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PURCHASE AND DEVELOPMENT AGREEMENT <br /> THIS AGREEMENT, made on or as of the day of , 2001, <br /> by and between the City of Hastings, Minnesota, a home rule charter city under the laws of the <br /> State of Minnesota (hereinafter referred to as.the "City"), and having its principal office at 101 <br /> 4th Street East, Hastings, Minnesota 55033-1955, and Lloyd Lodewegen and Susan Lodewegen, <br /> a married couple (hereinafter collectively referred to as the "Developer"), having its principal <br /> office at 16905 Neill Path,Hastings,Minnesota 55033. <br /> WITNESSETH: <br /> WHEREAS, the City is a home rule charter city under the laws of the State of Minnesota <br /> and is the owner of certain real property located in an industrial park within the City (which real <br /> property is referred to herein as the "Property"); and <br /> WHEREAS, the City has identified as one of its objectives the encouraging of economic <br /> development and job growth within the City by inducing and assisting new business to locate in <br /> the City and existing businesses to expand their operations; and <br /> WHEREAS, the Developer has presented to the City a proposal by which it would <br /> purchase the Property from the City and construct thereon a building of approximately 8,000 <br /> square feet with a market value for real property tax purposes of at least$160,000; and <br /> WHEREAS, the Developer has further proposed that in consideration of the City's <br /> conveyance of the Property the Developer will meet certain employment and wage requirements <br /> within specified times after conveyance of the Property; and <br /> WHEREAS, the Developer has represented to the City that the Developer is unable to <br /> secure the necessary financing to acquire the Property and construct the Improvements if the <br /> Developer is required to purchase the Property for its current market value; and <br /> WHEREAS, the City is willing to sell the Property to the Developer but only if the <br /> Developer complies with its construction, employment and other covenants under. this <br /> Agreement. <br /> NOW, THEREFORE, in consideration of the mutual covenants and obligations of the <br /> parties hereto, each of them does hereby covenant and agree with the other as follows: <br />