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Home My WebLink About[06b] TIF Pre-Application • „, CITY OF ST. J OSEPH www.cityo(stjoseph.com DATE: May 28, 2014 Administrator Judy Weyrens MEMO TO: Chairperson Wick Members of the Economic Development Authority Mayor Administrator Weyrens Richard Schultz FROM: Cynthia Smith-Strack, Municipal Development Group Councilors Steve Frank RE: Consideration of TIF Pre-Application: Bayou Blues/Alley Flats Bob Loso Renee Symanietz Request: Dale Wick Jon Petters d.b.a. Collegeville Companies has submitted a pre-application for tax increment financing assistance in conjunction with a $2.3M mixed use, two phase project east of College EDA Avenue and north of Millstream Shops&Lofts. Doug Danielson Larry Hosch The following are attached to this memo: Steve Frank Gary Osberg • Written project narrative Dale Wick • Phase I sources/uses statement • Phase II sources/uses statement • Project area map • Conceptual design illustrations • Corporate articles of incorporation for Bayou Alley Flats, LLC • TIF policy and procedures • Purchase agreement and property tax statement—Loso property • Purchase agreement and property tax statement—Pearce property • Tax statement—vacant lot owned by Collegeville Companies The project tentatively entitled Bayou Blues/Alley Flats includes two independent phases. Attached please find conceptual illustrations of the project and a project map. The first is a mixed use structure with 5,646 s.f. of commercial space on the street level combined with second and third story residential rental units.The commercial component would include 4,232 sf of restaurant space and 1,415 sf of retail/office space. The second and third stories will have eight rental units per floor. Units are proposed to be less loft style'one bedroom units of less than 702 s.f. in area. All rental units are proposed to have porches/balconies. The mixed use structure would front on College Avenue North. The second aspect of the project includes a freestanding four-unit residential structure with four attached units.This proposed structure would also include three stories. Parking would occur on the first floor and there would be two residential units on the second floor accessed by a shared stairway and two residential units on the third floor accessed by a shared stairway. The third story units will have roof top decks. Each residential unit would be 800 s.f. The structure would be accessed from an east/west alley between College Avenue North and 1st Street NE. This portion of the development would be structured as a condominium with the residential units being sold 'paint to paint'. The Bayou Blues/Alley Flats project style is to incorporate the flavor of New Orleans French Quarter. f '7 • CITY OF ST. J OSFPH www.cityof stjoseph.com The Applicant is reporting a gap in funding but has not assigned a dollar value to that gap. The Applicant is requesting assistance from the City to close the gap. The Applicant affirms the project will not move forward without TIF assistance;therefore, Petters has submitted a TIF pre- application for the EDA's consideration and recommendation to the Council. Financial proforma analysis will be available at the meeting for Phase I of the project. Please note this information is not public until the financing is finalized, however, a copy of the information may be released to those needing reasonable access to said data provided it is again collected following its use. Background: TIF Tax increment financing is a tool which allows the City/EDA to reimburse a company or land owner a portion of the new property taxes generated as a result of a development project. The amount of financial assistance available(TIF) is dependent upon a number of factors including but not limited to the assessed market value of the building and the financial need of the company. There are several types of tax increment financing districts, each of which has a maximum increment period established by state law. Mr. Petters is requesting assistance in the form of redevelopment TIF. Term of TIF Agreement The maximum term of an economic development TIF district is 25 years, however, the term of any TIF agreement should only reflect the amount needed to close a demonstrated 'gap' in financing. Pay as you go TIF State law allows the City/EDA to proceed with two types of TIF financing mechanisms. The first is the issuance of a TIF bond by the City/EDA. In this arrangement the proceeds of new tax increments are immediately available to the developer in the form of cash. With this type of mechanism the City/EDA bear significant risk in that if the project isn't completed and/or taxes are not paid, the City is responsible for making the bond payment. Due to the amount of risk involved, the City of St. Joseph's TIF policy highly discourages the issuance of TIF bonds. Instead an arrangement known as 'pay as you go' is the standard mechanism embraced by the City/EDA. With 'pay as you go'TIF, the City does not issue debt, instead the City enters into an agreement with the Developer pledging to 'rebate' a portion of the tax increment provided property taxes are paid. In this kind of arrangement, the Developer may use the TIF agreement to leverage a note from a conventional lender but the City is not incurring risk if taxes aren't paid or the project is not completed.The Applicant is requesting pay as you go TIF. Requirements: Preliminary TIF Application: The following are required to be submitted with the preliminary application for TIF assistance: 1. A map showing the exact boundaries of the proposed development. A map of the subject properties is attached. 2. A General description of the project including the following: • Size and location of building(s); there are two aspects to the development: One mixed use commercial/residential three story slab on grade structure 5,646 s. lb CITY OF ST. JOSEPH vuvvvv.cityof stjoseph.com f.per story with commercial space on the ground level and residential rental on the second and third stories. The second aspect is a freestanding three story structure containing four attached dwelling units. The building is to be 4,740 sf containing parking on the street level, two condominium units on the second floor and two more condominium units on the third floor. • Business type and use: Commercial: Retail/Restaurant 4,232 s.f.; General Retail/Office 1,415 s.f.;MF apartments on second and third floors-eight 702 s.f. units per story.Attached residential-one structure will have four condo units each approximately 800 s.f.each(two units second story,two units third story) with first floor parking shared by owners. • Traffic information, including parking; Parking facilities are proposed to rear of the mixed use facility and on the first level of the attached residential structures. The existing vacant lot owned by Collegeville Companies will become a paved parking lot providing between 50 and 60 parking stalls. The proposed development is contingent on PUD plat/plan development of which site plan review is part. The EDA does not have jurisdiction over parking lots. • Timing of project; The Applicant wishes to proceed with the project in August of this year. • Estimated market value following project completion. MDG has consulted with the County Assessor's Office regarding a projected EMV. The review is pending at this time, however, a report is expected in time for the meeting. The Applicant's contractor has placed the construction cost at $2M. Construction cost and projected estimated market value are entirely different numbers. The County Assessor's projections will be based on a previous development scenario and may not be applicable to the revised concept as outlined in this memo. 3. The existing Comprehensive Plan land use designation and zoning of the property. The comprehensive plan guides the subject parcel to continued downtown (Central Business District) use. Current zoning class is B-1, Central Business District with the exception of the parcel at 30 Ash Street East which is zoned R-1 Single Family Residential. Planned unit developments are permitted within said zoning class. 4. A statement identifying how the increment will be used and why it is needed to complete the project. The increment will be used to assist with eligible expenses associated with the development. Thorough sources/uses will be included with the final application for TIF, the company will be required to disclose financial information in conjunction with the final application. Preliminary sources/uses will be available at the meeting. 5. A statement identifying the public benefits for the proposal including estimated increase in property valuation, new jobs to be created and other community assets. TIF assistance is requested to assist with costs associated with a previously developed site. The project will result in the creation of 20-30 jobs within the community, diversification of housing types, and a projected increase in market value within the Downtown. • CITY OF ST. J OSEPH www.cityof stjoseph.com 6. A written perspective of the developers company(i.e. corporation, principals, history, past projects, etc.). Collegeville Companies (Jon and Colleen Petters) has a history of development within the City of St. Joseph i.e. Millstream Shops/Lofts and Millstream Village.Attached are articles of incorporation for Bayou Alley Flats, LLC. TIF Policy: A copy of the City's TIF policy is attached. The policies for the use of TIF include the following: 1. General Policy — The City of St. Joseph and EDA shall consider Tax Increment Financing for projects that serve to accomplish the City's goals for housing and economic development as they may change over time. The goals include facilitating projects that would result in the creation of quality jobs (i.e. stable employment and/or attractive wages and benefits)and the attraction, retention, and expansion of business and housing options in the City. The request appears to meet policy criteria. 2. Objectives: As a matter of adopted policy, the City of St. Joseph and EDA will consider using tax Increment Financing(TIF)to assist private development projects to achieve one or more of the following purposes: The project appears to meet objectives as outlined in(a), (b), (c), (e), and(f)below. a. Remove blight and/or encourage redevelopment in the commercial and industrial areas of the City in order to encourage high quality development or redevelopment and private reinvestment in those areas. b. To provide for a balanced and sustainable housing stock to meet diverse needs both today and in the future. c. To retain local jobs and/or increase the number and diversity of quality jobs(i.e. stable employment and/or attractive wages and benefits. d. To encourage additional unsubsidized private development in the area, either directly, or through secondary"spin-off'development. e. To offset increased costs of redevelopment(i.e. contaminated site clean-up, demolition of existing building), over and above those costs that a developer would incur in normal urban and suburban development. f. To facilitate the development process and to achieve development on sites which would not be developed without this assistance. 3. Costs that qualify for TIF assistance: The TIF would assist with redevelopment of substandard properties within the Central Business District. 4. Minimum Qualifications: a. TIF would facilitate development that would not occur without the assistance. The Preliminary TIF application is supplemented by source/use statements. The Applicant has indicated a gap in financing but has not assigned a dollar value • CITY OF ST. JOSEPH 'taw cityof stjoseph.com to the gap. The applicant has certified the development could not occur but for the use of TIF. b. But-For Test. The pre-application requires the developer to submit a statement identifying how the increment will be uses and why it is needed to complete the project. The applicant will demonstrate the project does not cashflow without TIF assistance. c. The project is consistent with the Comprehensive Plan. The Applicant is applying for rezoning of one of the three lots. d. Prior to approval of the TIF Plan (at the time of final application), financial guarantees and credentials will be required. e. The Applicant owns one of the subject properties and has purchase agreements for the other two subject properties(see attached). 5. Desired Qualifications: a. Taxes paid before and after the development will be greater than a 2:1 ratio. Current property taxes payable on the subject parcels combined equal $3,068. The project concept has been significantly revised since plans were forwarded to the Stearns County Assessor's Office for assignment of a projected estimated market value. Ms. Traci Ryan of David Drown Associates will be projecting possible increment generated by the project at some point in the future. Ms. Ryan will also be attending the June 25th meeting. b. TIF should not be used for speculative projects. Collegeville Companies real estate holdings include other developments within the City of St.Joseph.Pay as you go TIF is requested. c. TIF should not be used to pay for overpriced land. The TIF assistance is proposed to be used for costs associated with redevelopment of existing urban lots within the original townsite(Central Business District)and not for greenfield development. Since the site is within a dense, developed urban area, specialized construction techniques must be employed. TIF is not being used to pay for overpriced raw land. d. TIF should be pay-as-you go. The request is for pay-as-you go assistance. e. Preference is given to projects that do not cause extraordinary demands on City services. The Applicant is proposing retail restaurant, retail office/professional space, and residential units. The existing city system can accommodate the proposed redevelopment. f. Preference is given to projects that are consistent with the Comprehensive Plan, improve surrounding land uses, provide new employment, are financially feasible and provide the highest and best desired use for the property. The project appears to meet all of the aforementioned criteria in addition to furthering the City's goal of revitalizing the Downtown with pedestrian friendly, human-scale construction. 