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HomeMy WebLinkAbout2017/11/27 - ADMIN - Agenda Packets - City Council - Study SessionAGENDA NOVEMBER 27, 2017 6:30 p.m. STUDY SESSION – Community Room Discussion Items 1. 6:30 p.m. Future Study Session Agenda Planning – December 4 & 11, 2017 2. 6:35 p.m. SLP Policing Model/Critical Incident Planning (Session 4 of 4) 8:35 p.m. Communications/Updates (Verbal) 8:40 p.m. Adjourn Written Reports 3. October 2017 Monthly Financial Report 4. 2040 Comprehensive Plan Update 5. Proposed Terms for Purchase of 5639 Minnetonka Blvd. 6. Historic Walker Lake Update Auxiliary aids for individuals with disabilities are available upon request. To make arrangements, please call the Administration Department at 952/924-2525 (TDD 952/924-2518) at least 96 hours in advance of meeting. Meeting: Study Session Meeting Date: November 27, 2017 Discussion Item: 1 EXECUTIVE SUMMARY TITLE: Future Study Session Agenda Planning December 4 & 11, 2017 RECOMMENDED ACTION: The City Council and the City Manager to set the agenda for the Special Study Session on December 4 and the Regular Study Session on December 11. POLICY CONSIDERATION: Does the Council agree with the agendas as proposed? SUMMARY: This report summarizes the proposed agenda for the Special Study Session on December 4 and the Regular Study Session on December 11, 2017. Also attached to this report is the Study Session Prioritizaton & Tentative Discussion Timeline. FINANCIAL OR BUDGET CONSIDERATION: Not applicable. VISION CONSIDERATION: Not applicable. SUPPORTING DOCUMENTS: Tentative Agenda – December 4 & 11, 2017 Study Session Prioritization & Projected Discussion Timeline Prepared by: Debbie Fischer, Administrative Services Office Assistant Approved by: Tom Harmening, City Manager Study Session Meeting of November 27, 2017 (Item No. 1) Page 2 Title: Future Study Session Agenda Planning – December 4 & 11, 2017 DECEMBER 4, 2017 6:00 p.m. – Special Study Session – Community Room Tentative Discussion Items 1.Off-Sale Liquor – Administrative Services (30 minutes) Per council request staff will be in attendance to discuss Off-Sale Liquor regulations. 2. Follow-Up on Policing Model Presentations – Police (30 minutes) Address follow-up questions and discuss next steps following the four-session series presented to the City Council regarding St. Louis Park’s policing model. End of Meeting: 7:00 p.m. DECEMBER 11, 2017 6:30 p.m. – Study Session – Community Room Tentative Discussion Items 1. Future Study Session Agenda Planning – Administrative Services (5 minutes) 2. Westwood Hills Nature Center Update – Operations & Recreation (60 minutes) Staff and HGA Architects will be presenting the Schematic Design for the WHNC. 3.Texas Avenue S. Reconstruction - Preliminary Design - Project 4018-1101 – Engineering (20 minutes) Texas Avenue South (between Highway 7 and Lake Street) is proposed for reconstruction in 2018. Staff will provide an overview of the project and the staff recommended design 4.Platia Place TIF Request – Community Development (30 minutes) Discussion regarding SLP Park Ventures’ application for TIF assistance in connection with its proposed Platia Place Redevelopment. 5. Update on Walker Building – Community Development (30 minutes) Continued discussion regarding the Walker Building. Communications/Meeting Check-In – Administrative Services (5 minutes) Time for communications between staff and Council will be set aside on every study session agenda for the purposes of information sharing. Written Reports 6. Comp Plan update 7.NOAH Preservation End of Meeting: 9:15 p.m. Study Session Meeting of November 27, 2017 (Item No. 1) Page 3 Title: Future Study Session Agenda Planning – December 4 & 11, 2017 Study Session Prioritization & Projected Discussion Timeline Priority Discussion Topic Comments Date Scheduled 5 SLP Policing Model/Critical Incident Planning Session 1 of 4 (held on 8/14/17) Ongoing 5 SLP Policing Model/Critical Incident Planning Session 2 of 4 (held on 9/25/17) Ongoing 5 SLP Policing Model/Critical Incident Planning Session 3 of 4 (held on 10/16/17) Ongoing 5 SLP Policing Model/Critical Incident Planning Session 4 of 4 November 27, 2017 4 Preserving the Walker Building Combined w/Walker Lake Branding Discussion (held on 8/28/17 & 11/20/17) Ongoing; next disc December 11, 2017 4 Race Equity Communication to HRC on Outreach & Next Steps Most recently discussed on 9/11/17 Ongoing 4 Race Equity/Inclusion Courageous Conversations Most recently discussed on 9/11/17 Ongoing 4 Affordable Housing Preservation Policies/Ordinance Discussed 9/25/17; Work Group met and meeting again in December. Ongoing 4 Flavored Tobacco Ordinance Discussed on 10/2/17; 1st Reading 11/20/17 2nd Reading 12/4/17 4 Climate Action Plan Consultant updating draft. Review by E&S Commission & staff before council-ready. 1st Qtr 2018 3 Revitalization of Walker/Lake Area Part of Preserving Walker Building report (held on 8/28/17) (report also provided 9/25) Ongoing 3 Utilization of DBE Vendors Discussed on 9/11/17 Ongoing 3 Ranked Choice Voting Sent to Charter Commission on 10/2/17 Ongoing 3 Policy for Funding Non-Profits Part of 2018 Budget discussion on 10/9/17 Ongoing 3 Field Imprvmts/Girls Fastpitch Softball Council discussion on 10/9/17 Ongoing 3 Historical Society Space Part of Walker Bldg discussions on 8/28/17 & 11/20/17 Ongoing 3 The Nest Postponed to 2018 per their request. January 2018 3 Living Streets Policy After Vision 3.0 work is completed 1st Qtr 2018 3 Develop a Youth Advisory Commission 1st Qtr 2018 2 Bird Friendly Glass 2 Dark Skies Ordinance (Light Pollution) 2 Community Center Project ? Overview of Crime Free Ordinance Priority not yet determined. Fall 2018? ? SEED’s Community Green House / Resiliant Cities Initiative Priority not yet determined ? TH 169 Mobility Study Direction provided on 9/11/17 3 Property Tax Relief for Seniors Part of 2018 Budget item (Councilmember Brausen: "No further study needed.") October 9, 2017 2 Sidewalk Snow Removal Part of 2018 Budget item (Majority of council determined no need to discuss further at this time.) October 9, 2017 2 Active Space Matching Grants w/ Multi- Family Communities Part of 2018 Budget item (Will be included in 2018 Budget Proposal.) October 9, 2017 Priority Key 5 = High priority/discuss ASAP 4 = Discuss sooner than later 3 = Discuss when time allows 2 = Low priority/no rush 1 = No need to discuss Meeting: Study Session Meeting Date: November 27, 2017 Discussion Item: 2 EXECUTIVE SUMMARY TITLE: SLP Policing Model / Critical Incident Planning (Session 4 of 4) RECOMMENDED ACTION: No action required. Staff looks forward to the discussion and answering questions of the Council. POLICY CONSIDERATION: None at this time. SUMMARY: The St. Louis Park Police Department has built community trust through Community Oriented Policing which forges partnerships with the community to prevent crime, solve problems and address quality of life issues. Even though we have strong support from our community, trust in the police can be fragile. How we respond to any call for service, from a minor citizen contact to a critical incident like an officer-involved shooting, can affect how the police and the community are perceived. In the event of a critical incident elected officials can be under a great deal of pressure to respond to the incident and, as a result, responses and decisions made by elected officials may be made with a lack of information or misunderstandings about police work. To help prepare the council for questions about our police department, staff developed a series of four presentations. The first three have been completed and involved discussions around the police department’s service delivery model, policy and procedures, and types of critical incidents and difficult situations our police officers face. This final presentation will revolve around an officer involved shooting, the impacts this type of scenario could have on the Council and staff, and the Council’s role and responsibilities during such an event. The presentation will include an overview by Police Chief Mike Harcey and Officer Siar Nadem of an officer involved shooting that occurred in SLP in 2004. The presentation will then pivot to a discussion around a new scenario related to a serious incident that occurred at Louisiana Court in January, 2017. Communications and Marketing Manager Jacqueline Larson and Bob McNaney, Senior Vice President at communications firm Padilla, will discuss what the City Council can expect in the wake of a critical incident, and best practices for responding in order to balance the demand for speed and the obligation for transparency with the responsibility of providing accurate information. This session is scheduled for two or more hours to allow Council time for questions and discussion. If time permits, a conversation could take place about the Council’s overall impressions of the four presentations and follow-up discussions it would like to have. Otherwise, a separate study session discussion would be set up for a later date for this purpose. FINANCIAL OR BUDGET CONSIDERATION: Not applicable. VISION CONSIDERATION: Not applicable. Prepared by: Michael Harcey, Police Chief Approved by: Tom Harmening, City Manager Meeting: Study Session Meeting Date: November 27, 2017 Written Report: 3 EXECUTIVE SUMMARY TITLE: October 2017 Monthly Financial Report RECOMMENDED ACTION: No action required at this time. POLICY CONSIDERATION: None at this time. SUMMARY: The Monthly Financial Report provides a summary of General Fund revenues and departmental expenditures and a comparison of budget to actual throughout the year. A budget to actual summary for the four utility funds is also included in this report. FINANCIAL OR BUDGET CONSIDERATION: At the end of October, General Fund expenditures total approximately 78% of the adopted annual budget, which is about 5% under budget. VISION CONSIDERATION: Not applicable. SUPPORTING DOCUMENTS: Discussion Summary of Revenues & Expenditures – General Fund Budget to Actual – Enterprise Funds Prepared by: Darla Monson, Accountant Reviewed by: Tim Simon, Chief Financial Officer Nancy Deno, Deputy City Manager/HR Director Approved by: Tom Harmening, City Manager Study Session Meeting of November 27, 2017 (Item No. 3) Page 2 Title: October 2017 Monthly Financial Report DISCUSSION BACKGROUND: This report provides summary information of the overall level of revenues and departmental expenditures in the General Fund and a comparison of budget to actual throughout the year. A budget to actual summary for the four utility funds is also included in this report. PRESENT CONSIDERATIONS: General Fund Actual expenditures should generally run at about 83% of the annual budget at the end of October. General Fund expenditures are under budget at approximately 78% of the adopted budget. Revenues tend to be harder to measure in the same way due to the timing of when they are received, examples of which include property taxes and State aid payments. A few comments on variances are noted below. Revenues: License and permit revenues are exceeding budget at 94.6% through October. The timing of some larger commercial permits related to redevelopment will determine how much permit revenue will exceed budget in 2017. Intergovernmental revenue is at 100% and will exceed budget slightly as some additional public safety grant revenue is received. Other income is exceeding budget due to the $20,000 donation received for field maintenance from Toro and the Minnesota Twins. Expenditures: Communications & Marketing is exceeding budget by about 3% through October. The variance is due to some large expenditures during the first part of the year for the Park Perspective, the Park & Recreation brochure and various mailings. Expenditures have been reviewed and staff will continue to monitor throughout the remainder of the year. Organized Recreation has a temporary variance of about 2% because the annual community education contribution in the amount of $187,400 was paid to the school district early in the year, and also due to higher seasonal expenditures from the summer months. The Recreation Center budget is at 89.6% through October. A variance is normal following the pool season due to seasonal expenditures for temporary staffing and supplies and is consistent with prior years. Park Maintenance is running about 3% higher than budget also due to seasonal expenditures that are typical after the summer and fall months. Some expenditures are offset by the donation noted in the revenue section above. Study Session Meeting of November 27, 2017 (Item No. 3) Page 3 Title: October 2017 Monthly Financial Report Utility Funds Revenues: The user charges utility revenue in each of the funds is lower than 83% due to the timing of the billing cycles. Utility revenues lag one month behind for commercial accounts and up to a full quarter behind for some residential accounts depending on the billing cycle. Other revenue is exceeding budget in the Water Fund due to additional antenna lease revenue. Expenses: Personal services is exceeding budget in the Sewer Fund, but running under budget in the Storm Water Fund. This is because staff time is recorded to the area being worked, which doesn’t always reflect the current budget. Staff will review and monitor this throughout the rest of the year. Total operating expenses in the Sewer Fund typically appear high throughout the year because the Met Council waste water service charge of $355,300 is paid one month in advance. Capital outlay will vary during the year based on timing of projects and when expenditures are incurred. The large capital outlay expense in the Storm Water Fund is the Carpenter Park project. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Actual $2,742 $5,447 $8,263 $10,741 $13,326 $16,872 $19,748 $22,898 $25,529 $28,062 Budget $2,984 $5,969 $8,953 $11,937 $14,921 $17,906 $20,890 $23,874 $26,858 $29,843 $32,827 $35,811 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $ THOUSANDS Monthly Expenditures -General Fund Summary of Revenues & Expenditures - General Fund As of October 31, 2017201720172015 2015 2016 2016 2017 2017 Balance YTD Budget BudgetAudited BudgetAudited Budget Oct YTD Remaining to Actual %General Fund Revenues: General Property Taxes22,364,509$ 22,653,095$ 23,597,282$ 24,193,360$ 24,748,436$ 12,989,503$ 11,758,933$ 52.49% Licenses and Permits3,248,158 4,312,700 3,496,177 4,320,078 3,745,736 3,543,310 202,426 94.60% Fines & Forfeits320,200 263,951 341,200 299,808 254,200 229,006 25,194 90.09% Intergovernmental1,292,277 1,669,395 1,419,017 1,656,072 1,631,669 1,636,150 (4,481) 100.27% Charges for Services1,907,292 2,116,313 1,956,593 2,063,241 2,027,637 1,758,048 269,589 86.70% Miscellaneous Revenue1,196,018 1,357,373 977,546 1,131,632 1,274,415 1,021,652 252,764 80.17% Transfers In1,851,759 1,867,398 1,872,581 1,881,274 1,899,927 1,574,939 324,988 82.89% Investment Earnings 140,000 68,908 140,000 114,957 140,000 140,000 0.00% Other Income17,900 61,025 27,450 20,440 30,450 44,621 (14,171) 146.54% Use of Fund Balance286,325 - 254,891 - 58,541 - 58,541 0.00%Total General Fund Revenues32,624,438$ 34,370,158$ 34,082,737$ 35,680,861$ 35,811,011$ 22,797,229$ 13,013,782$ 63.66%General Fund Expenditures: General Government: Administration 979,183$ 1,012,841$ 1,037,235$ 1,118,873$ 1,049,123$ 801,925$ 247,198$ 76.44% Finance 912,685 902,901 933,624 869,759 957,275 709,881 247,394 74.16% Assessing 602,299 601,687 641,038 607,443 707,139 524,368 182,771 74.15% Human Resources 805,929 857,950 748,718 801,958 754,699 578,641 176,058 76.67% Community Development 1,245,613 1,253,687 1,385,036 1,281,000 1,366,055 1,098,332 267,723 80.40% Facilities Maintenance 1,094,836 1,072,749 1,115,877 1,099,973 1,132,774 885,723 247,051 78.19% Information Resources 1,468,552 1,374,074 1,564,128 1,492,734 1,570,712 1,111,389 459,323 70.76% Communications & Marketing 635,150 571,815 608,228 657,758 646,841 560,610 86,231 86.67% Community Outreach 24,677 22,380 25,587 22,718 26,553 20,445 6,108 77.00% Engineering 492,838 381,148 549,251 436,228 376,601 213,444 163,157 56.68%Total General Government8,261,762$ 8,051,233$ 8,608,722$ 8,388,443$ 8,587,772$ 6,504,758$ 2,083,014$ 75.74% Public Safety: Police8,511,557$ 8,248,745$ 8,698,661$ 8,754,092$ 9,217,988$ 7,579,664$ 1,638,324$ 82.23% Fire Protection3,722,396 3,759,386 4,030,153 3,939,435 4,407,656 3,525,387 882,269 79.98% Inspectional Services2,139,325 2,002,445 2,216,075 2,082,694 2,419,073 1,844,302 574,771 76.24%Total Public Safety14,373,278$ 14,010,577$ 14,944,889$ 14,776,220$ 16,044,717$ 12,949,353$ 3,095,364$ 80.71% Operations & Recreation: Public Works Administration 232,437$ 213,383$ 241,304$ 240,497$ 266,249$ 201,518$ 64,731$ 75.69% Public Works Operations 2,763,735 2,388,560 2,907,781 2,699,375 3,019,017 2,236,202 782,815 74.07% Organized Recreation 1,304,470 1,360,454 1,431,260 1,396,737 1,472,996 1,262,262 210,734 85.69% Recreation Center 1,591,115 1,575,042 1,602,935 1,687,724 1,744,651 1,563,982 180,669 89.64% Park Maintenance 1,550,033 1,513,700 1,634,249 1,627,700 1,721,732 1,489,148 232,584 86.49% Westwood Nature Center 564,055 560,744 576,173 555,887 602,400 468,555 133,845 77.78% Natural Resources 472,049 377,617 479,408 362,094 550,235 365,730 184,505 66.47% Vehicle Maintenance 1,333,520 1,118,048 1,358,946 1,130,622 1,384,038 971,080 412,958 70.16%Total Operations & Recreation9,811,414$ 9,107,547$ 10,232,056$ 9,700,637$ 10,761,318$ 8,558,477$ 2,202,841$ 79.53% Non-Departmental: General -$ 123,720$ 30,351$ 63,648$ 31,909$ 26,550$ 5,359$ 83.21% Transfers Out- 2,194,245 - 1,873,000 - - - 0.00% Contingency177,984 14,438 266,719 104,224 385,295 22,533 362,762 5.85%Total Non-Departmental177,984$ 2,332,403$ 297,070$ 2,040,871$ 417,204$ 49,083$ 368,121$ 11.76%Total General Fund Expenditures32,624,438$ 33,501,760$ 34,082,737$ 34,906,172$ 35,811,011$ 28,061,671$ 7,749,340$ 78.36%Study Session Meeting of November 27, 2017 (Item No. 3) Title: October 2017 Monthly Financial Report Page 4 Budget to Actual - Enterprise FundsAs of October 31, 2017Current BudgetOct Year To DateBudget Variance% of BudgetCurrent BudgetOct Year To DateBudget Variance% of BudgetCurrent BudgetOct Year To DateBudget Variance% of BudgetCurrent BudgetOct Year To DateBudget Variance% of BudgetOperating revenues: User charges 6,420,438$ 3,991,031$ 2,429,407$ 62.16% 6,915,804$ 5,259,013$ 1,656,791$ 76.04% 3,319,001$ 2,246,161$ 1,072,840$ 67.68% 2,853,520$ 2,091,126$ 762,394$ 73.28% Other 375,000 530,872 (155,872) 141.57% 30,000 7,862 22,138 26.21% 148,000 109,067 38,933 73.69% - - - Total operating revenues6,795,438 4,521,903 2,273,535 66.54% 6,945,804 5,266,875 1,678,929 75.83% 3,467,001 2,355,228 1,111,773 67.93% 2,853,520 2,091,126 762,394 73.28%Operating expenses: Personal services1,322,998 1,097,352 225,646 82.94% 613,321 697,341 (84,020) 113.70% 590,172 438,193 151,979 74.25% 705,221 455,904 249,317 64.65% Supplies & non-capital544,800 242,212 302,588 44.46% 65,050 24,030 41,020 36.94% 153,350 148,452 4,898 96.81% 30,800 2,876 27,924 9.34% Services & other charges1,688,398 1,428,068 260,330 84.58%4,764,546 4,432,895 331,651 93.04% 2,692,499 1,885,884 806,615 70.04% 597,828 168,026 429,802 28.11% Depreciation * Total operating expenses3,556,196 2,767,632 788,564 77.83% 5,442,917 5,154,266 288,651 94.70% 3,436,021 2,472,529 963,492 71.96% 1,333,849 626,806 707,043 46.99%Operating income (loss)3,239,242 1,754,271 1,484,971 54.16% 1,502,887 112,609 1,390,278 7.49% 30,980 (117,301) 148,281 -378.63% 1,519,671 1,464,320 55,351 96.36%Nonoperating revenues (expenses): Interest income 3,408 - 3,408 1,953 - 1,953 0.00% 30,849 - 30,849 0.00% 2,875 - 2,875 0.00% Other misc income- - - - - -2,500 - 2,500 0.00%- - - Debt issuance costs- (59,272) 59,272 - (13,122) 13,122 - (3,850) 3,850 Interest expense/bank charges(182,037) (184,506) 2,469 101.36% (16,016) (16,116) 100 100.62% (11,000) (12,333) 1,333 112.12% (30,604) (31,811) 1,207 103.94% Total nonoperating rev (exp)(178,629) (243,778) 65,149 136.47% (14,063) (29,238) 15,175 207.91% 22,349 (12,333) 34,682 -55.18% (27,729) (35,661) 7,932 128.61%Income (loss) before transfers3,060,613 1,510,493 1,550,120 49.35% 1,488,824 83,371 1,405,453 5.60% 53,329 (129,634) 182,963 -243.08% 1,491,942 1,428,659 63,283 95.76%Transfers inTransfers out(584,451) (487,043) (97,408) 83.33% (799,648) (666,373) (133,275) 83.33% (227,229) (189,358) (37,871) 83.33% (313,067) (260,889) (52,178) 83.33%NET INCOME (LOSS)2,476,162 1,023,450 1,452,712 41.33% 689,176 (583,002) 1,272,178 -84.59% (173,900) (318,992) 145,092 183.43% 1,178,875 1,167,770 11,105 99.06%Items reclassified to bal sht at year end: Capital Outlay(3,163,298) (1,889) (3,161,409) 0.06% (785,983) (1,889) (784,094) 0.24%- - - (2,191,667) (1,547,404) (644,263) 70.60%Revenues over/(under) expenditures(687,136) 1,021,561 (1,708,697) (96,807) (584,891) 488,084 (173,900) (318,992) 145,092 (1,012,792) (379,634) (633,158) *Depreciation is recorded at end of year (non-cash item).Water SewerSolid WasteStorm WaterStudy Session Meeting of November 27, 2017 (Item No. 3) Title: October 2017 Monthly Financial Report Page 5 Meeting: Study Session Meeting Date: November 27, 2017 Written Report: 4 EXECUTIVE SUMMARY TITLE: 2040 Comprehensive Plan Update RECOMMENDED ACTION: None at this time. This report is to inform the City Council of upcoming activities related to the city’s Comprehensive Plan update. POLICY CONSIDERATION: None at this time. Please inform staff of any questions. SUMMARY: Community Engagement Process A significant part of updating the city’s Comprehensive Plan for 2040 is to garner public input to help shape the plan to be reflective of the community’s needs and desires. As part of this process, staff and the planning consultant are conducting four neighborhood workshops to solicit comments, thoughts, and ideas from residents. Two of the neighborhood workshops were held on November 14th and 16th with two more workshops being held on November 28th and 30th. The attached map provides neighborhood groupings and meeting locations. Additional information is provided in the Discussion section of this report. Consultant for Mobility Section As part of the Comprehensive Plan process, staff issued a request for qualifications to multiple engineering firms to complete the Mobility section of the comprehensive plan. Traditionally this section would be called the transportation section; however, we are approaching the typical transportation section in a new way, by emphasizing “mobility” or getting around in the community versus simply providing a streets or roadway plan. Customary methods of expanding roadways to accommodate only vehicles are no longer practical or standard in St. Louis Park. Planning and infrastructure improvements will need to be focused on anticipating the needs of residents in a more diverse way to ensure the community is a best place to live and work in the Twin Cities metro area. In this context mobility encompasses all modes of transportation, including walking, biking, and taking transit. SRF Consulting has partnered with Toole Design Group to provide a proposal that is well-balanced and brings together the qualifications that will produce a Mobility section that will serve our community well for years to come. We are currently finalizing the scope of services and budget with SRF Consulting. The Mobility section will be integrated in to the larger comprehensive plan along with other sections such as the Water Supply Plan and the Surface Water Management Plan. FINANCIAL OR BUDGET CONSIDERATION: The contract for the consultant will be brought to the Council for approval on December 4, 2017. Funding for the Mobility Section of the Comprehensive Plan has been allocated in the 2017 and 2018 community development budgets. VISION CONSIDERATION: St. Louis Park is committed to being a connected and engaged community. SUPPORTING DOCUMENTS: Discussion Neighborhood Workshop Flyer, Map & Photo Comprehensive Plan Update Schedule Prepared by: Meg J. McMonigal, Principal Planner Jack D. Sullivan, Senior Engineering Project Manager Reviewed by: Karen Barton, Community Development Director Approved by: Tom Harmening, City Manager Study Session Meeting of November 27, 2017 (Item No. 4) Page 2 Title: 2040 Comprehensive Plan Update DISCUSSION Community Engagement Process For the fall meetings that are currently being held, staff has made efforts to reach as many residents as possible, and in particular those who don’t traditionally participate in these types of meetings. Postcards were mailed to each household including homes and apartments, sent to neighborhood leaders and city contact lists, posted on Next Door, the city’s website and city social media sites. For the upcoming meetings, staff will also be posting flyers at apartment complexes in the area, as well as other gathering spots. The meetings include a light supper, child care, and assistance for hearing, language, mobility and/or other needs. An on-line survey has also been posted on the city’s website at: www.stlouispark.org/SLP2040 to allow for input from those who are unable to attend the workshops. The workshops are being kicked off with a brief presentation by the city’s consultants from Hoisington Koegler Group (HKGi) and city staff providing background on the city’s current comprehensive plan and Vision 3.0 recommendations, and how their input will be used to inform the current comprehensive plan update. The residents participate at tables by neighborhood, and work with their neighbors to answer questions on a game board. Residents spend an hour “playing” the game, answering questions and discussing their neighborhoods and the community. On November 14th, 40 people from the east side of the city attended and on the 16th, 21 people from the southwest side participated. Each neighborhood had energetic, constructive discussions, providing fruitful input for the 2040 plan. Another engagement opportunity for neighbors is planned for spring. Draft plans will be available at that time, and staff and the consultant will ask for feedback on the draft plan. Mobility Section Consultant As noted, SRF Consulting and Toole Design Group prepared a proposal that clearly addressed the elements relating to “mobility” rather than the traditional roadway plan. SRF Consulting was a member of the team that completed the City’s last comprehensive plan. Their familiarity with our community will be an asset as we emphasize mobility in this comprehensive plan. Toole has also worked with us on biking and walking elements in the past related to SWLRT. These consultants bring together the qualifications that will result in a holistic plan that serves the many modes of travel we are planning for. The city is beginning to update its Comprehensive Plan and wants to hear from you! The Comprehensive Plan is an official document that guides the future of the City of St. Louis Park. It sets forth policies and programs that govern land use, transportation, public facilities, economic development and housing. It also includes plans for each of the city’s 35 neighborhoods. 