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90-140
r� RESOLUTION NO. 140 -90 RESOLUTION APPROVING CONTRACT FOR TAX INCREMENT FINANCE DEVELOPMENT BY AND BETWEEN THE CITY OF SHOREWOOD, MINNESOTA, AND TRIVESCO, A MINNESOTA GENERAL PARTNERSHIP WHEREAS, the City Council of the City of Shorewood passed Resolution No. 36 -90 on 23 April 1990, Designating and Establishing Development District No. 1; Establishing Tax Increment Financing District No. 1 Located Within Development District No. 1; and Approving and Adopting the Development District Program for Development District No. 1 Including Tax Increment Financing Plan for Tax Increment Financing District No. 1; and WHEREAS, Subsection 2.06 of such Development Program provides for the City to enter into a Development Agreement for the property included in the Development District. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Shorewood as follows: 1. That the Contract attached hereto entitled, "Contract for Tax Increment Finance Development By and Between the City of Shorewood, Minnesota, and Trivesco, a Minnesota General Partnership ", is hereby approved. 2. That such approval is subject to the Council's actions in approving this Contract, without resort to further public hearings being upheld by the Court in the event the matter is contested. 3. That the Mayor and City Administrator/ Clerk are hereby authorized to execute said Contract on behalf of the City Council, with the inclusion of the additional provision set forth above, and that in the event the Court determines the Contract is null and void, the parties are released from any further obligations thereunder. ADOPTED BY THE CITY COUNCIL OF THE CITY Q�SHO� QD this 27th day of December, 1990. l I j I TE J an � augen, L ST: (/ urence E . Whittaker City Administrator/ Clerk Roll Call Vote Ayes - Haugen, Gagne, Stover, Watten Nays - Brancel 12/28/90 U •C�. -W FOR TAX INCREMENT FINANCE DEVELOPMENT BY AND BETWEEN THE CITY OF SHOREWOOD, MINNESOTA 0 TRIVESCO A MINNESOTA GENERAL PARTNERSHIP • 0 TABLE OF CONTENTS Page Introduction.............................. ............................... 1 ARTICLE I Definitions ...... ............................... 2 Section 1.1 Definitions ...... ............................... 2 ARTICLE II Representations and Warranties ................... 4 Section 2.1 Representations and Warranties of the City ..... 4 Section 2.2 Representations and Warranties of the Developer 4 ARTICLE III 7.3 Construction of the Project; Financing and Liens 5 Section 3.1 Construction Done by Developer .................. 5 Section 3.2 Commencement and Completion of Construction ..... 5 Section 3.3 Construction Done by City ....................... 6 Section 3.4 General Restrictions ............................ 6 Section 3.5 Notice of Default ............................... 6 Section 3.6 Destruction of Project .......................... 6 Section3.7 7.10 7.11 Insurance ........ ............................... 7 Section 3.8 Condemnation ..... ............................... 7 • ARTICLE IV Payment of Real Property Taxes ................... 7 Section 4.1 Real Property Taxes ............................. 7 ARTICLE V Tax Increment Revenue Bonds ...................... 8 Section 5.1 Issuance of Tax Increment Revenue Bonds ......... 8 Section 5.2 Use of Tax Increments ........................... 8 ARTICLE VI Termination ...... ............................... 10 Section6.1 Termination ...... ............................... 10 ARTICLE VII General Provisions ............................... 10 Section 7.1 Restrictions on Use ............................. 10 Section 7.2 Conflicts of Interest ........................... 10 Section 7.3 Provisions Not Merged with Deed ................. 10 Section 7.4 Titles of Articles and Sections ................. 10 Section 7.5 Notices and Demands ............................. 11 Section7.6 Counterparts ..... ............................... 12 Section 7.7 Law Governing .... ............................... 12 Section 7.8 Partial Invalidity .............................. 12 Section7.9 Assignment ....... ............................... 12 • Section Section 7.10 7.11 Rights Cumulative ............................... Amendments, Changes, and Modifications 12 12 Signatures............................... ............................... 13 Acknowledgments.......................... ............................... 