3 ) • CITY OF ST. J OSEPH www.cityofstjoseph.com The Developer and the City's TIF Consultant will be present to answer questions and provide comment as requested. The concept of 'preliminary' as it pertains to this request is similar to the concept of 'preliminary' in conjunction with a 'preliminary plat.' Although the conventional definition of'preliminary'describes activities preceding the main discourse or business approval of the 'preliminary' TIF application is an action analogous to approving the conceptual use of TIF for this project. Action: If the EDA is supportive of utilizing TIF for this project, a MOTION is in order to recommend the City Council approve the pre-application and authorize submittal of the final application and fee. TIF MEMO ATTACHMENTS 1. Written project narrative: Pages 25-28 of packet 2. Phase I sources/uses statement: Page 29 of packet 3. Phase II sources/uses statement: Page 30 of packet 4. Project area map: Page 33 of packet 5. Conceptual design illustrations: Pages 35-38 of packet 6. Corporate articles of incorporation for Bayou Alley Flats, LLC: Pages 39-44 of packet 7. TIF policy and procedures: Pages 45-50 of packet 8. Purchase agreement and property tax statement—Loso property: Pages 51-65 of packet 9. Purchase agreement and tax statement— Pearce property: Pages 66-77 of packet 10. Tax statement—vacant lot owned by Collegeville Companies: Pages 78-79 of packet ; 3 THIS PAGE INTENTIONALLY LEFT BLANK �y Bayou Blues and Alley Flats Project Narrative Project Scope: The project will incorporate four elements on three sites: (square foot measurements are net footage) 4,232 sf Cajun Restaurant plus 10'outside patio 1,415 sf Retail space plus 10'outside patio 16—702 sf loft-style apartments above the restaurant and retail space with a wrap-around deck 4—800 sf loft-style apartments with tuck-under garages, storage,decks and rooftop patios (These four units will be a for-sale product and will not be constructed until three are pre-sold.) Gross Square footages include: (Changes include adding a third floor of apartments,catwalks to the back for access to the units;two external stairwell s and an enclosed elevator. We also changed the building depth from 45'to 46') 5,646 sf for Restaurant and retail (122'8"x 46') 11,292 sf for Bayou Lofts plus outside stairs and an elevator 4,740 sf for site 3 lofts including garages(for-sale product) Traffic: Approximately 50-60 parking stalls in addition to 4 garage stalls and 4 driveway stalls Site 2 will now be a paved parking lot Plans: See attached Project Timing: It is intended that the project would have a late summer/early fall construction start with completion in the spring of 2015. Estimated Market Value: For the purpose of assessed valuation based on the construction price of the structures minus general conditions, profit and overhead,we anticipate the cost will be approximately $2,300,000. (These amounts were shared with the Stearns County Assessor.) For TIF purposes, in addition to the estimated total building cost of$2,010,000 we also have the following allowable costs: Phase I (Bayou Blues and Lofts) land costs- $255,000(actual) demolition costs- $ 10,000(actual) architectural and engineering fees- $ 90,500(actual) TIF application fees- $ 17,000(actual) SAC and WAC fees- $130,000(estimate) City Development fees- $ 25,000(estimate) TOTAL $527,500 a5 Phase II (Alley Flats) land costs- $ 60,000(actual) demolition costs- $ 8,000(actual) architectural and engineering fees- $ 30,000(actual) TIF application fees- $ 0(part of original) SAC and WAC fees- $ 30,000(estimate) City Development fees- $ 10,000(estimate) TOTAL $138,000 Grand Total $665,500 Sources and Uses: See attached Financing Gap: None other than for meeting cash flow needs. Land Use Designation: The proposed project will be situated on three parcels. One is currently zoned R1—Single Family Residential and the other two are Central Business District.We are pursuing having all three parcels designated as Central Business District. Need for TIF: In order to keep the project affordable for potential renters,we have a realistic rent ceiling we must stay below in order to fill the buildings. This limitation places a burden on the revenue that can be generated not only to attract investors, but also to attract lenders and meet their debt coverage ratios. Due to the city's fee structure,the introduction of multi-family housing units are heavily impacted by SAC and WAC fees of$6,900 per unit even for our small one-bedroom lofts. In all, just the SAC and WAC fees will cost$110,400 for the 16 apartment units plus we will also have fees on the retail space as well. Due to the location in the downtown area where we will be undertaking redevelopment to improve the area,we also have demolition costs for existing structures. Public Benefits: The introduction of 20 housing units into the downtown area. (16 lofts&4 flats) Renovation of an older downtown area into an attractive project. The introduction of another restaurant for attracting visitors to the downtown area. The potential creation of approximately 20-30 new jobs. The addition of a vibrant total living experience to the downtown area to build off of that already created by the Mill Stream Shop and Lofts. This is creating a new downtown identity for the city of St.Joseph,while on a smaller scale,very similar to the Uptown area of Minneapolis. The creation of additional "loft-style" living with an elevator,to the city of St.Joseph. Over time,this project will be generating tens of thousands of dollars in annual tax revenues for the city,county and school district over and above the$3,000 which is currently paid by the existing properties. Developer: While the entire investment team has not yet been finalized,the primary investor will be Jon Petters from Collegeville Companies. He has a strong track record for creating attractive,yet functional and affordable downtown housing/retail mixed properties including the Mill Stream Shops and Lofts project in St.Joseph. d TI THIS PAGE INTENTIONALLY LEFT BLANK g8 St. Joseph Financial Assumptions - Phase I Sources Equity - $ 580,000 Loan - $2,320,000 Total- $2,900,000 Uses Land $ 255,000 Building - $2,010,000 Developer Fee - $ 100,000 Construction Loan Interest - $ 60,000 Working Capital/Capitalized Interest - $ 100,000 Marketing - $ 20,000 Financing and Appraisal Charges - $ 25,000 Legal and Accounting - $ 10,000 Architect and Engineering — $ 90,500 TIF Fees - $ 17,000 City Development Fees - $ 35,000 Sac and Wac Fees - $ 130,000 Miscellaneous - $ 47,500 Total- $2,900,000 Financial Assumptions in Proforma Apartments assumed to be at 65% occupancy year one...95% following years Restaurant assumed to be first month free rent, following 11 months full rent Retail space assumed to be empty for half the year Retail rent figured at 1,415 sf at $15/sf net/net/net Restaurant rent figured at 4,232 sf at $15/sf net/net/net Apartment rents at $950 Apartment tenants pay electricity TIF will be based on economic redevelopment and not housing Building Cost Estimate Based on the Following Bayou Blues Restaurant and Retail — 5,646 sf @ $85/sf = $ 480,000 Bayou Lofts— 11,292 sf @ $97.40/sf = $1,100,000 Bayou 10' patio on front and side all three levels—4,800 sf @ $25/sf = $ 120,000 Parking lot = $ 200,000 Elevator= $ 100,000 Building demo = $ 10,000 Total= $2,010,000 * Includes one regular elevator aq St. Joseph Financial Assumptions - Phase II Sources Equity - $ '134,000 Loan - $ 536,000 Total- $ 670,000 Uses Land $ 60,000 Building (included demo)- $ 500,000 Construction Loan Interest - $ 15,000 Marketing - $ 5,000 Financing and Appraisal Charges - $ 10,000 Legal and Accounting - $ 2,000 Architect and Engineering — $ 30,000 City Development Fees - $ 10,000 Sac and Wac Fees - $ 30,000 Miscellaneous - $ 8,000 Total - $ 670,000 3 1 D 11,n CD _c2 RE: s• - 0 (1$ 0 IP , \ 00 ''. 44\r:., _ Isk , a b , Is I II IN I ** , ,. _, g."-■•-illim'"— ..,. *, . ri, " . .'i'..,.. di „, t cl- E o —_____ . -.a- . ...1.. ., 1 . o_ 0'. oa 2 ; '5 L • I • iiii 8 12 6 e> .. .,. i .. .. .„. 4 ., kJ -1—P r• , *.t,,.: C13 ... 8 6-1 ii >% . 1 LlLi... _____-------------- ----- ..... .,, m) Oi iti Ill lig . 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The business entity is now legally registered under the laws of Minnesota. Name: Bayou Alley Flats, LLC File Number: 763674600020 Minnesota Statutes,Chapter: 322B This certificate has been issued on: 06/02/2014 If ....... . Watit..., diZ/..e...414,:e ,+ . ,�p11,E DtI�,0•• +r �� ..; • •`• ,. �� .9 Mark Ritchie• - `�'.-�—�� • - Secretary of State• �� 2' ( " •,: E State of Minnesota % ..T''71), V--__.: ,..? ..„4,.. , .... ,........ 4. i.cri► nllll 3q Office of the Minnesota Secretary of State �o „,„%, Minnesota Limited Liability Company/Articles of Organization ��'` •Q� Minnesota Statutes 322B ✓. The individual(s) listed below who is(are each) 18 years of age or older, hereby adopt(s)the following Articles of Organization: n�'18fi8,,,,, ARTICLE 1 -LIMITED LIABILITY COMPANY NAME: Bayou Alley Flats,LLC ARTICLE 2 - REGISTERED OFFICE and AGENT: Name Address: 15 East Minnesota Street,Suite 104 Saint Joseph MN 56374 USA ARTICLE 3 - DURATION: PERPETUAL ARTICLE 4 - ORGANIZERS: Name: Address: Jon Petters 15 East Minnesota Street,Suite 104 Saint Joseph MN 56374 USA If you submit an attachment, it will be incorporated into this document. If the attachment conflicts with the information specifically set forth in this document, this document supersedes the data referenced in the attachment. By typing my name,I,the undersigned,certify that I am signing this document as the person whose signature is required,or as agent of the person(s)whose signature would be required who has authorized me to sign this document on his/her behalf,or in both capacities. I further certify that I have completed all required fields,and that the information in this document is true and correct and in compliance with the applicable chapter of Minnesota Statutes. I understand that by signing this document lam subject to the penalties of perjury as set forth in Section 609.48 as if I had signed this document under oath. SIGNED BY: Chad McKenney MAILING ADDRESS: None Provided EMAIL FOR OFFICIAL NOTICES: chad @dmlawltd.com LIP ARTICLES OF ORGANIZATION OF BAYOU ALLEY FLATS,LLC The undersigned organizer, being a natural person 18 years of age or older, in order to form a limited liability company under Minnesota Statues, Chapter 322B,hereby adopts the following Articles of Organization. 1. Name. The Name of this Company is Bayou Alley Flats,LLC. 2. Registered Office. The registered office of this Company is located at 15 East Minnesota Street, Suite 104, Saint Joseph,MN 56374. 3. Organizer. The name and address of the organizer of this Company is as follows: Jon Petters 15 East Minnesota Street, Suite 104 Saint Joseph,MN 56374 4. Election of Governors. Voting by members for election of Governors shall not be cumulative. 5. Dissolution. No dissolution shall occur by any event that terminates the continued membership of a member in Bayou Alley Flats,LLC. 6. Continuation. The Members of this Company shall have the power to enter into a business continuation agreement. 7. Preemptive Rights. Except as may be provided in any member control agreement governing the Company, members of the Company shall have none of the preemptive rights described in Minnesota Statutes Section 322B.33 or any successor provision. 8. Cumulative Voting. Except as may be provided in any member control agreement governing the Company, members of the Company shall have none of the rights of cumulative voting described in Minnesota Statutes Section 332B.63 or any successor provision. 9. Written Actions of Board of Governors. Any action required or permitted to be taken at a meeting of the Company's Board of Governors and not requiring approval by the members of the Company,may be taken by written action signed by the number of governors that would be required to take such action at a meeting of the Board of Governors at which all governors were present. 10. Actions by Members. The members shall take action, including action to amend these Articles of Organization, by the affirmative vote of the owners of the greater y/ of(a) a majority of the voting power of the membership interests present and entitled to vote at a meeting of the members, or (b) a majority of the voting power that would constitute a quorum for the transaction of business at the meeting,unless a larger number or proportion is required by law, the Operating Agreement or a Member Control Agreement. 11. Limitation of Governor Liability. No governor of this Company shall be personally liable to the Company or its members for monetary damages for breach of fiduciary duty by such governor as a governor; provided, however, that this Article shall not eliminate or limit the liability of a governor to the extent provided by applicable law (i) for any breach of the governor's duty of loyalty to the Company or its members, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 322B.56 or 80A.23 of the Minnesota Statutes, (iv) for any transaction from which the governor derived an improper personal benefit or(v) for any act or omission occurring prior to the effective date of this Article. No amendment to or repeal of this Article shall apply to or have any effect on the liability or alleged liability of any governor of the Company for or with respect to any acts or omissions of such governor occurring prior to such amendment or repeal. 12. Written Action of the Members.Any action required or permitted to be taken at a meeting of the Company's members,may be taken by written action signed by the members who own voting power equal to the voting power that would be required to take the same action at a meeting of the members at which all members were present. 13. Membership Authority. The aggregate number of units this Company shall have authority to issue is 100,000 units each having a par value of zero dollars. 14. Membership. The Board of Governors of the Company shall have authority to(a)establish one or more classes or series of membership interests and(b)fix the relative rights and preferences of each such class and series. In the event the Board of Governors creates membership interests with rights or preferences not set forth herein, a statement setting forth the name of the Company,the text of the resolution and certifying the adoption of the resolution and the date of adoption must be filed with the Secretary of State before the Company accepts any contributions for such membership interests. However,where the members have received notice of the creation of membership interests with rights or preferences not set forth herein,before the acceptance of the contributions with respect to such membership interests,the statement may be filed with the Secretary of State any time within one year after the acceptance of contributions. The resolution is effective when the statement has been filed with the Secretary of State,or if it is not required to be filed with the Secretary of State before the acceptance of contributions,on the date of its adoption by the Board of Governors. 15. Board Authority as to Additional Membership Interests. No additional contributions shall be accepted and no Membership Interests may be granted by the Board without the consent of the owners of a majority of the voting power of all of the outstanding membership interests of the Company. 2 (11 16. Assignment of Governance Rights. A member may assign governance rights to someone who is not a member of the Company upon consent of a simple majority of the other members of the Company. 17. Voting Pg ower. The voting power of each membership interest need not be in the proportion to the value reflected in the required records of the contributions of members. 18. Amendment. These Articles of Organization may be amended in the manner provided by law when approved by the affirmative vote of the owners of a majority of the voting power of the members present and entitled to vote, unless a greater proportion of the voting power of members is required by law or by the applicable provisions of a member control agreement. IN WITNESS WHEREOF, I have hereunto set my hand this day of v\- .. ._,2014. .4k Jo P ers 3 �f3 ♦,� 111,wL Lkt�1 'Y...,��',�p1LCOUk .