6 – 6:30 Free Light Supper 6:30 – 8 Planning Workshop Free childcare provided. We want your participation, so if you have a barrier to attending (hearing, language, mobility, date conflict, etc.) please call the city at 952.924.2525 (TDD 952.924.2518) at least three days in advance of the meeting to request assistance. For more information: Visit www.stlouispark.org/SLP2040 or contact Meg McMonigal, principal planner, at mmcmonigal@stlouispark.org or 952.924.2573 Join us! St. Louis Park 2040 Neighborhood Planning Workshop For city events, activities and news, visit stlouispark.org. Make service requests or receive city information via the app or visit mystlouispark.org nextdoor.com @stlouispark For city events, activities and news, visit stlouispark.org. Make service requests or receive city information via the app or visit mystlouispark.org For city events, activities and news, visit stlouispark.org. Make service requests or receive city information via the app or visit mystlouispark.org For city events, activities and news, visit stlouispark.org. Make service requests or receive city information via the app or visit mystlouispark.org Plan your neighborhood’s future! Nothwest & Northeast Districts Thursday, November 30 Community Room, Shops at West End (located in the Showplace ICON Theatre, ground floor) 1625 West End Blvd., St. Louis Park Southwest District Thursday, November 16 Municipal Service Center 7305 Oxford Street West & Central Districts Tuesday, November 28 Lenox Community Center 6715 Minnetonka Blvd. East Central & Southeast Districts Tuesday, November 14 The Rec Center Banquet Room 3700 Monterey Drive Neighborhood Planning Workshops November 14, 2017 Rec Center 3700 Monterey Drive November 16, 2017 Municipal Service Center 7305 Oxford Street November 30, 2017 West End Community Room 1625 West End Boulevard November 28, 2017 Lenox Community Center 6715 Minnetonka Boulevard 5 7 3 5 7 17 25 100 100 394 100 394 394169 169 169 5 3 6:00 to 6:30 Light Supper Provided6:30 to 8:00 Neighborhood Planning Workshop November 14, 2017 | Rec Center | 3700 Monterey Dr. November 16, 2017 | Municipal Service Center | 7305 Oxford St. November 28, 2017 | Lenox Community Center | 6715 Minnetonka Blvd. November 30, 2017 | West End Community Room | 1625 West End Blvd. Neighborhood Workshop Dates & Locations St. Louis Park 2040 Neighborhood Planning Workshops November 14, 2017 Rec Center 3700 Monterey Drive November 16, 2017 Municipal Service Center 7305 Oxford Street November 30, 2017 West End Community Room 1625 West End Boulevard November 28, 2017 Lenox Community Center 6715 Minnetonka Boulevard 5 7 3 5 7 17 25 100 100 394 100 394 394 169 169 169 5 3 6:00 to 6:30 Light Supper Provided 6:30 to 8:00 Neighborhood Planning Workshop November 14, 2017 | Rec Center | 3700 Monterey Dr. November 16, 2017 | Municipal Service Center | 7305 Oxford St. November 28, 2017 | Lenox Community Center | 6715 Minnetonka Blvd. November 30, 2017 | West End Community Room | 1625 West End Blvd. Neighborhood Workshop Dates & Locations St. Louis Park 2040Study Session Meeting of November 27, 2017 (Item No. 4) Title: 2040 Comprehensive Plan Update Page 3 Neighborhood Planning Workshops November 14, 2017Rec Center3700 Monterey Drive November 16, 2017Municipal Service Center7305 Oxford Street November 30, 2017West End Community Room1625 West End Boulevard November 28, 2017Lenox Community Center6715 Minnetonka Boulevard Eliot Aquila Fern Hill LenoxOak Hill Wolfe Park Blackstone Westwood Hills Birchwood Elmwood Triangle Sorensen Bronx Park Creekside Cedar Manor Cobblecrest Lake Forest Texa Tonka Willow Park Browndale South Oak Hill Brooklawns Brookside Eliot View Shelard Park Minikahda VistaMeadowbrook Cedarhurst Minnehaha Pennsylvania Park Kilmer Pond Crestview Amhurst Westdale Minikhada Oaks 6:00 to 6:30 Light Supper Provided 6:30 to 8:00 Neighborhood Planning Workshop November 14, 2017 | Rec Center | 3700 Monterey Dr. November 16, 2017 | Municipal Service Center | 7305 Oxford St. November 28, 2017 | Lenox Community Center | 6715 Minnetonka Blvd. November 30, 2017 | West End Community Room | 1625 West End Blvd. Neighborhood Workshop Dates & Locations St. Louis Park 2040 Study Session Meeting of November 27, 2017 (Item No. 4) Title: 2040 Comprehensive Plan Update Page 4 Study Session Meeting of November 27, 2017 (Item No. 4) Title: 2040 Comprehensive Plan Update Page 5 TASK OCT NOV DEC JAN’18 FEB MAR APR MAY JUN JUL-DEC TASK 1: Establish Framework for 2040 Plan and Process TASK 2: Update Where We Are Today TASK 3: Conduct Community Engagement Round 1 TASK 4: Update Where We Are Headed TASK 5: Update Plan by Neighborhood Chapter TASK 6: Conduct Community Engagement Round 2 TASK 7: Prepare Complete Draft of 2040 Comprehensive Plan TASK 8: Gain Approval of Draft 2040 Comprehensive Plan TASK 9: Prepare Final 2040 Comprehensive Plan MEETINGS City Staff Planning Commission City Council Neighborhood Planning Areas (7) Stakeholders Online Survey ST. LOUIS PARK 2040 COMPREHENSIVE PLAN Schedule Study Session Meeting of November 27, 2017 (Item No. 4) Title: 2040 Comprehensive Plan Update Page 6 Meeting: Study Session Meeting Date: November 27, 2017 Written Report: 5 EXECUTIVE SUMMARY TITLE: Proposed Terms for Purchase of 5639 Minnetonka Boulevard RECOMMENDED ACTION: Staff wishes to inform the EDA on the proposed terms for acquiring the residential property located at 5639 Minnetonka. POLICY CONSIDERATION: Does the EDA approve of the proposed terms of Purchase Agreement for the acquisition of 5639 Minnetonka Boulevard? SUMMARY: At the October 23rd Study Session, the EDA expressed consensus support for acquiring a bank-owned property located at 5639 Minnetonka Boulevard. Since that time the property was placed on auction and staff successfully placed the highest bid for the property at $136,000. Staff has negotiated a proposed purchase agreement which is attached for the EDA’s review and consideration. Provided the proposed agreement generally meets with the EDA’s approval it will be scheduled for formal consideration on December 4th. Upon acquisition, staff will secure the property and work to facilitate redevelopment of the property along with the three adjacent properties to the west to expand the city’s housing stock with new market-rate and affordable housing. The subject property, along with the adjacent properties to the west, are zoned R-4 medium-density multi-family residential. Staff believes this location provides an opportunity to incorporate non-traditional housing options such as row homes or townhomes. FINANCIAL OR BUDGET CONSIDERATION: The subject property is currently assessed at $168,000. Staff successfully bid $136,000 which was accepted by the seller. Closing costs are approximately $6,000 - $7,000, including auction fees. The EDA could incur additional costs related to demolition and property management before the property is redeveloped. The cost of acquisition and related expenses would be covered by the Development Fund with the intent to recoup the EDA’s investment from the future sale of the property. VISION CONSIDERATION: St. Louis Park is committed to providing a well-maintained and diverse housing stock. SUPPORTING DOCUMENTS: Discussion Purchase Agreement Prepared by: Julie Grove, Economic Development Specialist Reviewed by: Greg Hunt, Economic Development Coordinator Karen Barton, Community Development Director Approved by: Tom Harmening, EDA Executive Director and City Manager Study Session Meeting of November 27, 2017 (Item No. 5) Page 2 Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard DISCUSSION BACKGROUND: The subject property is currently occupied by a single-family house that has been vacant for several years and has fallen into disrepair. The property was foreclosed and is bank- owned. It is zoned R-4, Multi-Family Residential and is located adjacent to three other parcels; all zoned R-4. These properties are guided for RM-Medium Density Residential, which permit up to 30 units per acre. All three of the neighboring properties to the west are working with a realtor who is looking to redevelop them. The realtor has met with staff and indicated an interest in building an apartment building at this location. Proposed Future Plans for the subject property: EDA ownership of the subject property would allow the city to facilitate and guide redevelopment of these single family homes and expand the city’s housing stock with new market-rate and affordable housing. Staff believes this location provides an opportunity to incorporate non-traditional housing options such as row homes or townhomes. Below is a summary of the proposed Purchase Agreement: Purchase Price The purchase price for the subject property is $136,000. The current assessed value of the subject property is $168,500. The property was initially listed on the market for $137,900. Staff submitted a letter of intent to purchase the property at the asking price and was informed that the property was moved to auction. On November 3rd, staff successfully placed the highest bid for the property at $136,000. The seller accepted this bid and scheduled closing for the middle of December. Study Session Meeting of November 27, 2017 (Item No. 5) Page 3 Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Based upon review of comparable land sales information with the City Assessor the acquisition price of the subject property is considered reasonable and below market. Purchase of the subject property would be paid for through the Development Fund. Costs related to building demolition, and property maintenance would also be paid for through the Development Fund. The Development Fund could potentially be reimbursed, in whole or in part, through the future sale of the property. Purchase Agreement Terms The following is a summary of the proposed Purchase Agreement between Carrington Mortgage Services, LLC (“Seller”) and the EDA (“Buyer”). 1. Purchase Price and Terms a. Purchase Price: The total Purchase Price for the Property is $136,000. b. Terms: (1): Earnest Money. The sum of $4,080.00 Earnest Money shall be paid by the Buyer to the Seller. The earnest money was deposited with the Seller’s Escrow/Title Company. (2): Financing Due Seller: Buyer agrees to pay by check or wire transfer on the Closing Date the remaining Balance Due according to the terms of the Purchase Agreement. (3): Condition of Property: Buyer acknowledges that Seller is acquiring the Property by foreclosure and Buyer agrees to accept the Property in “As Is” condition. (4): Deed/ Title: Seller agrees to deliver the Deed conveying marketable title to the Property to Buyer at closing. 2. Contingencies. Buyer’s obligation to purchase the Property is contingent upon the following: a. Approval of the Purchase Agreement by the EDA; b. In the event the Seller determines there is an environmental hazard the Seller may terminate the Agreement; c. Buyer’s determination of marketable title. Buyer shall have until the Closing Date to remove the above contingencies. 3. Real Estate Taxes and Special Assessments. The Buyer and Seller agree to prorate water and sewer charges, utility charges, real estate taxes and assessments relating to the Property. The Buyer agrees to pay taxes beginning the day prior to closing and all taxes for the years thereafter. 4. Closing Date. The date of closing is tentatively scheduled the third week in December. Study Session Meeting of November 27, 2017 (Item No. 5) Page 4 Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard 5. Possession/Utilities a. Possession. Sellers agree to deliver possession of the Property to Buyer not later than the Closing Date and funding of sale. The city conducted a property maintenance inspections and verified the property is currently vacant. b. Utilities. Sellers shall prorate all utility charges, if any, prior to the Closing Date. 6. CLOSING COSTS/RECORDING FEES/DEED TAX. Seller shall pay all costs and fees of the Buyer’s title insurance policy and one-half of all escrow and closing fees. The Seller shall pay the real estate commission per the listing agreement between the Seller and the Seller’s listing broker. As part of closing costs, the Buyer shall pay the auction house technology fee and buyer’s premium in the amount of $6,419.00. Summary The subject property is a vacant, bank-owned, foreclosed single family property. Acquisition of this property will allow the EDA to facilitate and guide a potential redevelopment of the subject property in a manner consistent with the city’s housing goals and vision. The acquisition process for purchasing this property has been unusual as the property was placed for sale through an auction. Staff successfully placed the highest bid which was accepted by the seller. Since this process is being conducted through an auction house, closing documents and agreements will be required to be executed electronically using DocuSign. Should the EDA approve the purchase agreement, staff will forward the agreement electronically by email to the President and Executive Director for electronic execution. 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks iden tified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 Important Conditions of Your Purchase The Property was acquired by the Seller through foreclosure, d eed in lieu of foreclosure, tru stee’s sale or similar action. The Seller has never occupied the Property and has little or no direct knowledge about the condition of the Property or any defects. Therefore, neither the Seller nor Altisource nor its subsidiaries will provide any disclosures or warranties to you relating to the Property's condition or status. The Property is sold "AS IS, WHERE IS AND WITH ALL FAULTS". Please note that the Agreement may contain contingencies to the closing. The Seller expects you to adhere to all contingency deadlines set forth in the Agreement, as well as to close the transaction on or before the contractual closing date. We can offer you no assurances that Seller will agree to any requested extension of the contingency or closing date. When all applicable contingency periods have expired, the Earnest Money will become non-r efundable. If any of the Property's utilities are not currently activated and you require them for any inspection, it will be your responsibility to activate them at your expense. It is your responsibility to determine if the Property is part of a condominium association, home owners association or similar community governing scheme . In addition, if the Property is part of a condominium association, home owners association or similar community governing scheme, it is your responsibility to obtain, review and approve any governing documents relating to the Property, unless otherwise required b y state la w. The Agreement must be fully signed and initialed by you and signed by your broker (if any), then returned to the Seller within forty-eight (48) hours. Please be sure that the Earnest Money funds reference the Sellers’s name and Property address. No changes or negotiation to the Agreement wi l l be accepted. The executed documents will be transmitted automatically if executed in DocuSign. Until the Seller receives the Agreement, executed by you, a n d signs and returns to you a copy of the executed Agreement, there will be no binding contract between the parties, and the Seller will have no obligation to move forward with the contemplat ed sale. Therefore, until this happens, the Seller will continue to market the Property, negotiate and accept other offers on the Property. Further, at all times, even after there is a binding contract, the Seller reserves the right to continue to market the Property and accept back-up offers on the Property. I f a Buyer refuses or fails to complete the transaction for ANY reason (incl udi ng, but not limited to, remitting the deposit or total purchase amount), the Buyer shall relinquish ANY right to complete the transaction and shall have no rights or interest in the property, as well as forfeit the Buyer’s Deposit as liquidated damages to the Seller. PLEASE BE ADVISED: Various state statutes give the Seller the right to p ursue legal action against bidders who refuse to complete transactions. This may include (but is not limited to) suit to comp el completion of the sale, and/or pursuit of criminal charges of fraud or other intentional act . After you receive from Seller the fully executed copy of the Agreement, y o u must deliver (i) the Earnest Money funds (wire or certified check); and (ii) either a pre-approval letter (in case of financed deal) or proof of funds (in case of cash deal) to the Closing Agent within forty-eight (48) hours, along with a copy of the fully executed Agreement and your lender's contact information (if any). If we do not receive confirmation of the Closing Agent's receipt of the Earnest Money a n d either a pre-approval letter (in case of financed deal) or proof of funds (in case of cash deal) by that deadline, Seller reserves the right to terminate the Agreement and pursue default remedies. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 5 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 PURCHASE AND SALE AGRE EMENT This Purchase and Sale Agreement (this “Agreement”), is made by and between Seller and Buyer, both as defined in Section 2 below (together, the “Parties” and each individually, a “Party”), and is dated as of November 10, 2017. See Section 16.20 for the Effective Date of this Agreement. In consideration of the mutual benefits accruing to the Parties hereto and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer hereby agree as follows: 1 BUYER ACKNOWLEDGMENTS. Buyer acknowledges and agrees to the following: 1.1. Not Binding Until Signed by Seller. Seller has prepared this Agreement in response to Buyer's exp ressed interest to purchase the Property, as defined in Section 2.7 , upon the terms and conditions contained herein. This Agreement does not constitute an offer by Seller to sell the Property to Buyer, and thus Buyer's signature on the Agreement does not constitute an acceptance of any offer. Instead, Buyer's delivery of this Agreement to Seller, signed and initialed by Buyer, constitutes only Buyer's offer to purchase the Property upon the terms and conditions contained herein. Unless and until Seller accepts Buyer's offer to purchase the Property, as evidenced by Seller's execution of this Agreement below and subsequent delivery of the signed Agreement to Buyer, there will be no contract between the Parties. 1.2. Offer to be Delivered Electronically. Within f o r t y -eight ( 48 ) hours of Buyer’s r eceip t of this Agreement, Buyer shall deliver to Seller this Agreement and all related documents, fully signed and initialed by Buyer and signed by Selling Broker. These documents shall be sent to Seller el ectronically via the DocuSign execution and upload process. 1.3. Other Offer, Backup Offers. Seller reserves the right to continue to offer the Property for sale to others after Buyer's delivery of this Agreement un til Seller's acceptance of Buyer’s offer, and after Seller’s acceptance, Seller res erves the right to accept backup offers at Seller's sole discretion. 1.4. Offer Expiration Deadline. Buyer's offer shall expire on the Offer Expiration Date at 5:00 PM ET, unless accepted by Seller pursuant to Section 1.1. 1.5. Buyer's Option to Select Title Provider and Closing Agent. Buyer acknowledges that, during the cours e of Buyer's negotiation with Seller, the Seller selected the Title Provider and Closing Agent and Buyer was given the option of either: (a) Approving the Seller-selected Closing Agent and Title Provider, in which case Seller would pay for (i) the cost of Buyer's title insurance poli cy and all related search fees (see Section 8.2.2) and (ii) one-half of all escrow and Closing fees, unless otherwise required by law or agreed to in writing between the Parties; or (b) The Buyer selects both the Closing Agent and the provider of Buyer's policy of title insurance (“Title Provider”), in which case Buyer would pay for the cost of Buyer's title insurance policies and all related search fees and all of the escrow and Closing fees without any contribution from Seller (see Section 8). Buyer's decision regarding selection of the Title Provider and Closing Agent is shown in Sections 2.3 and 2.4. 1.6. Technology Fee and Buyer's Premium. Buyer acknowledges it s obligation to pay to Hubzu the Technology Fee and Buyer's Premium, as applicable and as shown in Sections 2.13 and 2.14. Buyer hereby authorizes Seller to pay these fees directly to Hubzu or its affiliate, Altisource Online Auction on Buyer's behalf at Closing. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 6 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 2 SIGNIFICANT TRANSACTION TERMS AND DEFINITIONS. # Defined Term Definition 2.1. S ell er: Carrington Mortgage Services, LLC 2.2. Buyer (whether one or more): St. Louis Park Economic Development Authority (EDA) 2.3. Closing Agent: (selected by Seller) Kennedy & Graven, EDA Attorney 2.4. Title Provi der: (selected b y Seller) ___________________________ 2.5. Selling Broker or Buyer's Agent (if an y): ___________________________ ___________________________ 2.6. Listing Broker and Listing Agent: Keller Williams Integrity Maribel Garcia See Exhibit A for Party Contact Info r mation 2.7. P ropert y: The real prop erty, i mprovements, appurt enances and heredita ments located at 5639 MINNETONKA BLVD ST LOUIS PARK, MN 55416 2.8. Tax Id No.: 1611721210009 2.9. Seller Prop erty Id. No: 7000159818 2.10. Offer Expiration Date: 11/15/2017 (See Section 1.4) 2.11. High Bid/Offer: $136,000.00 (See Section 4.1) 2.12. Earnest Mone y: $4,080.00 (See Section 4.1.1) 2.13. T echnolog y Fee: $299.00 (See Section 1.6) 2.14. Buyer's Premium: $6,120.00 (See Section 1.6) 2.15. T otal Purchase P rice (includes Hig h Bid/Offer, Technology F ee and B u yers P remium, if an y) $142,419.00 (See Section 4.1.2) 2.16. Total Seller Concessions (if any): Zero ($0.00) (See Section 4.2) 2.17. Financi ng Continge nc y A mount: Zero ($0.00) (See Section 6) 2.18. Financing Conti ngenc y Dea dli ne: N/A (See Section 6.2) 2.19. Insp ecti on Co ntin genc y: No 2.20. Insp ecti on Contingenc y Dea dline: N/A (S ee Section 7.2) 2.21. Closing Dat e: 12/05/2017 (See Section 9.4) 2.22. Last Kno wn Occupanc y Status at Ti me of Listing: Vacant (See Section 11) 2.23 P ermitted Excepti ons Standar d excepti ons to title in the jurisdiction where th e Propert y is lo cated DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 7 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 3. SALE OF PROPERTY. Subject to compliance with the terms and conditions of this Agreement, and subj ect to applicable law, Seller shall sell to Buyer and Buyer shall purchase from Seller the Property, subject to all Permitted Exceptions and Section 8.1 hereof. 4. PURCHASE PRICE. 4.1. Purchase Price. The purchase price for the Property shall be the Total Purchase Price, which shall be due and payable by Buyer to Seller as follows: 4.1.1. Earnest Money. Within forty-eight (48) hours of Buyer's receipt of a fully executed copy of this Agreement, Buyer and Selling Broker shall deliver or cause to be delivered to Closing Agent the following documents: (a) the Earnest Money check made payable to Closing Agent; (b) a copy of the fully executed Agreement; and (c) Buyer's Lender's contact information, if applicable; and 4.1.2. Total Due from Buyer. The total due from Buyer is the Total Purchase Price, including without limitation the Technology F ee (if any) and Buyer’s Premium (if any) payable in Readily Available Funds pursuant to the terms of Section 9.8.3, but does not yet include the credit for the Earnest Money. Once the Earnest Money is received and negotiated, Buyer shall receive credit for such on the Closing documents. 4.1.3. Failure to Deliver the Earnest Money. Buyer's failure to deliver or cause to be delivered the Earnest Money to Closing Agent in Readily Available Funds within the time period specified in Section 4.1.1 shall const itute a default by Buyer under this Agreement. SELLER RESERVES THE RIGHT TO TERMINATE THIS AGREEMENT IN T HE EVENT BUYER DEFAULTS UNDER SECTION 4.1 OR ANY OF ITS SUBSECTIONS. 4.2. Seller Concessions. Seller has agreed to pay the below amounts, if any, for the following items to certain Buyer's costs or expenses, as indi cat ed belo w: # Purpose Seller's Concession 4.2.1. Credit to Buyer's Closi ng Costs $0.00 4.2.2. Credit to Buyer's Repair Cost s $0.00 5. DEPOSIT. 5.1. Definition. The term “Deposit” shall be used to refer to the sum/totality/combination of the Earnest Money, any additional deposit(s) and any ot her subsequent deposits held in trust or otherwise intended to be applied toward the Total Purchase Price, including but not limited to any amounts paid by Buyer pursuant to Section 9.5.3. 5.2. Nature of Deposit. The Deposit is non-refundable except in the event Buyer properly terminates this Agreement pursuant to the terms of the financing contingency (see Section 6 ) or the inspection contingency (Section 7 ), as may be applicable, or in the event of a Seller's Default pursuant to Section 12.3. Howe ver, even in those cases, a portion of the Deposit may be retained by Seller pursuant to Section 5.4. 5.3. Transfer of Deposit. If the Selling Broker is holding any of the Deposit (includi ng, but not limited to, the Earnest Money), the Selling Broker shall transfer the Deposit to the Closing Agent's account at least ten (10) business days prior to the Closing Date as listed in Section 2.21, regardless of any extensions of the Closing Date. Buyer acknowledges and agrees that the Deposit and any other funds related to Closing shall be deposited in a non-interest bearing account. 5.4. Return of Deposit. Any reference to a return of the Deposit to Buyer contained in this Agreement shall mean a return of the Deposit less any cancellation fees charged b y the Title Provider and Closing DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 8 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks iden tified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 Agent, if any and where allowable by law, to Buyer under this Agreement less fees and costs payable for services and products provided during escrow at Buyer's request or on Buyer's behalf in accordance with Section 10. 6. FINANCING CONTINGENCY. 6.1. Sale Not Contingent on Mortgage Financing . If the Financing Contingency Amo unt in Section 2.17 is zero ($0.00), then this Agreement is not subject to a financing contingency and Section 6.2 and its subsections do not apply. Buyer understands and agrees that Buyer's obligations under this Agreement are not conditioned on: (a) Buyer's application for a mortgage loan; (b) Buyer's delivery of a commitment for a mortgage loan from any lender; or (c) Buyer's acceptance of such a commitment. Buyer represents to Seller that Buyer has sufficient Readily Available Funds pursuant to Section 9.8.3 to complete the purchase of the Property. If Buyer is unable to submit Readily Available F unds at the time of the Closing Date to Seller, then Seller shall be entitled to exercise Seller's remedies pursuant to Section 12.1. 6.2. Sale Contingent on Mortgage Financing. If the Financing Contingency Amo unt in Section 2.17 is not zero ($0.00), then this Agreement is subj ect to a financing contingency and Section 6.1 does not apply. 6.2.1. Deadline for Commitment. This Agreement is subject to the condition that on or before the Financing Contingency Deadline, Buyer shall secure a written commitment f o r a loan from a federal or state chartered or regulated lender or any other so urce acceptable to Seller (“Lender”) to be secured by a mortgage or deed of trust on the Property in the amount of the Financing Contingency Amo unt or such lesser sum as Buyer accepts. If Buyer provides Seller with Lender's written notice that Buyer's financing has been declined by 5:00 pm ET on the Financing Contingency Deadline through no fault or arrangement of Buyer, then this Agreement shall become null and void and the Deposit shall be returned to Buyer. If Buyer fails to strictly comply with the terms of the previous sent ence, then this Agreement shall remain in full force and effect without any financing contingencies. 6.2.2. Buyer's Expense. Buyer shall, at Buyer's expense, promptly execute all documents and take any other steps necessary to procure a mortgage loan from Buyer’s Lender. Any delays caused by Buyer's Lender, whether a result of Buyer's conduct or not, shall constitute a default by Buyer. 6.2.3. Buyer's Authorization for Lender. Buyer hereby authorizes Lender (and/or Lender's successors and assigns) to discuss with Seller, Seller's representatives and agents, the Buyer's loan application including, but not limited to, the Buyer's credit history (including a credit report), income, debts and the progress of the entire loan appli cation. 7. INSPECTION CONTINGENCY. 7.1. Sale Not Contingent on Property Inspection. If the Inspection Contingency box in Section 2.19 is “No”, then this Agreement is not subject to a property inspection contingency and Section 7.2 and its subsections do not apply. Buyer represents and warrants to Seller that: (a) Prior to execution of this Agreement, Buyer has had sufficient time and access to the Property to examine the condition of the Property and its boundaries and surrounding area, the title of the Property, including all Permitted Exceptions, any Community Documents governing the Property pursuant to Section 13.3.3, the occupancy status of the Property and any other matter which ma y affect Buyer's decision to execute this Agreement, including but not limited to thos e matters listed in Section 13 (among which, include without limitation, the possible presence of lead-based paint, mold, Chinese/problem drywall or radon gas); and (b) Buyer has either conducted or caused to be conducted examinations of the Property as Buyer deems necessary, or waived the opportunity to conduct or cause to be conducted an y examinations of the Property. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 9 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 Buyer hereby waives the opportunity to conduct any additional examinations of the Property. 7.2. Sale Contingent on Property Inspection. If the Inspection Contingency box in Section 2.19 is “Yes”, then this Agreement is subject to a property inspection contingency and Section 7.1 does not apply. 7.2.1. Professional Inspection Encouraged. BUYER IS ENCOURAGED TO OBTAIN THE SERVICES OF A QUALIFIED AND EXPERIENCED PROFESSIONAL TO CONDUCT INSPECTIONS, ASSESSMENTS AND TESTS PRIOR TO THE END OF THE INSPECTION PERIOD, AS THE EXISTENCE OF CERTAIN CONDITIONS, INCLUDING BUT NOT LIMITED TO THOSE LISTED BELOW, COULD CAUSE SERIOUS HEALTH PROBLEMS AND/OR A SUBSTANTIAL REDUCTION IN PROPERTY VALUE. 7.2.2. Utilities. If any of the Property’s utilities are not activated as of the Effective Date and Buyer requires them for the Inspections (as defined in Section 7.2.3), Buyer may activate electric and gas service at Buyer’s e x p e n s e . BUYER M A Y NO T AC T I V AT E W A T E R S E R V I C E TO THE P R O PERTY. However, Buyer may, at Buyer’s expense, per form a compressed air pressure test of the Prop erty’s plumbing system. 7.2.3. Inspection P eriod, Inspection Costs. During the period beginning on the Effective Date and ending at 5:00 pm ET on the Insp ection Contingency Deadline (the “Inspection Period”), Buyer, at Buyer’s sole cost and expense, shall have the opportunity to inspect the Property, its condition and surroundings, including, but not limited to, environmental conditions, asbestos, radon gas, lead-based paint (see Section 13.3.4 ), mold, physical defects including structural defects, roof, basement, mechanical systems such as heating and air conditioning, electrical systems, wells, sewage and septic systems, plumbing, soils, geology, topography, exterior site drainage, termite and other types of pest and insect infestation or damage caused by such infestation and boundary or other physical surveys (collectively, the “Inspections”). Any and all costs and expenses associated with the Inspections, including the establishment, c o n n e c t i o n an d cost of electric and gas service, shall be referred to as “Inspection Costs”. Regardless of whether the transaction closes or fails to close due to an issue stemming from the Inspections, Seller shall not be required to reimburse Buyer for any of the Inspection Costs, which shall be paid by Buyer. Seller does not supply surveys, boundary surveys or footprint surveys. 7.2.4. Exer cise, Waiver of Contingency. If Buyer p u r s u a n t to the Insp ections t i m e l y o b j e c t s to any condition of the Property by the Insp ection Contingency Deadline, then Buyer, at Buyer's sole option, may terminate this Agreement and neither Party shall have an y further obligations to the other Party except as otherwise provided in this Agreement. Following Buyer's termination of this Agreement pursuant to this Section, and subject to the terms of Section 7.2.5 below, Seller will authorize the refund of the Deposit to Buyer, subject to Section 5.4. If, for any reason, Buyer does not give Seller written notice of cancellation by 5:00 pm ET on the Inspection Contingency Deadline, then Buyer shall conclusively be deemed to have: (a) completed the Inspections and any investigations and review of applicable documents and disclosures and removed all inspection- related contingencies; (b) el ected to proceed with the transaction; and (c) assumed all liability, responsibility, and expense for repairs or corrections other than for items which Seller has otherwise agreed in writing to repair, correct or credit. 7.2.5. Inspection Reports. In the event Buyer terminates this Agreement pursuant to Section 7.2.4, Seller shall have the right to request and receive copies of any or all of the written reports arising from the Inspections ( the “Inspection Re ports”) as a condition to authorizing t h e refund of the Deposit to Buyer. In the event Seller requests from Buyer copies of any or all of the Inspection Reports, Buyer agrees to submit the requested Inspection Reports to Seller no later than one (1 ) business day following Seller's request for the Inspection Reports. Following Seller's receipt and approval of any DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 10 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 requested Inspection Reports, Seller will authorize the refund of the Deposit to Buyer, subject to Section 5.4. 7.2.6. Repairs, Indemnifi cation. Buyer shall repair all damages arising from or caused by the Insp ections, including, but not limited to, damages arising from or relating to Buyer’s activation or deactivation of the Property’s utilities. Buyer shall keep the Property free and clear of liens arising from Buyer’s Inspections. Buyer shall inde mnify and hold Seller har mless f r o m all liability claims, deman ds, damages, and costs related to Buyer’s Inspections and any other inspection conducted by Buyer or at Buyer’s direction after the date of this Agreement. Buyer shall not directly or indirectly cause any Inspections to be made by any government, building or zoning inspectors or government employees without the prior written consent of Seller, unless required by law, in which case, Buyer shall provide reasonable notice to Seller prior to any of those Inspections. Buyer shall neither make nor cause to be made any invasive or destructive investigations to be done on the Property without the express written consent of the Seller. 8. TITLE. 8.1. Transfer of Title. Insurable title shall be delivered to Buyer by deed on a form acceptable to Seller at Seller's sole and absolute discretion. The deed to be delivered by Seller at Closing shall be a deed that covenants that grantor grants only that title which grantor may have and that grantor will only defend title against persons claiming by, through or under the grantor, but not otherwise. Seller's conveyance of title will be subject to tenants or other parties in possession of the Property, if any, pursuant to Section 11 and the Permitted Exceptions. 8.2. Title Insurance. 