14 • CONTRACT FOR TAX INCREMENT FINANCE DEVELOPMENT THIS CONTRACT, made on and entered into as of the day of , 1990, by and between the City of Shorewood, Minnesota, a municipal corporation organized and existing under the laws of the State of Minnesota (the City), and Trivesco, a Minnesota general partnership consisting of Steiner and Koppelman, Inc., Robert H. Mason, Inc., and Highland Properties, Inc. (the Developer). WHEREAS, the City has all the powers of a municipal corporation under Minnesota law; and WHEREAS, as of the date of this Contract there has been prepared and approved by the City Council a Development District No. 1 and the Development Program relating thereto (which program as it may be amended, is referred to as the "Economic Development Plan"); and WHEREAS, there is included in the Economic Development Plan a Tax Increment Financing Plan (which plan as may be amended is referred to as "the Tax Increment Financing Plan"), providing for the use of tax increment financing in connection with the Economic Development Project; and • WHEREAS, the prompt development of the certain area in the Economic Development Project, which is not now in productive use or in its highest and best use, the encouragement of business expansion and improvements, the maintenance of balanced commercial activities, and the securing of additional employment opportunities are some of the stated objectives of the Economic Development Plan and the Tax Increment Financing Plan; and WHEREAS, in order to achieve the objectives of the Economic Development Plan and particularly to undertake certain roadway, interchange and utility improvements in order to make the land in the Project area suitable for development by private enterprise in conformance with the Economic Development Plan and in accordance with the development stage plan approved by the Council on November 20, 1989, the City has determined to provide aid for the Economic Development Plan through tax increment financing of the Public Improvements defined herein. WHEREAS, the City believes that the construction of a development consisting of 54 twin homes and approximately 50,000 square feet of retail /office space is in the best interests of the City, and the health, safety, morals and welfare of its residents, and in accord with the public purposes and provisions of the applicable state and local laws and requirements under which the Economic Development Plan has been undertaken and is receiving assistance. -1- NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is hereby agreed by and between the parties hereto as follows: ARTICLE I Definitions Section 1.1 Definitions In this Contract unless a different meaning clearly appears from the context: " Articles and Sections mentioned by number only are the respective Articles and Sections of this Agreement so numbered. " Assessor's Market Value means the market value of the Project as determined by the Assessor for the City of Shorewood. " Bonds " means the tax increment revenue bonds to be issued by the City, the proceeds of which will be used to finance the public improvements of the Project described in Section 2.1(4). The term "Bonds" shall also include any bonds or obligations issued to refund any bonds. " Certification Date means April 29, 1990, which is the date on which the City requested certification of original tax capacity value of Tax Increment Financing District No. 1. " City " means the City of Shorewood, Minnesota. " Contract " means this Contract for Tax Increment Finance Development by and between the City and the Developer, as the same may be from time to time modified, amended or supplemented. " Council " means the City Council of Shorewood, Minnesota. "County" means the County of Hennepin, Minnesota. " Developer " means Trivesco. " Development Property means the real property described in Exhibit 3 of this Contract. " Economic Development Plan means the City of Shorewood Development Program for Development District No. 1, originally adopted by the Council on April 23, 1990, and as amended and as it shall be amended. " Economic Development Project means the City of Shorewood Development District No. 1, as described in the legal description attached as Exhibit 1 hereto. " Parcel A " means Parcel A as described in the legal description . attached as Exhibit 2 hereto. -2- " Parcel B " means Parcel B as described in the legal description • attached as Exhibit 2 hereto. " Party " means either the Developer or the City. " Parties " means the Developer and the City. " Protect " means the Development Property and the completed improvements and buildings. " Protect Area means the real property located within the boundaries of