<, giiii :(,---..::"..4**(---;::-i-._...1 'rrrzmu rsn v"' Work Item 763674600020 Original File Number 763674600020 STATE OF MINNESOTA OFFICE OF THE SECRETARY OF STATE FILED 06/02/2014 11:59 PM -77161.44--- 2e6,/eltre, Mark Ritchie Secretary of State City of St. Joseph Policy and Procedures for Tax Increment Financing Project For the purpose of this policy, the "EDA"shall also mean the St. Joseph Economic Development Authority, which serves in conducting various economic development, housing and redevelopment programs and activities within the City of St. Joseph. I. GENERAL POLICY The purpose of this policy is to establish the position of the City of St. Joseph and the Economic Development Authority with respect to the use of Tax Increment Financing for private development within the City. This policy shall be used as a guide in the application for, review and consideration of any requests for Tax Increment assistance. The fundamental purpose of tax increment financing in St. Joseph is to encourage desirable development and/or redevelopment that would not otherwise occur"but for"the assistance provided through TIF. The City of St. Joseph and EDA shall consider Tax Increment Financing for projects that serve to accomplish the City's goals for housing and economic development as they may change over time. The goals include facilitating projects that would result in the creation of quality jobs(i.e. stable employment and/or attractive wages and benefits)and the attraction, retention, and expansion of business and housing options in the City. II. CITY's and EDA's OBJECTIVE FOR THE USE OF TIF As a matter of adopted policy,the City of St. Joseph and EDA will consider using tax Increment Financing (TIF)to assist private development projects to achieve one or more of the following purposes: • Remove blight and/or encourage redevelopment in the commercial and industrial areas of the City in order to encourage high quality development or redevelopment and private reinvestment in those areas. • To provide for a balanced and sustainable housing stock to meet diverse needs both today and in the future. • To retain local jobs and/or increase the number and diversity of quality jobs(i.e. stable employment and/or attractive wages and benefits. • To encourage additional unsubsidized private development in the area, either directly,or through secondary "spin-off'development. • To offset increased costs of redevelopment(i.e.contaminated site clean-up), over and above those costs that a developer would incur in normal urban and suburban development. • To facilitate the development process and to achieve development on sites which would not be developed without this assistance. St.Joseph TIF Policy 1 1/5 • To meet other uses of public policy, as adopted by the Council from time to time, including promotion of quality urban design, quality architectural design, energy conservation, decreasing the capital and operating costs of local government, etc. III. COSTS WHICH QUALIFY FOR TIF ASSISTANCE • Project design fees including: utilities, landscape, architectural and engineering design. • Site related work including: permits for site work, earthwork/excavation, soil correction, landscaping, utilities, streets and roads, street/parking lot paving, street/parking lot lighting, curb and gutter, sidewalks • Land acquisition • Special assessments • Legal fees(acquisition,finance, closing) • Soil tests • Environmental studies • Surveys • Park and open space dedication fees • Interest rate write downs • Relocation assistance • Replacement or clean-up of contaminated soils which would otherwise preclude redevelopment • Rehabilitation • Any other costs allowable by Statute IV. PROJECTS WHICH MAY QUALIFY FOR TIF ASSISTANCE All new TIF projects considered by the City of St. Joseph and EDA must meet each of the following minimum qualifications and will also be evaluated based on their ability to meet the desired qualifications for assistance. However, it should not be presumed that a project meeting any of the qualifications will automatically be approved. Meeting the qualifications creates no contractual rights on the part of any potential developer to have its project approved. MINIMUM QUALFICIATIONS 1. The project should meet one or more of the Tax Increment Financing Objectives outlined in Section II of this policy, but at a minimum shall: • Remove blight and/or encourage redevelopment in the commercial and industrial areas of the City in order to encourage high quality development and redevelopment and private investment in those areas. • To facilitate the development process and to achieve development on sites which would not be developed without this assistance. 2. The developer must demonstrate that the project is not financially feasible"but for"the use of TIF assistance. 3. The project must be consistent with the City's Comprehensive Plan, Zoning Ordinances and the EDA's Strategic Plan or require changes to the plan and ordinances must be under active consideration by the City at the time of final TIF application submittal. St.Joseph TIF Policy 2 4. Prior to approval of a TIF financing plan,the developer shall provide any requested market and financial feasibility studies,appraisals, soil borings, private lender commitment, and/or other information the City, EDA or its financial consultants may require in order to proceed with an independent underwriting of the proposal. 5. The developer must provide adequate financial guarantees to ensure the completion of the project. These may include, but not limited to: assessment agreements, letter of credit, personal deficiency guarantees, maximum cost contract, etc. 6. Any developer requesting TIF assistance should be able to demonstrate past successful general development capability as well as specific capability in the type and size of development proposed. TIF will not be used when the developer's credentials, in the sole judgement of the City,are inadequate due to past track record relating to: completion of the projects,general reputation and/or bankruptcy, or other problems or issues considered relevant by the City and EDA. 7. The developer shall retain ownership of the project at least long enough to complete it,to stabilize its occupancy, and to establish the project management and initiate repayment via the TIF assistance. DESIRED QUALIFICATIONS 1. TIF proposals creating a higher ratio of property taxes paid before and after redevelopment will receive priority consideration. Given the different assessment circumstances in the City, this ratio will vary widely. A 1:2 ratio of taxes paid before and after redevelopment is desired. 2. TIF proposals should normally not be used to support speculative industrial, commercial, office or housing projects. In general,the developer should be able to provide market data, tenant letter of commitment or finance statements which support the market potential/demand for the proposed project. 3. TIF will normally not be used in a project that involves an excessive land and/or property price. This will normally be where the acquisition price is more than 20% in excess of the market value as determined by an independent appraisal of the property. 4. TIF will not be used in projects that would give a significant competitive financial advantage over similar projects in the area due to the use of tax increment subsidies. Developers should provide information to support that the TIF assistance will not create such a competitive advantage. Priority consideration will be given to projects that fill an unmet market need. 5. TIF will be provided on a pay-as-you-go basis. Any request for up front assistance will be evaluated on its own merit in accordance with this policy. Projects requesting pay-as-you-go financing will receive priority consideration. 6. Preference will be given to projects that do not place extraordinary demands on City services. If it is determined by the City's Public Works Director and City Engineer that an extraordinary increase in public service would result because of the project, TIF financing will not be considered. 7. TIF will not normally be used for projects that would generate significant environmental problems in the opinion of the local, state, or federal governments. Priority will be given to project that aim to clean-up existing contaminated sites and would facilitate the location of an industry or business that has an environmentally sound track record, or meet a housing need in the City. St.Joseph TIF Policy 3 LI "7 8. Preference will be given to projects that meet good public policy criteria as determined by the EDA and City Council, including: • Projects that are in accord with the Comprehensive Plan, Strategic Plan,Zoning Ordinances and other redevelopment plans of the City and EDA, • Projects that provide significant improvement to surrounding land uses,the neighborhood, and/or the City, • Projects that provide a significant increase in tax base, • Projects that provide significant new,or retained employment, • Projects that meet financial feasibility criteria established by the EDA,and • Projects that provide the highest and best desired use for the property. V. TAX INCREMENT PROJECT EVALUATION PROCESS The following five methods of analysis for all TIF proposals will be used: 1. Consideration of project meeting minimum qualifications. 2. Consideration of project meeting desired qualifications. 3. Project meets"but for"analysis and statutory qualifications(Exhibit A). 4. Project Report Card (Exhibit B). 5. Project is deemed consistent with the EDA Strategic Plan and the City's Comprehensive Plan. Please note that the evaluation methodology is intended to provide a balanced review. Each area will be evaluated individually and collectively and in no case shall one area outweigh another in terms of importance to determining the level of TIF assistance. VI. APPLICATION FOR TIF ASSISTANCE FOR ALL TIF DISTRICTS AND PROJECT AREAS The City's tax increment financing program will be administered by the St. Joseph Economic Development Authority(EDA). The St. Joseph EDA will require a non-refundable application fee in the amount of$2,000 for its processing of the application. The application fee shall be paid to the EDA at the time of final TIF application is submitted. At the time a final TIF application is submitted,the applicant shall also deposit$8,000 with the EDA if the project cost is estimated at$750,000 or less or$15,000 if the project cost is estimated at$750,001 or more, with the EDA to cover its attorney's and consultant's costs incurred as part of amending or establishing a TIF District, drafting and negotiating a development agreement, and conducting and fiscal analysis that may be require to meet the requirements of utilizing TIF. If additional costs are incurred beyond the$15,000, prior to the execution of a development agreement,the EDA shall notify the applicant in writing and the applicant will be required to deposit additional funds upon notice. If the project is approved and the applicant proceeds with the project, the EDA shall reimburse the applicant any unused portion of the deposit as of the date of execution of the development agreement. If the applicant does not proceed with the project, the EDA shall reimburse the applicant for the unused portion of the deposit as of the date that the EDA is notified in writing that the applicant desires to withdraw its application. VII. APPLICATION PROCESS The application process is a two-step process and must be completed in accordance with the TIF application procedures(Exhibit C). The purpose of this approach is to give an applicant the opportunity to present a development proposal without expending a great deal of money and time in pursuing a development that may conflict with the City's and EDA's goals and objectives. St.Joseph TIF Policy 4 VIII. OTHER POLICY ISSUES FISCAL DISPARITIES Does not impact the City of St.Joseph according to State Statute. Loss of Government Aid At any time, if the formation of a new TIF district or the use of an existing district to finance a project will subject the City to an LGA/HACA penalty or local contribution to a project,the transaction shall be structured so as to have the ultimate cost the City minimized to the greatest extent permitted by law, so as to have the project bear the cost of the penalty or contribution. Public Use of Tax Increment The City and EDA shall follow applicable state laws in terms of potential public improvement financing with TIF. It shall be the general policy of the City and EDA to identify public improvements at the time of adoption or amendment of the TIF Plan. PASSED AND DULY ADOPTED this day of , 1998 by the City of St.Joseph. PASSED AND DULY ADOPTED this day of , 1998 by the St.Joseph EDA. Mayor EDA Chair ATTEST: City Administrator EDA Director Attachment A "But For"Worksheet Attachment B in-house Grading and Report Card Attachment C Application Procedures St.Joseph TIF Policy 5 y9 THIS PAGE INTENTIONALLY LEFT BLANK 50 From:Sentry Bank 3203634816 05/20/` 13:26 #441 P.002/010 PURCHASE AGREEMENT This form approved by the Minnesota Association of REALTORS*, which disclaims any liability arising out of use or misuse of this form. 0 2013 Minnesota Association of REALTORS*,Edina,MN 1. Date 03/08/14 2. Page 1 of 3. BUYER(S): C LLSGG5VVZLL5 CO1OIWr1TIES,LLC 4. 5. Buyer's earnest money in the amount of $1,000.00, which is already paid, and add'l $4,000 6. rive Thousand Dollars($ 5,000.00 ) 7. shall be delivered to listing broker within two(2)Business Days after Final Acceptance Date of this Purchase Agreement 8. Buyer and Seller agree that listing broker shall deposit any earnest money in the listing broker's trust account within 9. three(3)Business Days of receipt of the earnest money. 10. Said earnest money is part payment for the purchase of the property located at 11. Street Address: 24 Colleme Ave North 12. City of Saint Joseph ,County of. *teases 13. State of Minnesota,legally described as 14. S 1341 of Lots 1-2 and 3, Block 10 subdivision, Townsite of St. Joseph 3.ot. 1, Block 10. ( All the contiguous property owned by the Seller at 24 15. College Ave north. parcel id: 84.53867.0000) 16. Said purchase shall include all improvements,fixtures, and appurtenances on the property,if any, including but not 17. limited to the following(collectively the"Property"):garden bulbs, plants, shrubs,trees,and lawn watering system; 18. shed; storm sash, storm doors, screens and awnings,window shades,blinds;traverse, curtain, and drapery 19. rods,valances,drapes,curtains,window coverings and treatments;towel rods;attached lighting and bulbs;fan fixtures; 20. plumbing fixtures;garbage disposals;water softener;water treatment system;water heating systems,heating systems 21. air exchange nge system;radon mitigation system;sump pump; TV antenna/cable TV jacks and wiring/TV wall mounts; 22. wall/ceiling-mounted speakers and mounts;carpeting;mirrors;garage door openers and all controls,smoke detectors; 23. fireplace screens, door and heatiators;BUILT 1NS dishwashers;refrigerators wine/beverage refrigerators;trash 24. compactors;ovens;cook4op stoves;warming drawers;microwave ovens;hood fans;shelving;work benches;intercoms; 25. speakers; air conditioning equipment electronic air filter humidifier/dehumidifier; liquid fuel tanks (and controls); 26. pool/spa equipment propane tank(and controls);security system equipment;TV satellite dish;AND the following 27. personal property shall be transferred with no additional monetary value,and free and clear of all Ilene and encumbrances: 28. 29. 30. Notwithstanding the foregoing,leased fixtures are not included. 31. Notwithstanding the foregoing,the following item(s)are excluded from the purchase: 32. Seller has the ri-ht to remove an shrubs, .lent*, •srenials within 10 de s of 33, the date of closing. Also may remove any kennels within 10 days of closing. • 34. Seller has agreed to sell the Property to Buyer for the sum of($ 205,000.00 ) S5, Two Hundred live Thousand Dollars, 36. which Buyer agrees to pay In the following manner: 37. 1. CASH of percent(%)of the sale price,or more in Buyer's sole discretion,which includes the earnest 38. money;PLUS 39. 2. FINANCING of 80 percent (%) of the sale price, which will be the total amount secured against this 40. Property to fund this purchase. 41. Such financing shall be (check one)0 a first mortgage;❑a contract for deed; or 0 a first mortgage with 42. subordinate financing,as described in the attached Addendum: 43. Q Conventional❑FHA ❑OVA ❑Assumption ❑Contract for Deed❑Other: ./Check one./-- -- - - ----- 44. The date of closing shall be ,20 MN:PA-1(8/13) 5f From:Sentry Bank 3203634816 051201' ' 13:26 #441 P.003/010 PURCHASE AGREEMENT 45. Page 2 Date 03/08/14 . 46. Property located at 24 College Ave North Saint Joseph 47. This Purchase Agreement 01S g IS NOT subject to an Addendum to Purchase Agreement Sale of Buyer's Property ..- one.}•.-- 48. Contingency for sale of Buyer's property.(If answer is IS,see attached Addendum.) 49. (If answer is IS NOT,the closing of Buyer's property,If any,may still affect Buyer's ability to obtain financing,if financing 50. is applicable.) 51. This Purchase Agreement❑IS RI IS NOT subject to cancellation of a previously written purchase agreement --- on..}--- 52. dated ,20 .(If answer is IS,said cancellation shall be obtained no later than 53. ,20 .tf said cancellation is not obtained by said date,this Purchase Agreement 54. is canceled.Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation 55. and directing all earnest money paid hereunder to be refunded to Buyer.) 56. Buyer has been made aware of the availability of Property inspections.Buyer❑Elects Q Declines to have a 57. Property inspection performed at Buyer's expense. 58. This Purchase Agreement 0IS[Ea IS NOT subject to an Addendum to Purchase Agreement inspection Contingency. -(Chock 59. (If answer is IS,see attached Addendum.) 