8.2.1. Title Provider Select ed by Buyer. If Buyer elected to choose the T itle Provider, as shown in Section 2.4 and in accordance with Section 1.5, then Buyer may choose to obtain, and is encouraged to obtain, an owner's policy of title insurance ( “Owner's Policy”) at its own cost without any contribution from Seller, and Section 8.2.2 and its subsections do not apply. Buyer shall also be responsible f o r obtaining any required lender's policy of title insurance (“Lender's Policy”). Buyer shall pay for any Owner's Policy, any Lender's Policy and all related search fees without any contribution from Seller. 8.2.1.1 Title Rep ort, Seller Copies. W ithin seven (7) days after the Effective Date, Buyer will order from Title Provider either (a) commitment for the Owner's Policy (the “Title Binder”), or (b) a title report or opinion of title (the “Title Opinion”). Upon Seller's request, Buyer shall immediately provide, or cause to be provided, to Seller in electronic form true, correct and complete copies of the Title Binder or Title Opinion, as applicable, and all documents of record referenced therein. 8.2.2. Title Provider Selected by Seller. If Buyer elected to allow Seller to choose the Title Provider, as sho wn in Section 2.4 and in accordance with Section 1.5, then Seller, at its own cost, shall obtain an Owner's Policy for Buyer, and Sections 8.2.1 and 8.2.1.1 do not apply. Seller s h a l l a l s o be responsible for obtaining any required Lender's Policy. Seller shall pay for a standard Owner's Policy and a standard Lender's Policy providing standard coverage in the amount of the Total Purchase Pri ce at standard insurance rates, and all related search fees. 8.2.2.1 Title Rep ort, Buyer Copies. Within seven (7) days after the E ffective Date, Seller will order from Title Provider either (a) the Title Binder, or (b) the Title Opinion. Upon r e ce ip t , S e l l e r s h a l l immediately provide, or cause to be provided, to Closing Agent electronic copies of the Title Bind er or Title Opinion, as applicable, and all documents of record referenced therein. 8.2.2.2 Title Abstract, T i t l e Endorsements, E x t e n d e d C o v e r a g e s . If Buyer chooses or is required by i ts Lender to obtain a separate Title Abstract or any titl e insurance endorsements or extended tit le insurance coverages to either the Owner's Poli cy or the Lender's Policy, Buyer may do so at Buyer's expense without any contribution from Seller. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 11 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 8.2.2.3 Buyer, L e n d e r C o o p e r a t i o n. Buyer shall c oop erate, a n d instruct Buyer’s Lender, c o n t r a c t o r s a n d agents to cooperate, with Seller in the procurement of the Owner's Policy. 8.3. Title Defects. 8.3.1. Notice of Defects. Buyer shall have five (5) days from the date of Buyer's receipt of the Title Binder or Title Opinion to examine title and raise any objections which, if valid, would ma ke title to the Property uninsurable. Buyer's objections must be made in writing and delivered to Seller by 5:00 pm ET on the last day of the aforementioned five (5) day period or Buyer's objections will be deemed waived. 8.3.2. Seller's Response, Buyer's Options. If Buyer raises such an objection, Seller shall have the right to extend the Closing Date pursuant to Section 9.5.1 to resolve the title objections. If Seller cures the title objection and is able to deliver insurable title, then the Parties shall proceed to Closing within three (3) business d a y s of Seller’s resolution of the title objection. If, on the other hand, Sell er determines that Seller is unable or unwilling, at Seller's sole discretion, to make the title insurable or to obtain an Owner's Policy subject only to the rights of tenants or other parties in possession of the Property, if any, and the Permitted Exceptions, Buyer may elect to: (a) take title to the Property in its then current condition, thereby waiving any title objections, and the Parties shall p roceed to Closing on the Closing Date, or within three (3) business days thereafter; or (b) terminate the Agreement and receive a refund of the Deposit pursuant to Section 5.4. Buyer's options contained in the previous sentence shall be Buyer 's sole and exclusive remedies at law or in equity against Seller for Seller's inability or unwillingness to deliver insurable title to the Property; Buyer fully releases Seller as fully set forth in Section 14. 8.3.3. No Obligation to Cure Defects. Seller shall be under no obligation to: (a) remove any exception or cure any alleged title defect; (b) bring any action or proceeding or b ear any expense in order to enable Seller to convey insurable title to the Property in accordance with this Agreement, or (c) otherwise make the title to the Property insurable. Any attempt by the Seller to remove such title excepti ons shall not impose an obligation upon the Seller to remove those exceptions. 8.3.4. Buyer's Acknowledgment of Potential Foreclosure Rights. Buyer acknowledges that Seller's title to the Property may be subject to court app roval of foreclosure, expiration of bid periods or a mortgagor's right of redemption. 9. CLOSING. 9.1. TIME OF THE ESSENCE. IT IS AGREED THAT TIME IS OF THE ESSENCE W ITH RESPECT TO ALL DATES SPECIFIED IN THIS AGREEMENT AND ANY ADDENDA, EXHIBITS, RIDERS OR AMENDMENTS THERETO. THIS MEANS THAT ALL DEADLINES ARE INT ENDED TO BE STRICT AND AB SOLUT E. 9.2. Selection of Closing Agent. The Closing Agent has been s elected by the Party designated in Section 2.3 in accordance with Section 1.5. 9.3. Buyer's Legal Representation. Buyer is entitled to legal representation at or before Closing and ma y elect to have such representation at Buyer's expense. 9.4. Closing Date and Location . Closing A g e n t s h a l l c l o s e t h e t r a n s a c t i o n c o n t e m p l a t e d b y this Agreement (the “Closing”) on or before the Closing Date as defined in Section 2.21. If, pursuant to Section 9.5, the Closing Date is extended either in writing by a Closing Date Extension Amendment signed by Seller and Buyer or unilaterally extended by Seller, the term “Closing Date” shall refer to the extended Closing Date. The location of the Closing shall be held in the offices of the Closing Agent, or at a place so designated and approved by Seller, unless otherwise required by applicable la w. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 12 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks iden tified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 9.5. Extensions of Closing Date. Closing Agent is instructed to conduct the Closing on or before the Closing Date and pursuant to Section 9.4, subject to each of the following: 9.5.1. Seller's Unilateral Right to Extend. If, in Seller's sole discretion, Seller is unable to close the transactio n contemplated by this Agreement on or before the original Closing Date, then such Closing Date shall be automatically extended for thirty (30) days; provided, however, that Seller, Seller's representatives, Seller's agent or the Closing Agent may give Buyer written notice during such thirty (30) day period that Seller is ready to close and the Closing shall occur within five (5) days following such written notice. Any further extensions must be agreed to in writing by both Buyer and Seller. 9.5.2. Seller's Right to Cancel. If Seller is unable or unwilling, at Seller's sole discretion, to deliver insurable title to Buyer at or prior to Closing, as may be extended herein, and Buyer does not elect to waive Buyer's title objection and proceed to Closing pursuant to Section 8.3.2, then Closing shall not occur, in which case such inability shall be deemed no fault of Seller, and Seller may cancel this Agreement and the provisions of Section 8.3.2 shall apply. 9.5.3. Buyer-Requested Extensions. If Buyer requests an extension of the Closing Date in writing at least five (5) days prior to the scheduled Closing Date, and Seller, in Seller's sole and absolute discretion, grants in writing, an extension pursuant to a mutually executed Closing Date Extension Amendment, Buyer shall pay Seller, as a condition of Seller's execution of this Amendment, a (1) $300.00 fee for the extension, and (2) a per diem fee of $100.00 for each day that the Closing Date is extended, regardless of whether the Closing actually occurs before the Closing Date. Buyer shall send an executed copy of the Closing Date Extension Amendment and a copy of the check for the above- described fees to Seller to the e-mail address or fax number shown in Section 1.2, and shall deliver the signed agreement and the check to the Closing Agent within one (1) business day thereafter. These fees shall be considered as an additional “hard money” deposit, and therefore part of the Deposit pursuant to Section 5.1. 9.5.4. Effect of Extension. If the Closing Date is extended pursuant to a fully executed Amendment to this Agreement or mutual escrow instructions execut ed by both Seller and Buyer, then Closing Agent shall conduct the Closing as so extended. However, if the transaction contemplated by this Agreement has been cancelled or terminated as permitt ed elsewhere in this Agreement, then Closing Agent will not conduct the Closing. 9.6. Conditions Precedent. Closing is further subject to each of the following conditions precedent (the failure of any of which shall not, in and of itself, relieve any Party of its obligations set forth elsewhere in this Agreement): (a) Seller shall have delivered the Seller's Deliveries set forth in Section 9.8.1; (b) Buyer shall have delivered the Buyer's Deliveries set forth in Section 9.8.2; (c) Seller shall not have given written notice to Closing Agent that Buyer is in default of this Agreement; and (d) The Title Provider shall have irrevocably committed to issue to Buyer the Owner's Policy covering the Propert y showing coverage in the amount of the Total Purchase Price and showing insurable title to the Property. 9.7. Escrow Instructions. Seller and Buyer may each send their own set of escrow instructions to the Closing A g e n t . In the event of a conflict between those escrow instructions, if any, and this Agreement, including all exhibits, schedules and addenda hereto, the terms of this Agreement and its other exhibits, schedules and addenda shall control. 9.8. Deliveries to Closing Agent. 9.8.1. By Seller. Prior to Closing, Seller shall deliver to the Closing Agent (the “Seller's Deliveries”): DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 13 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 (a) A deed transferring Seller’s interest in the Property to Buyer, executed by Seller, la wfull y acknowledged and in compliance with Section 8.1; (b) A FIRPTA Affidavit, as applicable; (c) Forms required to be delivered by Seller under state or federal tax law; (d) Forms or disclosures required to b e delivered by Seller by state law; and (e) An executed Settlement Statement. 9.8.2. By Buyer. Prior to Closing, Buyer shall deposit with the Closing Agent (the “Buyer's Deliveries”): (a) Readily Available Funds, as defined in Section 9.8.3, in an amount equal to the Balance, plus Buyer's expenses and share of closing costs and pro rations as set forth in Section 10; (b) An executed Settlement Statement; and (c) Any and all other instruments required by Lender, Title Provider, Closing Agent or otherwise to consummate Buyer's purchase of the Property. 9.8.3. Readi ly Available Funds. Buyer shall deliver all funds due S eller from the sale in the form of Readily Available Funds, which are defined as funds in US Currency delivered to the account of the Closing Agent in the manner designated by the Closing Agent. Buyer acknowledges that Closing Agent may not accept all forms of payment, and Seller str ongly encourages Buyer to submit payment via wire transfer. 10. CLOSING COSTS AND ADJUSTMENTS. 10.1. Closing Costs - Items to be Prorated . The Closing Agent shall prorate the following expenses as of the Closing Date, with the day of Closing being the responsibility of Buyer: (a) Real propert y taxes and assessments, except special assessment district bonds and assessments provided for in Section 10.2 (a); (b) Municipal water and sewer charges; (c) Condominium, p l a n n e d u n i t devel opment or similar c o m m u n i t y a s s e s s m e n t s ; c o o p e r a t i v e fees, maintenance fees, homeowner association regular, special and emergency dues and assessments imposed prior to the Closing Date; and (d) Payments of bonds, and other special a sse ssment d i s t r i c t bonds and assessments i m p o s e d prior to the Closing Date. 10.2. Closi ng Costs - Items Not to be Prorated. The Closing Agent shall not prorate the following exp enses: (a) Payment o f sp ecial assessment di str ict bonds and assessments. These items shall be paid current by Seller, but payments not yet due and owing shall be assumed by Buyer without credit from Seller to ward the Total Purchase Price; and (b) Insurance premiums. S eller cannot endorse or assign existing insurance policies (if any) to Buyer, and Seller reserves the right to cancel any existing insurance on the Property as of the Closing Dat e. 10.3. Closi ng Costs - Items to be Credited to Seller. If the regular homeowner association dues or any of the other expenses listed in Section 10.1 were paid prior to the Closing Date for a period of time subsequent to such date, then Buyer shall pay to Seller at Closing that portion of the assessment attributable to the period of time after the Closing Date. 10.4. Seller’ s E xpe nses . At Closi ng, the Seller shall pay: (a) Seller’s share of prorations unde r Section 10.1 ; and (b) if the Seller has selected the Title Provider and Closing Agent, (i) the premium for the Owner's Policy and any Lender's Policy and any title search fee if required by Section 8.2.2; and (ii) DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 14 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 one half of all escrow and Closing fees and charges, unless otherwise required by law or agreed to in writing by the Parties. Seller shall not be responsible for any amounts due, paid or to be paid after Closing. In the event Seller has paid any taxes, special assessments or other fees and there is a refund of any such taxes, assessments or fees after the Closing, and Buyer as current owner of the Property receives the payment, Buyer will immediately submit the refund to Seller. Closing Agent is hereb y authorized to pay from Seller's proceeds Seller's expenses set forth in this S ection. At Closing, if the Buyer has selected its own Title Provider and Closing Agent, then the Buyer shall pay all closing costs as indicated in Section 10.5. 10.5. Buyer's Expenses. At Closing, the Buyer shall pay all costs of: (a) if the Buyer has selected its o wn Title Provider and Closing Agent, the premium for the Owner’s Policy and any Lender’s Policy and any title search fee if obtained under Section 8.2.1; (b) a separate Title Abstract or any title insurance endorsements or extended title insurance coverages to either the Owner’s Policy or the Lender’s Policy; (c) credit reports; (d) loan fees, loan points and other costs of obtaining Buyer’s financing; (e) lender’s title insurance charges for the Lender’s Policy in excess of any amount paid by Seller pursuant to Sections 8.2.2 and 10.4; (f) all escrow and Closing fees and charges, unless a portion of the amount of escrow and Closing fees and charges is paid by Seller pursuant to Section 10.4 and unless otherwise required by law or agreed to in wri ting by the Parties; (g) realty tax service fees; (h) recordation fees for the deed of conveyance and any mortgage; (i) Buyer’s share of prorations and charges under Section 10.1; (j) the first month’s condominium/homeowner’s association membership fees and assessments, if any; (k) the Technology Fee and Buyer’s Premium (if any and as indicated in Sections 2.13 & 2.14) payable to Hubzu or its affiliate, Altisource Onli ne Auction; and (l) all other Closing and loan costs of Buyer. All other costs and expenses, including any cost, expense or transfer tax imposed by any state or local entity not otherwise addressed herein, shall be paid by Buyer at Closing. 10.5.1. Transfer Taxes. Regardless of local custom or practice, the Buyer shall pay any and all real estate transfer taxes due as a result of the transfer of the Property, including but not limited to documentary stamp taxes, excise taxes, or other documentary transfer taxes or deed taxes, unless explicitly imposed upon the Seller by applicable state law and such law does not permit a ssi gnment or payment by Buyer. 10.5.2. Reports, Inspections, Repairs. To the extent permitted by law, any and all termite clearances and reports and any inspections required by a lender, and/or repairs recommended or required by any termite and/or property inspection report including, but not limited to, any roof certifications, shall all be at the sole cost and expense of Buyer. 10.5.3. HOA Fees. To the extent permitted by law, any homeowners' association or condominium association transfer fees or documents fees payable in connection with the sale of the Property from Seller to Buyer shall be paid by Buyer. 10.6. Pre-Closing Expenses. Buyer and Seller are aware that the Closing Agent and/or the Title Provider ma y incur certain expenses during the course of processing this transaction that must be paid prior to Closi ng. Such costs may include, but are not limited to, demand request fees, homeowner association document fees, courier fees, overnight mail service and building and/or inspection reports, if applicable. Closing Agent is authorized and instructed to release funds for payment of such costs prior to Closing from the Earnest Money. The Parties acknowledge that any funds released under this Section are not refundable and Closing Agent and Title Agent are specifically rel eased from all responsibility and/or liability for payment of any funds released under this Section. At Closing, Closing Agent is authorized to charge the appropriate Party for costs incurred or credit either one if necessary. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 15 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 10.7. Post-Closing Tax Adjustments. Buyer agrees to pay any shortages in taxes directly to the taxing authority, if such shortages were attributable to the time period from and after Closing. Seller agrees to pay any shortages in taxes attributable to periods of time prior to Closing upon notification of such shortages by Buyer to Seller. Notwithstanding the foregoing, Seller shall have no obligation to pay such shortages unless Buyer notifies Seller in writing and submits the tax bill to Seller not later than ten (10) days from the date of Closing. 11. PARTIES IN POSSESSION OF THE PROPERTY. 11.1. Occupancy. 11.1.1. Occupancy Status. At the time the Property was listed for sale, Seller believed that the Property was Vacant, but Seller has not made, nor does S eller make now, any representations or warranties as to whether the Property is occupied as of the Effective Date or will be occupied on the Closing Date. Buyer waives any ri ght to terminate this Agreement based on the actual occupancy status of the Property at any time. 11.1.2. Buyer's Responsibility to Verify Occupancy; Eviction. Buyer acknowledges that it is Buyer’s sole responsibility to determine and verify the occupancy status of the Property, both as of the Effective Date and the Closing Date. Buyer assumes the responsibility as of the Closing Date for any ongoing eviction efforts previously initiated by Seller. 11.2. No Warranties or Representations about Tenancies. The Property may be subject to leasehold or other interests of various tenants or other occupants. Seller makes no warranties or representati ons as to whether or not any leases a ffect the Property, whether any leases are or will be in force; whether or not anyone has a right of possession; whether or not any rent concessions were given to any tenant; whether or not any agreements were made with any tenants or other parties or notices were provided to any tenant; whether or not any rent charged violates any applicable rent control ordinance, statut e, or law; whether or not any other violations of any applicable ordinance, statute or law exist; and whether or not S eller or any tenant is in default under any lease. B ecause the Property was acquir ed by Seller through foreclosure, deed in lieu thereof, trustee's sale pursuant to a power of sale under a deed of trust, power of sale under a mortgage, sheriff's sale or similar action, Seller may not have an y security deposits or prepaid rent to surrender to Buyer and shall not be under any obligation to do so. Buyer shall be resp onsible for notifying any and all tenants of the transfer of ownership of the Property, and shall be liable to any and all tenants for repayment of any outstanding s ecurity deposit, less lawful deductions. This provision shall survive the Closing and shall not be deemed to have merged into any of the documents executed or delivered at Closing. Seller's conveyance of title and delivery of possession will be subj ect to tenants or other parties in possession of the Property, if any. 11.3. No Early Possession or Alteration. Prior to Closing and disbursement of sale proceeds, Buyer: (a) will not be given possession of the Property; (b) may not occupy the Property; and (c) may not store personal property on the Property. If Buyer alters the Property or causes the Property to be altered in any way and/or impermissibly occupies the Property or allows any other person to occup y the Property prior to Closing and funding without the prior written consent of Seller, such event shall constitute a breach by Buyer under this Agreement and Seller may terminate this Agreement pur suant to Section 12.1, and Buyer shall be liable to Seller for damages, losses, expenses, claims or demands caused by any such alteration or occupation of the Property prior to the Closing Date and funding. Buyer hereby waives any and all claims for damages or compensation for improvements made b y Buyer to the Property including, but not limited to, any claims for unjust enrichment. 12. DEFAULT AND REM EDIES. 12.1. Buyer's Default. If Buyer fails to complete this transaction by reason of any default of Buyer, as determined by Seller in Seller's sole discretion, Seller, at Seller's option, may retain the Deposit and DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 16 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 any other funds then paid by Buyer as liquidated damages and/or invoke any other remedy expressly set out in this Agreement and Seller is automatically released from the obligation to sell the Property to Buyer and neither Seller nor Seller's representatives, agents, attorneys, successors, or assigns shall be liable to Buyer for any damages of any kind as a result of Seller's failure to sell and convey the Property. 12.2. Liquidated Damages. The Parties agree that it would be impracti cable and extremely difficult to ascertain the actual damages suffered by Seller as a result of Buyer's failure to complete the purchase of the Property pursuant to this Agreement, and that under the circumstances existing as of the date of this Agreement, the liquidated damages provided for in S ection 12.1, should Seller elect to retain the Deposit and any other funds paid by Buyer, represent a reasonable estimate of the damages which Seller will incur as a result of such failure, provided, however, that this provision shall not limit Seller's right to receive reimbursement for attorneys' fees, nor waive or a ffect Seller's right to proceed against Buyer for enforcement of Buyer's indemnity obligations under other Sections of this Agreement. The Parties acknowledge that the payment of such liquidated damages is not intended as a forfeiture or penalty, but is intended to constitute liquidated damages to Seller. Notwithstanding the foregoi ng, if Buyer interferes with or makes any attempt to interfere with S eller receiving or retaining, as the case may be, the liquidated damages provided for in Section 12.1, including without limitation, giving any notice or instructions to escrow holder not to deliver the deposit to Seller, Seller shall have the right to elect to recover the greater of Seller's actual damages or the liquidated damages by giving written notice to Buyer and Seller shall have all other rights and remedies against Buyer provided at law and in equity, and Seller shall have the ri ght to require that Buyer specifically perform Buyer's obligations under this Agreement. 12.3. Seller's Default, Seller's Cancellation. If Seller is unable to perform as required by this Agreement for any reason, or if the Property is no longer available for sale for any reason, or if Buyer elects to terminate pursuant to Section 15.1, then this Agreement may be cancelled upon Seller's written notice to Buyer. In such an event, Buyer shall be entitled to the return of the Deposit, pursuant to Section 5.4, as Buyer's sole and exclusive remedy at law and/or equity. In no event shall Buyer have the right to seek or obtain specific performance or enforcement of this Agreement. 12.4. Waiver of Specific Performance Remedy. As a material part of the consideration to be received by Seller under this Agreement, Buyer waives all rights to file and maintain an action against Seller for specific performance and to record a lis pendens against the Property if a dispute arises concerning this Agreement. Buyer agrees that the Property is not unique and that in the event of Seller's default or material breach of the Agreement, Buyer can be adequately and fairly compensated solely by receiving a return of the Deposit. Upon return of the Deposit to Buyer, the Agreement shall be terminated, and Buyer and Seller hereby irrevo cably instruct Closing Agent to return all funds and documents to the Party that deposited them without further direction. In no event shall Buyer have the right to seek or obtain specific performance or enforcement of this Agreement. 12.5. LIMITATION OF LIABILITY. BUYER AGREES THAT SEL LER SHALL NOT BE LIABLE TO BUYER FOR ANY SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES WHATSOEVER, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY) OR ANY OTHER LEGAL OR EQUITABLE PRINCIPLE, OR ANY OTHER SUCH EXP ENSE OR COST ARISING FROM OR RELATED TO THIS AGREEMENT OR A BREACH OF THIS AGREEMENT.SELLER’S LIABILITY UNDER THIS AGREEMENT SHALL BE LIMITED TO SE LLER’S INTEREST IN THE PROPERTY. 12.6. Waiver. Any consent by any Party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for any different or subsequent breach. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 17 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 12.7. No Further Obligation. If a Party elects to exercise its remedies as describ ed in this Section 12, and this Agreement is terminated, the Parties shall have no further obligation under this Agreement except as to any provision that survives the termination of this Agreement pursuant to Section 16.1. 13. DISCLOSURES. 13.1. POST-FORECLOSURE TRANSACTION. BUYER ACKNOWLEDGES THAT THE PURCHASE OF THE PROPER TY RESULTS FROM A TRANSFER MADE BY A SELLER WHO ACQUIRED THE PROPERTY AT A SALE CONDUCT ED PURSUANT TO FORECLOSURE, DEED IN LIEU THEREOF, TRUSTEE'S SALE PURSUANT TO A POWER OF SALE UNDER A DEED OF TRUST, POW ER OF SALE UNDER A MORTGAGE, SHERIFF'S SALE OR SIMILAR ACTION. THEREFORE, SELLER HAS NOT MADE ANY DISCLOSURES REGARDING THE PROPERTY, AND AS A RESULT, ANY RIGHTS BUYER MAY HAVE IN CONNECTION WITH ANY REQUIRED DISCLOSURE STATEMENTS UNDER STATE LAW MAY NOT BE AVAILABLE, INCLUDING WITHOUT LIMITATION ANY RIGHT TO TERMINATE THIS AGREEMENT. TO THE EXTENT PERMITTED BY LAW, BUYER EXPRESSLY WAIVES THE RIGHT TO RECEIVE ANY SUCH DISCLOSURE STATEMENT REGARDING THE CONDITION OF T HE PROPERTY. FURTHER, SELLER IS NOT FAMILIAR WITH THE CONDITION OF THE PROPERTY, OTHER T HAN AS MAY BE DISCLOS ED IN ANY INSPECTION REPORTS OBTAINED BY OR ON BEHALF OF SELLER, SELLER'S REPRESENTATIVES OR SE LLER'S AGENTS OR THAT SELLER MAY HAVE RECEIVED OTHERWISE, IF ANY. ANY SUCH REPORTS FURNISHED BY SELLER, SELLER'S REPRESENTATIVES OR SELLER'S AGENTS IN CONNECTION WITH THIS AGREEMENT SHALL BE FOR INFORMATIONAL PURPOSES ONLY, S HOULD NOT BE RELIED UPON BY BUYER OR ANY REPRESENTATIVE OF BUYER AND ARE NOT MADE PART OF THIS AGREEMENT, AND SELLER MAKES NO REPRESENTATION OR WARRANTIES ABOUT THEIR ACCURACY OR COMPLETENESS. 13.2. NO REPRESENTATIONS OR WARRANTIES: PROPERTY SOLD “ AS IS, WHERE IS” . BUYER ACKNOWLEDGES AND UNDERSTANDS THAT THE PROPERTY IS BEING SOLD AS IS, WHERE IS AND WITH ALL FAULTS. BUYER IS HEREBY INFORMED THAT SELLER MAY BE UNAWARE OF ANY LATENT DEFECTS IN THE PROPERTY OR ANY APPURTENANT SYSTEMS, INCLUDING BUT NOT LIMITED TO P LUMBING, HEATING, AIR CONDITIONING AND ELECTRICAL SYSTEMS, FIXTURES, APPLIANCES, ROOF, SEWERS, SEPTIC, SOIL CONDITIONS, GEOLOGICAL CONDITIONS, FOUNDATION, STRUCTURAL INTEGRITY, ENVIRONMENTAL CONDITION, POOL OR RELATED EQUIPMENT. SELLER MAKES NO REPRESENTATIONS OR WARRANTIES AS TO ANY OF THE ABOVE, T HE CONDITION OF THE PROPERTY, THE PROPERTY'S SYST EMS, THE SERVICEABILITY, HABITABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE OF T HE PROPERTY OR ANY COMP ONENT OR SYSTEM OF THE PROPERTY. BUYER AGREES THAT IN CONTRACTING TO BUY THE PROPERTY, BUYER HAS NOT RELIED UPON ANY REPRESENTATION OR WARRANTY MADE BY SELLER, ANY PARENT, SUBSIDIARY OR AFFILIATE OF SELLER, OR ANY OF SELLER'S OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ASSET MANAGERS, BROKERS OR REPRESENTATIVES. BUYER WAIVES ANY AND ALL CLAI MS AGAINST SELLER THAT BUYER MIGHT OTHERWISE HAVE AGAINST SELLER RELATI NG TO THE USE, CHARACTERISTICS OR CONDITION OF THE PROPERTY OR ANY OF THE OTHER MATTERS DESCRIBED IN THIS PARAGRAP H. 13.3. Other Disclosures. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 18 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks iden tified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 13.3.1. Assessments. If the Property is subject to a special assessment lien impos ed by a public body payable in installments which continue beyond Closing, Buyer shall be responsible for and pay all amounts which b ecome due after Closing. 13.3.2. Building and Zoning Codes. Buyer should consult the local jurisdiction for information on buildi ng and zoning codes or information about transportation beltways and/or planned or anticipated land use within proximity of the Property. S eller makes no representations or warranties regarding compliance or conformity with any building or zoning codes, laws, rules, or regulations. 13.3.3. Condominium/P UD/Homeo wner's Association. If the Property is in a common interest community, Planned Urban Development or condominium communit y or regime (“Community”), unless otherwise required by law, Buyer acknowledges that Buyer, at Buyer's expense, was and is responsible for obtaining and reviewing the declaration of covenants, conditions, restrictions a nd/or bylaws and other documentation (the “Community Documents”) regarding the Community. Buyer acknowledges that, prior to Buyer's execution of this Agreement, Buyer has revi ewed the Community Documents to the fullest extent Buyer deems necessary and, upon execution of this Agreement, Buyer is deemed to have accepted the Community Documents of the Community. Buyer further acknowledges that it is Buyer's responsib ility for obtaining any approval of new o wners or occupants, which may be required b y the Community. If the Property is subject to any assessment, f e e s , c o s t s , e x p e n s e s o r o t h e r c h a r g e s imposed by a Community, Buyer shall be responsible for and pay all amounts which b ecome due after Closing. 