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AGREEMENT WITH REGARD TO LEXART ADDITION THIS AGREEMENT is made and entered into by and between the City of Roseville (hereafter the "City") and Gerald H. Kaufhold, or his assigns, (hereafter "Kaufhold") to be effective the day of , 1988. WHEREAS, by this Agreement Kaufhold and the City desire to provide for transfer of certain property from Kaufhold to the City, for the rezoning of certain of the Lexington School property owned by Kaufhold and to provide for a preliminary understanding with regard to tax increment financing for the Lexington School Development. NOW, THEREFORE, IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS: 1. Dedication of Land. Kaufhold will dedicate one (1) acre of land located on the Lexington School site to the City of Roseville by warranty deed, which acre is described on the preliminary plat dated July 28, 1988, for Lexart Addition Subdivision to the City of Roseville. The warranty deed is subject to the terms and provisions of that certain Lease Agreement dated'May 20, 1988, by and between Independent School District No. 916 and Independent School District No. 623, (including specifically the use for parking of the westerly approximate 40' x 313' strip of land by Northeast Metropolitan Intermediate School District No. 916) and easements, reservations, and restrictions of record, if any. Said dedication shall be in lieu of and in satisfaction of the park dedication requirements of Roseville Ordinance Section 20.155. The transfer of the property from Kaufhold to the City will occur at or about the time of the closing on the sale of the Lexington School site to Kaufhold by Independent School District No. 623. The one(1) acre to be conveyed to the City shall not be subject to any lease between the above named school districts after July 31, 1990. Kaufhold shall provide the City with copies of said leases now in existence and inform the above named school districts of the July 31, 1990 expiration date. 2. Purchase of Land. In addition to the dedication of one acre of land on the Lexington School site, Kaufhold further agees to sell an additional one acre of land to the City of Roseville from the Lexington School site, which additional acre is identified on the preliminary plat of the Lexart Addition Subdivision dated July 28, 1988. The City agrees that it will pay Kaufhold the sum of One Hundred Eighteen Thousand and No/100ths ($118,000.00) Dollars for said one (1) acre of land. It is the parties' intent that said purchase, if it is made, will f the closing of the sale of the com lis he d at the tim.. o c be accomplished g P Lexington School site from Independent School District No. 623 to