60. DEED/MARKETABLE TITLE: Upon performance by Buyer, Seller shall deliver a (check one): 61. © Warranty Deed,0 Personal Representative's Deed, 0 Contract for Deed,❑'trustee's Deed, or 62. ❑Other: Deed joined In by spouse,if any,conveying marketable title,subject to 63. (a) building and zoning laws,ordinances,and state and federal regulations; 64. (b) restrictions relating to use or improvement of the Property without effective forfeiture provisions; 65. (c) reservation of any mineral rights by the State of Minnesota; 66. (d) utility and drainage easements which do not interfere with existing improvements; 67. (e) rights of tenants as follows(unless specified,not subject to tenancies):ao' 66. And 69. (f) others(must be specified in writing): 70. • 71. REAL ESTATE TAXES:Seller shall pay on the date of closing all real estate taxes due and payable in all prior years 72. Including all penalties and Interest. 73. Buyer shall pay g PRORATED FROM DAY OF CLLO 12th .e❑ 12 .OF El ALL❑NO real estate taxes due 74. and payable in the year 20 14 75. Seller shall pay Q PRORATEDTO DAY OF CLOSING❑ 12ths OF❑ALL❑NO real estate taxes due and 76. payable M the year 20 14 if the closing date is changed,the real estate tars paid shall,if prorated,be adjusted 77, to the new closing date.If the Property tax status is a part-or non-homestead classification in the year of closing,Senor 78. ❑SHALL©SHALL NOT pay the difference between the homestead and non-homestead. --(Chock-- ---.- 79. Buyer shall pay real estate taxes due and payable in the year following closing and thereafter,the payment of which 80. is not otherwise herein provided.No representations are made concerning the amount of subsequent real estate taxes. 81. DEFERRED TAXES/SPECIAL ASSESSMENTS: 82. g BUYER SHALL PAY❑SELLER SHALL PAY on date of closing any deferred real estate taxes (e.g., Green -Mho&ow} 83. Acres)or special assessments,payment of which is required as a result of the closing of this sale. 84. ❑BUYER AND SELLER SMALL PRORATE AS OF THE DATE OF CLOSING Q SELLER SHALL PAY ON 85. DATE OF CLOSING all installments of special assessments certified for payment,with the real estate taxes due and 86. payable in the year of closing. MN:PA-2(8113) 50? teapot From:Sentry Bank 3203634816 05!20/`' g. 13:26 #441 P.004/010 PURCHASE AGREEMENT 87. Page 3 Dale 03/08/14 88. Property located at 24 college Ave North Saint Joseph 89. ❑BUYER SHALL ASSUME ®SELLER SHALL PAY on date of closing all other special assessments levied as 90. of the date of this Purchase Agreement. 91. f BUYER SHALL ASSUME[J SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as (Moak one.)- 92, of the date of this Purchase Agreement for improvements that have been ordered by any assessing authorities.(Seller's 93. provision for payment shall be by payment into escrow of two(2)times the estimated amount of the assessments 94. or less,as required by Buyers lender.) 95. Buyer shall pay any unpaid special assessments payable in the year following dosing and thereafter,the payment of 96. which is not otherwise herein provided. 97. As of the date of this Purchase Agreement,Seller represents that Seller❑HAS 0 HAS NOT received a notice 98. regarding any new improvement project from any assessing authorities,the costs of which project may be assessed 99, against the Property.Any such notice received by Seller after the date of this Purchase Agreement and before closing 100, shall be provided to Buyer immediately if such notice is issued after the date of this Purchase Agreement and on 101, or before the date of closing,then the parties may agree in writing,on or before the date of dosing,to pay,provide 102. for the payment of or assume the special assessments.In the absence of such agreement,either party may declare 103. this Purchase Agreement canceled by written notice to the other party,or licensee representing or assisting the other 104. party,in which case this Purchase Agreement is canceled.If either party declares this Purchase Agreement canceled, 105. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 106. directing all earnest money paid hereunder to be refunded to Buyer. 107. POSSESSION. Seller shall deliver possession of the Property no later than 1G DaY■ after closing. 108. Seller agrees to remove AU.DEBRIS AND ALL PERSONAL PROPERTY NOT INCLUDED HEREIN from the Property 109. by possession date. 110. PRORATiONS:All interest;unit owners'association dues;rents;and charges for city water,city sewer,electricity and 111. natural gas shall be prorated between the parties as of date of closing Buyer shall pay Seller for remaining gallons of 112. fuel oil or liquid petroleum gas on the day of closing,at the rate of the last fill by Seller. 113. TITLE AND EXAMINATION:As quickly as reasonably possible after Anal Acceptance Date of this Purchase Agreement 114. (a) Seller shall surrender any abstract of tide and a copy of any owner's title insurance policy for the Property,if 115. In Seller's possession or control,to Buyer or Buyer's designated title service provider;and 118. (b) Buyer shall obtain the title services determined necessary or desirable by Buyer or Buyer's lender,including 117, but not limited to title searches,title examinations,abstracting,a title insurance commitment or an attorney's 118. title opinion at Buyer's selection and cost and provide a copy to Seiler. 119. Seller shall use Seller's best efforts to provide marketable title by the data of dosing.Seller agrees to pay all costs 120. and fees necessary to convey marketable title including obtaining and recording all required documents,subject to the 121. following: 122. In the event Seller has not provided marketable title by the date of closing,Seller shall have an additional 30 days to 123. make title marketable,or in the alternative,Buyer may waive title defects by written notice to Seller.In addition to 124. the 30-day extension,Buyer and Seller may,by mutual agreement,further extend the dosing date.Lacking such 125. extension, either party may declare this Purchase Agreement canceled by written notice to the other party,or 126. licensee representing or assisting the other party,in which case this Purchase Agreement is canceled.It either 127. party declares this Purchase Agreement canceled, Buyer and Seller shall immediately sign a Cancellation of 128. Purchase Agreement confirming said cancellation and directing all earnest money paid hereunder to be refunded 129. to Buyer. 130. SUBDIVISION OF LAND, BOUNDARIES,AND ACCESS: If this sale constitutes or requires a subdivision of land 131. owned by Seller,Seller shall pay all subdivision expenses and obtain all necessary governmental approvals.Seiler 132. warrants that the legal description of the real property to be conveyed has been or shall be approved for recording as 133. of the date of dosing.Seller warrants that the buildings are or shall be constructed entirely within the boundary lines 134. of the Property.Seller warrants that there is a right of access to the Property from a public right-of-way. MN:PA-3(8113) Vito Froa:Sentry Bank 3203634816 05/20/' 1 13:26 #441 P.0051010 PURCHASE AGREEMENT 135. Page 4 Date 03/09/14 136. Property located at 24 Cols• . Av. Korth Saint Joep 137. MECHANIC'S LIENS:Seiler warrants that prior to the closing,payment in full will have been made for all labor,materials, 138. machinery, fixtures or tools furnished within the 120 days Immediately preceding the dosing in connection with 139. construction,alteration or repair of any structure on,or improvement to,the Property. 140. NOTICES:Seller warrants that Seiler has not received any notice from any governmental authority as to condemnation 141. proceedings,or violation of any law,ordnance or regulation.If the Property is subject to restrictive covenants,Seller 142. warrants that Seiler has not received any notice from any person or authority as to a breach of the covenants.Any 143, such notices received by Seller shall be provided to Buyer immediately. 144. DIMENSIONS:Buyer acknowledges any dimensions,square footage or acreage of land or improvements provided 145. by Seller,third party,or broker representing or assisting Seller are approximate.Buyer shall verify the accuracy of 146. Information to Buyers satisfaction,if material,at Buyer's sole cost and expense. 147. ACCESS AGREEMENT:Seller agrees to allow reasonable access to the Property for performance of any surveys or 148. inspections agreed to herein. 149. RISK OF LOSS:if there is any loss or damage to the Property between the date hereof and the dated dosing for any 150. mason,Including fire,vandalism,flood, earthquake or act of God,the risk of loss shall be on Seller.If the Property 151. is destroyed or substantially damaged before the dosing date,this Purchase Agreement Is canceled,at Buyer's option, 152. by written notice to Seller or licensee representing or assisting Seiler. If Buyer cancels this Purchase Agreement, 153. Buyer and Seller shall Immediately sign a Cancellation of Purchase.Agreement confirming said cancellation and 154. directing all earnest money paid hereunder to be refunded to Buyer. 155. TIME OF ESSENCE:Time is of the essence In this Purchase Agreement. 156. CALCULATION OF DAYS:Any calculation of days begins on the first day(calendar or Business Days as specified) 157. following the occurrence of the event specified and includes subsequent days(calendar or Business Days as specified) 158. ending at 11:59 RM.on the last day. 159. BUSINESS DAYS:"Business Days"are days which are not Saturdays,Sundays or state or federal holidays unless 160. stated elsewhere by the parties in writing. 161. DEFAULT:If Buyer defaults in any of the agreements herein,Seiler may cancel this Purchase Agreement,and any 162. payments made hereunder,including earnest money,shall be retained by Seiler as liquidated damages and Buyer 163. and Seller shall affirm the same by a written cancellation agreement. 164. If Buyer defaults in any of the agreements hereunder, Seller may terminate this Purchase Agreement under the 165. provisions of either MN Statute 559.21 or MN Statute 559.217,whichever is applicable.If either Buyer or Seller defaults 166. in any of the agreements hereunder or there exists an unfulfilled condition after the date specified for fufil ment,either 167. party may cancel this Purchase Agreement under MN Statute 559.217,Subd.3.Whenever it is provided herein that 168. this Purchase Agreement is canceled,said language shall be deemed a provision authorizing a Declaratory Cancellation 169. under MN Statute 559.217,Subd.4. 170. If this Purchase Agreement is not canceled or terminated as provided hereunder,Buyer or Seller may seek actual 171. damages for breach of this Purchase Agreement or specific performance of this Purchase Agreement and, as to 172. specific performance,such action must be commenced within six(6)months after such right of action arises. 173. BUYER HAS THE RIGHT TO A WALK-THROUGH REVIEW OF THE PROPERTY PRIOR TO CLOSING TO 174. ESTABLISH THAT THE PROPERTY IS IN SUBSTANTIALLY THE SAME CONDITION AS OF THE DATE OF 175. THIS PURCHASE AGREEMENT. 176. BUYER HAS RECEIVED A (check any that apply❑DISCLOSURE STATEMENT:SELLER'S PROPERTY OR A 177. ❑DISCLOSURE STATEMENT:SELLER'S DISCLOSURE ALTERNATIVES FORM. 178. DESCRIPTION OF PROPERTY CONDITION:See Disclosure Statement:Seller's Property or Disclosure Statement 179. Seller's Disclosure Alternatives for description of disclosure responsibilities and limitations,if any. 180. BUYER HAS RECEIVED THE INSPECTION REPORTS,IF REQUIRED BY MUNICIPALITY. 181. BUYER IS NOT RELYING ON ANY ORAL REPRESENTATIONS REGARDING THE CONDITION OF THE PROPERTY 182. AND ITS CONTENTS. PoNV:R4-4(8/13) 51 Froa:Sentry Bank 3203634816 05120/r 13:27 #441 P.006/010 PURCHASE AGREEMENT 183. Page 5 Date 03/08/14 184. Property located at 24 Collage Ave North Saint Joseph 185. (Check appropriate boxes.) 186. SELLER WARRANTS THAT THE PROPERTY IS EITHER DIRECTLY OR INDIRECTLY CONNECTED TO: 187. CITY SEWER RIVES❑NO / CITY WATER DYES❑NO 188. SUBSURFACE SEWAGE TREATMENT SYSTEM 189. SELLER ❑ DOES 0 DOES NOT KNOW OF A SUBSURFACE SEWAGE TREATMENT SYSTEM ON OR ircrms 190. SERVING THE PROPERTY. (If answer is DOES,and the system does not require a state permit,see Disclosure 191. Statement:Subsurface Sewage Treatment System.) 192. PRIVATE well 193. SELLER ❑ DOES gi E DOS S NOT KNOW OF A WELL ON OR SERVING THE PROPERTY. tchirok 194. (if answer is DOES and well is located on the Property,see Disclosure Statement Well.) 195. THIS PURCHASE AGREEMENT❑IS Q IS NOT SUBJECT TO AN ADDENDUM TO PURCHASE AGREEMENT: 196. SUBSURFACE SEWAGE TREATMENT SYSTEM AND WELL INSPECTION CONTINGENCY. 197. (If answer is IS,see attached Addendum.) 198. IF A WELL OR SUBSURFACE SEWAGE TREATMENT SYSTEM EXISTS ON THE PROPERTY, BUYER HAS 199. RECEIVED A DISCLOSURE STATEMENT WELL AND/OR A DISCLOSURE STATEMENT:SUBSURFACE SEWAGE 200. TREATMENT SYSTEM. 201. NOTICE REGARDING PREDATORY OFFENDER INFORMATION:information regarding the predatory offender 202. registry and persona registered with the predatory offender registry under MN Statute 243.186 may be obtained 203. by contacting the local law enforcement offices in the community where the Property is located or the Minnesota 204. Department of Corrections at (851) 381-7200, or from the Department of Corrections web site at 205. www.corr.state.mn.us. 208. HOME PROTECTION/WARRANTY PLAN:Buyer and Seller are advised to investigate the various home protection/ 207. warranty plans available for purchase. Different home protection/warranty plans have different coverage options, 208. exclusions,limitations and service fees.Most plans exclude pre-existing conditions.(Check one.) 209. ❑ A Home PratectionWVarranty Plan wit be obtained and paid by❑BUYER❑SELLER to be issued by --pock cn..f,.____. 210. at a cost not to exceed$ 211. ® There will be no Home Protection/Warranty Plan as part of this Agreement. 212. NOTICE 213. Jon Petters� is 0 Seders Agent®Buyer's «ntt 0 Dual Agent❑Facilitator. 214. Collegeville Companies (Reed Estate Company Neme) 215. is❑Seller's Agent❑Buyer's Agent❑Dual Agent❑Facilitator. rummer -- -(p ear ogyo . 216. Meet Estate Company Name) 217. THIS NOTICE DOES NM SATISFY MINNESOTA STATUTORY AGENCY DISCLOSURE REQUIREMENTS. MN:PA-5(8/13) From:Sentry Bank 3203634816 05/20/ ' 13:27 #441 P.0071010 PURCHASE AGREEMENT 218. Page 6 Date 03/09/19 219. Property located at 24 College Ave North Saint Joseph 220. DUAL AGENCY REPRESENTATION 221. PLEASE CHECK ONE OFTHE FOLLOWING SELECTIONS: 222. Dual Agency representation DOES NOT apply in this transaction.Do not complete lines 223-239. 223. ❑Dual Agency representation DOES apply in this transaction.Complete the disclosure fn lines 224-239. 224. Broker represents both the Seller(s) and the Buyer(s)of the Property involved in this transaction,which creates a 225. dual agency.This means that Broker and its salespersons owe fiduciary duties to both Seller(s)and Buyer(s).Because 226 the parties may have conflicting interests,Broker and its salespersons are prohibited from advocating exclusively for 227. either party.Broker cannot act as a dual agent in this transaction without the consent of both Seller(s)and Buyer(s). 228. Seller(s)and Buyer(s)acknowledge that 229. (1) confidential information communicated to Broker which regards price,terms,or motivation to buy or sell will 230. remain confidential unless Seller(s)or Buyer(s)instructs Broker in writing to disclose this Information.Other 231. information will be shared; 232. (2) Broker and its salespersons will not represent the interest of either party to the detriment of the other;and 233. (3) within the limits of dual agency,Broker and its salespersons will work diligently to facilitate the mechanics of 234. the sale. 235. With the knowledge and understanding of the explanation above,Sellers)and Buyer(s)authorize and instruct Broker 238. and its salesperson to act as dual agents in this transaction. 237. Seller Buyer NA NA 238. Seller NA Buyer 239. Date Date 240. CLOSING COSTS:Buyer or Seiler may be required to pay certain closing costs,which may effectively increase the 241. cash outlay at closing or reduce the proceeds from the sale. 242. ENTIRE AGREEMENT:This Purchase Agreement and any addenda or amendments signed by the parties shall 243, constitute the entire agreement between Buyer and Seller.Any other written or oral communication between Buyer and 244. Seller,including,but not limited to e-mails,text messages, or other electronic communications are not part of this 245. Purchase Agreement.This Purchase Agreement can be modified or canceled only in writing signed by Seiler and 246. Buyer or by operation of law.All monetary sums are deemed to be United States currency for purposes of this Purchase 247. Agreement. 