13.3.4. Lead-Bas ed Paint. 13.3.4.1. Disclosure. Buyer understands and acknowledges that the Property may have been built prior to 1978 and lead-based paint and/or lead-based paint hazards may be present on the P roperty. Seller has provided to Buyer, and Buyer acknowledges receipt of, the pamphlet “Protect Your Family from Lead in Your Home”, attached hereto and incorporated herein by this reference. In addition, Seller and Buyer have executed as an Addendum to this Agreement the “Disclosure of Information on Lead- Based Paint and/or Lead-Based Paint Hazards,” in accordance with applicable law. 13.3.4.2. Acknowledgment and Waiver. Buyer acknowledges that Buyer has been provided the opportunity to undertake studies, inspections or investigations of the Property as Buyer deemed or deems necessar y to evaluate the presence of lead-based paint and/or lead-based paint hazards on the Property. To the extent that Buyer has waived or otherwise declined the opport unity to undertake such studies, inspections and investigations, Buyer has knowingly and voluntarily done so and Seller shall have no responsibility or liability with respect to any presence or occurrence of lead-based paint or lead-based paint hazards. Seller does not make any representation or warranty, express or implied, as to the presence of lead-based paint and/or lead-based paint hazards on the Property. 13.3.5. Megan's Law / Registered Sex Offender Disclosure. The Buyer and Seller agree that the Listing and Selling Brokers and their agents are not responsible for obtaining or disclosing any information contained in the Sex Offender Registry for the state in which the Property is located. This information may be obtained from the local sheriff's dep artment, various internet web sites available to the public or other appropriate law enforcement agencies. If Buyer wants further information, the Seller, Listing Broker, Selling Broker and their affiliated licensees r ecommend that Buyer obtain information from these sources during the Insp ection Period. 13.3.6. Mold. MOLD IS NATURALLY OCCURRING AND MAY CAUSE HEALTH RISKS OR DAMAGE TO PROPERTY. IF BUYER IS CONCERNED OR DESIRES ADDITIONAL INFORMATION REGARDING MOLD, BUYER SHOULD CONTACT AN APPROPRIATE PROFESSIONAL. Real property (incl udi ng, but not limited to, a basement) is or may be a ffected by water or moisture damage, toxic mold and/or other environmental hazards or conditio ns. Seller further advises buyer that as a consequence of possible water damage and/or excessive moisture, the Property may be or has been irrevo cably contaminated with mildew, mold, and/or other microscopic DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 19 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 organisms. Buyer is advised that: (a) exposure to certain species of mold may pose serious health risks; (b) individuals with immune system deficiencies, infants, children, the elderly, individuals with allergies or respiratory problems; and (c) pets are particularly susceptible to experiencing adverse health effects from mold exposure. Buyer acknowledges that Seller has advised Buyer to make Buyer's own evaluation of the Property and to have the Property thoroughly inspected. Buyer has been further advised by Seller that all areas contaminated with mold, and/or other environmental hazards or conditions, should be properly and thoroughly remediated. Additionally, Buyer has been advised by Seller that habitation of the Property without complete remediation may subject the inhabitants to potentially serious health risks and/or bodily injury. See Section 13.3.8 regarding remediation. 13.3.7. Drywall. Due to the shortage of building materials in the Unites States, some homes were built or renovated using problem dry wall imported from or manufactured in China. Problem drywall reportedly emits levels of sulfur, methane and/or other volatile organic compounds that cause corrosion of circuit breakers, air conditioner and refrigerator coils, copper tubing, electrical wiring, computer wiring and other household items as well as create noxious odors which may also pose health risks. Seller has no knowledge of the presence of Chinese/problem drywall or of any records or reports pertaining to Chinese/problem drywall affecting the Property. Buyer acknowledges that the Buyer is purchasing the Property in its current “AS IS WHERE IS WITH ALL FAULTS” condition and Buyer is being given/has been given the opportunity to conduct a risk assessment or insp ection for the presence of Chinese/problem drywall. 13.3.8. Remediation. BUYER ACKNOWLEDGES THAT IS THE SOLE RESPONSIBILITY OF BUYER TO CONDUCT ANY REMEDIATION ON THE PROPERT Y. BUYER ALSO ACKNOWLEDGES THAT SELLER IS SELLING AND BUYER IS BUYING THE PROPERTY AS IS, WHERE IS AND WITH ALL FAULTS. BUYER REPRESENTS AND WARRANTS TO SELLER THAT BUYER HAS BEEN GIVEN T HE OPPORTUNITY TO CONDUCT INSPECTIONS AND EVALUATIONS OF THE PROPERTY TO BUYER'S COMPLETE SATISFACTION, AND THAT BY CLOSING ON T HE PROPERTY BUYER ACCEPTS THE PROPERTY AS IS, W HERE IS AND WITH ALL FAULTS AT THE TIME OF CLOSING. BUYER IS ELECTING TO PURCHASE THE PROPERTY FROM SELLER IN AN AS IS, WHERE IS AND WITH ALL FAULTS CONDITION WITH FULL KNOWLEDGE OF T HE POTENTIAL CONDITION OF THE PROPERTY, THE POTENTIALLY SERIOUS HEALTH RISKS, AND THE POTENTIAL LIABILITY THAT BUYER COULD INCUR AS T HE OWNER OF THE PROPERTY FOR CLAIMS, LOSSES, AND DAMAGES ARISING OUT OF ANY TOXIC MOLD CONTAMINATION, AND/OR OTHER ENVIRONMENTAL HAZARDS OR CONDITIONS ON THE PROPERT Y. 13.3.9. Permits and Repairs. 13.3.9.1. Buyer's Responsibility. If the Property is located in a jurisdiction that requires a certificate of occupancy, smoke detector certification, septic certification or any similar certification or permit or any form of improvement or repair to the Property (collectively, “P ermits and Repairs”), Buyer acknowledges and agrees that Buyer shall be responsible for obtaining any and all of the Permits and Repairs at Buyer's sole cost and expense, including but not limited to any certifi cate of use or other certification required by the ordinance. 13.3.9.2. “AS IS, WHERE IS” . BUYER IS PURCHASING T HE PROPERT Y IN ITS CURRENT “AS IS, WHERE IS” CONDITION. ANY REPAIRS TO THE PROPERTY IDENTIFIED BY BUYER OR WHICH MAY BE REQUIRED BY ANY LENDING INSTITUTION TO WHICH BUYER MAY HAVE APPLIED ARE THE RESPONSIBILITY OF BUYER. Seller will be under no obligation whatsoever to make any rep airs to the Property. Should any lender or any insuring entity or agency require that certain repairs to the Property be made or that certain other conditions be met, Seller, at DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 20 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks iden tified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 Seller's sole option, may comply with such requirement or terminate the Agreement. Furthermore, should any FHA Conditional Commitment or VA Certificate of Reasonable Value vary from the agreed upon Total Purchase Price (as the same may be adjusted pursuant to this Agreement) of the Property, then Seller, at Seller's sole option, may terminate the Agreement. Notwithstanding that repairs may be made to the Property pursuant to the terms of this Agreement and prior to Closing, Buyer acknowledges that Seller has not made and will not make any representations or warranties of any character as to the necessity for any such repairs, or the absence of any necessity therefore, or of the adequacy of any such repairs upon completion thereof. Buyer acknowledges and agrees that it is the sole responsibility of Buyer to inspect and verify, prior to Closing, the completion and adequacy of any and all such repairs. 13.3.10. Property Tax Disclosure Summary. Buyer should not rely on the Seller's or any previous owner's reported property taxes as the amount of property taxes that the Buyer may be obligated to pay in the year subsequent to purchase of the Property. A change of ownership, use, or property improvements may trigger reassessment or revaluation of the Property that could result in higher Property taxes. If Buyer has any questions concerning valuation, Buyer is encouraged to contact the local property appraiser's office for information. 13.3.11. Radon. Radon is a naturally occurring radioactive gas that when accumulated in a building in sufficient quantities may present health risks to persons who are exposed to it over time. Levels of radon that exceed feder al and state guidelines may have been found in buildings in the state where the Property is located. Additional information regarding radon or radon testing may be obtained from the state or local health department or department of environment. Buyer confirms, acknowledges and agrees that Seller has provided Buyer with the opportunity to conduct Inspections related to the presence of radon on or about the Property. See Section 13.3.8 regarding remediation. 13.3.12. Square Footage. Buyer acknowledges that the square footage of the Property has not been measured by Sel ler, Seller's representatives or agents (including the square footage of the lot and home) and the square footage quoted on any marketing materials, advertisements, brochures, MLS data, or any other publicly available source of information is deemed approximate and not guaranteed. Buyer further acknowledges that Buyer has not relied upon any such information and that such information does not constitute a representation and/or warranty of Seller. Buyer is buying the Property AS IS, WHERE IS AND WITH ALL FAULTS and acknowledges Buyer's responsibilit y to perform all due diligence and investigation regarding Buyer's purchase of the Property, including the measurement of or confirmation of square footage of the Property. 13.3.13. Fair Housing. Seller and Buyer acknowledge that the Property was offered, shown, and made available for sale to all persons, and that Seller and Buyer have acted and shall act in all manner without regard to race, creed, color, religion, national origin, physical handicap, service in the armed forces, sex, or sex orientation, familial status and in accordance with all state and federal fair housing and employment requirements. 13.4. Receipt of Disclosures. Buyer understands and acknowledges that any infor mation provided by or on behalf of Seller with respect to the Property was obtained from a variety of sources and that Seller, Seller's representatives and agents have not made any independent investigation or verification of such information and make no representations as to the accuracy or completeness of any such information concerning the Property. Buyer agrees to accept delivery of this Agreement, any correspondence or communications r e l a t e d to this Agreement a n d any mat erials, r epo r ts , correspondence, communications and other information contemplated by t h i s Agreement b y el ectronic means, such as email or internet. Any such electronic delivery will not affect the validity or enforceability of this Agreement or Buyer's duties and obligations to perform under this Agreement. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 21 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 14. INDEMNIFICATION. In consideration of the sale of the Property to the Buyer, and/or in consideration of Seller paying the title examination fee, the premium for the Owner's Policy and/or any payment contemplated by this Agreement, receipt of which is hereby acknowledged, upon the Effective Date, Buyer does hereb y release and agrees to indemnify, hold harmless and fully protect, defend, hold and forever discharge the Seller, the record owner of the Property, and their respective officers, directors, employees, shareholders, servicers, representatives, contractors, asset managers, agents, appraisers, attorneys, tenants, brokers, successors or assigns harmless from and against any and all claims, costs, liens, loss, damages, attorney's fees and expenses of every kind and nature that may be sustained by or made against Seller, the record owner of the Property, and their respective officers, directors, employees, shareholders, servicers, representatives, contractors, asset managers, agents, appraisers, attorneys, tenants, brokers, successors or assigns, resulting from or arising out of: (a) Any provision of this Agreement, its exhibits, schedules, addenda or amendments, including without limitation, any claim arising out of Section 13 hereof; (b) The inspections or repairs made by Buyer or Buyer's agents, employees, contractors, successors or assigns; (c) The imposition of any fine or penalty imposed by an y municipal or governmental entity resulting from Buyer's failure to timely obtain any necessary certificate of occupancy or to comply with equivalent ordinances, laws and regulations; (d) Claims for amounts due and owed b y Seller for taxes, homeowner association dues or assessment or any other items prorated at closing in accordance with Section 10, including an y p enalty or interest and other charges, arising from the proration of such amounts for which Buyer received a credit at closing in accordance with Section 10; and (e) Any and all actions concerning security deposits, and for any eviction or unlawful detainer or other litigation arising out of the tenancy, occupancy or lease of the Property after the Closing Dat e. Notwithstanding any term or condition to the contrary in this Agreement, the Parties acknowledg e, agree and confirm that this Section 14 shall survive the termination of this Agreement and the performance by Seller of Seller's obligations under this Agreement. 15. ADDITIONAL REAL ESTATE PROVISIONS. 15.1. Risk of Loss. In the event Seller actually becomes aware that a material portion of the Property is damaged or destroyed prior to Closing, Seller shall give Buyer written notice thereof. Buyer shall have the option, exercisable within ten (10) days after receipt of such notice, to either: (a) terminate this Agreement in accordance with Section 12.3; or (b) consummate this Agreement in accordance with its terms. In any event, Seller shall not be deemed in default under this Agreement as a result of such damage or destruction. Buyer shall be deemed to have waived Buyer's right to terminate this Agreement if Buyer does not notify Seller in writing of Buyer's election to terminate this Agreement within ten (10) days after receipt of Seller's written notice of material damage. Notwithstanding the foregoi ng, any termination notice given by Buyer under this Section shall be rendered ineffective if, within five (5) days after Seller's receipt of such written notice, Seller delivers to Buyer Seller's written agreement to repair at Seller's sole cost and expense all such damage. In such event, the Closing shall be deemed automatically extended to the third (3rd) business day following Seller's completions of such repair. Buyer shall not be entitled to any insurance proceeds or obtain any rights with resp ect to any claims Seller may have with regard to insurance maintained by Seller with respect to the Property. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 22 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks iden tified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 15.2. Persona l Property. Items of personal property, including but not limited to window coverings, appliances, manufactured homes, mobile homes, alarm systems, vehicles, spas, antennas, satellite dishes and garage door openers, now or hereafter located on the Property are not included in this sale or the Total Purchase Price. Any personal property at or on the Property may be subject to claims by third parties and, therefore, may be removed from the Property prior to the Closing Date. Seller makes no representation or warranty as to the condition of any personal property, title thereto, or whether any personal property is encumbered by any liens. Buyer assumes responsibility for any personal property remaining on the Property at the time of Closing. 15.3. Eminent Domain. In the event that Seller's interest in the Property, or any part thereof constituting an y of the improvements on the Property or at least twenty-five percent (25%) of the unimproved portion of the Property, shall have b een taken by eminent domain or shall be in the process of being taken on or before the Closing Date, either Party may terminate this Agreement and the Deposit shall be returned to Buyer pursuant to Section 5.4 and neither Party shall have any further rights or liabilities hereunder except as provided in Section16 .1 of this Agreement. 15.4. Keys. Buyer understands that if Seller is not in possession of keys, including but not limited to, house ke ys, other building keys, mailbox keys, recreation area keys, gate cards, or automatic garage remote controls, then the cost of obtaining the same will be the responsibility of Buyer. Buyer also understands that if the Property includes an alarm system, Seller may not be able to provide the access code and/or key and that Buyer will be responsible for any costs associated with the alarm and/or changing the access code or obtaining keys. Further, Buyer understands and agrees to change or re- key all locks to the Property, at Buyer's expense, after Closing. 15.5. Insurance Policies. Seller's insurance policies on the subj ect property of the closing are not transferable, and will not be prorated at Closing. 16. GENERAL CONTRACT PROVISIONS. 16.1. Survival. Delivery of the deed to the Property to Buyer by Seller shall be deemed to be full performance and discharge of all of Seller's obligations under this Agreement. Notwiths tanding anything to the contrary in this Agreement, the provisions of Sections 11.1and 14 of this Agreement, as well as any other provision which contemplates performance or observance by Buyer subsequent to any termination or expiration of this Agreement, shall survive the Closing, funding and the delivery of the deed and/or termination of this Agreement by any Party and continue in full force and effect. 16.2. Assignment of Agreement. Buyer shall not assign this Agreement without the express written consent of Seller. Seller may assign this Agreement at Seller's sole discretion without prior notice to, or consent of, Buyer. In no event shall any assignment by Seller relieve Buyer from Buyer's obligations under this Agreement. If Buyer attempts to or actually assigns or delegates the Agreement without obtaining Seller's prior written consent, then the Agreement may be deemed null and void at Seller's discretion. In the event that Seller chooses to nullify the Agreement for this reason, then Seller shall not be required to refund the Deposit to Buyer. 16.3. Entire Agreement. This Agreement, including the disclosure of i nformation on lead based paint and/or lead based paint hazards or other disclosure forms or notices required by law, constitutes the entire agreement between Buyer and Seller concerning the subj ect matter hereof and supersedes all previous communications, understandings, representatio ns, warranties, covenants or agreements, either written or oral and there are no oral or other written agreements between Buyer and Seller. NO ORAL PROMISES, REPRESENTATIONS (EXPRESSED OR IMPLIED), WARRANTIES OR AGREEMENTS MADE BY SEL LER AND/OR BROKERS OR ANY PERSON ACTING ON BEHALF OF SELLER SHALL BE DEEMED VALID OR BINDING UPON SELLER DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 23 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 UNLESS EXPRESSLY INCLUDED IN THIS AGREEMENT. All negotiations are merged into this Agreement. Seller is not obligated by any other written or verbal statements m a d e by Seller, Seller's representatives, or any real estate licensee. 16.4. Modification. No provision, term or clause of this Agreement shall be revised, modified, amended or wai ved except by an instrument in writing signed by Buyer and Seller. 16.5. Rights of Others. This Agreement d o e s not create any rights, claims or benefits inuring to any person or entity, other than Seller's successors and/or assigns, that is not a party to this Agreement, nor does it create or establish any third party beneficiary to this Agreement. 16.6. Counterparts. This Agr eement may be executed in any number of counterparts and each such counterpart shall be deemed to be an original, but all of which, when taken together, shall constitute one agreement. 16.7. Electronic Signatures. This Agreement may be executed by providing an electronic signature under the terms of the Electronic Signatures Act, 15 U.S.C. § 7001 et. seq., and may not be denied legal effect solely because it is in electronic form or permits the completion of the business tra nsaction referenced herein electronically instead of in person. 16.8. Headings. The titles to the sections and headings of various paragraphs of this Agreement are placed for convenience of reference only and in case of conflict, the text of this Agreement, rather than such titles or headings shall control. 16.9. Gender. Unless the context otherwise requires, singular nouns and pronouns, when used herein, shall be deemed to include the plural of such nouns or pronouns and pronouns of one gender shall be deemed to include the equivalent pronoun of the other gender. 16.10. Force Majeure. Except as provided in Section 15.1, no Party shall be responsible for delays or failure of performance resulting from but not limited to, acts of God, flood, criminal acts, fire, earthquake, riot, computer viruses or hackers, accident, strikes or work stoppage, embargo, sabotage, terrorism, inability to obtain material, equipment or phone lines, government action (includi ng any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by this Agreement), and other causes whether or not of the same class or kind as specifically named above providing such delay or failure of performance could not have been prevented by reasonable precautions and cannot reasonably be circumvented by such Party through use of alternate sources, workaround plans or other means. 16.11. Attorney Review. The Part ies acknowledge that each Party has had the opp ortunity to consult with its respective legal counsel regarding this Agreement and that accordingly the terms of this Agreement are not to be construed against any Party because that Party drafted this Agreement or construed in favor of any Party because that Party failed to understand the legal effect of the provisions of this Agreement. 16.12. Notices. 16.12.1. Communi cations R e g a r d i n g R e a l E s t a t e Transaction. Buyer and Seller acknowledge that man y communications and notices i n real estate transactions are of a time sensitive nature and that the failure to be available to receive such notices and communications can have adverse, legal, business and financial consequences. Buyer and Seller agree to remain reasonably available to receive communications from each other. 16.12.2. Noti ces Regarding thi s Agreement. Communications and notices among the Parties regarding the terms of this Agreement shall be in writing, signed by the Party giving the noti ce, and shall be deemed given: (a) upon receipt if delivered personally or if mailed by certified mail, return receipt request ed and postage prepaid; or (b) at noon on the business day after dispatch if sent by a nationally recognized overnight courier via overnight delivery; except for notices to Seller, which may only be delivered to Seller electronically, either via e-mail to OCC@altisource.com or via fax at , with a copy to Listing Broker. All other notices shall be delivered to the address and e-mail addresses as shown on Exhibit A (or at such other address a party may specify by like notice). 7000159818 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 24 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 16.13. Successors and Assigns. This Agreement s h a l l be binding upon and inure to the benefit of the successors and assigns of each of the Parties hereto. 16.14. Severability. If for any reason any portion or paragraph of this Agreement shall be declared void and unenforceable by any court of law or equity it shall only affect such particular portion or paragraph of this Agreement and the balance of this Agreement shall remain in full force and effect and shall be binding upon the Parties hereto. 16.15. Attorneys' Fees. Each Party shall pay the fees and costs of its own counsel. In the event a legal proceeding is commenced to enforce this Agreement, the prevailing Party shall be entitled to reasonable attorneys' fees and costs from the other Party. 16.16. Cumulative Rights. The rights, options, election and remedies contained in this Agreement shall be cumulative; and no one such rights, options, elections and remedies shall be construed as excludi ng any other of them or any right or remedy allowed or provided by la w. 16.17. Governing Law. This Agreement shall be governed and construed in accordance with the laws of the jur isdiction in which the Property is located. 16.18. Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY LAW, THE PART IES HERET O HEREBY KNOWINGLY AND VOLUNTARILY WAIVE ANY R IGHT WHICH EITHER OR BOTH OF THEM MAY HAVE TO RECEIVE A TRIAL BY JURY WITH RESPECT TO ANY CLAIMS, CONTROVERSIES OR DISPUTES WHICH MAY ARISE OUT OF THIS AGREEMENT OR T HE SUBJECT MATTER HEREOF. 16.19. Legal Holidays, Weekends. If an action is called for under this Agreement or a deadline exists on or by a date which is on a weekend or an official holiday of the United States Federal Reserve System Banks and Branches, then that action must be complete on or before the date which is one (1) business day prior to the original scheduled dat e. 16.20. Effective Date. The “Effective Date” of this Agreement shall be the date this Agreement is executed by the Seller, as indicated below on Seller's signature block. 16.21. Exhibits, Addenda. Any exhibits or addenda attached to this Agreement are incorporated into this Agreement by reference. In the event of any conflict or inconsistency between any exhibits or addenda and this Agreement, the exhibits or addenda shall govern. In the event any addenda or exhibit required by applicable law is not attached to this Agreement or otherwise is not provided as required by applicable law, Seller shall have the option to terminate this Agreement pursuant to Section 12.3. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 25 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 7000159818 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date and year first above written. SE LLE R: Carrington Mortgage Services, LLC B y: ______ _ Na me: ____________ _ Date: (the “E ffecti ve Date”) BUYER: St. Louis Park EDA, B y: ______ Name: _____ Date: ______ _____________________ ______, B y: _________________________ Name: _____ ____________ Date: ______ ____________________ LISTING B ROKER: SELLING BROKER or BUYER'S AGENT (if a n y): Keller Williams Integrity, ___________________________ Maribel Garcia (Agent's na me) ___________________________ (Ag ent's name) 20341824, MN (Agent's License # and State) ___________________________ (Agent's License # and State) B y: ______ _ Na me: _______ _ B y: ___________________________ Its: ___________ _ Name: ___________________________ Date: ____________________________ Its: ___________________________ Date: ____________________________ T elephone Number: (612)821-7500 E-mail Address: maribelgarcia@kw.com Tel ep hone Number: ___________________________ E-mail Address: ___________________________ DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Anne Mavity Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 26 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. EXHIBIT “ A” - Contact Information 7000159818 S E LLER: B UYER: Carrington Mortgage Services, LLC Buyer 1 – Name: St. Louis Park EDA RE: [Propert y ID Number 7000159818] Address: _____ ______ Cit y, St ate, Zip: P hone (day): P hone (c): _____ ___ _ Fax: ________________________________ e-mail: jgrove@stlouispark.org Buyer 2 – Name: ___________________________ Contact Name: Fax: e-mail: OCC@altisource.com Address: _____ ___ Cit y, St ate, Zip_____ ___ P ho ne (day): ______________________ _ P hone (c): _______________ ___ _ Fax: ________________________________ e-mail: ___________________________ LISTING B ROKER: Agent's Na me and License #: Maribel Garcia, 20341824 Address 1: 5239 Address 2: 15th Cit y, State, Zip: Minneapolis, MN 55417 Phone (o): (612)821-7500 P hone (c): Fax: (612)767-5851 e-mail: maribelgarcia@kw.com TITLE PRO VIDE R: Title P rovider's Na me: ___________________________ Address 1: ___________________________ Address 2: Suite 110 City, State, Zip: ___________________________ Phone (o): ___________________________ P hone (c): ___________ __ Fax: ___________________________ e-mail: ___________________________ SELLING BROKER or BUYER'S AGENT (if any): Agent's Na me and License # ___________________________ Address 1: ___________________________ Address 2: ___________________________ Cit y, State, Zip: ___________________________ Phone (o): ___________________________ P hone (c): _________ Fax: ___________________________ e-mail: ___________________________ CLOSING AGENT: Kennedy & Graven, EDA Attorney Contact Name: Sarah Sonsalla, Attorney At Law Contact Address:: 470 U.S. Bank Plaza 200 South 6th Street Minneapolis, MN 55402 Phone (o): 612-337-9284 Phone (c): __________________ Fax: e-mail: ssonsalla@kennedy-graven.com DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 27 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks iden tified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 INSTRUCTIONS TO CLOSING AGENT ASSET MANAGEMENT FEES 7000159818 The Seller hereby directs the closing agent to include on the HUD-1 settlement statement and to disburse from the Seller's proceeds, the amounts detailed below that are being paid by the Seller to Carrington Property Services, LLC as applicable. Seller: Carrington Mortgage Services, LLC Buyer: St. Louis Park Economic Development Authority (EDA) Property: The real property, improvements, appurtenanc es and hereditaments located at 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Tax Id. No : 1611721210009 Seller Property Id. No : 7000159818 Asset Management Fee(s) Payable to: Carrington Property Services, LLC Amount: $2040.00 Seller's Authorized Representative: By:Carrington Mortgage Services, LLC Date: Signature: Name Printed: DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 28 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks iden tified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 INSTRUCTIONS TO CLOSING AGENT BROKERAGE COMMISSIONS 7000159818 The Listing Broker and Selling Broker hereby direct the closing agent to include on the HUD-1 settlement statement the amounts detailed below that are being received or paid by the Listing Broker or Selling Broker pursuant to this transaction. All parties acknowledge that commissions and referral fees are calculated from the High Bid/Offer defined in Section 2.11. Sell er: Carrington Mortgage Services, LLC Bu yer: St. Louis Park Economic Development Authority (EDA) Prop ert y: The real prop ert y, improvements, app urtenances and heredita ment s located at 5639 MINNETONKA BLVD ST LOUIS PARK, MN 55416 Tax Id. No : 1611721210009 Sell er Property I d. No : 7000159818 Brokerage Commission(s) and Referral Fee(s) Selling Broker: Payable to: ___________________________ Amount: $3,400.00 Listing Broker: Payable to: Keller Williams Integrity Amount: $2,720.00 Selling Broker or Broker's Affiliated Licens ee: Signature: Name P rinted: ___________________________ Listing Broker or Broker's Affiliated Licensee: Signature: Name P rinted: Maribel Garcia Dat e: ______________________________ Date: ______ _____ DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 29 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged inform ation. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. ADDENDUM TO PURCHASE AND SALE AGREEMENT (Lead-Based Paint) 7000159818 THIS ADDENDUM TO PURCHASE AND SALE AGREEMENT (Lead-Based Paint) (“Addendum”) is dated as of the 10th day of November,2017, by Carrington Mortgage Services, LLC (“Seller”) a n d St. Louis Park Economic Development Authority (EDA) (“Buyer”), a n d s u p p l e m e n t s that c e r t a i n P u r c h a s e a n d S a l e A g r e e m e n t between the Parties of even date herewith (“Purchase Agreement”). LEAD WARNING STATEMENT. Every purchaser of any interest in residential r eal property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children ma y produce permanent neurological damage, including learning disabilities, redu ced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the Seller's po ssession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase. 1.SELLER'S DISCLOSURES . Pres ence of lead-based paint and/or lead-based paint hazards (select one below): X Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing. Known lead-based paint and/or lead-based paint hazards are present in the housi ng (describe): ____ ___ ___ _______ ___ ___ ______ ___ _______ ____ Records and reports available to the Seller (select one below): X Seller has no reports or records pertaining to lead-based paint and/or lead-based paint hazards in the housing. Seller has provided Buyer with all available records and reports pertaining to lead based paint and/or lead-based paint hazards in the housing (list documents below): ____ ___ ___ _______ ___ ___ ______ ___ _______ ____ 2.PURCHASER'S ACKNOWLEDGMENTS (Buyer initial) Buyer has received copies of all information listed above. Buyer has read and understands the Lead Warning Statement. Buyer has received the pamphlet Protect Your Family from Lead in Your Home. Buyer has (check one below): Waived the opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards; or Received a 10-day opportunity (or mutually agreed upon period) to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead- based paint hazards. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 30 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged inform ation. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. 3.AGENT'S ACKNOWLEDGMENT. (Agent initial) DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 31 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solu tions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged information. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. X Agent has informed the Seller of the Seller's obligations under 42 U.S.C. 4852(d) and is aware of the resp onsibility to ensure compliance. 7000159818 4.CERTIFICATION OF ACCURACY . The undersigned Parties have reviewed the information above and certify, to the best of their knowledge, that the information they have provided is true and accurate 5.CONSTRUCTION. To the extent that this Addendum is inconsistent with the terms of the Purchase Agreement, then the terms of this Addendum shall control. Any capitalized term not defined in this Addendum shall have the meaning given suc h term in the Purchase Agreement. All other terms and conditions as set forth in the Agreement shall remain in full force and effect. SELLER: BUYER: Carrington Mortgage Services, LLC St. Louis Park EDA By: ___ ___ ___ Name: _____ __________________ Date: __ ______ __ By: _________________________ _____________________ ______ Name: _______________________ Its: __________________________ By: _____________ __ Date: _______________ _ Name: ______________________ Date: ______________ __ [Listing Agent] Maribel Garcia(Agent's Name) 20341824, MN (Agent's License # and State) By: _______________________ Name: __________ _ Its: ___ __________________ Date:________________________ DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Anne Mavity Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 32 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 Buyer's Initials: / Purchase and Sale Agreement-v.” ” -1 PROPRIETARY AND CONFIDENTIAL. This document contains copyrighted, proprietary and confidential information of Altisource Solutions S.à r.l. and/or its affiliates (collectively, “Altisource”) that may constitute trade secret and/or legally privileged inform ation. Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Altisource in writing is STRICTLY PROHIBITED. Altisource, the Altisource logo, the “REAL” family of trademarks and services marks, and certain other marks identified herein are trademarks or service marks of Altisource. © 2016 Altisource. All rights reserved. CLIENT BUYER RESTRICTION NOTICE 7000159818 To: St. Louis Park Economic Development Authority (EDA) From: Altisource Solutions S.a r.l. and Altisource Holdings, LLC (Asset Manager for Seller) Re: Property: 7000159818 Address: 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 This is to give you notice that the Seller prohibits a “Prohibited Purchaser” from purchasing or disposing of the real property referenced above (the “Property”). Prohibited Purchaser is: (i) a member of the Board of Directors of CLIENT (“ ”) or of any affiliated company (each, a “Director”) and/or a person or entity with direct or indirect power to vote 10% of any class of voting shares of “ ” (“Principal Shareholder”), (ii) an employee of “ ” or any affiliated company (each, a ““ ” Employee”), (iii) an immediate family member of a “ ” Employee, Director, or Principal Shareholder, or (iv) any entity owned, associated with, or controlled by a “ ” Employee, Director, and/or Principle Shareholder, or immediate family member of a “ ” Employee, Director, and/or Principal Shareholder. If the Buyer(s) is a Prohibited Purchaser(s), Buyer(s) may not purchase the Property without the express, written consent of the Seller. Additionally, Buyer(s) warrants and represents that he/she/they shall not transfer the real property to any Prohibited Purchaser post-closing. ACKNOWLEDGEMENT I/We have read this disclosure, understand the restrictions on purchasing the Property and verify that the undersigned Buyer(s) are not prohibited from purchasing the Property based on the restrictions described above. Buyer: Name Printed: St. Louis Park EDA Buyer: Name Printed: ___________________________ Date: Date: DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Anne Mavity Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 33 BUYER (Initials) SELLER (Initials) ADDENDUM TO REAL ESTATE PURCHASE CONTRACT REO #: Property Address: (the “Property”) This Addendum to Real Estate Purchase Contract (“Addendum”) is made and entered into as of this day of (“Effective Date”), and is hereby made part of and incorporated into that certain Real detad tcartnoC esahcruP etatsE (the “Contract”) between Carrington Mortgage Services, LLC(“Seller”) and This Addendum supplements and amends the Contract and supersedes any other provisions evidencing the agreements of the parties hereto, including, without limitation, the Contract, and shall survive the close of escrow. In the event there is any conflict between the terms and conditions contained in this Addendum and the terms and conditions contained in the Contract, the terms and conditions of this Addendum take precedence and shall prevail. Seller and Buyer agree as follows: 1.Acknowledgement:The terms of the purchase and sale of the Property have been acknowledged and conditionally accepted by the Seller as of day of (hereinafter the “Acknowledgement Date”). 2.Purchase Price:The purchase price shall be $ 3.Earnest Money Deposit:The Buyer’s earnest money deposit of $ in the form of certified funds along with the Agreement, signed by Buyer, must be received by the Seller or the Seller’s listing agent within 72 hours of the Acknowledgement Date (the “Deposit Deadline”). Should the Seller not receive the signed Agreement and/or the earnest money deposit by the Deposit Deadline, the Seller reserves the right to unilaterally cancel the Agreement. In addition, the Agreement shall be null and void if the Agreement, signed by Buyer, and/or the earnest money deposit is not received by the Seller before the Seller either unconditionally accepts a competing offer or gives verbal or written notice of revocation either to Buyer, the Buyer’s agent or attorney, or the Seller’s listing agent. 4.Down Payment:The down payment to be a minimum of $ , % of the purchase price 5.Financing:The Agreement (check one) is is not contingent upon the Buyer obtaining financing for the purchase of the Property. If the Agreement is contingent upon financing, the type of financing shall be the following (check one): Cash Conventional FHA VA Other (Specify): Don’t have description of other (a) The Buyer shall apply for a loan in the amount of $ with a term of 40 years or less, at prevailing rates, terms and conditions. The Buyer shall complete and submit to a mortgage lender an application for a mortgage loan containing the terms set forth in this paragraph before the Deposit Deadline, and shall use diligent efforts to obtain a mortgage loan commitment by (the “Commitment Date”). If, despite the Buyer’s diligent efforts, the Buyer is unable to obtain a mortgage loan commitment by the Commitment Date, then either the Buyer or the Seller may terminate the Agreement by giving written notice to the other party. In the event of termination by the Buyer, the Buyer’s notice to Seller must include a copy of the loan application, proof of the application date, and a copy of the denial letter from the prospective lender. In the event of proper termination by the Buyer under this paragraph, the earnest money deposit shall be returned to the Buyer and the parties shall have no further obligation to each other under the Agreement. The Buyer agrees to cooperate and comply with all requests for documentation and information from the Buyer’s chosen lender during the loan application process. Failure of the Buyer to comply with such requests from the Buyer’s chosen lender that results in the denial of the mortgage loan, or failure of the Buyer’s to provide proper notice to Seller in the event of termination by Buyer, shall constitute a breach of the Agreement and render the Agreement null and void, and the Seller shall be entitled to retain the earnest money deposit. (b) If the Agreement is contingent upon financing, the Buyer shall present proof, satisfactory to Seller, of the Buyer’s full credit prequalification for a mortgage loan in an amount and under terms (“Buyer”) pertaining to the Property. The Buyer acknowledges and agrees that the Contract and this Addendum shall together be referred to as the “Agreement”. EQUATOR PROPRIETARY, CONFIDENTIAL AND TRADE SECRET INFORMATION. This document contains proprietary and confidential information that is legally privileged.Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Equator in writing is STRICTLY PROHIBITED. This document additionally contains protected trade secret information of Equator. For additional information, please contact Equator by e-mail at info@equator.com or by telephone at (310) 469-950.© 2010, Equator, LLC. All Rights Reserved. 7000159818 5639 MINNETONKA BLVD ST LOUIS PARK MN 55416 11/03/2017 St. Louis Park Economic Development Authority . 136000 4080 136000.00 136000.00 0 08 Nov,2017 09 November, 2017 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 34 BUYER (Initials) SELLER (Initials) sufficient for the Buyer to perform its obligations under the Agreement. The prequalification shall include, without limitation, a certification of prequalification (or a mortgage loan commitment) from a direct mortgage lender and a satisfactory credit report. The Buyer’s submission of proof of prequalification, satisfactory to Seller, is a condition precedent to the Seller’s acceptance of the Agreement and failure of the Buyer to provide such proof before the Deposit Deadline shall render the Agreement null and void. (c) If the Agreement is not contingent on financing, Buyer shall provide Seller proof of liquid funds on deposit in the United States sufficient to close this transaction. Such proof shall be provided before the Deposit Deadline and will be subject to Seller’s approval. The Property shall remain on the market until such proof of funds is accepted by Seller. (d) The Buyer is aware that the Purchase Price and terms of this transaction were negotiated on the basis of the type of financing selected by Buyer. Any change as to the loan type, terms or a change in the Buyer’s lender after negotiations have been completed, without the written consent of the Seller, shall constitute a breach of the Agreement and render the Agreement null and void, and the Seller shall be entitled to retain the earnest money deposit. 6.Seller Concessions/Repairs: (a)The Seller agrees to pay up to $ towards Buyer’s closing costs, which are defined as prepaid, non-recurring and non-allowable costs. (b) The Seller agrees to pay up to $ towards repairs on the Property. Any repair amount in excess of the stated amount shall be the sole responsibility of the Buyer. (c) Seller agrees to pay up to $ for the Termite Inspection and $ (d) Seller agrees to pay $ toward Home Warranty choosen by buyer towards Section 1 charges listed on the termite/pest report. Any amount in excess of the stated amount shall be the sole responsibility of the Buyer. 7.Closing: (a) The closing shall take place on or before or within five (5) calendar days of final loan approval by the Buyer’s lender, whichever is earlier (hereinafter referred to as the “Closing Date”), unless extended in writing signed by the Seller and the Buyer or extended by the Seller under the terms of the Agreement. The closing shall be held in the offices of the Seller’s attorney or agent, or at a place so designated and approved by Seller, unless otherwise required by applicable law. If the closing does not occur by the Closing Date, the Agreement is automatically terminated and the Seller shall retain the earnest money deposit as liquidated damages. (b) In the event Buyer requests an extension of the Closing Date or of the deadline for the fulfillment of any contingency, and the Seller agrees to the extension, the Buyer agrees to pay to the Seller a per diem penalty of 100.00 per calendar day towards Seller’s carrying costs, through and including the Closing Date specified in the written extension agreement. The per diem amount must be deposited with the closing agent at the time any request for extension is made. If the sale does not close by the Closing Date specified in the written extension agreement, the Seller may retain the earnest money deposit and the accrued per diem payment as liquidated damages. 8.Additional Terms: 9.Occupancy:The Buyer (check one) do does not intent to use and occupy the property as Buyer’s primary residence. 10.Inspections: The Buyer hereby waives their right to inspections and agrees to accept the Property in its current As Is,Where Is condition, With All Faults On or before ten (10) calendar days from the Acknowledgement Date, (a) The Buyer shall have both inspected the Property (or obtained for its own use, benefit and reliance, third party inspections and/or reports on the condition of the Property) and provided written notice to the Seller of any exceptions or objections observed by Buyer to the condition of the Property (hereinafter “Exception Notice”). Unless otherwise noted in Section 8 of this Addendum, the Buyer’s failure to provide such Exception Notice to Seller within such ten (10) EQUATOR PROPRIETARY, CONFIDENTIAL AND TRADE SECRET INFORMATION. This document contains proprietary and confidential information that is legally privileged.Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Equator in writing is STRICTLY PROHIBITED. This document additionally contains protected trade secret information of Equator. For additional information, please contact Equator by e-mail at info@equator.com or by telephone at (310) 469-950.© 2010, Equator, LLC. All Rights Reserved. 0 12/08/2017 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 35 BUYER (Initials) SELLER (Initials) calendar day period shall be deemed a waiver by the Buyer of Buyer’s right to inspect the Property, a waiver by the Buyer of any objections to the condition of the Property and acceptance by the Buyer of the condition of the Property AS IS, WHERE IS, WITH ALL FAULTS. The Buyer shall keep the Property free and clear of liens and indemnify and hold the Seller harmless from all liability claims, demands, damages, and costs related to the Buyer’s inspection and the Buyer shall repair all damages arising from or caused by the inspections. The Buyer shall not directly or indirectly cause any inspections to be made by any government building or zoning inspectors or government employees without the prior written consent of the Seller, unless required by law, in which case, the Buyer shall provide reasonable notice to the Seller prior to any such inspection. (b) After submission of Buyer’s Exception Notice to Seller, and upon Seller’s request, the Buyer shall provide to the Seller complete copies of all inspection reports upon which the Buyer’s Exception Notice is based. In no event shall the Seller be obligated to make any repairs or replacements that may be indicated in the Buyer’s Exception Notice. The Seller may, at its sole discretion, make such repairs to the Property under the terms described in Section 11 of this Addendum. If the Seller elects not to repair the Property, the Buyer may cancel the Agreement and receive a refund of the earnest money deposit. If the Seller elects to make any such repairs to the Property, the Seller shall notify the Buyer after completion of the repairs and the Buyer shall have five (5) calendar days from the date of notice of completion to inspect the repairs and notify the Seller of any items disapproved. The Buyer’s failure to notify Seller of any items disapproved shall be deemed acceptance of the repairs. (c) If the Property is a condominium or planned unit development or co-operative, unless otherwise required by law, the Buyer, at the Buyer’s own expense, is responsible for obtaining and reviewing the covenants, conditions and restrictions and bylaws of the condominium or planned unit development or co-operative within five (5) calendar days after the Effective Date. The Seller agrees to use reasonable efforts, as determined at the Seller’s sole discretion, to assist the Buyer in obtaining a copy of the covenants, conditions and restrictions and bylaws. The Buyer will be deemed to have accepted the covenants, conditions and restrictions and bylaws if the Buyer does not notify the Seller in writing, within ten (10) calendar days of the Effective Date, of the Buyer’s objection to the covenants, conditions and restrictions and/or bylaws. 11.Condition of Property: The Buyer understands and acknowledges that the Seller or an affiliated entity of the Seller acquired the Property by foreclosure, deed-in-lieu of foreclosure, forfeiture, tax sale, right of eminent domain or similar process and consequently, the Seller has no direct knowledge concerning the condition of the Property. As a material part of the consideration to be received by the Seller under the Agreement as negotiated and agreed to by the Buyer and the Seller, the Buyer acknowledges and agrees to accept the Property in “As Is, Where Is” condition, With All Faults at the time of closing, including, without limitation, any hidden defects or environmental conditions (including the presence of mold, which is more specifically addressed in Section 12 below) affecting the Property, whether known or unknown, whether such defects or conditions were discoverable through inspection or not. (a) The Buyer acknowledges that the Seller, its agents and representatives have not made, and the Seller specifically negates and disclaims, any representations, warranties, promises, covenants, agreements, or guarantees, implied or express, oral or written, in respect to: (i) The physical condition or any other aspect of the Property including the structural integrity or the quality or character of materials used in construction of any improvements, availability and quality or quantity of water, stability of the soil, susceptibility to landslide or flooding, sufficiency of drainage or any other matter affecting the stability, safety or integrity of the Property or improvements; (ii) The conformity of the Property or the improvements to any environmental, zoning, land use or building code requirements or compliance with any laws, rules, ordinances or regulations of any federal, state or local governmental authority, or the granting of any required permits or approvals, if any, of any governmental bodies which had jurisdiction over the construction of the original structure, any improvements and/or remodeling of the structure; and (iii) The habitability, marketability, profitability or fitness for a particular purpose of the Property or improvements, including defects, apparent or latent, which now exist or which may hereafter exist and which, if known to Buyer, would cause Buyer to refuse to purchase the Property. (b) In the event the Property is affected by an environmental hazard, as determined by the Seller, either party may terminate the Agreement. In the event the Seller decides to sell the Property to the Buyer and the Buyer agrees to purchase the Property, the Buyer agrees to execute an indemnity and hold harmless agreement at Closing, in a form acceptable to Seller. In the event the Buyer elects not to execute the disclosure and release, at the Seller’s discretion, the Agreement is automatically terminated upon notice given to Buyer. EQUATOR PROPRIETARY, CONFIDENTIAL AND TRADE SECRET INFORMATION. This document contains proprietary and confidential information that is legally privileged.Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Equator in writing is STRICTLY PROHIBITED. This document additionally contains protected trade secret information of Equator. For additional information, please contact Equator by e-mail at info@equator.com or by telephone at (310) 469-950.© 2010, Equator, LLC. All Rights Reserved. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 36 BUYER (Initials) SELLER (Initials) (c) In the event that Seller has received official notice that the Property is in violation of building codes or similar laws or regulations, the Seller may terminate the Agreement or delay the Closing Date or the Buyer may terminate the Agreement. In the event the Agreement is terminated by either Buyer or Seller pursuant to this Paragraph 11, any earnest money deposit will be retuned to the Buyer. If there is an enforcement proceeding arising from allegations of such violations before an enforcement board, special master, court or similar enforcement body, and neither the Buyer nor the Seller terminate the Agreement, the Buyer agrees (a) to accept the Property subject to the violations, and (b) to be responsible for compliance with the applicable code and with orders issued in any code enforcement proceeding. Buyer agrees to execute any and all documents necessary or required for closing by an agency with jurisdiction over the Property. Buyer further agrees to indemnify the Seller from any and all claims or liability arising from the Buyer’s breach of this paragraph 11of this Addendum. (d) The Closing of this sale shall constitute acknowledgement by the Buyer that the condition of the Property is acceptable to the Buyer at that time. The Buyer agrees that Seller shall have no liability for any claims or losses the Buyer of the Buyer’s successors or assigns may incur as a result of construction or other defects that may now of hereafter exist with respect to the Property. (e) The Seller is exempt from filing a disclosure statement as the Property was acquired through foreclosure, deed-in-lieu of foreclosure, forfeiture, tax sale, eminent domain, or similar process. For Alaska transactions, the Seller and the Buyer have previously executed a waiver of the disclosure provisions of Alaska statutes. 12.Mold, Mildew or other Fungal Substances: (a)Buyer acknowledges that Seller has no knowledge if the Property has been impacted by mold, mildew or other fungal substances. Buyer acknowledges and agrees that Seller has strongly encouraged Buyer to have the Property inspected and abated or remediated by a qualified mold remediation specialist to reduce the concentrations of mold or similar substances that might be present on or in the Property, prior to human or animal occupancy. Buyer hereby warrants and agrees that Buyer has had the opportunity to thoroughly inspect the Property, for the existence of mold, mildew or other fungal substances and has elected to purchase the Property, despite any mold contamination, relying solely upon Buyer’s own inspection, examination and evaluation of the Property, and not on any information provided or to be provided by the Seller. (b) Buyer further acknowledges that Seller has strongly encouraged Buyer to consult with a physician regarding the potential adverse effects of mold exposure on human and animal health, particularly with respect to humans or animals whose health may be more likely to be adversely affected by mold due to their age, physical condition, allergies, medical condition, history or susceptibility. (c) Buyer hereby releases, quitclaims and forever discharges Seller, its officers, directors, employees, shareholders, servicers, representatives, agents, attorneys, tenants, brokers, successors or assigns who may be liable by or through them, from and against any and all present and future claims, losses or demands of any kind or character relating to the condition of the Property, including, but not limited to all present or future tort or other claims involving property damage or injuries to human health directly or indirectly attributed to or arising out of any mold or similar fungal substances impacting the Property. This release shall survive Closing. (d) Buyer agrees to defend, indemnify and hold harmless the Seller, its officers, directors, employees, shareholders, servicers, representatives, agents, attorneys, tenants, brokers, successors or assigns from and against any and all lawsuits, damages, claims, suits, proceedings, liabilities, costs and expenses (including without limitation, attorney’s fees) which may be imposed on, sustained, incurred or suffered, or asserted, directly or indirectly, as a result or relating to or arising out of the breach of any representation or warranty or covenant or agreement of Buyer contained herein. 13.Repairs: All treatments for wood infesting organisms and other repairs will be completed by a vendor approved by the Seller, and will be subject to the Seller’s satisfaction only. If the Seller has agreed to pay for treatment of wood infesting organisms, the Seller shall treat only active infestation. Neither the Buyer, nor its representatives, shall enter upon the Property to make any repairs and/or treatments prior to Closing without the prior written consent of the Seller. To the extent that the Buyer, or its representatives, makes repairs and/or treatments to the Property prior to Closing, the Buyer hereby agrees to release and indemnify the Seller from and against any and all claims related in any way to the repairs and/or treatments and further agrees to execute a release and indemnification and provide proof of liability insurance naming Seller as a loss payee, both in a form acceptable to the Seller, prior to entry on the Property and commencement of any such repairs or treatments. The Buyer acknowledges that all repairs and treatments are done for the benefit of the Seller and not for the benefit of the Buyer and that the Buyer has inspected or has been given the opportunity to inspect repairs and treatments. Any repairs or treatments made, or caused to be made, by the Seller shall be completed prior to the Closing. Under no circumstances shall the Seller be required to make any repairs or treatments after the Closing Date. The Buyer acknowledges that Closing on this transaction shall be deemed the Buyer’s reaffirmation that the Buyer is satisfied with the condition of the Property and with all repairs and treatments to the Property and waives all claims related to such condition and to the EQUATOR PROPRIETARY, CONFIDENTIAL AND TRADE SECRET INFORMATION. This document contains proprietary and confidential information that is legally privileged.Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Equator in writing is STRICTLY PROHIBITED. This document additionally contains protected trade secret information of Equator. For additional information, please contact Equator by e-mail at info@equator.com or by telephone at (310) 469-950.© 2010, Equator, LLC. All Rights Reserved. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 37 BUYER (Initials) SELLER (Initials) quality of the repairs or treatments to the Property. Any repairs or treatments that Seller agrees to perform shall be performed for functional purposes only and exact restoration of appearance or cosmetic items following any repairs or treatments shall not be required. The Seller shall not be obligated to obtain or provide to the Buyer any receipts, or treatments, written statements indicating dates or types of repairs and/or treatments or copies of such receipts or statements nor any other documentation regarding any repairs and treatments to the Property. THE SELLER DOES NOT WARRANT OR GUARANTEE ANY WORK, REPAIRS OR TREATMENTS TO THE PROPERTY. 14. Occupancy Status of the Property: (a) The Buyer acknowledges that neither the Seller, nor its representatives, agents or assigns, has made any warranties or representations, express or implied, relating to the existence of any tenants or occupants at the Property, unless otherwise noted in Section 8 of this Addendum. The Seller, its representatives, agents or assigns, shall not be responsible for evicting or relocating any tenants, occupants, or personal property at the Property prior to or subsequent to Closing, unless otherwise noted in Section 8 of this Addendum. The Buyer further acknowledges and agrees that (i) the Seller is not holding any security deposits from the former or current tenants and has no information as to such security deposits as may have been paid by the former or current tenants to anyone, (ii) no sums representing such tenant security deposits shall be transferred by the Seller to the Buyer as part of this transaction, and (iii) the Buyer hereby assumes all responsibility and liability for the refund of such security deposits to the tenants pursuant to the provisions of applicable laws and regulations. All rents due and payable and collected from tenants for the month in which closing occurs will be prorated according to the provisions of Section 16 of this Addendum. (b) The Buyer acknowledges that this Property may be subject to the provisions of local rent control ordinances and regulations. The Buyer agrees that upon the Closing all eviction proceedings and other duties and responsibilities of a property owner and landlord, including but not limited to, those proceedings required for compliance with such local rent control ordinances and regulations, will be the Buyer’s sole responsibility. (c) If the Property is located in Alabama, Buyer understands that the Property may be subject to redemption by the prior owner upon payment of certain sums and Buyer may be dispossessed of the Property. Buyer is advised to consult with an attorney to fully understand the import and impact of the foregoing. Buyer agrees he shall have no recourse against Seller in the event the right of redemption is exercised. 