the Economic Development Project. " Public Improvements includes (1) improvements to the State Highway 7 frontage road, (2) construction of the intersection of State Highway 7 and Old Market Road, (3) construction of Old Market Road, (4) installation of watermains, and (5) the closing of slip ramps onto State Highway 7. " State " means the State of Minnesota. " Tax Increment means the tax increment generated by the Project, calculated as provided in Minn. Stat. Sections 469.174 - .179. " Tax Increment District means the City of Shorewood Tax Increment Financing District No. 1, adopted by the Council on April 23, 1990, and requested for certification on April 29, 1990. • " Tax Increment Financing Act means the statutes located at Minn. Stat. Sections 469.174 - .179. " Tax Increment Financing Plan means the Tax Increment Financing Plan for the Tax Increment District. " Tax Official means any City or County Assessor; County Auditor, City, or County or State Board of Equalization; the Commissioner of Revenue of the State; or any State or Federal District Court, the Tax Court of the State or the State Supreme Court. " Termination Date means December 31, 1999. " Unavoidable Delays means delays, outside the control of the Party claiming its occurrence, which are the direct result of strikes, other labor troubles, unusually severe or prolonged bad weather, acts of God, fire or other casualty to the Project, litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, directly results in delays, or acts of any federal, state or local government unit (other than the City) which directly result in delays, or the failure to secure City approval of the construction plans for the Project. • -3- ARTICLE II Representations and Warranties Section 2.1. Representations and Warranties of the City The City makes the following representations and warranties: (1) The City has all the powers of a statutory city under the laws of the State. The City has the power to enter into this Contract and carry out its obligations hereunder. (2) The Tax Increment District is a "tax increment financing district" within the meaning of the Tax Increment Financing Act, and was created, adopted and approved in accordance with the provisions of the Tax Increment Financing Act. (3) The Project contemplated by this Contract is in conformance with the development objectives set forth in the Economic Development Plan and Tax Increment Financing Plan, and in accordance with the development stage plan approved by the Council. (4) The City promises to use its best efforts to issue the Bonds and use the proceeds thereof to finance the Public Improvements. (5) The City has authority, but does not anticipate purchasing property within the Economic Development Project. Section 2.2 Representations and Warranties of the Developer The Developer makes the following representations and warranties: (1) The Developer is a general partnership under the laws of this state, has power to enter into this Contract and to perform its obligations hereunder. (2) The Developer will cause the Project to be constructed, operated and maintained in accordance with the terms of this Contract and the Amended Development Agreement of August 12, 1985, between the City and the Developer. The Developer shall also comply with all local, state and federal laws and regulations (including, but not limited to, environmental, zoning, energy conservation, building code and public health laws and regulations). (3) The Developer has or will obtain, or cause to be obtained, all required permits, licenses and approvals, and has met all requirements of all applicable local, state, and federal laws and regulations which must be obtained or met before the Project may be lawfully constructed. (4) Neither the execution and delivery of this Contract, the consummation of the transactions contemplated hereby, nor the fulfillment r� U -4- of or compliance with the terms and conditions of this Contract is prevented, limited by or conflicts with or results in a breach of, the terms, conditions or provisions of any contractual restriction, evidence of indebtedness, agreement or instrument of whatever nature to which the Developer is now a party or by which it is bound, or constitutes a default under any of the foregoing. This representation and warranty does not apply to that certain Purchase Agreement between Developer and Sherman- Boosalis Interests, Inc., dated October 26, 1990, relating to the purchase and development of the Development Property. (5) Developer agrees that City, its