248. ELECTRONIC SIGNATURES:The parties agree the electronic signature of any party on any document related to this 249. transaction constitute valid,binding signatures. 250. FINAL ACCEPTANCE:To be binding,this Purchase Agreement must be fully executed by both parties and a copy 251. must be delivered. 252. SURVIVAL:All warranties specified in this Purchase Agreement shall survive the delivery of the deed or contract 253. for deed. 254. OTHER; Buyer is a licensed reel Estate Broker in the State of Minnesota 255. Buyer agrees to use Jon Petters as a Buyer's agent to purchase a new how in the event the Buyer 256. purchases a new home. In the event the Buyer does not use Jon Petters, the Purchase Price shall be 195,000. In the event Jon Petters does provide reasonable Buyer Agent afrvices, the 257. purchase price will remain $205,000. 25B. Buyer has the right to have an inspection done for contaminants or pollutants within 5 business days of the execution of this Purchase agreement. 259. THIS PURCHASE IS AM ATTACHMENT TO AN OPTION TO PURCHASE. IT MILL BE EXECUTED IP BUYER EXERCISES 260. ITS RIGHT TO PURCHASE, AND SPELLS OUT EVERYTHING EXCEPT ACTUAL DATES. ALL OTHER TERMS TO REMAIN TEE SAME. BUYER TO COOPERATE TN TER PLATTING ETC.WBEN THIS AGREEMENT EXECUTED. 261. MN:PA-6(8113) 56 From:Sentry Bank 3203634816 051201 13:27 #441 P.0081010 PURCHASE AGREEMENT 282. Pagel Date 03108/14 283. Property located at 24 Calliege Ave North Smartt aotspb 264. ADDENDA AND PAGE NUMBERING:Attached addenda are a part of this Purchase Agreement 265. Enter total number of pages of this Purchase Agreement,Including addenda,on line two(2)of page one(1). 266. NOTE Disclosures and optional Arbitration Agreement are not part of this Purchase Agreement and should 267. not be part of the page numbering. 268. I,the owner of the Property,accept this Purchase I agree to purchase the Property for the price and on 269. Agreement and authorize the listing broker to withdraw the terms and conditions set forth above 270. said Property from the market,unless instructed I have reviewed all pages of this Purchase 271. otherwise in writing. Agreement. 272. I have reviewed all pages of this Purchase Agreement 273. ❑ if checked,this Purchase Agreement is sub)ect to 274. attached Addendum to Purchase Agreement 275. Counteroffer. 276. X X (Sellers Signature) (Date) (9uyera Signature) (Date) 277. X PIGGY_L0110 X COLLEGBVILLS c03111013148,LT C Waters Printed Name) Mures Printed Name) 278. X MARAUD X " (Mart(i$atu4) partial Straus) 279. X X (senses Signature) (bete) (Buys e Si9esltee) Mate) 280. X DAVE Loco X (Seller's Prod Name) (Buyer's Printed Name) 281. X X (Marital Statue) (Marital SiNue) 282. FINAL ACCEPTANCE DATE: The Final Acceptance Date 283. is the date on which the fully executed Purchase Agreement Is delivered. 284. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYER(S)AND SELLER(S). 285. IF YOU DESIRE LEGAL OR TAX ADVICE,CONSULT AN APPROPRIATE PROFESSIONAL. 286. I ACKNOWLEDGETHAT I HAVE RECEIVED AND HAVE NADINE OPPORTUNITYTO REVIEWTHE DISCLOSURE 287. STATEMENT:ARBITRATIONN DISCLOSURE AND RESIDENTIAL REAL PROPERTY'ARBITRATION AGREEMENT, 288. WHICH IS AN OPT1ONAL,VOLUNTARY AGREEMENT AND IS NOT PART OF THIS PURCHASE AGREEMENT. 289. SELLER(S) BUYER(S) 290. SELLER(S) BUYER(S) MN:PA-7(8/13) 5 � From:Sentry Bank 3203634816 051201' I. 13:27 #441 P.009/010 • Option to Purchase Property March 8, 2014 • This is an agreement betweenfeefiniftiftetfiffifiturdfitoittetiba Collegeville Companies (Buyer)and Dave and Peggy l oso,(Seller). In consideration of $1,000.00(One Thousand and 00/100 Dollars)Seller Grants the Buyer an option to purchase property at,24 North College Avenue,Saint Joseph,MN 56374,Stearns Parcel ID 84.53867.0000. See attached Purchase Agreement. The terms of the option are as follows: • The Purchase price is; 1001Two hundred five thousand and 00/100 Dollars)If Sellers use Buyer as a Buyer real estate agent In the purchase of a new home, if Buyer does not,The price will be reduced by$10,000.00 tOIP I * • if Buyer does not purchase the property,the$1,000 would be yours to keep. If I do purchase,it `. would be applied to the purchase price. tA► • • . . ., ,. , , •: ' - . . .. The last day to exercise the option Is IE910,2014. The notice to exercise shall be postmarked no later thanA011.3 2014. mi� AO/5t AOPt May/ /'-,l s • Buyer must provide Seiler with proof of financing commitment at the time of execution of the Purchase Agreement, • Sellers then have up to 10 days to execute the attached Purchase Agreement which Includes a closing date no laterthan September 1,2014,or before 30 days after the execution of the Attached Purchase Agreement. • At Closing Sellers would have up to 10 days to remove any personal property,and plants, appliances. If Buyer Intends to demolish It within 30 days,Seller could have whatever you wanted in any of the buildings. • • 5� From:Sentry Bank 3203634816 06120/! 13:28 #441 P.010/010 • • There are no contingencies regarding the condition of the property other than Buyer obtaining assurance of no pollutants at Buyers expense. Sellers: Dave Loso `'> Date 9 Peggy Loso ,r, Date 4 j . Buyer A Date T y /I/ Col(.-. 1ila Communities,LLC By its:CEO Jon Petters Purchase Agreement Attached • 51 Page 1 of 1 Closing Dept From: Jon Petters [jpetters @collegeville.biz] Sent: Tuesday, May 20, 2014 1:47 PM To: dougd@fsbstjoseph.com;Closing Dept Attachments: F_FTP from printerPA LOSO COLLEGEVILLE 26 College Ave_20 1 405201 326.pdf Doug, Lisa and Chad, This is a copy of the PA for Collegeville Cos purchasing the Loso's residence, It is being financed by Sentry Bank. I will get you the LLC name and paper work. The entity it will be in is : Alley Flats, LLC. Chad McKenney will be creating the LLC Title Professionals will handle the closing etc. Sentry Bank is handling the financing. Thanks, jon 5/20/2014 Page 1of1 Closing Dept From: Jon Petters [jpetters @collegeville.biz] Sent: Tuesday, May 20, 2014 2:41 PM To: SHARON.SCHUMACHER @usbank.com;Closing Dept;Steve Cash Subject: Loso terry Road Purchase Attachments: loso terry rd ammendment may 14_201405201431.pdf Attached, is a fully executed copy of and addendum from may 14th . Please note it replaces an amendment dated may 5th Warm regards, Jon Hollinger Petters CEO, Broker Collegeville Companies 15 E Minnesota St, Suite 104 Saint Joseph, MN 56374 320-363-7656 ext 16 320-363-7657 fax Collegeville Companies, creating sustainable green homes and communities. Thoughtful environments for all generations. Developers, Creators and Brokerage www.collegevillecompanies.com 5/20/2014 , AMENDMENT TO PURCHASE AGREEMENT This form approved by the Minnesota Association of REALTORS', which disclaims any liability arising out of use or misuse of brie form. 02006 Minnesota Association of REALTORS°,Edina,MN 1. Date 05/05/14 2, The undersigned parties to a Purchase Agreement,dated, 04/21/14 ,pertaining to 3. the purchase and sale of the property at. 32314 Tarry Road 4. Avon, MN 56310 5. hereby mutually agree to amend said Purchase Agreement as follows: 6. Buyers request that $1,774 be reduced from the purchase price. 7• Buyers request that the sellers identify the boundaries to the "best 8. of their knowledge", provide warranty information about the roof, provide copies of actual utility bills from last 12 months. S. 10. The inspection Contingency is hereby removed effective 5/6/2014. 11. The Contingency regarding the sale of Buyers home is hereby removed 12. effective 5/6/2014 13. This Amendment Replaces an Amendment dated 5/5/2014 which is no longer 14. part of the Purchase Agreement,. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. All other terms and conditions of the Purchase Agreement to remain the same. 31. (Data) q�ai Pe Lose (D (SeNar) O t� 32. (Date) er) Dave Logo (Sailer) { 33. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS AND SELLERS. 34. IF YOU DESIRE LEGAL OR TAX ADVICE,CONSULT AN APPROPRIATE PROFESSIONAL. MN•AMD(8/06) ,MPS'' AMENDMENT TO PURCHASE AGREEMENT This form approved by the Minnesota Association of REALTORS', which disclaims any liability arising out of use or misuse of this form. 0 2006 Minnesota Association of REALTORS',Edina,MN 1. Date 05/05114 2. The undersigned parlies to a Purchase Agreement,dated 04/21/14 ,pertaining to 3. the purchase and sale of the property at 32314 Terry Road 4. Avon, NN 56310 - 5. hereby mutually agree to amend said Purchase Agreement as follows: 6, Buyers request that $1,774 be reduced from the purchase price. 7, Buyers request that the sellers identify the boundaries to the "best 8. of their knowledge", provide warranty information about the roof, provide copies of actual utility bills from last 12 months. 9, 10. The inspection Contingency is hereby removed effective 5/6/2014. 11. The Contingency regarding the sale of Buyers home is hereby removed 12. effective 5/6/2014 13. This Amendment Replaces an Amendment dated 5/5/2014 which is no longer 14. part of the Purchase Agreement. 16. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. All other terms and conditions of the Purchase Agreement to remain the same. 31. ( eller) (Gate) (Buyer) Peggy Louo (Date) 32. a /// f '-e" -. ✓ =/�/ pate) Geller) ( (Date) (Buyer) Dave Loao 33. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS AND SELLERS. 34. IFYOU DESIRE LEGAL OR TAX ADVICE,CONSULT AN APPROPRIATE PROFESSIONAL. MN•AMD(8/06) /QS IN Randy R. Schreifels I Stearns County Auditor-Treasurer 2014. Administration Center Rm.136 PO Box 728 St.Cloud,MN 56302-0728 Property Tax Statement Phone#: 320-656-3870 VALUES AND CLASSIFICATION Sent in March 2013 Website: www.co.stearns.mn.us Step Taxes Payable Year 2013 2014 - "" Estimated Market Value: $92,300.00 $91,300.00 1 Improvements Excluded: Pin Number: 84.53867.0000 Homestead Exclusion $28,900.00 $29,000.00 Taxable Market Value: $63,400.00 $62,300.00 Owner Names: LOSO DAVE&PEGGY New Improvements/ Expired Exclusions: Property Classification: Res Hstd Res Hstd DAVE&PEGGY LOSO Step PROPOSED TAX Sent in November 2013 PO BOX 151 2 Proposed Tax: $926.00 ST JOSEPH MN 56374-0151 PROPOSED TAX STATEMENT Step First-half Taxes: $734.00 3 Second-half Taxes: $734.00 Total Taxes -'i ,r.,.°•:- $1,468.00 You may be eligible for one or even two refunds to reduce your property tax. REFUNDS? Taxes Payable Year: 2013 2014 2 014 PROPERTY TAX 1. Use this amount on Form M1PR to see if you are eligible for a property tax refund. $926.72 STATEMENT File by August 15.If this box is checked,you owe deliquent taxes and are not eligible. ❑ $958.72 2. Use these amounts on Form M1PR to see if you are eligible for a special refund. --,r. ----. ! 3. Your Property taxes before credits $958.72 $92672 4. Credits that reduce your property taxes 84.53867.0000 4 A.Agricultural market value credits $0.00 $0.00 Property Address: If B.Other credits $0.00 $0.00 p g 5.Property taxes after credits $958.72 $926.72 24 COLLEGE AVE N ST JOSEPH MN 56374 6.County STEARNS COUNTY $352.74 $340.47 7.City or Town ST JOSEPH CITY $341.63 $324.31 Property Description: 8.State General Tax $0.00 $0.00 9.School District ISD 0742 ST CLOUD S134'OF LTS 1-2&3 BLK 10 SubdivisionName TONSITE OF ST JOSEPH Lot 001 Block 010 A.Voter Approved Levies $134.59 $101.90 W SubdivisionCd 84022 Section 10 Township 124 Range B.Other Local Levies $125.63 $156.09 029 a, 10.Special Taxing Districts A.HRA $2.55 $2.80 I-- B.Regional Rail Authority $1.58 $1.15 @g' 11. Non-school voter approved referenda levies $0.00 $0.00 C 6 Special Assessment Breakdown 12. Total property tax before special assessments $958.72 $926.72 • 2006 STR IMPROVEMENT PROJECT $531.28 13. Special Assessments on Your Property 2014 SOLID WASTE FEE $10,00 See Left for Breakdown of Special Assessments Special Assessment Totals Interest:$197.94 Principal:$343.34 5541.28 $541.28 Special Assessment Total $541.28 14. YOUR TOTAL PROPERTY TAX AND SPECIAL ASSESSMENTS $1,500.00 $1,468.00 Detach this stub and return with your second half payment Total Property Tax for Amount $$734.00 2 Y P Y 2nd Half Tax Amount $734.00 2nd Half Payment Stub - Payable 2014 Penalty To avoid penalty, pay on or before October 15, 2014 2nd Half Total Amount Due PIN: 84.53867.0000 Paid By BILL NUMBER: 1560623 MAKE CHECKS PAYABLE TO: TAXPAYER(S): DAVE&PEGGY LOSO PO BOX 151 Randy R.Schreifels Stearns County Auditor-Treasurer ST JOSEPH MN 56374-0151 PO BOX 728 St Cloud,MN 56302-0728 OUR RECORDS INDICATE THAT YOUR TAXES ARE BEING PAID BY US BANCORP SERV PROVIDERS 405 Your canceled check is your receipt Detach this stub and return with your first half payment Total Property Tax for 2014 $1,468.00 1 1st Half Payment Stub Payable 2014 1st Half Tax Amount $734.00 To avoid penalty, pay on or before May 15, 2014 Penalty If your tax is$100.00 or less, pay the entire tax by May 15, 1st Half Total Amount Due 2014 PIN: 84.53867.0000 Paid By BILL NUMBER: 1560623 MAKE CHECKS PAYABLE TO: TAXPAYER(S): DAVE&PEGGY LOSO Randy R.Schreifels PO BOX 151 Stearns County Auditor-Treasurer PO BOX 728 ST JOSEPH MN 56374-0151 St Cloud,MN 56302-0728 OUR RECORDS INDICATE THAT YOUR TAXES ARE BEING PAID BY US BANCORP SERV PROVIDERS 405 Your canceled check is your reciept If you owned and occupied this property on January 2,2014 as your homestead,you may qualify for one or $$$ REFUNDS both of the following refunds: 1 You may be eligible for a refund if your taxes exceeded certain income-based thresholds,and your total household income is less than$105,500. Even if you did not qualify 2 If you also owned and occupied this property on January 2,2013 as your homestead,you may be i n previous years, you eligible for a refund if your property taxes increased by more than 12 percent and at least$100 over last year may qualify for one or even two refunds from the If you need Form M1PR and instructions: State of Minnesota based / Minnesota Tax Forms on your 2014 Property wo=r,www.revenue.statc.mn.us (651)296-4444 Mail Station 55146-1421 Taxes Make sure to provide your Property ID Number on your M1PR to ensure prompt processing. Senior Citizens Property Tax Deferral The Senior Citizens Deferral Program was established to help senior citizens having difficulty paying property taxes.This deferral program allows senior citizens to leverage the equity in their home,providing two primary advantages: 1 It limits the annual out-of-pocket payment for property taxes to 3 percent of the total household income,and 2 It provides predictability.The amount you pay will not change for as long as you participate in this program. To be eligible,you must be 1)at least 65 years old,2)with a household income of$60,000 or less,and 3)have lived in your home for at least 15 years.While in this program,you will only have to pay taxes equal to 3 percent of your net income,with the remaining tax paid by a low interest loan by the State of Minnesota.This is not a tax forgiveness program-the unpaid tax along with accumulated interest will become a lien on the property for future satisfaction,such as upon a sale or disposition of the estate.To receive a fact sheet and application,please call:(651)556-4803. Penalty for Late Payment of Property Tax If you pay your first half and second half property tax after the due dates,a penalty will be added to your tax.The later you pay,the greater the penalty you must pay.The table below shows the penalty you will pay if your property taxes are not paid before the date shown. Agricultural Homesteads If the due date for your second half property tax 2014 2015 payment is November 15 and your property is classified as agricultural homestead property,the penalty rates for late payments are:6%if you pay 3 - 0 Z from November 16 through November 30;8%if you G C Z g eO p�m� G.pay from December 1 through January 1;and 10%if (14 'O ,. N < N it you pay on January 2,2015 or later. Property Type: 171 N N N F+ N N 01 1' N Agricultural Non-homesteads Homestead and Cabins 1st half 2% 4% 5% 6% 7% 8% 8% 8% 8% 8% 10% If the due date for your second half property tax 2nd half 2% 6% 6% 8% 10% payment is November 15 and your property tax is Both Unpaid 5% 7% 7% 8% 10% classified as agricultural non-homestead property, P the penalty rates for late payments are:8%if you pay from November 16 through November 30;12% Non-Homestead if you pay from December 1 through January 1;and 1st half 4% 8% 9% 10% 11% 12% 12% 12% 12% 12% 14% 14%if you pay on January 2,2015 or later. 