15. Personal Property: Items of personal property, including but not limited to, window coverings, appliances, manufactured homes, mobile homes, vehicles, spas, antennas, satellite dishes and garage door openers, now or hereafter located on the Property, are not included in this sale or the Purchase Price unless the personal property is specifically described and referenced in Section 8 of this Addendum. Any personal property at or on the Property may be subject to claims by third parties and, therefore, may be removed from the Property prior to or after the Closing Date. The Seller makes no representations or warranty as to the condition of any personal property, title thereto, or whether any personal property is encumbered by any liens. The Buyer assumes responsibility for any personal property remaining on the Property at the time of Closing. 16. Closing Costs and Adjustments: (a) The Buyer and Seller agree to prorate the following expenses as of closing and funding: municipal water and sewer charges, utility charges, real estate taxes and assessments, common area charges, condominium or planned unit development or similar community assessments, co- operative fees, maintenance fees, and rents, if any. In determining prorations, the Closing Date shall be allocated to the Buyer. Payment of special assessment district bonds and assessments, and payment of homeowner’s association or special assessments shall be paid current and prorated between the Buyer and the Seller as of the Closing Date with payments not yet due and owing to be assumed by the Buyer without credit toward the Purchase Price. The Property taxes shall be prorated based on an estimate or actual taxes from the previous year on the Property. All prorations shall be based upon a 30-day month and all such prorations shall be final. The Seller shall not be responsible for any amounts due, paid or to be paid after the day prior to the Closing Date, including but not limited to, any taxes, penalties or interest assessed or due as a result of retroactive, postponed or additional taxes resulting from any change in use of, or construction on, or improvement to the Property, or an adjustment in the appraised value of the Property. In the event the Seller has paid any taxes, special assessments or other fees and there is a refund of any such taxes, assessments or fees after closing, and the Buyer as current owner of the Property receives the payment, the Buyer will immediately submit the refund to the Seller. (b) Regardless of local custom or practice, the Buyer shall pay all costs and fees incurred in the transfer of the Property, including cost of any survey, title policy, escrow or closing fees and lender required fees, except as expressly assumed by the Seller in Section 6. EQUATOR PROPRIETARY, CONFIDENTIAL AND TRADE SECRET INFORMATION. This document contains proprietary and confidential information that is legally privileged.Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Equator in writing is STRICTLY PROHIBITED. This document additionally contains protected trade secret information of Equator. For additional information, please contact Equator by e-mail at info@equator.com or by telephone at (310) 469-950.© 2010, Equator, LLC. All Rights Reserved. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 38 BUYER (Initials) SELLER (Initials) (c) The Seller shall pay the real estate commission per the listing agreement between the Seller and the Seller’s listing broker. Buyer represents that Buyer is not a real estate licensee, nor is the real estate licensee representing Buyer related to, or affiliated with Buyer, unless such relationship or affiliation has been disclosed to Seller. 17. Certificate of Occupancy: If the Property is located in a jurisdiction that requires a certificate of occupancy, smoke detector certification, septic certification or any similar certification or permit (“Certificate of Occupancy”) or any form of improvement or repair to the Property to obtain such Certificate of Occupancy necessary for the Property to be occupied, the Buyer understands that the Seller requires the Certificate of Occupancy to be obtained by the Buyer at the Buyer’s sole cost and expense. The Buyer shall make application for all Certificates of Occupancy within ten (10) calendar days of the Acknowledgement Date. The Buyer shall not have the right to delay the Closing due to the Buyer’s failure or inability to obtain any required Certificate of Occupancy. Failure of the Buyer to obtain and furnish the Certificate of Occupancy shall be a material breach of the Agreement. 18. Delivery of possession of Property: The Seller shall deliver possession of the Property to the Buyer at closing and funding of sale. The delivery of possession shall be subject to the rights of any tenants or parties in possession per Section 14 of this Addendum. If the Buyer alters the Property or causes the Property to be altered in any way and/or occupied the Property prior to the closing and funding without the prior written consent of the Seller, such event shall constitute a breach by the Buyer under the Agreement and the Seller may terminate the Agreement and the Buyer shall be liable to the Seller for damages caused by any such alteration or occupation of the Property prior to closing and funding and waives any and all claims for damages or compensations for improvements made by the Buyer to the Property including but not limited to, any claims for unjust enrichment. 19. Deed: The deed to be delivered at Closing shall be a deed that covenants that grantor grants only that title which grantor may have and that grantor will only defend title against persons claiming by, through, or under grantor, but not otherwise (which deed may be known as a Grant Deed, Special Warranty, Limited Warranty, Quit Claim or Bargain and Sale Deed). Any reference to the term “Deed” or “Special Warranty Deed” herein shall be construed to refer to such form of deed. 20. Defects in Title: If the Buyer raises an objection to the Seller’s title to the Property, which, if valid, would make title to the Property uninsurable, the Seller shall have the right unilaterally to terminate the Agreement by giving written notice of the termination to the Buyer. However, if the Seller is able to correct the problem through reasonable efforts, as the Seller determines at its sole and absolute discretion, prior to the Closing Date, including any written extensions thereof, or if title insurance is available from a reputable title insurance company at regular rates containing affirmative coverage for the title objections, then the Agreement shall remain in full force and the Buyer shall perform pursuant to the terms set forth in the Agreement. The Seller is not obligated to remove any exception or to bring any action or proceeding or bear any expense in order to convey title to the Property or to make the title insurable, and any attempt by the Seller to remove such title exceptions shall not impose an obligation upon the Seller to remove those exceptions. The Buyer acknowledges that the Seller’s title to the Property may be subject to court approval of foreclosure or to mortgagor’s right of redemption. In the event the Seller is not able to (a) make the title insurable or correct any problem, or (b) obtain title insurance from a reputable title insurance company, all as provided herein, the Buyer may terminate the Agreement and any earnest money deposit will be returned to the Buyer as the Buyer’s sole remedy at low or equity. 21. Representations and Warranties: The Buyer represents and warrants to the Seller the following: (a) The Buyer is purchasing the Property solely in reliance on its own investigation and inspection of the Property and not on any information, representation or warranty provided or to be provided by the Seller, its servicers, representatives, brokers, employees, agents or assigns. (b) Neither the Seller, nor its servicers, employees, representatives, brokers, agents or assigns, has made any representations or warranties, implied or expressed, relating to the marketability, insurability or condition of the Property or the contents thereof, except as expressly set forth in Section 8 of this Addendum. (c) The Buyer has not relied on any representation or warranty from the Seller regarding the marketability, insurability or condition of the Property or the contents thereof, or the nature, quality, or workmanship of any repairs made by the Seller; and (d) The Buyer will not occupy, or cause or permit others to occupy, the Property prior to closing and funding and, unless and until any necessary Certificate of Occupancy has been obtained from the appropriate governmental entity, will not occupy or cause or permit others to occupy the Property after Closing. 22. Waivers: (a) As a material part of the consideration to be received by the Seller under the Agreement as negotiated and agreed to by the Buyer and the Seller, the Buyer waives the following: (i) All rights to file and maintain an action against the Seller for specific performance; (ii) Right to record a Lis Pendens against the Property or to record the Agreement or a memorandum thereof in the real property records; EQUATOR PROPRIETARY, CONFIDENTIAL AND TRADE SECRET INFORMATION. This document contains proprietary and confidential information that is legally privileged.Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Equator in writing is STRICTLY PROHIBITED. This document additionally contains protected trade secret information of Equator. For additional information, please contact Equator by e-mail at info@equator.com or by telephone at (310) 469-950.© 2010, Equator, LLC. All Rights Reserved. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 39 BUYER (Initials) SELLER (Initials) (iii) Right to invoke any other equitable remedy that may be available that, if invoked, would prevent the Seller from conveying the Property to a third party buyer; (iv) Any and all claims arising from the adjustments or prorations or errors in calculating the adjustments or prorations that are or may be discovered after Closing; (v) Any claims for failure of consideration and/or mistake of fact as such claims relate to the purchase of the Property or entering into or execution of or closing under the Agreement; (vi) Any remedy of any kind, including, but not limited to, recission of the Agreement, other than as expressly provided in Section 24 of this Addendum, to which the Buyer might otherwise be entitled at law or equity whether base on mutual mistake of fact or law or otherwise; (vii) Trial by jury, except where such waiver is prohibited by law, in any litigation arising from or connected with or related to the Agreement; (viii) Any claims or losses the Buyer may incur as a result of construction on, repair to, or treatment of the Property, or other defects, which may now or hereafter exist with respect to the Property; (ix) Any right to avoid this sale or reduce the Purchase Price or hold the Seller responsible for damages on account of the marketability, insurability or condition of the Property, lack of suitability or fitness of the Property for a particular purpose, or defects, apparent or latent, in the Property (x) Any claim arising from encroachments, easements, shortages in area or any other matter which would be disclosed or revealed by a survey or inspection of the Property or search of public records. (b) In the event that the Buyer breaches or disregards, or attempts to disavow, any of the representations, warranties or waivers described or contemplated under Section 22 or Section 23 of this Addendum, the Buyer shall pay all reasonable attorney fees and costs incurred by the Seller in (i) seeking reaffirmation or enforcement of any such representation, warranty or waiver, or (ii) defending any action initiated by the Buyer for the purpose of or relating to any such breach, disregard or disavowal, and the Buyer shall pay Five Thousand Dollars ($5,000.00) as liquidated damages for such attempted or actual breach, disregard or disavowal, which amount shall be in addition to any liquidated damages held or covered by the Seller pursuant to Section 25 of this Addendum. 23. Conditions to the Seller’s Performance: The Seller shall have the right, at the Seller’s sole discretion, to extend the Closing Date or to terminate the Agreement if: (a) Full payment of any mortgage insurance claim related to the loan previously secured by the Property is not confirmed prior to the Closing Date or the mortgage insurance company exercises its right to acquire title to the Property: (b) The Seller determines that it is unable or it is economically not feasible to convey title to the Property insurable by a reputable title insurance company at regular rates; (c) A third party having an interest in the Property has requested that the servicing lender, or other party, repurchase the loan previously secured by the Property; (d) Full payment of any property, fire or hazard insurance claim is not confirmed prior to the Closing or date set forth herein for Closing; (e) Any third party, whether tenant, homeowner’s association, or otherwise, exercised rights under a right of first refusal to purchase the Property; (f) The Buyer is the former mortgagor of the Property whose interest was foreclosed, or is related to or affiliated in any way with the former mortgagor, and the Buyer has not disclosed this fact to the Seller prior to the Seller’s acceptance of the Agreement. Such failure to disclose shall constitute default under the Agreement, entitling the Seller to exercise any of its rights and remedies, including, without limitation, retaining the earnest money deposit; or (g) The Seller, at the Seller’s sole discretion, determines that the sale of the Property to the Buyer, or any related transactions, is in any way associated with illegal activity of any kind. In the event that Seller elects to terminate the Agreement as a result of (a), (b), (c), (d), (e), or (g) above, the Seller shall return the Buyer’s earnest money deposit and the parties shall have no further obligation under the Agreement, except as to any provision pursuant to Section 30 of this Addendum. 24. Remedies for Default: (a) In the event of Buyer’s default, material breach or material misrepresentation of any fact under the terms of the Agreement, the Seller, at its option, may retain the earnest money deposit and any other funds then paid by the Buyer as liquidated damages and/or invoke any other remedy available at law or expressly set out in the Agreement, and the Seller is automatically released from the obligation to sell the Property to the Buyer and neither the Seller nor its representatives, agents, attorneys, successors, or assigns shall be liable to the Buyer for any damages of any kind as a result of the Seller’s failure to sell and convey the Property. (b) In the event of Seller’s default or material breach under the terms of the Agreement or it the Seller terminates the Agreement as provided under the provisions of the Agreement, the Buyer shall be entitled to the return of the earnest money deposit as Buyer’s sole and exclusive remedy at law and/or equity. Any reference to a return of the Buyer’s earnest money deposit contained in the EQUATOR PROPRIETARY, CONFIDENTIAL AND TRADE SECRET INFORMATION. This document contains proprietary and confidential information that is legally privileged.Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Equator in writing is STRICTLY PROHIBITED. This document additionally contains protected trade secret information of Equator. For additional information, please contact Equator by e-mail at info@equator.com or by telephone at (310) 469-950.© 2010, Equator, LLC. All Rights Reserved. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 40 BUYER (Initials) SELLER (Initials) Agreement shall mean a return of the earnest money deposit, less any escrow cancellation fees applicable to the Buyer under the Agreement and less fees and costs payable for services and products provided during escrow at the Buyer’s request. The Buyer waives any claims that the Property is unique and the Buyer acknowledges and agrees that return of its earnest money deposit adequately and fairly compensates the Buyer. Upon return of the earnest money deposit to the Buyer under this Section 23 (b), the Agreement shall be terminated, and the Buyer and Seller shall have no further liability, no further obligation, and no further responsibility each to the other and the Buyer and the Seller shall be released from any further obligation each to the other in connection with the Agreement. (c) The Buyer agrees that the Seller shall not be liable to the Buyer for any special, consequential, or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability), or any other legal or equitable principle, including, but not limited to, any cost or expense incurred by the Buyer in selling or surrendering a lease on a prior residence, obtaining other living accommodations, moving, storage or relocation expenses, or any other such expense or cost arising from, or related to, the Agreement or a breach of the Agreement. (d) Any consent by any party to, or waiver of, a breach by the other, whether express or implied, shall not constitute consent to, waiver of, or excuse for, any different or subsequent breach. (e) In the event either party elects to exercise its remedies as described in this Section 24 and the Agreement is terminated, the parties shall have no further obligation under the Agreement, except as to any provision that survives the termination of the Agreement pursuant to Section 29 of this Addendum. 25. Indemnification: The Buyer agrees to indemnify and fully protect, defend, and hold the Seller, its officers, directors, employees, shareholders, servicers, representatives, agents, attorneys, tenants, brokers, successors or assigns, harmless from and against any and all claims, costs, liens, loss, damages, attorney fees, and expenses of every kind and nature that may be sustained by, or made against the Seller, its officers, directors, employees, shareholders, servicers, representatives, agents, attorneys, tenants, brokers, successors or assigns, resulting from or arising out of: (a) Inspections or repairs made by the Buyer or its agents, employees, contractors, successors or assigns; (b) The imposition of any fine or penalty imposed by any governmental entity resulting from the Buyer’s failure to timely obtain any Certificate of Occupancy or to comply with equivalent laws and regulations; (c) Claims for amounts due and owed by the Seller for real property taxes, homeowner’s association dues or assessments, or any other items prorated at closing under Section 16 of this Addendum, including any penalty or interest and other charges, arising from the proration of such amounts for which the Buyer received a credit at closing under Section 15 of this Addendum; (d) The Buyer or the Buyer’s tenant, agents or representatives use and/or occupancy of the Property prior to closing and/or issuance of required Certificates of Occupancy; or (e) The breach by Buyer of any of the terms and conditions of the Agreement. 26. Risk of Loss: In the event of fire, destruction, or other casualty loss to the Property after the Seller’s acceptance of the Agreement and prior to closing and funding, the Seller may, at its sole discretion, repair or restore the Property, or the Seller may terminate the Agreement. If the Seller elects to repair or restore the Property, then the Seller may, at is sole discretion, limit the amount to be expended. If the Seller elects not to repair or restore the Property, the Buyer ‘s sole and exclusive remedy shall be either to acquire the Property in its then condition at the Purchase Price with no reduction thereof by reason of such loss, or terminate the Agreement and receive a refund of any earnest money deposit. 27. Eminent Domain: In the event that the Seller’s interest in the Property, or any part thereof, shall have been taken by eminent domain, or shall be in the process of being taken on or before the Closing Date, either party may terminate the Agreement and the earnest money deposit shall be returned to the Buyer and neither party shall have any further rights or liabilities hereunder, except as provided in Section 30 of this Addendum. 28. Keys: Buyer is aware that the Property may be on a master key system. Buyer is encouraged to re-key the Property after closing. Buyer agrees to hold Seller harmless regarding any theft or damage of personal property. 29. Survival: Delivery of the Deed to the Property to the Buyer by the Seller shall be deemed to be full performance and discharge of all the Seller’s obligations under the Agreement. Notwithstanding anything to the contrary in the Agreement, the provisions of Sections 11, 13, 14, 16, 18, 19, 22, 23, 25, 26, 27, 28 and 30 of this Addendum, as well as any other provision which contemplates performance or observance subsequent to any termination or expiration of the Agreement, shall survive the closing, funding and the delivery of the Deed and/or termination of the Agreement by any party and continue in full force and effect. 30. Title and Closing: Except where prohibited by law, the providers of title and escrow/closing services shall be designated by Seller. Seller shall pay for a Standard ALTA Homeowners policy of title insurance, if such policy is available for the Property. EQUATOR PROPRIETARY, CONFIDENTIAL AND TRADE SECRET INFORMATION. This document contains proprietary and confidential information that is legally privileged.Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Equator in writing is STRICTLY PROHIBITED. This document additionally contains protected trade secret information of Equator. For additional information, please contact Equator by e-mail at info@equator.com or by telephone at (310) 469-950.© 2010, Equator, LLC. All Rights Reserved. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 41 BUYER (Initials) SELLER (Initials) 31.Severability: The invalidity, illegality or enforceability of any provision of the Agreement shall not affect the validity or enforceability of any other provision of the Agreement, all of which shall remain in full force and effect. 32.Assignment of Agreement: The Buyer may not assign the Agreement without the express written consent of Seller, which consent may be withheld in Seller’s sole discretion. The Seller may assign the Agreement at its sole discretion without prior notice to, or consent of, the Buyer. 33.Modification: No provision, term or clause of the Agreement shall be revised, modified, amended or waived, except by an instrument in writing signed by the Buyer and Seller. 34.Rights of Others: The Agreement does not create any rights, claims or benefits inuring to any person or entity, other than Seller’s successors and/or assigns, that is not a party to the Agreement, nor does it create or establish any third party beneficiary to the Agreement. 35.Counterparts: The Agreement may not be executed in any number of counterparts and each such counterpart shall be deemed to be an original, but all of which, when taken together, shall constitute one agreement. 36.Headings: The titles to the sections and headings of various paragraphs of the Agreement are placed for convenience of reference only and, in case of conflict, the text of the Agreement, rather than such titles or headings, shall control. 37.Gender: Unless the context otherwise requires, singular nouns and pronouns, when used herein, shall be deemed to include the plural of such nouns or pronouns, and pronouns of one gender shall be deemed to include the equivalent pronoun of the other gender. 38.Force Majeure: Except as provided in Section 27 to this Addendum, no party shall be responsible for delays or failure of performance resulting from acts of God, riots, acts of war, epidemics, power failures, earthquakes or other disasters, providing such delay or failure of performance could not have been prevented by reasonable precautions and cannot reasonably be circumvented by such party through use of alternate sources, workaround plans, or other means. 39.Attorney Review: The Buyer acknowledges that Buyer has had the opportunity to consult with its legal counsel regarding the Agreement and that, accordingly, the terms of the Agreement are not to be construed against any party because that party drafted the Agreement or constructed in favor of any Party because that Party failed to understand the legal effect of the provisions of the Agreement. 40.Notices: Any notices or other documents required to be given or delivered under the Agreement shall be deemed to have been delivered when actually received in the case of hand or overnight delivery, or five (5) calendar days after mailing by first class mail, postage paid, or by fax with confirmation of transmission to the numbers below. All notices to the Seller will be deemed sent or delivered to the Seller when sent or delivered to Seller’s listing broker or agent or Seller’s attorney, at the address or fax number shown below. 41.Dispute Resolution: At the request of either party, any dispute arising under this Agreement shall be submitted to mediation before resort to arbitration or court action. Mediation fees shall be divided equally and each party shall bear his or its own attorney’s fees and costs. Neither party may require binding arbitration prior to commencement of court action, although the parties may mutually agree to such arbitration. 42.Entire Agreement: The Agreement, including the disclosure of information on lead based paint and/or lead based paint hazards or the Seller Disclosure and Release Addendum or other disclosure forms or notices required by law, constitutes the entire agreement between the Buyer and the Seller concerning the subject matter hereof and supercedes all previous communications, understandings, representations, warranties, covenants or agreements, either written or oral and there are no oral or other written agreements between the Buyer and the Seller. No oral promises, representations (expressed or implied), warranties or agreements made by the Seller and/or brokers or any person acting on behalf of the Seller shall be deemed valid or binding upon the Seller, unless expressly included in the Agreement. All negotiations are merged into the Agreement. The Seller is not obligated by any other written or oral statements or statements of financial terms made by the Seller, the Seller’s representatives, or any real estate licensee. 43.Corporate Approval: The Agreement is subject to Carrington Mortgage Services, LLC and or Investor approval. Approval is deemed by Seller’s signature on the Agreement. 44.Seller contribution to close: The sale is contingent upon closing without the need for Seller to deposit funds to close. If funds are required, Seller may terminate this Agreement without liability or obligation to Buyer. 45.Time is of the Essence:It is agreed that time is of the essence with respect to all dates specified in the Agreement and any addenda, riders or amendments hereto. This means that all deadlines are intended to be strict and absolute. EQUATOR PROPRIETARY, CONFIDENTIAL AND TRADE SECRET INFORMATION. This document contains proprietary and confidential information that is legally privileged.Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Equator in writing is STRICTLY PROHIBITED. This document additionally contains protected trade secret information of Equator. For additional information, please contact Equator by e-mail at info@equator.com or by telephone at (310) 469-950.© 2010, Equator, LLC. All Rights Reserved. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 42 BUYER (Initials) SELLER (Initials) In all other respects, the Contract remains in full force and effect and unchanged. IN WITNESS WHEREOF, the Buyer and Seller have entered into this Addendum as of the Effective Date. BUYER(S): SELLER: Signature: Carrington Mortgage Services, LLC Date: Carrington Mortgage Services, LLC, As Agent in Fact for: Print Name: Signature: By: Date: Title: Print Name: Date: BUYER’S AGENT SELLER’S AGENT Name: Name: Address: Address: Telephone: Telephone: Fax: Fax: BUYER’S CLOSING AGENT SELLER’S CLOSING AGENT Name: Name: Address: Address: : Telephone: Telephone: Fax: Fax: EQUATOR PROPRIETARY, CONFIDENTIAL AND TRADE SECRET INFORMATION. This document contains proprietary and confidential information that is legally privileged.Any disclosure, copying, distribution or use of any of the information contained herein that is not expressly permitted by Equator in writing is STRICTLY PROHIBITED. This document additionally contains protected trade secret information of Equator. For additional information, please contact Equator by e-mail at info@equator.com or by telephone at (310) 469-950.