agents, and employees, shall not be personally liable or responsible in any manner to Developer, Developer's contractors or subcontractors, material men, laborers, or to any other person, firm, or corporation whomsoever, for any debt, claim, demand, damages, action, or causes of action of any kind or character arising out of or by reason of this Contract of the performance of the work and improvements hereunder; Developer shall save City, its agents, and employees harmless from any and all claims, damages, demands, actions, or causes of action arising therefrom and the costs, disbursements, and expenses of defending the same, except for any work performed by City. (6) The Developer will cooperate fully with the City in resolution of any traffic, parking, trash removal or public safety problems which may arise in connection with the construction and operation of the Project. • (7) The Developer would not undertake the Project without the construction of the Public Improvements by the City to be financed pursuant to this Contract. ARTICLE III Construction of the Project; Financing and Liens Section 3.1 Construction Done by Developer The Developer agrees that it will construct the Project, called Waterford Phase Three, including the construction of at least 32,000 square feet of retail /office space on Parcel A, and all necessary public improvements associated with the Project on the Development Property excluding Public Improvements to be constructed by the City, in conformance with the Planned Unit Development Agreement to be executed by the parties, and in accordance with the Amended Development Agreement dated August 12, 1985. Section 3.2 Commencement and Completion of Construction The Developer shall commence construction of the Project and shall complete construction of the Project in accordance with the schedule set forth in the Planned Unit Development Agreement to be executed by the parties. • -5- The Developer agrees for itself and every successor in interest to • the Development Property, or any part thereof, that the Developer, and such successors and assigns shall, in good faith, construct the Project in accordance with this Contract and during such construction, designated representatives of the City shall be allowed to enter upon the Development Property to inspect any and all such construction. Section 3.3 Construction done by City The City agrees to construct the "Public Improvements" defined in Section 1.1 herein. Section 3.4 General Restrictions The Developer agrees for itself, and its successors and assigns, and every successor in interest to the Property, that the Developer and its successors and assigns shall: (a) Not discriminate on the basis of sex, color, creed, national origin, in the sale, lease or rental, or in the use or occupancy of the Property or the facilities, or any part thereof; (b) Not cause the Project to be removed from the public tax rolls or to become exempt from assessment for general ad valorem real estate taxes by reason of any conveyance, lease or other action. Section 3.5 Notice of Default Whenever the City shall deliver any notice or demand to the Developer with respect to any breach or default by the Developer in its obligations or covenants under this Contract, the City shall at the same time forward a copy of such notice or demand to each holder of any permitted mortgage, lien or other similar encumbrance at the last address of such holder shown in the records of the City. Section 3.6 Destruction of Project So long as any of the Bonds are outstanding under this Contract and prior to the sale of completed improvements comprising the Development Property, in the event of destruction of any portion of the Project which reduces the Assessor's Market Value of the Property below the assessor's market value determined most recently to such destruction, the following shall apply: (a) The Developer shall as soon as reasonably possible, and in any event on or before the second succeeding December 31 following such destruction, time being of the essence, repair, rebuild or replace the damage to such extent as will cause the Assessor's Market Value of the Project to equal or exceed the Assessor's Market Value thereof as finally determined most recently prior to such destruction; or (b) If such repair, rebuilding or replacement is not completed by such date, the Developer shall be liable to the City for damages in an amount equal to the difference between the Tax • -6- Increment received by the City in each subsequent year and • the Tax Increment that