2nd half 4% 8% 8% 12% 14% Both Unpaid 8% 10% 10% 12% 14% Note: Personal Property 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% The taxes for personal property located on Manufactured Homes leased government-owned land may be paid in 1st half 8% 8% 8% 8% 8% 8% 8% two installments which are due at the same time as real property taxes,and which are 2nd half 8% 8% 8% subject to the same penalty schedule and penalty rates as real property taxes.All other Note to manufactured home owners: The title to your manufactured home cannot be transferred personal property taxes are due in full on or unless all current and delinquent personal property taxes levied at the time of the transfer are paid. before May 15,2014. THIS STUB MUST ACCOMPANY SECOND HALF PAYMENT THIS STUB MUST ACCOMPANY SECOND HALF PAYMENT "S VS-Li 7 ).c iyd�J APR. 1O. 2014 2:03PM Ma) ] ED,,.., REALTY ST. CLOUD NO. 1752 P. 6/25 I U - ,2.3 - PURCHASE AGREEMENT This form approved by the Minnesota Association of REALTORS., which disclaims any liability arising out of use or misuse of this form. ®2013 Minnesota Association of REALTORS°,Edina,MN 1. Date 03/19/14 2. Page 1 of 3. BUYER(S): Collegeville Communities, LLC 4. 5. Buyer's earnest money in the amount of 7. One Thousand Dollars($ 1,000.00 7. shall be delivered to listing broker within two(2)Business Days after Final Acceptance Date of this Purchase Agreement 8. Buyer and Seller agree that listing broker shall deposit any earnest money in the listing broker's trust account within 9. three(3)Business Days of receipt of the earnest money. 10. Said earnest money Is part payment for the purchase of the property located at 11. Street Address: 30 E Ash Street 12. City of St. Joseph , County of Stearns 13. State of Minnesota,legally described as SECTION 10 TOWNSHIP 124 RANGE 029 S96' OF LOT 8 BLK 10 SUBDIVISIONNAt4E 14. TOWNSITE OF' ST JOSEPH LOT 008 BLOCK 010 SUBDIVISIONCD 84022 15. 16. Said purchase shall Include all Improvements,fixtures,and appurtenances on the property, if any, Including but not 17. limited to,the following(collectively the"Property"):garden bulbs, plants, shrubs, trees, and lawn watering system; 18. shed; storm sash, storm doors, screens and awnings; window shades, blinds; traverse, curtain, and drapery 19. rods,valances,drapes,curtains,window coverings and treatments;towel rods;attached lighting and bulbs;fan fixtures; 20. plumbing fixtures;garbage disposals;water softener;water treatment system;water heating systems,heating systems; 21. air exchange system;radon mitigation system;sump pump; TV antenna/cable TV jacks and wiring/TV wail mounts; 22. wall/ceiling-mounted speakers and mounts;carpeting;mirrors;garage door openers and all controls;smoke detectors; 23. fireplace screens, door and heatilators; BUILT-INS: dishwashers; refrigerators; wine/beverage refrigerators; trash 24. compactors;ovens;cook-top stoves;warming drawers;microwave ovens;hood fans;shelving;work benches;intercoms; 25. speakers; air conditioning equipment; electronic air filter; humidifier/dehumidifier; liquid fuel tanks (and controls); 26. pool/spa equipment; propane tank (and controls); security system equipment;TV satellite dish; AND the following 27. personal property shall be transferred with no additional monetary value,and free and clear of all liens and encumbrances: 28, all appliances 29. 30. Notwithstanding the foregoing,leased fixtures are not included. 31. Notwithstanding the foregoing,the following item(s)are excluded from the purchase: 32. 33. • 34. Seller has agreed to sell the Property to Buyer for the sum of($ 50,000.00 35. Fifty Thousand Dollars, 36. which Buyer agrees to pay in the following manner: 37. 1. CASH of 20 percent(%)of the sale price,or more In Buyer's sole discretion,which includes the earnest 38. money;PLUS 39. 2. FINANCING of 80 percent (%) of the sale price, which will be the total amount secured against this 40. Property to fund this purchase. 41. Such financing shall be (check one) ® a first mortgage;[]a contract for deed; or❑a first mortgage with 42. subordinate financing,as described in the attached Addendum: 43. ®Conventional ❑FHA ❑DVA ❑Assumption ❑Contract for Deed [j Other: 44. The date of closing shall be (Jyu�ne� J 30th ,20 14 / MN:PA-1 (8/13) 1 V St 1'1- )6 �d1, /5t ()ai • jo.yt abLuto 41 t 0/6Thti 1170 r APR. 10. 2014 2: 03PM Mai 1 EDP.. , REALTY ST. CLOUD NO. 1752 P. 7/25 PURCHASE AGREEMENT 45. Page 2 Date 03/19/14 46. Property located at 30 a Ash Street St. Joseph rut 56374 47. This Purchase Agreement❑IS IN IS NOT subject to an Addendum to Purchase Agreement:Sale of Buyer's Property 48. Contingency for sale of Buyer's property.(If answer is IS,see attached Addendum.) 49. (If answer is IS NOT,the closing of Buyer's property,if any,may still affect Buyer's ability to obtain financing,if financing 50. is applicable.) 51. This Purchase Agreement❑ IS©IS NOT subject to cancellation of a previously written purchase agreement ----(chec(one.}- 52. dated ,20 .(If answer is IS,said cancellation shall be obtained no later than 53. ,20 .If said cancellation is not obtained by said date,this Purchase Agreement 54. is canceled.Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation 55. and directing all earnest money paid hereunder to be refunded to Buyer.) 56. Buyer has been made aware of the availability of Property inspections. Buyer ❑ Elects © Declines to have a ---•(Check 57. Properly Properly Inspection performed at Buyer's expense. 58. This Purchase Agreement[]IS❑IS NOT subject to an Addendum to Purchase Agreement:inspection Contingency. -(check ono)---- 59. (If answer is IS,see attached Addendum.) 60. DEED/MARKETABLE TITLE: Upon performance by Buyer, Seller shall deliver a (check one): 61. © Warranty Deed, ❑ Personal Representative's Deed, ❑ Contract for Deed, ❑ Trustee's Deed, or 62. ❑Other: Deed joined in by spouse,if any,conveying marketable title,subject to 63. (a) building and zoning laws,ordinances, and state and federal regulations; 64. (b) restrictions relating to use or improvement of the Property without effective forfeiture provisions; 65. (c) reservation of any mineral rights by the State of Minnesota; 66. (d) utility and drainage easements which do not interfere with existing improvements; 67. (e) rights of tenants as follows(unless specified,not subject to tenancies): 68. ;and 69. (f) others(must be specified in writing): 70. 71, REAL ESTATE TAXES:Seller shall pay on the date of closing all real estate taxes due and payable in all prior years 72. including all penalties and interest. 73. Buyer shall pay®PRORATED FROM DAY OF CLOSING❑ 12ths OF❑ALL❑NO real estate taxes due 74. and and payable in the year 20 14 75. Seller shall pay Q PRORATED TO DAY OF CLOSING❑ 12ths OF❑ALL❑NO real estate taxes due and 76. payable In the year 20 14 .If the closing date is changed,the real estate taxes paid shall,if prorated,be adjusted 77. to the new closing date.If the Property tax status is a part-or non-homestead classification in the year of closing,Seller 78. ❑SHALL©SHALL NOT pay the difference between the homestead and non-homestead. -----___(Check one.)-.------ 79. Buyer shall pay real estate taxes due and payable in the year following closing and thereafter,the payment of which 80. is not otherwise herein provided.No representations are made concerning the amount of subsequent real estate taxes. 81. DEFERRED TAXES/SPECIAL ASSESSMENTS: 82. ❑ BUYER SHALL PAY SELLER SHALL PAY on date of closing any deferred real estate taxes (e.g., Green ^--•(check one.}---•-------___-.---_--.----- 83. Acres)or special assessments, payment of which Is required as a result of the closing of this sale. 84. ❑ BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING © SELLER SHALL PAY ON _-_ --__---•---••---_------.----------(Check one.}----------------- -- --- -__- _ ___._. 85. DATE OF CLOSING all installments of special assessments certified for payment,with the real estate taxes due and 86. payable in the year of closing. MN:PA4(8/13) igstasipt rms APR. 10. 2014 2:03PM Mai 1 ED.,.,, REALTY ST. CLOUD NO. 1752 P. 8/25 PURCHASE AGREEMENT 87. Page 3 Date. 03/19/14 88. Property located at 30 "h stra•t St. Joseph 56374 89. ❑BUYER SHALL ASSUME ®SELLER SHALL PAY on date of closing all other special assessments levied as 90. of the date of this Purchase Agreement. 91. ❑BUYER SHALL ASSUME®SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as 92. of the date of this Purchase Agreement for improvements that have been ordered by any assessing authorities.(Seller's 93. provision for payment shall be by payment into escrow of two (2)times the estimated amount of the assessments 94. or less,as required by Buyer's lender.) 95. Buyer shall pay any unpaid special assessments payable in the year following closing and thereafter,the payment of 96. which is not otherwise herein provided. 97. As of the date of this Purchase Agreement, Seller represents that Seller❑HAS®HAS NOT received a notice 98. regarding any new improvement project from any assessing authorities,the costs of which project may be assessed 99. against the Property.Any such notice received by Seller after the date of this Purchase Agreement and before closing 100. shall be provided to Buyer immediately. If such notice is Issued after the date of this Purchase Agreement and on 101. or before the date of closing, then the parties may agree in writing, on or before the date of closing,to pay, provide 102. for the payment of or assume the special assessments.In the absence of such agreement,either party may declare 103. this Purchase Agreement canceled by written notice to the other party,or licensee representing or assisting the other 104. party,in which case this Purchase Agreement is canceled.If either party declares this Purchase Agreement canceled, 105. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 106. directing all earnest money paid hereunder to be refunded to Buyer. 107. POSSESSION: Seller shall deliver possession of the Property no later than immediately after closing. 108. Seller agrees to remove ALL DEBRIS AND ALL PERSONAL PROPERTY NOT INCLUDED HEREIN from the Property 109. by possession date. 110. PRORATIONS:All Interest;unit owners'association dues;rents;and charges for city water,city sewer,electricity and 111. natural gas shall be prorated between the parties as of date of closing.Buyer shall pay Seller for remaining gallons of 112. fuel oil or liquid petroleum gas on the day of closing,at the rate of the last fill by Seller. 113. TITLE AND EXAMINATION:As quickly as reasonably possible after Final Acceptance Date of this Purchase Agreement 114. (a) Seller shall surrender any abstract of title and a copy of any owner's title insurance policy for the Property,if 115. in Seller's possession or control,to Buyer or Buyer's designated title service provider;and 116. (b) Buyer shall obtain the title services determined necessary or desirable by Buyer or Buyer's lender,including 117. but not limited to title searches,title examinations,abstracting,a title insurance commitment or an attorney's 118. title opinion at Buyer's selection and cost and provide a copy to Seller. 119. Seller shall use Seller's best efforts to provide marketable title by the date of closing.Seller agrees to pay all costs 120. and fees necessary to convey marketable title including obtaining and recording all required documents,subject to the 121. following: 122. In the event Seiler has not provided marketable title by the date of closing,Seller shall have an additional 30 days to 123. make title marketable,or in the alternative, Buyer may waive title defects by written notice to Seller.In addition to 124. the 30-day extension, Buyer and Seller may,by mutual agreement,further extend the closing date.Lacking such 125. extension, either party may declare this Purchase Agreement canceled by written notice to the other party, or 126. licensee representing or assisting the other party, in which case this Purchase Agreement is canceled. If either 127. party declares this Purchase Agreement canceled, Buyer and Seller shall immediately sign a Cancellation of 128. Purchase Agreement confirming said cancellation and directing all earnest money paid hereunder to be refunded 129. to Buyer. 130. SUBDIVISION OF LAND, BOUNDARIES,AND ACCESS: If this sale constitutes or requires a subdivision of land 131. owned by Seller, Seller shall pay all subdivision expenses and obtain all necessary governmental approvals.Seller 132. warrants that the legal description of the real property to be conveyed has been or shall be approved for recording as 133. of the date of dosing.Seller warrants that the buildings are or shall be constructed entirely within the boundary lines 134. of the Property.Seller warrants that there is a right of access to the Property from a public right-of-way. MN:PA-3(8/13) APR. 10. 2014 2:03PM Mail EDL, REALTY ST. CLOUD NO. 1752 P. 9/25 PURCHASE AGREEMENT 135. Page 4 Date 03/19/14 136. Property located at. 30 E Ash Street St. Joseph WI 56974 137. MECHANIC'S UENS:Seller warrants that prior to the closing,payment in full will have been made for all labor,materials, 138. machinery, fixtures or tools furnished within the 120 days immediately preceding the closing in connection with 139. construction,alteration or repair of any structure on,or Improvement to,the Property. 140. NOTICES:Seller warrants that Seller has not received any notice from any governmental authority as to condemnation 141. proceedings,or violation of any law,ordinance or regulation.If the Property is subject to restrictive covenants,Seller 142. warrants that Seller has not received any notice from any person or authority as to a breach of the covenants.Any 143. such notices received by Seller shall be provided to Buyer immediately. 144. DIMENSIONS:Buyer acknowledges any dimensions, square footage or acreage of land or improvements provided 145. by Seller, third party, or broker representing or assisting Seller are approximate. Buyer shall verify the accuracy of 146. information to Buyer's satisfaction,if material,at Buyer's sole cost and expense. 147. ACCESS AGREEMENT:Seller agrees to allow reasonable access to the Property for performance of any surveys or 148. inspections agreed to herein. 149. RISK OF LOSS:If there is any loss or damage to the Property between the date hereof and the date of closing for any 150. reason, including fire, vandalism,flood, earthquake or act of God,the risk of loss shall be on Seller.If the Property 151. is destroyed or substantially damaged before the closing date,this Purchase Agreement is canceled,at Buyer's option, 152. by written notice to Seller or licensee representing or assisting Seller. If Buyer cancels this Purchase Agreement, 153. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 154. directing all earnest money paid hereunder to be refunded to Buyer. 155. TIME OF ESSENCE:Time is of the essence In this Purchase Agreement. 156. CALCULATION OF DAYS:Any calculation of days begins on the first day(calendar or Business Days as specified) 157. following the occurrence of the event specified and includes subsequent days(calendar or Business Days as specified) 158. ending at 11:59 P.M.on the last day. 159. BUSINESS DAYS:"Business Days"are days which are not Saturdays,Sundays or state or federal holidays unless 160. stated elsewhere by the parties in writing. 161. DEFAULT: If Buyer defaults in any of the agreements herein, Seller may cancel this Purchase Agreement,and any 162. payments made hereunder, including earnest money,shall be retained by Seller as liquidated damages and Buyer 163. and Seller shall affirm the same by a written cancellation agreement. 