© 2010, Equator, LLC. All Rights Reserved. SonsallaSarah TBDTBD 470 U.S. Bank Plaza 200 South 6th Street Minneapolis MN 55402 TBD TBD TBD TBD 612-337-9284 612-337-9310 612-821-7500 612-821-7500 MARIBEL GARCIA 1350 Lagoon Avenue 900 Hennepin County Minneapolis MN 55408 6128217500 Keller Williams integrity 6127675851 TBD TBD TBD St Louis Park MN 55416 6128217500 TBD 612-767-5851 Kennedy Graven EDA Attorney TBD DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Anne Mavity Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 43 REVISED ADDENDUM “B” TO REAL ESTATE PURCHASE AGREEMENT NOTICE REGARDING SELECTION OF ESCROW AGENT AND/OR TITLE INSURANCE SERVICES Version 1.0 Page 1 of 1 10/06/16 I/We, the undersigned Buyer/s, understand that I/we have the right to make an independent selection of a qualified escrow company and/or title insurance company to conduct the closing of and obtain title insurance in connection with the sale of the subject property. If I/we choose my/our own escrow company and/or title insurance company, I/we agree to pay for all of the title insurance, closing costs, and fees for both Buyer and Seller in connection with the sale of the subject property, including seller representation/settlement fee paid to sellers settlement company to assist seller with the closing. The seller’s closing fee is $450. If I/we choose not to make a selection, I /we agree to allow the Seller to select the escrow company and title insurance company for me/us: provided that Seller will pay the cost of the Owner’s Title Insurance Policy, and Buyer pay for their respective escrow and/or title insurance closing costs as indicated on the HUD-1 Settlement Statement. Indicate Selection Below by having all buyers initial the appropriate line: Initial Here: ________ I/We elect to have the seller choose a qualified escrow company and/or title insurance company in connection with the sale of the subject property; provided that Seller will pay the cost of the Owner’s Title Insurance Policy, and Buyer and Seller will each pay for their respective escrow and/or title insurance closing costs as indicated on the HUD-1 Settlement Statement. Initial Here: ________ I/We elect to choose a qualified escrow company and/or title insurance company in connection with the sale of the subject property. I/We agree to pay for all of the title insurance and closing costs and fees for both Buyer and Seller in connection with the sale of the subject property. Below is the name of the escrow company and/or title insurance company. By initialing this line you agree to pay the seller’s closing fee of $450. Name of Escrow/Title Company: Address: Contact Name: Phone Number: ACKNOWLEDGED AND AGREED UPON BY BUYER(S): Buyer Signature Date Buyer Signature Date Print Name Print Name ACKNOW LEDGED AND AGREED UPON BY SELLER: CARRINGTON MORTGAGE SERVICES LLC, as Attorney-In-Fact Date Print Name DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Anne Mavity Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 44 © 2017 Altisource. All rights reserved. AFFILIATED BUSINESS ARRANGEMENT DISCLOSURE STATEMENT To: Consumer From: Altisource Portfolio Solutions S.A. and its affiliates (collectively, “Altisource”) In connection with the purchase, sale, financing or refinancing of your property, you may obtain certain settlement services, including for mortgage origination, closing, title insurance, real estate brokering and other services. This is to give you notice that all of the companies listed in the chart below (each a “Service Provider” and collectively, the “Service Providers”) have business relationships with each other and with Altisource. Service Provider Settlement Service Premium Title Services, Inc. (d/b/a Premium Title Agency Services (for New York ), d/b/a Premium Conveyance Services, Inc. (for New Jersey) and d/b/a PTS- Pennsylvania, Inc. (for Pennsylvania)) (“PTS”) Title Insurance and Closing Services Premium Title Agency, Inc. (“PTA”) Title Insurance and Closing Services PTS-Texas Title, Inc. (“PTT”) Title Insurance and Closing Services Premium Title Insurance Agency-UT, Inc. (“PTU”) Title Insurance and Closing Services Premium Title of California, Inc. (“PTC”) Title Insurance and Closing Services Premium Title Services – Indiana, Inc. (“PTS-Indiana”) Title Insurance and Closing Services Premium Title Services – MN, Inc. (“PTS-MN”) Title Insurance and Closing Services Premium Title Services – MO, Inc. (“PTS-MO”) Title Insurance and Closing Services Premium Title Services – VA, Inc. (“PTS-VA”) Title Insurance and Closing Services CastleLine Risk and Insurance Services, LLC (“CastleLine”) Property and Casualty Insurance Services Springhouse, LLC d/b/a Springhouse Appraisal and Review Services (for New Hampshire), d/b/a Springhouse Appraisal Management Company, LLC (for New Mexico) and d/b/a Springhouse Appraisal Management (for various states) (“Springhouse”) Appraisal Services Altisource Fulfillment Operations, Inc. and Altisource Fulfillment Operations, Inc. d/b/a Owners.com Loans (“AFO”) Mortgage Brokering Services Altisource Online Auction, Inc. d/b/a Hubzu (for various states) (“AOA”) Auction Services REALHome Services and Solutions, Inc. d/b/a Owners.com (“Owners.com”) Real Estate Brokerage Services Investability Real Estate, Inc. (“Investability”) Real Estate Brokerage Services Because of these relationships, referrals to any of the Service Providers may provide the referring company and Altisource with a financial or other benefit. Set forth below is the estimated charge or range of charges for the services listed. You are NOT required to use any of the Service Providers as a condition for the purchase, sale, financing or refinancing of the subject property or to obtain access to any settlement service. DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 45 © 2017 Altisource. All rights reserved. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES. Service Provider Settlement Service Charge or Range of Charges PTS, PTA, PTT, PTC, PTU, PTS- Indiana, PTS- MN, PTS-MO, PTS-VA Lender’s Policy Lender’s Policy (NY only) Owner’s Policy Owner’s Policy (NY only) Escrow Fee or Settlement Fee Settlement Fee (NY only) Title Search and Examination Services Document Preparation Overnight Delivery Fee E-Document Fee HOA Document Retrieval Sub-escrow Fee Manufactured Housing Excess Disbursement (over 5) Tax Certificate Charge Loan Tie-in Charge From $1.00 per $1,000 of loan amount up to (loan amount - $100,000) x .00554 + $875 $2.07 - $7.92 per $1,000 of loan amount From $1.40 per $1,000 of sales price up to (sales price - $100,000) x .00554 + $875 $2.07 - $7.92 per $1,000 of sales price $0 - $3,000 $350 - $2,150 $0 - $600 $50 $0 - $60 $50, if applicable $50, if applicable $125, if applicable $350, if applicable $15, if applicable $35, if applicable $150, if applicable CastleLine Referral to insurance underwriters for property and casualty insurance 5% - 15% of property and casualty insurance premium Springhouse Appraisal $100 - $500 AFO Loan Origination Processing 0.0% - 3.0% of loan amount $0 - $750 AOA Technology Fee Buyer’s Premium $299 The greater of $625 and 4.5% of the buyer’s selected bid amount Owners.com Broker’s commission Professional listing package 3% of sales price 1% - 1.5% of sales price Investability Broker’s commission The greater of $2,500 and 1% - 3% of sales price Additional disclosures for consumers located in the State of New York: Altisource is not required to refer a specified amount of title insurance business to PTS and PTS does not pay any money or other thing of value to Altisource in connection with this transaction. Altisource is not the sole source of business for PTS and PTS has significant and multiple sources of business. Acknowledgment: I/We have read this disclosure form and understand that a Service Provider is referring me/us to purchase any or all of the above-described settlement services, and may receive a financial or other benefit as the result of this referral. Name: ____________________________________________________ Date: _____________________ Name: ____________________________________________________ Date: _____________________ DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 46 ABA—AAPDF0916 Page 1 of 2 AFFILIATED BUSINESS ARRANGEMENT DISCLOSURE STATEMENT Date: ________________ To: ______________________________________________________ From:  Carrington Document Services, LLC  Carrington Foreclosure Services, LLC  Carrington Real Estate Services (CA), Inc.  Carrington Real Estate Services (CT), LLC  Carrington Real Estate Services (US), LLC  Carrington Mortgage Services, LLC  Carrington Property Services, Inc. (d/b/a Azure Home in California)  Carrington Property Services, LLC  Carrington Escrow, Inc.  Carrington Insurance Agency, LLC  Carrington Title Services, LLC (d/b/a Carrington Settlement Services in Pennsylvania) Collectively referred to herein as “Carrington” Subject Property: ____________________________________________ ____________________________________________ Thank you for choosing Carrington to assist you in the purchase, sale, settlement and/or financing of your home or other property. This is to give you notice that each of the Carrington companies above has a business relationship with each of the real estate settlement service providers listed below. All Carrington companies are affiliates of, or otherwise related to, the same corporate parent company, Carrington Holding Company, LLC. Because of this relationship, the referral of business to any of the following affiliated entities may provide them with a financial or other benefit. Set forth below are the estimated charges or range of charges for the following settlement services listed. You are NOT required to use the listed service provider(s) as a condition for settlement of your loan on, or purchase, sale or refinance of the subject property. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATES FOR THESE SERVICES. 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 St. Louis Park Economic Development Authority (EDA) 11/16/17 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 47 AFFILIATED BUSINESS ARRANGEMENT DISCLOSURE STATEMENT ABA—AAPDF0916 Page 2 of 2 Entity Description Estimate or Range of Charges Generally Made by Service Provider1 Carrington Mortgage Services, LLC, Mortgage Lending provides mortgage and correspondent lending. Call (888) 267-8889 for more information. Loan Origination Fee Loan Discount fee/points2 Processing Fee Underwriting Fee (if applicable) 0 – 3% of loan amount 0 – 3% of loan amount $495 – $695 $525 – $800 Carrington Escrow, Inc. is a duly licensed Escrow Agent holding California Department of Business Oversight Escrow License No. 963- 2585. Carrington Escrow, Inc. provides escrow services solely for California transactions. Call (949) 517-6900 for more information. Escrow Fee Loan Tie-in Fee (if applicable) $1.95 per thousand + $195.00 Base ($750.00 minimum, each side) $250.00 Carrington Title Services, LLC (d/b/a Carrington Settlement Services in Pennsylvania) provides closing coordination services outside of California. Call (888) 835-7402 for more information. Settlement Fee $250.00 to $750.00 Carrington Real Estate Services (CA), Inc.; Carrington Real Estate Services (CT), LLC; Carrington Real Estate Services (US), LLC; and Carrington Property Services, Inc. (d/b/a Azure Home) provide real estate brokerage services. Call (949) 517-6800 for more information. Real Estate Broker Fee 0 – 6% of purchase price ACKNOWLEDGEMENT OF RECEIPT OF AFFILIATED BUSINESS ARRANGEMENT DISCLOSURE I/We have received and read this disclosure form and understand that the applicable Carrington company is referring me/us to purchase the above-described settlement service(s) and may receive a financial or other benefit as a result of this referral. ______________________________ ___________ ______________________________ ___________ Signature Date Signature Date ______________________________ ______________________________ Print Name Print Name 1 Actual charges may vary according to the particular circumstances underlying the transaction. Rates may not be the lowest available and are subject to change. For a free, no obligation quote, please contact the company directly. 2 The loan discount fee/points are affected by the note rate. Depending upon market conditions, the loan discount fee/points may be higher to adjust for below-market rates. St. Louis Park Economic Development Authority (EDA) DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 48 DISCLOSURE STATEMENT: SELLER’S DISCLOSURE ALTERNATIVES 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 2. Page 1 of pages: RECORDS AND 3. REPORTS, IF ANY, ARE ATTACHED HERETO AND 4. MADE A PART HEREOF 5. Property located at , 6. City of , County of , State of Minnesota. 7.NOTICE: Sellers of residential property, with limited exceptions, are obligated to satisfy the requirements of MN Statutes 8. 513.52 through 513.60. To comply with the statute, Seller must provide either a written disclosure to the 9.prospective Buyer (see Seller’s Property Disclosure Statement) or satisfy one of the following two options. 10. Disclosures made herein, if any, are not a warranty or guarantee of any kind by Seller or licensee(s) representing or 11. assisting any party in this transaction and are not a substitute for any inspections or warranties the party(ies) may wish 12. to obtain. 13.(Select one option only.) 14.1)QUALIFIED THIRD-PARTY INSPECTION: Seller shall provide to prospective Buyer a written report that 15. discloses material information relating to the real property that has been prepared by a qualified third party. 16. “Qualified third party” means a federal, state or local governmental agency, or any person whom Seller or 17. prospective Buyer reasonably believes has the expertise necessary to meet the industry standards of practice 18. for the type of inspection or investigation that has been conducted by the third party in order to prepare the 19. written report. 20. Seller shall disclose to prospective Buyer material facts known by Seller that contradict any information 21. that is included in a written report, or material facts known by Seller that are not included in the 22. report. 23. The inspection report was prepared by 24. , 25. and dated , 20 . 26. Seller discloses to Buyer the following material facts known by Seller that contradict any information included 27. in the above referenced inspection report. 28. 29. 30. 31. Seller discloses to Buyer the following material facts known by Seller that are not included in the above 32. referenced inspection report. 33. 34. 35. 36.2)WAIVER: The written disclosure required may be waived if Seller and prospective Buyer agree in writing. Seller 37. and Buyer hereby waive the written disclosure required under MN Statutes 513.52 through 513.60. 38. NOTE: If both Seller and prospective Buyer agree, in writing, to waive the written disclosure required under 39. MN Statutes 513.52 through 513.60, Seller is not obligated to disclose ANY material facts of which Seller 40. is aware that could adversely and significantly affect the Buyer’s use or enjoyment of the property or any 41. intended use of the property, other than those disclosure requirements created by any other law. Seller is 42. not obligated to update Buyer on any changes made to material facts of which Seller is aware that could 43. adversely and significantly affect the Buyer’s use or enjoyment of the property or any intended use of the 44. property that occur, other than those disclosure requirements created by any other law. 45. Waiver of the disclosure required under MN Statutes 513.52 through 513.60 does not waive, limit or 46. abridge any obligation for Seller disclosure created by any other law. MN:DS:SDA-1 (12/13) HENNEPINST LOUIS PARK 5639 MINNETONKA BLVD 11/16/17 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 49 DISCLOSURE STATEMENT: SELLER’S DISCLOSURE ALTERNATIVES 47. Page 2 48. Property located at . 49.OTHER REQUIRED DISCLOSURES: 50.NOTE:In addition to electing one of the above alternatives to the material fact disclosure, Minnesota law also 51. requires sellers to provide other disclosures to prospective buyers, such as those disclosures listed below. 52. Additionally, there may be other required disclosures by federal, state, local or other governmental entities 53.that are not listed below. 54.A. SUBSURFACE SEWAGE TREATMENT SYSTEM DISCLOSURE: (A subsurface sewage treatment system 55. disclosure is required by MN Statute 115.55.) (Check appropriate box.) 56. Seller certifies that Seller DOES DOES NOT know of a subsurface sewage treatment system on or serving ---------------(Check one.)-------------- 57. the above-described real property. (If answer is DOES, and the system does not require a state permit, see 58.Subsurface Sewage Treatment System Disclosure Statement.) 59.There is a subsurface sewage treatment system on or serving the above-described real property. 60.(See Subsurface Sewage Treatment System Disclosure Statement.) 61.There is an abandoned subsurface sewage treatment system on the above-described real property. 62.(See Subsurface Sewage Treatment System Disclosure Statement.) 63.B. PRIVATE WELL DISCLOSURE: (A well disclosure and Certificate are required by MN Statute 103I.235.) 64.(Check appropriate box.) 65.Seller certifies that Seller does not know of any wells on the above-described real property. 66.Seller certifies there are one or more wells located on the above-described real property. 67.(See Well Disclosure Statement.) 68. Are there any wells serving the above-described property that are not located on the property? Yes No 69. Contaminated Well: Is there a well on or serving the property that contains contaminated water? Yes No 70. To your knowledge, is the property in a Special Well Construction Area? Yes No 71. Comments: 72. 73. 74.C. VALUATION EXCLUSION DISCLOSURE: (Required by MN Statute 273.11, Subd. 16) 75. There IS IS NOT an exclusion from market value for home improvements on this property. Any valuation ---------(Check one.)-------- 76. exclusion shall terminate upon sale of the property, and the property’s estimated market value for property tax purposes 77. shall increase. If a valuation exclusion exists, Buyers are encouraged to look into the resulting tax 78. consequences. 79. Additional comments: 80. 81. 82.D. METHAMPHETAMINE PRODUCTION DISCLOSURE: 83. (A methamphetamine production disclosure is required by MN Statute 152.0275, Subd. 2 (m).) 84.Seller is not aware of any methamphetamine production that has occurred on the property. 85.Seller is aware that methamphetamine production has occurred on the property. 86.(See Methamphetamine Production Disclosure Statement.) MN:DS:SDA-2 (12/13) 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 50 DISCLOSURE STATEMENT: SELLER’S DISCLOSURE ALTERNATIVES 87. Page 3 88. Property located at . 89.E. RADON DISCLOSURE: 90. (The following Seller disclosure satisfies MN Statute 144.496.) 91.RADON WARNING STATEMENT: The Minnesota Department of Health strongly recommends that ALL 92. homebuyers have an indoor radon test performed prior to purchase or taking occupancy, and recommends having 93. the radon levels mitigated if elevated radon concentrations are found. Elevated radon concentrations can easily 94. be reduced by a qualified, certified, or licensed, if applicable, radon mitigator. 95. Every buyer of any interest in residential real property is notified that the property may present exposure to 96. dangerous levels of indoor radon gas that may place occupants at risk of developing radon-induced lung cancer. 97. Radon, a Class A human carcinogen, is the leading cause of lung cancer in nonsmokers and the second leading 98. cause overall. The seller of any interest in residential real property is required to provide the buyer with any 99. information on radon test results of the dwelling. 100.RADON IN REAL ESTATE: By signing this Statement, Buyer hereby acknowledges receipt of the Minnesota 101. Department of Health’s publication entitled Radon in Real Estate Transactions, which can be found at 102. www.health.state.mn.us/divs/eh/indoorair/radon/rnrealestateweb.pdf. 103. A seller who fails to disclose the information required under MN Statute 144.496, and is aware of material facts 104. pertaining to radon concentrations in the property, is liable to the Buyer. A buyer who is injured by a violation of MN 105. Statute 144.496 may bring a civil action and recover damages and receive other equitable relief as determined by 106. the court. Any such action must be commenced within two years after the date on which the buyer closed the 107. purchase or transfer of the real property. 108.SELLER’S REPRESENTATIONS: The following are representations made by Seller to the extent of Seller’s actual 109. knowledge. 110. (a) Radon test(s) HAVE HAVE NOT occurred on the property. -------------(Check one.)---------------- 111. (b) Describe any known radon concentrations, mitigation, or remediation. NOTE: Seller shall attach the most 112. current records and reports pertaining to radon concentration within the dwelling: 113. 114. 115. 116. (c) There IS IS NOT a radon mitigation system currently installed on the property. -------(Check one.)-------- 117. If “IS,” Seller shall disclose, if known, information regarding the radon mitigation system, including system 118. description and documentation. 119. 120. 121. 122.F. NOTICE REGARDING AIRPORT ZONING REGULATIONS: The property may be in or near an airport safety zone 123. with zoning regulations adopted by the governing body that may affect the property. Such zoning regulations are 124. filed with the county recorder in each county where the zoned area is located. If you would like to determine if such 125. zoning regulations affect the property, you should contact the county recorder where the zoned area is located. 126.G. NOTICE REGARDING CARBON MONOXIDE DETECTORS: 127. MN Statute 299F.51 requires Carbon Monoxide Detectors to be located within ten (10) feet from all sleeping 128. rooms. Carbon Monoxide Detectors may or may not be personal property and may or may not be included in the 129. sale of the home. MN:DS:SDA-3 (12/13) 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 51 DISCLOSURE STATEMENT: SELLER’S DISCLOSURE ALTERNATIVES 130. Page 4 131. Property located at . 132.H. WATER INTRUSION AND MOLD GROWTH: Recent studies have shown that various forms of water intrusion 133. affect many homes. Water intrusion may occur from exterior moisture entering the home and/or interior moisture 134. leaving the home. 135. Examples of exterior moisture sources may be  s IMPROPERmASHINGAROUNDWINDOWSANDDOORS  s IMPROPERGRADING  s mOODING  s ROOFLEAKS 140. Examples of interior moisture sources may be  s PLUMBINGLEAKS  s CONDENSATIONCAUSEDBYINDOORHUMIDITYTHATISTOOHIGHORSURFACESTHATARETOOCOLD  s OVERmOWFROMTUBS SINKSORTOILETS  s lREWOODSTOREDINDOORS  s HUMIDIlERUSE  s INADEQUATEVENTINGOFKITCHENANDBATHHUMIDITY  s IMPROPERVENTINGOFCLOTHESDRYEREXHAUSTOUTDOORSINCLUDINGELECTRICALDRYERS  s LINE DRYINGLAUNDRYINDOORS  s HOUSEPLANTSˆWATERINGTHEMCANGENERATELARGEAMOUNTSOFMOISTURE 150. In addition to the possible structural damage water intrusion may do to the property, water intrusion may also result 151. in the growth of mold, mildew and other fungi. Mold growth may also cause structural damage to the property. 152. Therefore, it is very important to detect and remediate water intrusion problems. 153. Fungi are present everywhere in our environment, both indoors and outdoors. Many molds are beneficial to humans. 154. However, molds have the ability to produce mycotoxins that may have a potential to cause serious health problems, 155. particularly in some immunocompromised individuals and people who have asthma or allergies to mold. 156. To complicate matters, mold growth is often difficult to detect, as it frequently grows within the wall structure. If you 157. have a concern about water intrusion or the resulting mold/mildew/fungi growth, you may want to consider having 158. the property inspected for moisture problems before entering into a purchase agreement or as a condition of your 159. purchase agreement. Such an analysis is particularly advisable if you observe staining or any musty odors on the 160. property. 161. For additional information about water intrusion, indoor air quality, moisture or mold issues, please view the 162. Minnesota Association of REALTORS ® Desktop Reference Guide at www.mnrealtor.com. 163.I. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory 164.offender registry and persons registered with the predatory offender registry under MN Statute 243.166 165.may be obtained by contacting the local law enforcement offices in the community where the property is 166.located or the Minnesota Department of Corrections at (651) 361-7200, or from the Department of Corrections 167.web site at www.corr.state.mn.us. MN:DS:SDA-4 (12/13) 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 52 DISCLOSURE STATEMENT: SELLER’S DISCLOSURE ALTERNATIVES 168. Page 5 169. Property located at . 170.J. SELLER’S STATEMENT: 171.(To be signed at time of listing.) 172. Seller(s) hereby authorizes any licensee(s) representing or assisting any party(ies) in this transaction to provide 173. a copy of this Disclosure Statement to any person or entity in connection with any actual or anticipated sale of the 174. property. A seller may provide this Disclosure Statement to a real estate licensee representing or assisting a 175. prospective buyer. The Disclosure Statement provided to the real estate licensee representing or assisting a 176. prospective buyer is considered to have been provided to the prospective buyer. If this Disclosure Statement is 177. provided to the real estate licensee representing or assisting the prospective buyer, the real estate licensee must 178. provide a copy to the prospective buyer. 179.QUALIFIED THIRD-PARTY INSPECTION: If Seller has made a disclosure under the Qualified Third-Party 180. Inspection, Seller is obligated to disclose to Buyer in writing of any new or changed information of which Seller 181. is aware that could adversely and significantly affect the Buyer’s use or enjoyment of the property or any intended 182. use of the property that occur up to the time of closing. To disclose new or changed facts, please use the Amendment 183.to Disclosure Statement form. 184.WAIVER: If Seller and Buyer agree to waive the seller disclosure requirement, Seller is NOT obligated to disclose 185. and will NOT disclose any new or changed information regarding material facts. 186.OTHER REQUIRED DISCLOSURES (Sections A-E): Whether Seller has elected a Qualified-Third Party Inspection 187. or Waiver, Seller is obligated to notify Buyer, in writing, of any new or changed information regarding Other Required 188. Disclosures up to the time of closing. To disclose new or changed facts, please use the Amendment to Seller’s 189.Disclosure form. 190. (Seller)(Date)(Seller)(Date) 191.K. BUYER’S ACKNOWLEDGEMENT: 192.(To be signed at time of purchase agreement.) 193. I/We, the Buyer(s) of the property, acknowledge receipt of this Seller’s Disclosure Alternatives form and agree to 194. the seller’s disclosure option selected in this form. I/We further agree that no representations regarding material 195. facts have been made, other than those made in this form. 196. (Buyer)(Date)(Buyer)(Date) 197.LISTING BROKER AND LICENSEES MAKE NO REPRESENTATIONS HEREIN AND ARE 198.NOT RESPONSIBLE FOR ANY CONDITIONS EXISTING ON THE PROPERTY. MN:DS:SDA-5 (12/13) 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 53 Buyer's Signature: 41 42 43 B. DISCLOSURE AND RIGHT TO CANCEL ON ORIGINAL SALE BY DECLARANT (Minn. Stat. section 515B.4-44 106).45 1. For a sale by a declarant/seller, “Disclosure” means a Disclosure Statement given pursuant to Minn. Stat.46 section 515B.4-101(b) containing all information required by Minn. Stat. sections 515B.4-102 — 105, and any47 amendments before conveyance.48 2. Buyer may cancel the purchase agreement within 10 days after first receiving the Disclosure Statement.49 3. If an amendment to the Disclosure Statement materially and adversely affects Buyer, then Buyer has 10 days50 after delivery of the amendment to cancel the purchase agreement.51 4. If a Buyer elects to cancel the purchase agreement, Buyer may do so by giving notice in writing which shall52 be effective upon hand delivery or upon mailing if properly addressed with postage prepaid and deposited in53 the United States mail.54 5. Cancellation is without penalty and all payments made by Buyer before cancellation shall be refunded55 promptly.56 6. Buyer’s cancellation rights terminate upon Buyer’s acceptance of a conveyance of the Unit.57 58 Receipt for Disclosure on Original Sale by Declarant59 Date Buyer received the Disclosure:, 2060 Buyer's Signature:61 62 63 Buyer's Signature: 64 M.S.B.A. Real Property Form No. 12 (2002; Revised 2004, 2006, 2008, 2010) Addendum to Purchase Agreement: Common Interest Community Property ADDENDUM / PAGE 1 of 2 ADDENDUM TO PURCHASE AGREEMENT: COMMON INTEREST COMMUNITY PROPERTY © Copyright 2010 by Minnesota State Bar Association, Minneapolis, Minnesota. No copyright is claimed for statutory text. BEFORE YOU USE OR SIGN THIS CONTRACT, YOU SHOULD CONSULT WITH A LAWYER TO DETERMINE THAT THIS CONTRACT ADEQUATELY PROTECTS YOUR LEGAL RIGHTS. Minnesota State Bar Association disclaims any liability arising out of use of this form. 1 This Addendum is a continuation of the Purchase Agreement dated ________________________________ by 2 3 and between as Seller, and 4 5 , as Buyer, for property located at: 6 7 8 9 Buyer acknowledges that, in addition to purchasing real property, Buyer is also buying a membership in a homeowners' 10 association (a nonprofit corporation). The homeowners' association is a type of private, local government with its own 11 rules, regulations and taxes. The homeowners' association is governed by its declarations, articles of incorporation, 12 and bylaws. The homeowners' association is funded through annual and special assessments levied against the 13 property by the homeowners' association. 14 15 STATUTORY DISCLOSURE NOTICE (Minn. Stat. section 515B.4-101(d)). “The following 16 notice is required by Minnesota Statutes: The Purchaser is entitled to receive a Disclosure 17 Statement or Resale Disclosure Certificate, as applicable. The Disclosure Statement or 18 Resale Disclosure Certificate contains important information regarding the common 19 interest community and the purchaser’s cancellation rights.” 20 21 A. DISCLOSURE AND RIGHT TO CANCEL ON RESALE (Minn. Stat. section 515B.4-108). 22 1. For a resale by an owner/seller, “Disclosure” means delivery to Buyer of the following information: 23 (a) copies of the declaration (other than any common interest community plat), the articles of incorporation 24 and bylaws, any rules and regulations, and any amendments or supplemental declarations; 25 (b) copies of the master declaration, articles of incorporation, bylaws, and rules and regulations, if the 26 common interest community is subject to a master declaration; and 27 (c) a resale disclosure certificate from the association dated not more than 90 days prior to the date of the 28 purchase agreement or the date of conveyance, whichever is earlier, containing the information required 29 by Minn. Stat. section 515B.4-107(b). 30 2. Buyer may, prior to the conveyance, cancel the purchase agreement within 10 days after receiving the 31 information. 32 3. If Buyer elects to cancel the purchase agreement, Buyer may do so by hand delivering notice thereof or 33 mailing notice by postage prepaid United States mail to the Seller or the agent. 34 4. Cancellation is without penalty and all payments made by Buyer shall be refunded promptly. 35 36 Receipt for Disclosure on Resale 37 Date Buyer received the Disclosure: 38 Buyer's Signature: 39 40 5639 MINNETONKA BLVD, ST LOUIS PARK, MN 55416 St. Louis Park Economic Development Authority (EDA) Carrington Mortgage Services, LLC 11/16/17 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 54 M.S.B.A. Real Property Form No. 12 (2002; Revised 2004, 2006, 2008, 2010) Addendum to Purchase Agreement: Common Interest Community Property ADDENDUM / PAGE 2 of 2 Receipt for Amendment to Disclosure on Original Sale by Declarant65 Date Buyer received the Amendment to the Disclosure: , 2066 Buyer's Signature:67 68 69 Buyer's Signature: 70 C. ASSOCIATION ASSESSMENTS.71 1.Delinquent assessments for current Association budget, for capital improvements, for extraordinary72 (unbudgeted) repairs, for inadequate Association reserves or budget deficits, or for any other73 delinquency, and any fines or charges associated with these delinquencies shall be paid:74 75 [__] By Seller [__] By Buyer [__] Prorated as follows: ______% by Seller and ______% by Buyer76 77 2.Monthly Association assessments (monthly installment of budgeted annual assessments) due in the month78 of closing shall be paid:79 80 [__] By Seller [__] By Buyer [__] Prorated between Seller and Buyer to the actual date of closing81 82 3. The entire levied amount of nondelinquent special assessments for repairs, budget deficits, or inadequate83 Association reserves shall be paid:84 85 [__] By Seller [__] By Buyer [__] Prorated as follows: ______% by Seller and ______% by Buyer86 87 4. The entire levied amount of nondelinquent special assessments for capital improvements approved by88 the Association for improvements under construction or for completed improvements shall be paid:89 90 [__] By Seller [__] By Buyer [__] Prorated as follows: ______% by Seller and ______% by Buyer91 92 5. The entire levied amount of nondelinquent special assessments for capital improvements approved by93 the Association for which construction has not yet commenced shall be paid:94 95 [__] By Seller [__] By Buyer [__] Prorated as follows: _____% by Seller and _____% by Buyer96 97 6.Special assessments for extraordinary repairs, budget deficits, or inadequate Association reserves98 assessed after the date of the Purchase Agreement and before the actual date of closing shall be paid99 by Buyer provided the entire special assessment does not exceed $_________ nor exceed $__________ in100 monthly installments. If the special assessment exceeds that amount, Buyer may, at Buyer's option: 101 (a) Assume payment of the special assessment without adjustment to the purchase price of the real property;102 or,103 (b) Require Seller to pay the entire amount of the special assessment (or escrow for payment of same as104 provided above) and Buyer shall pay a commensurate increase in the purchase price of the real property,105 which increase shall be the same as the estimated amount of the assessment; or,106 (c) Rescind this Agreement, in which case all earnest money shall be refunded to Buyer.107 108 7.Special assessments for capital improvements assessed after the date of the Purchase Agreement109 and before the actual date of closing shall be paid by Buyer provided the entire special assessment does110 not exceed $___________ nor exceed $___________ in monthly installments. If the special assessment111 exceeds that amount, Buyer may, at Buyer's option: 112 (a) Assume payment of the special assessment without adjustment to the purchase price of the real property;113 or,114 (b) Require Seller to pay the entire amount of the special assessment (or escrow for payment of same as115 provided above) and Buyer shall pay a commensurate increase in the purchase price of the real property,116 which increase shall be the same as the estimated amount of the assessment; or,117 (c) Rescind this Agreement, in which case all earnest money shall be refunded to Buyer.118 119 8. Buyer shall assume and pay all assessments, fines, and other charges, including special assessments and120 extraordinary expenses, accruing after the date of closing, and all expenses, charges, and assessments,121 payment for which is not otherwise specified in this Addendum. Any assessments paid by Seller to the122 Association prior to closing are Association funds. 