would have been received by the City had such repair, rebuilding or replacement been completed by such date. Section 3.7 Insurance During the term of this Contract and prior to the sale of completed improvements comprising the Development Property, until the Bonds are paid in full, the Developer shall maintain (or cause to be maintained) with reputable insurance company or companies licensed to do business in Minnesota such insurance covering the Project including all buildings on Parcel A in such amounts as are customarily carried on such properties. The Developer shall annually file with the City a schedule describing all such policies in force, including the types of insurance, name of insurers, policy numbers, effective dates, terms and duration and any other information the Developer deems pertinent. Section 3.8 Condemnation In the event of condemnation of any or all of the Project prior to the sale of completed improvements comprising the Development Property, other than by the City, which reduces the Assessor's Market Value of the completed Project below the assessor's market value determined most recently to such condemnation, the Developer shall take the action specified in Section 3.6(a); or if such actions cannot be performed, the Developer shall pay to the City, an amount of the condemnation proceeds thereof equal to the amount outstanding on the Bonds, and the City shall use the amounts so paid for repayment of the Bonds. ARTICLE IV Payment of Real Property Taxes Section 4.1 Real Property Taxes The Developer shall timely pay all real property taxes payable with respect to the Development Property and any other statutory duty which shall accrue subsequent to the date of its acquisition of title to the Development Property and prior to the sale of any portion of the property. The Developer agrees that prior to the Termination Date: (a) It will not seek administrative review or judicial review of the applicability of any tax statute relating to the taxation of real property contained on the Development Property determined by any tax official to be applicable to the Project or the Developer or raise the inapplicability of any -7- such tax statute as a defense in any proceedings, including • delinquent tax proceedings; (b) It will not seek administrative review or judicial review of the constitutionality of any tax statute relating to the taxation of real property contained on the Development Property determined by any tax official to be applicable to the Project, or the Developer, or raise the unconstitutionality of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; (c) It will not seek any tax deferral or abatement, either presently or prospectively authorized under Minn. Stat. Section 270.07, or any other state or federal law, of the taxation of real property contained in the Development Property between the date of execution of this Contract and the Termination Date; and (d) Notwithstanding the prohibitions set out in paragraphs (a), (b), and (c) above, nothing in this Contract shall prohibit the Developer from seeking a reduction in the market value of real property contained in the Development Property provided such reduction does not fall below an Assessor's Market Value sufficient to pay scheduled debt service on the Bonds. • ARTICLE V Tax Increment Revenue Bonds Section 5.1 Issuance of Tax Increment Revenue Bonds The City agrees to exercise its best efforts to take all steps necessary to issue the Bonds and shall exercise its best efforts to issue the Bonds at such time as shall, in the judgment of the City, be necessary and desirable to finance the construction of the Public Improvements described in Section 2.1 (4). Section 5.2 Use of Tax Increments The City shall be free to use any Tax Increment received from the Tax Increment District for any purpose for which such increments may lawfully be used pursuant to the provisions of Minn. Stat. Sections 469.174 - .179, except that no tax increment received by the City shall be used for a purpose other than the payment of principal and interest on the Bonds until such time as all principal and interest of the bonds has been paid in full or a cash reserve has been established in a sufficient amount to pay all principal and interest of the Bonds is full, when due. Tax increment may be used as follows: • -8- (1) To pay principal and interest on the Bonds. • (2) To finance or otherwise pay the public costs set forth in the Tax Increment Financing Plan. (3) To accumulate or maintain a reserve securing the payment when due of