164. If Buyer defaults in any of the agreements hereunder, Seller may terminate this Purchase Agreement under the 165. provisions of either MN Statute 559.21 or MN Statute 559.217,whichever is applicable.If either Buyer or Seller defaults 166. in any of the agreements hereunder or there exists an unfulfilled condition after the date specified for fulfillment,either 167. party may cancel this Purchase Agreement under MN Statute 559.217, Subd.3.Whenever It Is provided herein that 168. this Purchase Agreement is canceled,said language shall be deemed a provision authorizing a Declaratory Cancellation 169. under MN Statute 559.217,Subd.4. 170. If this Purchase Agreement Is not canceled or terminated as provided hereunder, Buyer or Seller may seek actual 171. damages for breach of this Purchase Agreement or specific performance of this Purchase Agreement; and, as to 172. specific performance,such action must be commenced within six(6) months after such right of action arises. 173. BUYER HAS THE RIGHT TO A WALK-THROUGH REVIEW OF THE PROPERTY PRIOR TO CLOSING TO 174. ESTABLISH THAT THE PROPERTY IS IN SUBSTANTIALLY THE SAME CONDITION AS OF THE DATE OF 175, THIS PURCHASE AGREEMENT. 176. BUYER HAS RECEIVED A (check any that apply):❑DISCLOSURE STATEMENT:SELLER'S PROPERTY OR A 177. ❑DISCLOSURE STATEMENT:SELLER'S DISCLOSURE ALTERNATIVES FORM. 178. DESCRIPTION OF PROPERTY CONDITION:See Disclosure Statement:Seller's Property or Disclosure Statement: 179. Seller's Disclosure Alternatives for description of disclosure responsibilities and limitations,If any. 180. BUYER HAS RECEIVED THE INSPECTION REPORTS,IF REQUIRED BY MUNICIPAUTY. 181. BUYER IS NOT RELYING ON ANY ORAL REPRESENTATIONS REGARDING THE CONDITION OF THE PROPERTY 182, AND ITS CONTENTS. MN:PA-4(8113) APR, 10. 2014 2:03PM Mail EDi,,rt REALTY ST. CLOUD NO. 1752 . P. 10/25 PURCHASE AGREEMENT 183. Page 5 Date 03/19/14 184. Property located at 30 E Ash Street St. Joseph MN 56374 185. (Check appropriate boxes.) 186. SELLER WARRANTS THAT THE PROPERTY IS EITHER DIRECTLY OR INDIRECTLY CONNECTED TO: 187. CITY SEWER©YES❑NO / CITY WATER OYES❑NO 188. SUBSURFACE SEWAGE TREATMENT SYSTEM 189. SELLER ❑ DOES © DOES NOT KNOW OF A SUBSURFACE SEWAGE TREATMENT SYSTEM ON OR --(Check 190. SERVING SERVING THE PROPERTY. (If answer is DOES, and the system does not require a state permit, see Disclosure 191. Statement:Subsurface Sewage Treatment System.) 192. PRIVATE WELL 193. SELLER ❑ DOES 1,g1 DOES NOT KNOW OF A WELL ON OR SERVING THE PROPERTY. ----(Chock 194. (If answer is DOES and well is located on the Property,see Disclosure Statement:Well.) 195. THIS PURCHASE AGREEMENT©IS❑IS NOT SUBJECT TO AN ADDENDUM TO PURCHASE AGREEMENT: ------(Check one.}---- 196. SUBSURFACE SEWAGE TREATMENT SYSTEM AND WELL INSPECTION CONTINGENCY. 197. (If answer Is IS,see attached Addendum.) 198. IF A WELL OR SUBSURFACE SEWAGE TREATMENT SYSTEM EXISTS ON THE PROPERTY, BUYER HAS 199. RECEIVED A DISCLOSURE STATEMENT:WELL AND/OR A DISCLOSURE STATEMENT:SUBSURFACE SEWAGE 200. TREATMENT SYSTEM. 201. NOTICE REGARDING PREDATORY OFFENDER INFORMATION:Information regarding the predatory offender 202. registry and persons registered with the predatory offender registry under MN Statute 243.166 may be obtained 203. by contacting the local law enforcement offices in the community where the Property is located or the Minnesota 204. Department of Corrections at (651) 361-7200, or from the Department of Corrections web site at 205. www.corr.state.mn.us. 206. HOME PROTECTION/WARRANTY PLAN:Buyer and Seller are advised to investigate the various home protection/ 207. warranty plans available for purchase. Different home protection/warranty plans have different coverage options, 208. exclusions,limitations and service fees.Most plans exclude pre-existing conditions.(Check one.) 209. ❑ A Home Protection/Warranty Plan will be obtained and paid by❑BUYER❑SELLER to be issued by _....__._._(Check one.}---------• 210 at a cost not to exceed$ • 211. © There will be no Home Protection/Warranty Plan as part of this Agreement. 212. NOTICE 213 _ Cory D Ehiert is©Seller's Agent❑Buyer's Agent❑Dual Agent❑Facilitator, (Llcenaea) ------__ .-_....-.----'_-•--(Chedcone.l..__._�_.__�_.�_._-•-. . 214. Edina Realty, Inc. (Real Estate Company Name) 215. Jon Petters Is❑Seller's Agent©Buyer's Agent❑Dual Agent❑Facilitator. (Licensee) --_ _ __.. .�.Y ----•°(Chsclrone.}-_____.._ __ �.__ �_ .. 216. Collegeville Companies (Real Estate Company Name) 11 217. THIS NOTICE DOES NOT SATISFY MINNESOTA STATUTORY AGENCY DISCLOSURE REQUIREMENTS. MN:PA-5(8113) A IO►gJ APR. 10. 2014 2:03PM Mail EDI,.ei REALTY ST. CLOUD NO. 1752 P. 11/25 PURCHASE AGREEMENT 218. Page 6 Date 03/19/14 219. Property located at 30 E Ash Street St. Joseph MN 56374 220. DUAL AGENCY REPRESENTATION 221. PLEASE CHECK ONE OF THE FOLLOWING SELECTIONS: 222. ©Dual Agency representation DOES NOT apply in this transaction.Do not complete lines 223-239. 223. ❑Dual Agency representation DOES apply in this transaction.Complete the disclosure in lines 224-239. 224. Broker represents both the Seller(s) and the Buyer(s) of the Property involved in this transaction, which creates a 225. dual agency.This means that Broker and its salespersons owe fiduciary duties to both Seller(s)and Buyer(s).Because 226. the parties may have conflicting interests, Broker and its salespersons are prohibited from advocating exclusively for 227. either party.Broker cannot act as a dual agent In this transaction without the consent of both Seller(s)and Buyer(s). 228. Seller(s)and Buyer(s)acknowledge that 229. (1) confidential information communicated to Broker which regards price,terms, or motivation to buy or sell will 230. remain confidential unless Seller(s)or Buyer(s)instructs Broker in writing to disclose this Information.Other 231. Information will be shared; 232. (2) Broker and its salespersons will not represent the interest of either party to the detriment of the other;and 233. (3) within the limits of dual agency, Broker and its salespersons will work diligently to facilitate the mechanics of 234. the sale. 235. With the knowledge and understanding of the explanation above,Seller(s)and Buyer(s)authorize and instruct Broker 236. and its salesperson to act as dual agents in this transaction. 237. Seller Buyer 238. Seller Buyer 239. Date Date 240. CLOSING COSTS: Buyer or Seller may be required to pay certain closing costs,which may effectively increase the 241. cash outlay at closing or reduce the proceeds from the sale. 242. ENTIRE AGREEMENT: This Purchase Agreement and any addenda or amendments signed by the parties shall 243. constitute the entire agreement between Buyer and Seller.Any other written or oral communication between Buyer and 244. Seller, including, but not limited to, e-malls, text messages, or other electronic communications are not part of this 245. Purchase Agreement.This Purchase Agreement can be modified or canceled only in writing signed by Seller and 246. Buyer or by operation of law.All monetary sums are deemed to be United States currency for purposes of this Purchase 247. Agreement. 248. ELECTRONIC SIGNATURES:The parties agree the electronic signature of any party on any document related to this 249. transaction constitute valid,binding signatures. 250. FINAL ACCEPTANCE:To be binding,this Purchase Agreement must be fully executed by both parties and a copy 251. must be delivered. 252. SURVIVAL: All warranties specified In this Purchase Agreement shall survive the delivery of the deed or contract 253. for deed. 254. •OTHER; Buyer is a licensed Minnesota Brokerage of which Jon Petters is the Broker. 255. This purchase agreement is subject to Buyer obtaining TITi financing approval ( not actual 256. receipt of funds) from the City of Saint Joseph. Application shall be made within 90 days of the "Acceptance Date" of this agreement. In the event approval of Tim' rinancing is later than 257. June 1, 2014 and prior to June 30, 2014, closing data shall be moved to 30 days immediately following approval of TIS. Buyer has the option of extending the Closing data by up to 60 258. days,provided all contingencies are removed, and Buyer will increase earnest Money to $5,000, and Buyer has provided notice of intent to extend no later than June 15, 2014. 259. This agreement is contingent upon Buyer at its expense receiving a satisfactory Phase One 260. Environmental Test and assurance of the lack of toxic materials. In the event it is not satisfactory, Buyer my cancel this agreement and earnest Money will be returned to Buyer. 261. Property "As Is" other than the Toxic materials and Phase One provisions. MN:PA-8(8/13) /P A 1�OV71! 7/ APR. 10. 2014 2:03PM Mai 1 EDI.. , REALTY ST. CLOUD NO. 1752 P. 12/25 . - PURCHASE AGREEMENT 262. Page 7 Date 03/19/14 263. Property located at 30 E Ash Street St. Joseph MN 56374 264. ADDENDA AND PAGE NUMBERING:Attached addenda are a part of this Purchase Agreement. 265. Enter total number of pages of this Purchase Agreement,including addenda,on line two(2)of page one(1). 266. NOTE:Disclosures and optional Arbitration Agreement are not part of this Purchase Agreement and should 267. not be part of the page numbering. 268. I,the owner of the Property,accept this Purchase I agree to purchase the Property for the price and on 269. Agreement and authorize the listing broker to withdraw the terms and conditions set forth above 270. said Property from the market,unless instructed I have reviewed all pages of this Purchase 271. otherwise in writing. Agreement. 272. I have reviewed all pages of this Purchase Agreement. 273. ❑ If checked,this Purchase Agreement Is subject to . 274. attached Addendum to Purchase Agreement: 275. Co teroffer. 276. X ja4/1"10 . Z-C.re.< X 411. 43‘11_4_, (SelleveSignature) (Date) (Buy"r.ignature) (Date) • 277. X:1-Pa,((k(G ?Ea...2.ce Ot_ J, x. eto 1 4t ( ()collegrjiil..Cc]vyn/oil-T trs,LL . (Sellers Printed Name) (Buyers Printed NamE) l • 278. X 3 X (Marital Status) (Marital Status) 279. X X • (Seller's Signature) (Date) (Buyers Signature) (Date) 280. X X (Seller's Printed Name) (Buyer's Printed Name) , i 281. X X (Marital Status) (Marital Status) 282. FINAL ACCEPTANCE DATE: AVAI r 9314 The Final Acceptance Date 283- is the date on which the fully executed Purchase Agreement is delivered. • 284. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYER(S)AND SELLER(S). 1 285. IF YOU DESIRE LEGAL OR TAX ADVICE,CONSULT AN APPROPRIATE PROFESSIONAL. 286. I ACKNOWLEDGETHAT I HAVE RECEIVED AND HAVE HADTHE OPPORTUNITYTO REVIEWTHE DISCLOSURE 287. STATEMENT:ARBITRATION DISCLOSURE AND RESIDENTIAL REAL PROPERTY ARBITRATION AGREEMENT, 288. WHICH I ,19-01P11ONAL,VOL • ' ' t a EEMENT AND IS NOT P' OFT j HASE AGREEMENT. Iobi 9�/289. SELLER(S) ��L _∎A It. _.r — BUYER(S) .4\l ttr :.`._.__ , 290. SELLER(S) BUYER(I' MN:PA-7(8/13) 11DwJ' � I 7) I APR. 10, 2014 2:03PM Ma 1 EDP,.., REALTY ST. CLOUD NO. 1752 P. 13/25 r r T � ADDENDUM TO PURCHASE AGREEMENT This form approved by the Minnesota Association of REALTORS", which disclaims any liability arising out of use or misuse of this form. C 2011 Minnesota Association of REALTORS®,Edina,MN 1. Date 03/19/14 2. Page 3. Addendum to Purchase Agreement between parties,dated Marc' 10th ,20 14 ,pertaining to the 4. purchase and sale of the property at 30 a Ash street 5. St. Joseph, MN 56374 6. In the event of a conflict between this Addendum and any other provision of the Purchase Agreement,the language 7. in this Addendum shall govern. It is understood that the Buyer intends to develop the property into 8. part of a mixed use development with property across the alley to the 9. west. Buyer will be asking the city to: 10 -Vacate the portion of the alley to the immediate east and adjoining Seller's Property 11. -Provide TIF financing to assist in the purchase of Seller's Property 12. -Rezoning and/or PUD approval. -Seller will assist with the vacation of the alley and apply for 13. vacation of alley subject to the sale happening. 14. 15. 18. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. `'/419' s! -001/ J►a 3 >;' ! el er) (Date) ( ( e)y. 32. (Seller) (Date) (Buyer) (Date) 33. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS AND SELLERS. 34. IF YOU DESIRE LEGAL OR TAX ADVICE,CONSULT AN APPROPRIATE PROFESSIONAL. MN-APA(8/11) i 7v 1 �Ds APR. 10. 2014 2:03PM Mai 1 ED. REALTY ST. CLOUD NO. 1752 P. 14/25 a ADDENDUM TO PURCHASE AGREEMENT DISCLOSURE OF INFORMATION ON LEAD-BASED PAiNT AND LEAD-BASED PAINT HAZARDS This form approved by the Minnesota Association of REALTORS°, which disclaims any liability arising out of use or misuse of this form. ©2009 Minnesota Association of REALTORS",Edina,MN 1. Date 03/19/14 2. Page 3. Addendum to Purchase Agreement between parties, dated 4. pertaining to the purchase and sale of the property at 30 E Ash Strout 5. St. Joseph, 1414 56374 6. Section I:Lead Warning Statement 7. Every buyer of any interest in residential real property on which a residential dwelling was built prior to 1978 Is notified 8. that such property may present exposure to lead from lead-based paint that may place young children at risk of 9. developing lead poisoning.Lead poisoning in young children may produce permanent neurological damage,including 10. learning disabilities, reduced intelligence quotient, behavioral problems and Impaired memory.Lead poisoning also 11. poses a particular risk to pregnant women.The seller of any interest in residential real property Is required to provide 12. the buyer with any information on lead-based paint hazards from risk assessments or inspections In the seller's 13. possession and notify the buyer of any known lead-based paint hazards.A risk assessment or Inspection for possible 14. lead-based paint hazards is recommended prior to purchase. 15. - '• s isciosure (initial) 16. f i." (a) Presence of lead-based paint and/or lead-based paint hazards. 17. (Check one below) 18. ❑ Known lead-based paint and/or lead-based paint hazards are present in the housing 19. (explain): 20. 21. [I Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing. 22c ( g, (b) Records and reports available to the seller. 23. (Check one below) 24. ❑ Seller has provided Buyer with all available records and reports pertaining to lead-based paint 25. and/or lead-based paint hazards In the housing (list documents below): 26. 27. [✓f Seller has no reports or records pertaining to lead-based paint and/or lead-based paint hazards 28. in the housing. 29. Buyer's Acknowledgment(Initial) 30. - (c) Buyer has received copies of all information listed under(b)above. 31. (d) Buyer has received the pamphlet, Protect Your Family from Lead in Your Home. 32. (e) Buyer has (check one below): 33. ❑ Received a 10-day opportunity(or mutually agreed-upon period)to conduct a risk assessment 34. or inspection for the presence of lead-based paint and/or lead-based paint hazards (If checked, 35. see Section 11 on page 2);or 36. ❑ Waived the opportunity to conduct a risk assessment or inspection for the presence of lead- 37. based paint and/or lead-based paint hazards. TLX:SALE-1 (8/09) r . r 1 • • APR. 10. 2014 2:03PM Mail EG. REALTY ST. CLOJD NO. 1752 P. 15/2 y ADDENDUM TO PURCHASE AGREEMENT DISCLOSURE OF INFORMATION ON LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS 38. Page • 39. Property located at 30 E rah Street St. Joseph, liar 56374 40. .1 Estate Licensee's Acknowledgement(initial) R// 41. l►. (f) Real estate licensee has Informed Seller of Seller's obligations under 42 U.S.C.4852(d)and is aware 42. I of licensee's responsibility to ensure compliance. 43. Certification of Accuracy 44. The following parties have reviewed the Information above and certify,to the best of their knowledge,that the information 45. provided by the signatory is true and accurate. • 46.Off-.•..'�'I Iri" .... V 47 7 (Seller) (Date) (Buyer) (Date) 47. (Seller) (Date) (Buyer) (Date) • 48. � 41./i/1 (Real Estate L •.-•s •ory D Ehlsrt (Date) (Real Estate Licensee) Jon Petters (Date) 49. Section II:Contingency(Initial only if first box under(e)is checked in Buyer's Acknowledgment above.) 50. This contract is contingent upon a risk assessment or an inspection of the property for the presence of lead- 51. based paint and/or lead-based paint hazards to be conducted at Buyer's expense.The assessment or inspection 52. shall be completed within E]ten(10)❑ calendar days after Final Acceptance of the Purchase Agreement. 