce land use approvals, site <br />plans, and permits to create a multi-unit townhouse development on the lands. <br /> <br />WHEREAS, on or about July 29, 2022, Centra notified the City that due to deteriorating market <br />conditions, they desired to terminate the Purchase Agreement. In exchange for termination of the <br />Purchase Agreement, Centra agreed to forfeit their earnest money backing the Purchase Agreement <br />and grant ownership of those moneys to the City. <br /> <br />NOW, THEREFORE, BE IT RESOLVED, that for good cause shown, the Centerville City <br />Council does hereby, accept the termination of the Real Estate Purchase Agreement with Centra <br />North, LLC, on the condition that earnest monies are forfeited in favor of the City and does accept <br />those funds on behalf of the City. <br /> <br />th <br />PASSED AND DULY ADOPTED this 10 day of August 2022 by the City Council of the City <br />of Centerville. <br /> ________________________________ <br /> D. Love, Mayor <br />Attest: <br />____________________________________ <br />Teresa Bender, City Clerk <br /> <br />