the principal and interest on the Bonds or other bonds to pay public costs. (4) Return the excess to the County Auditor for redistribution to the respective tax jurisdictions in proportion to their tax capacity. The City pledges and agrees to collect from the County Auditor of Hennepin County, Minnesota, the entire Tax Increment derived from the Project. For purposes of this Contract, Tax Increment is received "with respect to" a particular calendar year if the Tax Increment was generated by ad valorem real property taxes ( or taxes in lieu thereof pursuant to Minn. Stat. Section 469.176) first becoming due and payable in such calendar year, irrespective of when such Tax Increment is actually paid to the City. To the extent excess Tax Increments exceed in any year the amount necessary to pay the public costs authorized by the Development Program and Tax Increment Financing Plan, the City shall be free to use such excess Tax Increments for any purpose, consistent with any covenants made with respect to the Bonds, for which the excess Tax Increments may lawfully be used as provided in Minn. Stat. Section 4- 69.176, Subd. 2; and the City shall have no • obligations to Developer with respect to the use of such excess Tax Increments. The City may use the excess amount to: (1) prepay the outstanding Bonds; (2) discharge the pledge of Tax Increments thereto; (3) pay into an escrow account dedicated to the payment of the Bonds; (4) return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their tax capacity rate. In addition, the City may choose to modify Tax Increment Financing Plan No. 1, consistent with any covenants made with respect to the Bonds, in order to finance additional public costs of the Development District. • -9- ARTICLE VI • Termination Section 6.1 Termination This Contract shall terminate, and neither City nor Developer shall have any further obligations hereunder, on the earlier of the following dates: (1) May 1, 1991, if Developer has not purchased the Bonds pursuant to the Bond Purchase Agreement of even date herewith between the City and Developer; or (2) The Termination Date, as defined in Article I herein. (3) The date of entry of a Court Order determining that the City failed to follow statutory procedures as to notice and public hearings prior to its approval of this Contract, such that this Contract is null and void. ARTICLE VII General Provisions Section 7.1 Restrictions on Use The Developer agrees for itself, its successors and assigns and every successor in interest to the Development • Property, or any part thereof, that the Developer and such successors and assigns shall devote the Development Property to, and only to, and in accordance with the uses specified in the Shorewood City Code or in this Contract. Section 7.2 Conflicts of Interest No member of the governing body or other official of the City shall have any financial interest, direct or indirect, in this Contract, the Project, or any contract, agreement or other transaction contemplated to occur or be undertaken thereunder or with respect thereto, nor shall any such member of the governing body or other official participate in any decision relating to the Contract which affects its personal interests or the interests of any corporation, partnership or association in which it is, directly or indirectly, interested. No member, official or employee of the City shall be personally liable to the Developer or any successors in interest, in the event of any default or breach by the City or for any amount which may become due to the Developer or successor or on any obligations under the terms of the Contract. Section 7.3 Provisions Not Merged With Deed None of the provisions of this Contract shall be merged by reason of any deed transferring any interest in the Development Property, and any such deed shall not be deemed to affect or impair the provisions and covenants of this Contract. Section 7.4 Titles of Articles and Sections Any titles of the several parts, Articles and Sections of the Contract are inserted for LJ alm convenience of reference only and shall be disregarded in construing or • interpreting any of its provisions. Section 7.5 Notices and Demands Except as otherwise expressly provided in this Contract, a notice, demand or other communication under the Contract by either party to the other shall be sufficiently given or delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally; and (a) In the case of the Developer, is addressed to or delivered personally to the Developer at the following address: To Trivesco: Trivesco c/o Steiner & Koppelman, Inc. Attention: Mr. Thomas Kordonowy 3610 South Highway 101 Wayzata, Minnesota 55391 With Copies to: Randal Travalia Robert H. Mason, Inc. 14201 Excelsior Boulevard Minnetonka, Minnesota 55345 Mark Z. Jones . Highland Properties, Inc. 5290 Villa Way Minneapolis, Minnesota 55435 Jeremy S. Steiner Vesely, Miller & Steiner 400 Norwest Bank Building 1011 First Street South Hopkins, Minnesota 55343 (b) In the case of the City, is addressed to or delivered personally to the City at the following address: City of Shorewood 5755 Country Club Road Shorewood, Minnesota 55331 (c) Either party may upon written notice to the other party change the address to which such notices and demands are made. 1_J -11- Section 7.6 Counterparts This Contract is executed in any number • of counterparts, each of which shall constitute one and the same instrument. Section 7.7 Law Governing This Contract will be governed and construed in accordance with the laws of Minnesota. Section 7.8 Partial Invalidity If any one or more of the covenants, agreements or provisions of this Contract shall be determined by a court of competent jurisdiction to be invalid, the invalidity of such covenants, agreements, and provisions shall in no way affect the validity or effectiveness of the remainder of this Contract and this Contract shall continue in force to the fullest extent permitted by law. Section 7.9 Assignment Neither the City nor the Developer shall have the right to assign its rights or obligations hereunder without the written consent of the other party, except that the City may assign all or any part of its rights and duties under this Contract (except its obligation to issue Bonds) to any governmental unit. Section 7.10 Rights Cumulative The rights and remedies of the parties of this Contract, whether provided by law or by this Contract, shall be cumulative, and the exercise by either party of any one or more of such remedies shall not preclude the exercise by it, at the same or different times, of any other remedies for the same default or breach or of any of its remedies for any other default or breach of the party. Delay by a party instituting or prosecuting any cause of action or claim hereunder shall not • be deemed a waiver of any rights hereunder. Section 7.11 Amendments, Changes and Modifications This Contract may be amended or any of its terms modified only by written amendment authorized and executed by the City and the Developer. • -12- • IN WITNESS WHEREOF, the City has caused this Contract to be duly executed in its name and behalf, and the Developer has caused this Contract to be duly executed in its name and behalf, on or as of the date first above written. • • TRIVESCO, a Minnesota general partnership By Steiner & Koppelman, Inc. Its Partner By: - Its V � - �,2ES By Robert H. Mason, Inc., Its Partner By: 44jo, a ' Its ". JL By Highland Properties, Inc., Its Partner By: CITY OF SHOREWOOD, MINNESOTA And y( ` Z `°' V - Its Administrator /Clerk -13- . STATE OF MINNESOTA) ss COUNTY OF HENNEPIN) The foregoing instrument was acknowledged before me this 0 day of D&g&jj,,j , 1990, by Jan Haugen and Laurence E. Whittaker, the Mayor and Administrator /Clerk, respectively, of the City of Shorewood, Minnesota, a municipal corporation and political subdivision of the State of Minnesota, on behalf of the City. �7�A Notary Public h 4 STATE OF MINNESOTA) ) ss COUNTY OF HENNEPIN) The forego ng instrument was acknowledged before me this 8* U day of xz&4m4L,.- , 1990, by Aemx% F. ACwh tswy , &&vL.w ti. '77 awl.. , and io"& z Tome trr , of Trivesco, a Minnesota general partnership, on behalf of the partnership. Notary Public • -14- That S4Cti.on 25 azld a6, Tovn, hip Z3.7, rang* 21 (plzxtted and in the [.mty o St1orewood, lk9rinCl c�cur�ty, miznzzasnta iy.it':g wyt,:i:n end the following c1&!vGri.bed lino; Ct en ng �mt the - rzti�jrse.ct i nn of the Past l.irl of sa d acri �gS 'C 71 �'ti r��1 8 01 S t� - ft �zr z �I1C :fTrY3}t '1tO. J t ? nee �ath a ,Ong isle of said �a�d snot .on 36 {5azd j ine t1so �vxr.q the {oa -3. and the casterjy boun(Ad;:y _t�jaore_wc d) to txxe cutil�i sto � r rjgq It o wviz�r t n Road 4xt.ended; �e- ;;� :. C} .F t`� . iy right of vay line pxt�Sc �cl Z%nd �aAd S OLI hwz�eE41y � igh C a �. °u`� line �Q the �S.Out,, way L ; �� paid 3ia��w3y 14o. :1 thalioe we-,s -r Y and Sol -It wF-- sterl.y dlong acid South rIgh of way line o f r.iQht 0 a 4;s3 13 :ors o ad r i oad to the ,a+Str3t�c�stkY.�`� extension tha so'ath est rly ljij of _ 24, A.Adt�;sarl �Yuti �clda.