53. This contingency shall be deemed removed,and the Purchase Agreement shall be in full force and effect,unless Buyer or 54. real estate licensee representing or assisting Buyer delivers to Seller or real estate licensee representing or assisting 55. Seller,within three(3)calendar days after the assessment or inspection is timely completed,a written list of the specific 56. deficiencies and the corrections required,together with a copy of any risk assessment or Inspection report. If Seller 57. and Buyer have not agreed in writing within three(3)calendar days after delivery of the written list of required corrections 58. that:(A)some or all of the required corrections will be made;or(B)Buyer waives the deficiencies;or(C)an adjustment to 59. the purchase price will be made;this Purchase Agreement is canceled. Buyer and Seller shall Immediately sign a 60. Cancellation of Purchase Agreement confirming said cancellation and directing all earnest money paid hereunder to 61. be refunded to Buyer.It is understood that Buyer may unilaterally waive deficiencies or defects,or remove this contingency, 62. providing that Buyer or real estate licensee representing or assisting Buyer notifies Seller or real estate licensee 63. representing or assisting Seller of the waiver or removal, in writing,within the time specified. TLX:SALE-2(8109) /giitaidit _J4 Randy R. Schreifels Stearns County Auditor-Treasurer 2014 Administration Center Rm.136 PO Box 728 Property Tax Statement yew, St.Cloud,MN 56302-0728 Phone#: 320-656-3870 VALUES AND CLASSIFICATION Sent in March 2013 Website: www.co.stearns.mn.us Step Taxes Payable Year 2013 2014 1 Estimated Market Value: $59,500.00 $59,000.00 Improvements Excluded: Pin Number: 84.53876.0000 Homestead Exclusion: $23,800.00 $23,600.00 Taxable Market Value: $35,700.00 $35,400.00 Owner Names: PEARCE PATRICIA J New Improvements/ Expired Exclusions: Property Classification: Rel Res Hstd Rel Res Hstd PATRICIA J PEARCE Step PROPOSED TAX Sent in November 2013 24102 COUNTY ROAD 75 2 Proposed Tax $536.00 ST CLOUD MN 56301-8708 PROPOSED TAX STATEMENT Step First-half Taxes: $274.00 3 Second-half Taxes: $274.00 $548.00 You may be eligible for one or even two refunds to reduce your property tax. REFUNDS? Taxes Payable Year: 2013 2014 2 014 PROPERTY TAX 1. Use this amount on Form M1 PR to see if you are eligible for a property tax refund. $0.00 STATEMENT File by August 15.If this box is checked,you owe deliquent taxes and are not eligible. Q $0.00 2. Use these amounts on Form M 1 PR to see if you are eligible for a special refund. 1 3. Your Property taxes before credits $550.00 $538.00 4. Credits that reduce your property taxes 84.53876.0000 4 A.Agricultural market value credits $0.00 $0.00 Property Address: ii B.Other credits $o 00 woo p m 5.Property taxes after credits $550.00 $538.00 30 ASH ST E ST JOSEPH MN 56374 6.County STEARNS COUNTY $198.10 $194.50 7.City or Town ST JOSEPH CITY $192.38 $184.29 Property Description: $ 8.State General Tax $0.00 $0.00 S96'OF LOT 8 BLK 10 SubdivisionName TOWNSITE 'j 9.School District ISD 0742 ST CLOUD OF ST JOSEPH Lot 008 Block 010 SubdivisionCd A.Voter Approved Levies $84.87 $64.07 B.Other Local Levies $72.33 $92.90 84022 Section 10 Township 124 Range 029 A , 10.Special Taxing Districts A.HRA $1.43 $1.59 4 B.Regional Rail Authority $0.89 $065 I- .• 11. Non-school voter approved referenda levies $0.00 $0.00 It Special Assessment Breakdown 12. Total property tax before special assessments $550.00 $538.00 2014 SOLID WASTE FEE $10.00 13. Special Assessments on Your Property See Left for Breakdown of Special Assessments Special Assessment Totals Principal:$10.00 $10.00 $10.00 Special Assessment Total $10.00 14. YOUR TOTAL PROPERTY TAX AND SPECIAL ASSESSMENTS $560.00 $548.00 Detach this stub and return with your second half payment Total Property Tax for Amount $548.00 22ndY p Y 2nd Half Tax Amount $274.00 Half Payment Stub- Payable 2014 Penalty To avoid penalty, pay on or before October 15, 2014 2nd Half Total Amount Due PIN: 84.53876.0000 Paid By BILL NUMBER: 1560220 MAKE CHECKS PAYABLE TO: TAXPAYER(S): PATRICIA J PEARCE Randy R.Schreifels 24102 COUNTY ROAD 75 u Stearns County Auditor-Treasurer ST CLOUD MN 56301-8708 PO BOX 728 St Cloud,MN 56302-0728 Detach this stub and return with your first half payment Total Property Tax for 2014 $548.00 1 1st Half Payment Stub Payable 2014 1st Half Tax Amount $274.00 To avoid penalty, pay on or before May 15, 2014 Penalty If your tax is$100.00 or less, pay the entire tax by May 15, 1st Half Total Amount Due 2014 PIN: 84.53876.0000 Paid By BILL NUMBER: 1560220 MAKE CHECKS PAYABLE TO: TAXPAYER(S): PATRICIA J PEARCE Randy R Schreifels Stearns County Auditor-Treasurer 24102 COUNTY ROAD 75 PO BOX 728 ST CLOUD MN 56301-8708 St Cloud,MN 56302-0728 --7t2 If you owned and occupied this property on January 2,2014 as your homestead,you may qualify for one or $$$ REFUNDS both of the following refunds: 1 You may be eligible for a refund if your taxes exceeded certain income-based thresholds,and your total household income is less than$105,500. Even if you did not qualify 2 If you also owned and occupied this property on January 2,2013 as your homestead,you may be in previous years, you eligible for a refund if your property taxes increased by more than 12 percent and at least$100 over last year. may qualify for one or even two refunds from the If you need Form M1 PR and instructions: State of Minnesota based c if Minnesota Tax Forms on your 2014 Property Qwww•revenue.state.mn.us (651)296-4444 _ Mail Station 1421 l St.Paul,MN 55146-1421 Taxes Make sure to provide your Properly ID Number on your M1 PR to ensure prompt processing. Senior Citizens Property Tax Deferral The Senior Citizens Deferral Program was established to help senior citizens having difficulty paying property taxes.This deferral program allows senior citizens to leverage the equity in their home,providing two primary advantages: 1 It limits the annual out-of-pocket payment for property taxes to 3 percent of the total household income,and 2 It provides predictability.The amount you pay will not change for as long as you participate in this program. To be eligible,you must be 1)at least 65 years old,2)with a household income of$60,000 or less,and 3)have lived in your home for at least 15 years.While in this program,you will only have to pay taxes equal to 3 percent of your net income,with the remaining tax paid by a low interest loan by the State of Minnesota.This is not a tax forgiveness program-the unpaid tax along with accumulated interest will become a lien on the property for future satisfaction,such as upon a sale or disposition of the estate.To receive a fact sheet and application,please call:(651)556-4803. Penalty for Late Payment of Property Tax If you pay your first half and second half property tax after the due dates,a penalty will be added to your tax.The later you pay,the greater the penalty you must pay.The table below shows the penalty you will pay if your property taxes are not paid before the date shown. Agricultural Homesteads • If the due date for your second half property tax 2014 2015 payment is November 15 and your property is classified as agricultural homestead property,the - - -penalty rates for late payments are:6%if you pay 3 from November 16 through November 30;8%if you 0 c `_ x rn 0 2 g l7 pay from December 1 through January 1:and 10%if g pq I. N you pay on January 2,2015 or later. Property Type: p) t- I i• fa i O) i Of i- h3 Agricultural Non-homesteads Homestead and Cabins 1st half 2% 4% 5% 6% 7% 8% 8% 8% 8% 8% 10% If the due date for your second half property tax 2nd half 2% 6% 6% 8% 10% payment is November 15 and your property tax is Both Unpaid 5% 7% 7% 8% 10% classified as agricultural non-homestead property, P the penalty rates for late payments are:8°o if you pay from November 16 through November 30;12% Non-Homestead if you pay from December 1 through January 1;and 1st half 4% 8% 9% 10% 11% 12% 12% 12% 12% 12% 14% 14%if you pay on January 2,2015 or later. 2nd half 4% 8% 8% 12% 14% Both Unpaid 8% 10% 10% 12% 14% Note: Personal Property 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% The taxes for personal property located on Manufactured Homes leased government-owned land may be paid in 1st half 8% 8% 8% 8% 8% 8% 8% two installments which are due at the same time as real property taxes,and which are 2nd half 8% 8% 8% subject to the same penalty schedule and ' penalty rates as real property taxes.All other Note to manufactured home owners: The title to your manufactured home cannot be transferred personal property taxes are due in full on or unless all current and delinquent personal property taxes levied at the time of the transfer are paid. before May 15,2014. THIS STUB MUST ACCOMPANY SECOND HALF PAYMENT THIS STUB MUST ACCOMPANY SECOND HALF PAYMENT 77 Randy R. Schreifels Stearns County Auditor-Treasurer Property Tax Statement 2014 • Administration Center Rm.136 PO Box 728 r St.Cloud,MN 56302-0728 Phone#: 320-656-3870 VALUES AND CLASSIFICATION Sent in March 2013 Website: www.co.stearns.mn.us Step Taxes Payable Year 2013 2014 #• --- Estimated Market Value: $36,900.00 $37,000.00 1 Improvements Excluded: Pin Number: 84.53733.0152 Homestead Exclusion: $0.00 $0.00 Taxable Market Value: $36,900.00 $37,000.00 Owner Names: COLLEGEVILLE COMMUNITIES LLC New Improvements/ Expired Exclusions: Property Classification: Comm/Ind Comm/Ind COLLEGEVILLE COMMUNITIES LLC Step PROPOSED TAX Sent in November2013 15 EAST MINNESOTA ST#104 2 Proposed Tax $1,054.00 ST JOSEPH MN 56374 PROPOSED TAX STATEMENT Step First-half Taxes: $526.00 3 Second-half Taxes: $526.00 Total Taxes Due in 2014: $1,052.00 You may be eligible for one or even two refunds to reduce your property tax. REFUNDS? Taxes Payable Year: 2013 2014 2 014 PROPERTY TAX 1. Use this amount on Form M1PR to see if you are eligible for a property tax refund. $0.00 STATEMENT File by August 15.If this box is checked,you owe deliquent taxes and are not eligible. 0 $0.00 a 2. Use these amounts on Form M1PR to see if you are eligible for a special refund. �. . ! 3. Your Property taxes before credits $1,068.00 $1,052.00 4. Credits that reduce your property taxes 84.53733.0152 a A.Agricultural market value credits $0.00 $0.00 Property Address: B.Other credits $0.00 $0.00 p g 5.Property taxes after credits $1,068.00 $1,052.00 6.County STEARNS COUNTY $39.13 $41.76 7.City or Town ST JOSEPH CITY $37.72 $39.57 Property Description: 8.State General Tax $290.98 $289.49 SubdivisionName MILL STREAM Lot 001 Block 002 9.School District ISD 0742 ST CLOUD SubdivisionCd 84093 Section 10 Township 124 Range B.Voter Local Levies Levies $49.51 $34.32 029 •� B.Other Local Levies $19.51 $34.32 a• 10.Special Taxing Districts A.HRA W28 $0.34 g B.Regional Rail Authority $0.17 $0.14 - C.TIF $633.15 $611.57 S. 11. Non-school voter approved referenda levies $0.00 $0.00 3- Special Assessment Breakdown 12. Total property tax before special assessments $1,068.00 $1,052.00 13. Special Assessments on Your Property • See Left for Breakdown of Special Assessments Special Assessment Totals $0.00 $0.00 Special Assessment Total $0.00 14. YOUR TOTAL PROPERTY TAX AND SPECIAL ASSESSMENTS $1,068.00 $1,052.00 Detach this stub and return with your second half payment Total Property Tax for 2014 $,,052.00 22ndY 2nd Half Tax Amount $526.00 Half Payment Stub Payable 2014 Penalty To avoid penalty, pay on or before October 15, 2014 2nd Half Total Amount Due PIN: 84.53733.0152 Paid By BILL NUMBER: 1584387 MAKE CHECKS PAYABLE TO: TAXPAYER(S): COLLEGEVILLE COMMUNITIES LLC 15 EAST MINNESOTA ST#104 Randy R.Schreifels Steams County Auditor-Treasurer ST JOSEPH MN 56374 PO BOX 728 St Cloud,MN 56302-0728 Detach this stub and return with your first half payment Total Property Tax for 2014 $1,052.00 1 1st Half Payment Stub Payable 2014 1st Half Tax Amount $526.00 To avoid penalty, pay on or before May 15, 2014 Penalty If your tax is$100.00 or less, pay the entire tax by May 15, 1st Half Total Amount Due 2014 PIN: 84.53733.0152 Paid By BILL NUMBER: 1584387 MAKE CHECKS PAYABLE TO: TAXPAYER(S): COLLEGEVILLE COMMUNITIES LLC Randy R.Schreifels Stearns 15 EAST MINNESOTA ST#104 BOX Auditor-Treasurer PO BO X 728 ST JOSEPH MN 56374 St Cloud,MN 56302-0728 If you owned and occupied this property on January 2,2014 as your homestead,you may qualify for one or $$$ REFUNDS both of the following refunds: 1 You may be eligible for a refund if your taxes exceeded certain income-based thresholds,and your total household income is less than$105,500. Even if you did not qualify 2 If you also owned and occupied this property on January 2,2013 as your homestead,you may be in previous years, you eligible for a refund if your property taxes increased by more than 12 percent and at least$100 over last year may qualify for one or even two refunds from the If you need Form M1 PR and instructions: State of Minnesota based 41) I' Minnesota Tax Forms On your 2014 Property www.revenue.state.mmus (651)296-4444 Mail Station 1421 y O� St.Paul,MN 55146-1421 Taxes Make sure to provide your Property ID Number on your M1 PR to ensure prompt processing. Senior Citizens Property Tax Deferral The Senior Citizens Deferral Program was established to help senior citizens having difficulty paying property taxes.This deferral program allows senior citizens to leverage the equity in their home,providing two primary advantages: 1 It limits the annual out-of-pocket payment for property taxes to 3 percent of the total household income,and 2 It provides predictability.The amount you pay will not change for as long as you participate in this program. To be eligible,you must be 1)at least 65 years old,2)with a household income of$60,000 or less,and 3)have lived in your home for at least 15 years.While in this program,you will only have to pay taxes equal to 3 percent of your net income,with the remaining tax paid by a low interest loan by the State of Minnesota.This is not a tax forgiveness program-the unpaid tax along with accumulated interest will become a lien on the property for future satisfaction,such as upon a sale or disposition of the estate.To receive a fact sheet and application,please call:(651)556-4803. Penalty for Late Payment of Property Tax If you pay your first half and second half property tax after the due dates,a penalty will be added to your tax.The later you pay,the greater the penalty you must pay.The table below shows the penalty you will pay if your property taxes are not paid before the date shown. Agricultural Homesteads If the due date for your second half property tax 2014 2015 payment is November 15 and your property is classified as agricultural homestead property,the - - penalty rates for late payments are:6%if you pay 3 from November 16 through November 30;8%if you • c to O 2 g 0 pay from December 1 through January 1;and 10%if .� Qq ,n.. F+ N ft you pay on January 2,2015 or later. Property Type: Ot h i k N N O N QI k+ !J Agricultural Non-homesteads Homestead and Cabins 1st half 2% 4% 5% 6% 7% 8% 8% 8% 8% 8% 10% If the due date for your second half property tax 2nd half 2% 6% 6% 8% 10% payment is November 15 and your property tax is Both Unpaid 5% 7% 7% 8% 10% classified as agricultural non-homestead property, P the penalty rates for late payments are:8%if you Non-Homestead - pay from November 16 through November 30;12 if you pay from December 1 through January 1,and 1st half 4% 8% 9% 10% 11% 12% 12% 12% 12% 12% 14% 14%if you pay on January 2,2015 or later. 2nd half 4% 8% 8% 12% 14% Both Unpaid 8% 10% 10% 12% 14% Note: Personal Property 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% The taxes for personal property located on Manufactured Homes leased govemment-owned land may be paid in 1st half 8% 8% 8% 8% 8% 8% 8% two installments which are due at the same time as real property taxes,and which are 2nd half 8% 8% 8% subject to the same penalty schedule and penalty rates as real property taxes.All other Note to manufactured home owners: The title to your manufactured home cannot be transferred personal property taxes are due in full on or unless all current and delinquent personal property taxes levied at the time of the transfer are paid. before May 15,2014. THIS STUB MUST ACCOMPANY SECOND HALF PAYMENT THIS STUB MUST ACCOMPANY SECOND HALF PAYMENT • 7 ,