�:i�n, �ccazr3�n� to the � la ther(�` ., ; t: Inca northwesterly along amid Fotlttl'.;reste ly line and � t� ex��ns i on5 �o ��,e nor t7� —light ef wa;F a rz Qf Said kj�.ghaTAy ?10. 7: t ;�rsco north , 2P-si: - aY .alda19 i rortr, r1sht of uay l ine tC tnfl east firs of t�ze h o had or the solathiaiart ClUarter Of sA id S or.ic rz 2 ar' _ the Frrox- �uoc7d° Dmepha4.ven _boa47dary li.net wtc�r cc ou�11 ^r1y a at;g s i? aouijdar'j lino to th'a c.e:zt < 1xn C>,f !;a i- Sta.tel Tr. - UrIx High ay 110, i, thenc xzor ,'beast ' y arl� acid ccnter:..i.nG to the PO"t of - Drc ie 1 90 20 =45 • SV11lPT10t4,()F PA That part Of flip tauthwo st c)u:artor of V S0 C lLwrtor, Suction ?S, Townslilp 117, l"IM0e 23, Hotloopiti CO urlty, lvtintio:70ta 1y1r10 so u tlt"Dr ly Of t12e South right -or -way line df 'Irvtl filgl)vrSy 7 and nort(Zflrly arr;1 yvusterly of tl)o follc;.rrill ti�,sctil3od llrle: Crocjtrrrancln� �t the 3otrtlt Quarter cornor of said � tfv,uoa!s 02 rtilrit,t�+s -113 Srcorjcls W OO St � ••"cliort 2�; tllertce t'lOritt QU 1ho t, VSSUM,t d b©wing, a10119 tho vvest line of amid SoUtlzwOst t)u4rrtrDr o f 111:3 S OU1 11430.5t Ovailer 22r.28 foot to tho point of ' t boul,ualr',;g of Said 11ho to bo doserlbecd; tt olloo 13011f, t•;d drfjraor') 05 rnlmutes 00 • , SOCOMlS East MOO feat; itagrtce iiMthewEVSterfy 287.90 tool r_tlurig a ta►�ger)t{aI curve • cort,nvo tra it act t hrrvlr;0 a radius Uf ":,C}.00 font, find 41 centred angle of 50 d ugl W 1711nut(-'s 00 seor�r ;d;; thomoo Soutl•, 17 dL7vec -A 3 1 n1inute.% 2a Seconds East t,•#U -0fl "GCt; Iti011 D :. UU dCCjl*c-es'0G vninute; v3 neconds Last 1 40.00 foot; tho"Ce fiorit) Opt d0gr - 665 13;3 Minuty, 27 socorrL Last & feet; . tltonur3 l'lorilt 25 doQrooz r*i3 rt,lnutoS 33 sfac :Orldl ; W�t;t 33.00 fc. §et; thcnC0 lgortft 104 de{,rees 03 mirttitus 27 5,0(;:)r1c1S Last 230,00 fart to €r fist:.) 0-C'0 fact Westerly .,of. and pardlol w1th., the nilsto ly fire of Daid Soutlnves C;ual tt�r o; tl Soutllae�t ; C�trarior; tlrt�nt0 f�lUrflt V) da rr.'GS 00 ttylrlt.rt0s 4 :3occ,rta;ls �1 par;�ilot wlitt the .ca�terly (iri0 of sttici Cjtail)'rr�tst C�trartr;r pf tttp SbUIlle- ASt Quorier, a �liatartCC of . .2W5.79 feet t tile out!)ur rlgltt -ut - array 1irta of 51.1 TlUrrlt l•tlgl)way 7 a�-d said line theta itlrt))lt�atf�i�. t�t�:SitP7 #C'if1 �f` P113dC�i. 1`3 'l tnt l art of the Sofjtiv,•rost Qurjrter of t ?to a,utftea,t Q;, velar, Section ?a Township 117, Rt npef 23, t lonneplrl C::�uc)ty, frti►�,�ts;sCria, (, suuumly And f�w;;tLlly of tl following u83CT1�)8C,3 l .. . : j cammondno at tlto ; o ut1Z t ual C iat ,,lice Seotic 25; tl)cr7Ce Norlb 00 •td 02 min utes -4f anrcITLI� V` OSt, 055 i,tttod boa rlmj, }M.-nC) the West llttq of ' Sala 8OUthWOSt C,)t.tact0t' Of t110 GOIJiltoit$t 01t3trrter 220.28 fe ;t to the point of begirttting of Srtr(f lima to bo cl�)scrlhed; tberlcc 110(th 4•i Clagwos 00 minutes 00 ,20Cr. IRIS Eat t7n.M) fc;e,!t; tittttrce3 !�^� rtltr:;��ta.rly 87.` 8 feet alo:zu a curare ,cc�rt,ava t4 #lt�a nc�rit)tivost havi,19 LA rF,t "I" 01 330-00 feet, bbd a cont,cal anold of E0 dr�c3roeS OC? tt ?ir,rat s tl0 Sac:onds; tl,0rW.0 SOU111 17 det;roeu 3 r)llnutas 28 • Soconc)s East 110.64 kx1t; thoo "'tt SUUli 00 dec}r•evs 53 trri; arras 33 seCOnds lost Bret; ilj0t`,c;o tJortll 0.1 dc) 03 r),Ir:ut0, ?r sOr.or)ds t a ,t 6gU.00 coat; r ! .ths()Ce North 2.5 (J0Qrcwa Co n'rlt)utos 3,3 e;ornnds Wast 33.00 loch; thoncc north .64 dglr•oos 03 011nulos 27 AEconds Last r foot to i li,19 50.00 feat westorly ` of, ar1c1 parallel with, tl•aC 4Ct!:�tr�rly !ir rp Of s 1 1d Scutum,, st (Duartr r of tiro Sautlieast ! ' QVgrtQr; t1lefico Nor 00 declrous 00 ttalrtLOS 24 Seconds Wa;;t, parallel witf) tl .61154etfy line of s,altJ Sotrttlwost Qut rter t)t thr3 L ti'tt)'vt3i, Qu <<r ►trr, a distance of • 235.70 feet 110 1110 Sauttaerly right- Of•wa•y lino of i�40!d Twill( Hlgtlway 7 and said lira • • illCret lrrrtnit7�liiln, ..:•..., :• .. , . '. , . � , • EXiIiB S • LEGAL DESCRIPTION: That part of the Southwest Quarter of the Southeast Quarter, Section 25, Township 117, Range 23, lying South of a line extending from a point on the West line of said Southwest Quarter of the Southeast Quarter distant 591.42 feet North from the Southwest corner of said Southwest Quarter of the Southeast Quarter to a point on the East line of said Southwest Quarter of the Southeast Quarter distant 1236.14 feet North from the Southeast corner of said Southwest Quarter of the Southeast Quarter, according to the Government survey thereof Hennepin County, Minnesota. • EXHIBIT 3 1 :