123 This Addendum is initialed contemporaneously with the signing of the Purchase Agreement. INITIALS: Sellers___________ ____________ Buyers____________ ____________ DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 55 Disclosure Requirements Effective January 1, 2014, the Minnesota Radon Awareness Act requires specific disclosure and education be provided to potential home buyers during residential real estate transactions in Minnesota. This publication is being provided by the seller in order to meet a requirement of the Act. In addition, before signing a purchase agreement to sell or transfer residential real property, the seller shall disclose in writing to the buyer any knowledge the seller has of radon concentrations in the dwelling. The disclosure shall include: 1. whether a radon test or tests have occurred on the property; 2. the most current records and reports pertaining to radon concentrations within the dwelling; 3. a description of any radon concentrations, mitigation, or remediation; 4. information regarding the radon mitigation system, including system description and documentation, if such system has been installed in the dwelling; and 5. a radon warning statement Radon Warning Statement “The Minnesota Department of Health strongly recommends that ALL homebuyers have an indoor radon test performed prior to purchase or taking occupancy, and recommends having the radon levels mitigated if elevated radon concentrations are found. Elevated radon concentrations can easily be reduced by a qualified, certified, or licensed, if applicable, radon mitigator. Every buyer of any interest in residential real property is notified that the property may present exposure to dangerous levels of indoor radon gas that may place the occupants at risk of developing radon- induced lung cancer. Radon, a Class A human carcinogen, is the leading cause of lung cancer in nonsmokers and the second leading cause overall. The seller of any interest in residential real property is required to provide the buyer with any information on radon test results of the dwelling.” How dangerous is radon? Radon is the number one cause of lung cancer in non-smokers and the second leading cause of lung cancer overall, next to tobacco smoking. Thankfully, much of this risk can be prevented through testing and taking action to reduce high levels of radon gas when and where they are found. Your risk for lung cancer increases with higher levels of radon gas, prolonged exposure and whether or not you are a smoker. Where is your greatest exposure to radon? Radon is present everywhere, and there is no known safe level. Your greatest exposure is where it can concentrate indoors and where you spend most of your time. For most Minnesotans, this is at home. Whether a home is old or new, well-sealed or drafty, with or without a basement, any home can have high levels of radon. Where does Radon come from? Radon comes from the soil. It is produced by the natural decay of uranium and radium commonly found in nearly all soils in Minnesota. As a gas, radon moves freely through the soil and eventually into the air you breathe. Our homes tend to draw soil gases, including radon, into the structure. I have a new home, aren’t radon levels reduced already? Homes built in Minnesota since June 2009 are required to contain construction features that may limit radon entry. These features are known as passive Radon Resistant New Construction (RRNC). While these passive RRNC features may lower the amount of radon in newer homes, it does not guarantee low levels. It is recommended all new homes be tested for radon, and if elevated levels are found, these passive RRNC features can be easily and inexpensively activated with the addition of a radon fan in the attic. If you are buying a new home, ask if the home has any RRNC features and if the home has been tested. What is the recommended action based on my results? If the average radon in the home is at or above 4.0 pCi/L, the house should be fixed. Consider fixing the home if radon levels are between 2 pCi/L and 3.9 pCi/L. While it isn’t possible to reduce radon to zero, the best approach is to reduce the radon levels to as low as reasonably achievable. Any amount of radon, even below the recommended action level, carries some risk. All Minnesota homes can have dangerous levels of radon gas in them. Radon is a colorless, odorless and tasteless radioactive gas that can seep into homes from the earth. When inhaled, its radioactive particles can damage the cells that line the lungs. Long-term exposure to radon can lead to lung cancer. About 21,000 lung cancer deaths each year in the United States are caused by radon, making it a serious health concern for all Minnesotans. It does not matUer if the home is old or new and the only way to know how much radon gas has entered the home is to conduct a radon test. MDH estimates 2 in 5 homes built before 2010 and 1 in 5 homes built since 2010 exceed the 4.0 pCi/L action level. In Minnesota, buyers and sellers in a real estate transaction are free to negotiate radon testing and reduction. Ultimately, it is up to the buyer to decide an acceptable level of radon risk in the home. Prospective buyers should keep in mind that it is inexpensive and easy to measure radon, and radon levels can be lowered at a reasonable cost. The MDH Radon Program website provides more detailed information on radon, including the MDH brochure “Keeping Your Home Safe from Radon.” The Minnesota Radon Awareness Act does not require radon testing or mitigation. However, many relocation companies and lending institutions, as well as home buyers, require a radon test when purchasing a house. The purpose of this publication is to educate and inform potential home buyers of the risks PG radon exposure and how to test for and reduce radon as part of real estate transactions. Radon in Real Estate Transactions Radon Facts DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 56 Lowering radon in existing homes – Radon Mitigation When elevated levels of radon are found, they should be mitigated. Elevated radon concentrations can be easily reduced by a nationally certified and MDHlisted radon mitigation professional. A list of these radon mitigation professionals can be found at MDH’s Radon web site. Radon mitigation is the process or system used to reduce radon concentrations in the breathing zones of occupied buildings. The goal of a radon mitigation system is to reduce the indoor radon levels to below the EPA action level of 4.0 pCi/L. A quality radon reduction (mitigation) system is often able to reduce the annual average radon level to below 2.0 pCi/L Active sub-slab suction (also called sub-slab depressurization, or SSD) is the most common and usually the most reliable type of system because it draws radon-filled air from beneath the house and vents it outside. There are standards of practice that need to be followed for the installation of these systems. More information on radon mitigation can be found at the MDH Radon website. After a radon reduction system is installed Perform an independent short-term test to ensure that the reduction system is effective. Make sure the radon system is operating during the entire test. Once a confirmatory radon test shows low levels of radon in the home, be sure to retest the house every two years to confirm continued radon reduction. Who should conduct radon testing in real estate transactions? All radon tests should be conducted in accordance with national radon measurement protocols, by a certified and MDHlisted professional. This ensures the test was conducted properly, in the correct location and under appropriate building conditions. A list of these radon measurement professionals can be found at MDH’s Radon web site. A seller may have previously conducted testing in a property. If the test result is at or above the action level the home should be mitigated. How are radon tests conducted in real estate transactions? Because of the unique nature of real estate transactions, involving multiple parties and financial interests, there are special protocols for radon testing. Continuous Radon Monitor (CRM) Fastest Sequential Short-Term Testing Slowest Simultaneous Short-term Testing Second fastest Test is completed by a certified contractor with a calibrated CRM for a minimum of 48 hours. Test report is analyzed to ensure that it is a valid test. Two short-term test kits are used at the same time, placed 6-12 inches apart, for a mini- mum of 48 hours. Test kits are sent to the lab for analysis. The two test results are averaged to get the radon level. One short-term test is performed for a minimum of 48 hours. Test kit is sent to lab for analysis. Another short-term kit is used in the same place as the first, started right after the first test is taken down. Test is performed for a minimum of 48 hours. Test kit is sent to the lab for analysis. The two test results are averaged to get the radon level. Email: health.indoorair@state.mn.us Web: www.health.state.mn.us/radon 10/2013 IC# 141-3722 House conditions when testing Be aware that any test lasting less than three months requires closed-house conditions. Closed-house $onditions:.ean keeping all windows and doors closed, except for normal entry and exit. Before Testing: Begin closed-house conditions at least 12 hours before the start of the radon test. During Testing:Maintain closed-house conditions during the entire duration of the short term test. Operate home heating or cooling systems normally during the test. Where the test should be conducted Any radon test conducted for a real estate transaction needs to be placed in the lowest livable area of the home suitable for occupancy. In Minnesota, this is typically in the basement, whether it is finished or unfinished. The test kit should be placed: • two to six feet above the floor • at least three feet from exterior walls • four inches away from other objects • in a location where it won’t be disturbed • not in enclosed areas • not in areas of high heat or humidity If the house has multiple foundation types, it is recommended that each of these be tested. For instance, if the house has one or more of the following foundation types--basement, crawl space, slab-on- grade--a test should be performed in the basement and in at least one room over the crawlspace and one room with a slab-on-grade area. Contact the MDH Radon Program if you are uncertain about anything regarding radon testing or mitigation. The MDH Radon Program can provide: • Information about radon health effects, radon testing and radon mitigation; • Names of trained, certified and MDHlisted radon professionals; Sub-Slab Suction fan sump suction pipes penetrate beneath slab sealant seal floor & wall cracks radon Radon Mitigation Radon Testing MDH Radon Program 625 Robert St N P.O. Box 64975 St. Paul, MN 55164-0975 (651) 201-4601 1(800) 798-9050 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 57 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 58 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 59 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 60 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 61 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 62 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 63 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 64 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 65 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 66 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 67 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 68 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 69 DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka BoulevardPage 70 AMENDMENT TO PSA – MULITPLE CHANGES Seller: CARRINGTON MORTGAGE SERVICES, LLC Buyer: ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY Property: The real property, improvements, appurtenances and hereditaments located at 5639 MINNETONKA BLVD, ST. LOUIS PARK, MN 55416 Seller Property ID. No: 7000159818 Buyer and Seller acknowledge and mutually agree to amend the Purchase and Sale Agreement as follows: 1)The buyer opts to use the seller’s preferred closing office and title provider: Carrington Title Services, LLC 6200 Tennyson Pkwy, Ste 110 Plano, TX 75024 (888) 375-1517 Altisource@CarringtonTSS.com 2)The buyer is not represented by an agent for this transaction Buyer: Signature: _____________________Date________________ Name Printed: ____________________________ Title: ____________________________________ Seller’s Authorized Representative: Signature: _____________________Date________________ Name Printed: ____________________________ DocuSign Envelope ID: FADF9746-8037-479B-AB9B-FE62D9E45874 Anne Mavity Study Session Meeting of November 27, 2017 (Item No. 5) Title: Proposed Terms for Purchase of 5639 Minnetonka Boulevard Page 71 Meeting: Study Session Meeting Date: November 27, 2017 Written Report: 6 EXECUTIVE SUMMARY TITLE: Historic Walker Lake Update RECOMMENDED ACTION: None at this time POLICY CONSIDERATION: Do the Walker-Lake initiatives identified in this report meet with Council expectations and does the Council support staff’s continued work in this business area? SUMMARY: Grant activities for the Moving the Market Grant are continuing and nearing completion. The follow is an update on each grant activity. Activation Plan: The Activation Plan, completed by the Musicant Group, is attached for Council’s review. The plan provides a prioritized list of easy-to-implement improvements, systems and activities that would enliven the Historic Walker Lake area. The last 12 pages of this plan summarize the recommendations and a table prioritizing each recommendation is included at the end of the report. The plan will be distributed to businesses, property owners and neighborhood representatives as staff meets with them over the next few months. Historic Walker-Lake Area Logo: The proposed logo for the Historic Walker Lake area was presented to the Council on Aug 28, 2017. Since then additional comments were received and reviewed by the focus group. The design of the logo was modified to more closely align with the city’s branding. The new logo design is attached on page two. The logo will be distributed to the business community to use in marketing materials such as window clings and brochures. It will also be incorporated in the 2017 Holiday Train marketing materials. Wayfinding: A design study is currently underway to determine the future design of Walker, Library and Lake Streets, the alleys and streetscape elements in this area. Wayfinding signage, utilizing the new logo, will be incorporated in this design plan and will be installed in the spring of 2018. FINANCIAL OR BUDGET CONSIDERATION: Not applicable. VISION CONSIDERATION: St. Louis Park is committed to being a connected and engaged community. SUPPORTING DOCUMENTS: Historic Walker Lake Logo Activation Plan Prepared by: Julie Grove, Economic Development Specialist Gary Morrison, Assisted Zoning Administrator Reviewed by: Greg Hunt, Economic Development Coordinator Karen Barton, Community Development Director Approved by: Tom Harmening, City Manager Page 2 Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update St. Louis Park Historic Walker-Lake Activation Plan Placemaking Analysis Recommendations August 2017 Prepared for City of St. Louis Park Julie Grove Gary Morrison Prepared by Max Musicant Principal: Placemaker The Musicant Group 612.670.6717 max@musicantgroup.com Katherine O’Neil Project Manager The Musicant Group 612.272.2549 katherine@musicantgroup.com www.musicantgroup.com Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 3 1 INDEX Summary 3 Core Assumptions and Approach 5 Project Goals and Strategies 7 District Overview 9 Overall District Experience 11 Analysis 21 Survey Business and City Staff Placemaking Recommendations 23 Synopsis and Priorities Appendix: 35 Placemaking Recommendations Matrix This report, and the recommendations herein, do not constitute a complete or part of a comprehensive plan for the area, as defined by the Metropolitan Council or the City of St. Louis Park. Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 4 3 SUMMARY The Historic Walker-Lake area is the historic commercial center of St. Louis Park. While other areas within St. Louis Park have overtaken it in terms of importance, the district has the potential to continue its rise, and once again become a bustling commercial, civic, and community destination. Assessment and Dominant Factors for Future Success We feel that the future success of Historic Walker-Lake rest on two factors: 1.Connections: the district is well located, but difficult to access from surrounding neighborhoods, and key anchors within the district are disconnected from each other. The difficulty in knowing where it is limits positive spillover effects from the many good things that are already there. Thus, enhancing the quality of the pedestrian and bike connections to and through the Historic Walker-Lake area is a top priority. 2.Leveraging existing clusters/anchors to create more reasons to visit and stay: Historic Walker-Lake is home to strong educational, civic, recreational, and pet-service clusters. The experience of visiting these establishments should be improved and leveraged to foster further business development and social activity. Summary of Recommendations To create the conditions for future success, we recommend the following, which are outlined in more detail the report therein: •Enhance bike and pedestrian connections to and within the district: The safety, activity, usefulness, and beauty of pathways is essential to the success of the district. High priority items include open- ing up the fence next to the community center to allow bike and pedestrian access and improving the safety of the bike lane on Wooddale Avenue •Leveraging existing activity drivers to foster new business: thousands of people a day come to and from Historic Walker-Lake to go to the educational, community, civic, and pet-service facilities. These uses should be better linked and their users leveraged to foster the addition of a coffee shop, café, and/or sit-down restaurant •Create more daily activity: the more there is to do, the longer people stay. The longer people stay the more they get to know each other and patronize businesses. Several low-cost additions like lawn and board games, outdoor seating, dog facilities, additional game-day festivities, and allowing people to use the stadium area during non-game or practice times would all greatly enhance the visitor experience •Increase awareness of the district: Now that the district has a name, more needs to be done to build the awareness of it and what is there in the mind of the public. Easy, low cost ways to do that include the creation and distribution of posters, lawn signs, and banners •Establish long-term capacity to organize the continual improvement of the district: Successful business districts have ongoing capacity for collective action. The creation of an entity that brings together the district’s businesses, civic and public organizations to mobilize and coordinate around advancement of the area is essential to enable the recommendations become a reality. This could take the shape of a formal group of volunteers, a membership organization, or a district-wide special services district. Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 5 5 CORE ASSUMPTIONS AND APPROACH The Strategy of Place 1.If people have positive and useful experiences in a place, then they will 2. Use it more frequently. By frequently using the space they establish 3. Habits and routines. These habits are the foundation that support enterprise and; 4. Relationships, between people and the space itself. These relationships are non-portable and create locational 5. Value. A place where people want to be is the essence of real estate’s “location, location, location” value proposition Core Assumptions We can create this value by creating places where people want to be; places that are social, active, beautiful, and convenient. Places like these draw people, who then want to do things nearby: live, work, shop, eat, play, and more. Much of quality of these places is shaped by the experiences people have in their shared and common areas. These spaces must not be treated as mere pathways to deliver visitors from their parking spaces to the front door, but as staging areas for experiences. The experiences within any given space is shaped by the interplay between its: •Physical environment •Management of that physical environment •The activities and events that occur there By creating more dynamic experiences for users within a budding commercial center such as Historic Walker-Lake: •More people will visit the district •Once there, people will stay longer in the district •The longer people stay in the district, the more likely they are to buy things and participate in community offerings Our Approach We combine our experience designing, programming, and managing public spaces and commercial districts with a robust research methodology and community process to make recommendations about how the broad- er Historic Walker-Lake district can become a place where people want to be. GreatPlaces Design andPhysicalElements ManagementandStewardship Events andActivities Adaptable UsefulMeaningful User Engagement Data Collectionand EvaluationC o mm u n i c a t i o n Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 6 7 Leveraging the success of the Walk and Talk on Historic Walker-Lake event, The Musicant Group crafted this activation plan to set the stage for short- to long-term enhancements to the business district. Paving the Pathway of Place This activation plan is crafted to allow the myriad of stakeholders in the Historic Walker-Lake area to partici- pate in and benefit from placemaking within the district. The plan allows actors of all kinds to make meaning- ful contributions in a variety of monetary and non-monetary ways over a number of years. Goals • Enhance the visitor experience and social environment within the district • Increase the rate at which customers patronize businesses in the Historic Walker-Lake area • Increase the amount of time users spend in the Historic Walker-Lake area Strategies • Increase opportunities for socializing within the area • Build relationships person-to-person, as well as person-to-place • Strengthen weak connections and overcome barriers between main street and surrounding destinations • Create systems of use and maintenance that maximize partnerships in order to minimize public expenditures • Improving commercial opportunities within the area Tactics • Create activities, events, and amenities that are attractive and engaging keeping people in the area longer • Create and enhance destination experiences that attract visitors to the district • Create as many unique things to do, see, and experience for pedestrians and bikers within the Historic Walker-Lake area as a method to: increase visits, lengthen stay, and enhance connections • Utilize programming, activations, merchandising, and traditional wayfinding strategies to strengthen connections between surrounding destinations to drive new customer visits PROJECT GOALS AND STRATEGIES Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 7 9 Compete in Historic Walker-Lake’s Most Promising Areas Historic Walker-Lake has the foundation to become a bustling destination for residents, and the entire city. This area should strive to be the best unique version of itself. It is a well located but underutilized commercial and community hub within St. Louis Park. While no serious problems currently exist, the district is far from reaching its full potential in serving existing and future businesses, community organizations, and St. Louis Park overall. Two overriding opportunities are: 1. Creating more reasons to visit the Historic Walker-Lake Area 2. Enhancing the quantity and quality of the bike and pedestrian connections within the district and from the district to the surrounding areas Historic Walker-Lake’s Competitive Advantages Our analysis finds that the Historic Walker-Lake district currently has, or has the potential for the following amenities, uses, and experiences, raising it above competing commercial districts. 1. Unique community destinations that drive significant everyday visitation, which include: the high school, stadium, and Community Center. 2. Unique destination mostly locally owned business clusters, which include: pet services, arts and music, health and wellness, and food and beverage. The last three of these being fledgling with a lot of opportunity for growth. 3. Walking and biking within the district. There is much room for improvement, but the street grid and traditional Main Street building type and the proximity to regional bike trails and the light rail stop provide a unique foundation to build off of relative to other suburban areas. 4. Opportunities for social interaction. This is not happening that much right now, but the proximity between commercial and community uses can and should be a potent mix in the future. Inputs for the Analysis • Consultant site visits • Survey of residents, visitors, and high school faculty • Walk and Talk on Historic Walker-Lake event and feedback • City of Saint Louis Park staff meetings and feedback • Heart of the Park framework report • Hoodstarter ideas: stlouispark.hoodstarter.com/ DISTRICT OVERVIEW Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 8 10 Area of Study The consultant team had two areas of focus: 1. Primary area: we focused most of our attention on the stretch of West Lake Street between Walker and 34th Street as well as Walker Street to Library Lane and Library Lane to West Lake. 2. Secondary area: the primary area is heavily influenced by how it connects to the users, activities, and communities around it. This secondary area of influence was bound by Highway 7 from Louisiana Avenue to the future Wooddale LRT stop, Wooddale Avenue to St. Louis Park High School, and 2nd Street to the Northwest. Location The Historic Walker-Lake district is one of the oldest parts of St. Louis Park, in the center of the municipality. The area is surrounded by highly desirable single-family homes and some multi-family housing options. There is an increasing array of retail and service amenities south of Highway 7. Despite this proximity, the area is fair- ly cut off from the surrounding neighborhoods by Highways 7 and 100 as well as Louisiana Boulevard. Along with Louisiana Boulevard, Wooddale Avenue and Lake Streets are the only streets that connect the district to the surrounding neighborhoods. Potential Impact of Southwest LRT Transit-way: The future expansion of light rail would enhance people’s access to and from Historic Walker-Lake. The new Southwest LRT will have a station 0.5 miles away from the Historic Walker-Lake area at Wooddale and West 36thStreet. A Clear Center of The Historic Walker-Lake District The clear center of the Historic Walker-Lake district is the St. Louis Park high school stadium. But despite it being the center of the district, it also creates empty space all around it with inactive edges that do little to support other uses. Three low cost, high impact changes could be made to improve this: • Opening up the locked fence next to the Community Center to allow bike and pedestrian access around the stadium’s perimeter • Replacing the grass that surrounds the stadium with more attractive, lower maintenance, and ecologically friendly/native plants Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 9 11 OVERALL DISTRICT EXPERIENCE Disconnected: looking towards St. Louis Park High School stadium, community education, and main street Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 10 12 Activities and Uses: Reasons to Come to Historic Walker-Lake People will visit, stay in, and enjoy a place based on the uses, activities and experiences that are delivered. These experiences are delivered through a combination of physical elements, management systems, events, merchants, community organizations, public bodies, and communication platforms. Below is our assessment on how those factors currently come together, what is latent and not fully formed (but should be!), and what large gaps that exist: Primary Reasons to Visit Historic Walker-Lake There is a rule of thumb that every thriving place (no matter how big or small) should have at least 10 different things to do. We identified the 9 major activities and reasons to visit Historic Walker-Lake, with community uses being a significant attraction: 1.Eat low-cost grab-and-go food: frozen yogurt, McDonald’s 2.Shop for: pet services 3.Shop for attire: sports and dress making 4.Seek convenience services: laundry or barber shop 5.Watch a sports game, go to the theater, conferences, etc. at St. Louis Park High School 6.Go to school/work at St. Louis Park High School or the Community Center 7.Pick up your kids from either school 8.Play at playground or park 9.Volunteer at an organization Latent activities that visitors can do, but that should be strengthened in order to generate more trips, com- merce, and community, include: •Walk around the Historic Walker-Lake and residential areas •Socialize with neighbors and fellow visitors •Activities to do with one’s dog •Healthcare, fitness and wellness services and activities: inside and out •Enjoy non-sports related entertainment •Go to an event at the St. Louis Park Historical Society (events at the nearby Depot) •Visit the destination of Park Tavern, the Library, and Louisiana Oaks Park and the Historic Walker-Lake area without getting in the car •Take the bike trails Notable activities, features, and amenities not available in Historic Walker-Lake but could likely be viable and strengthen the district include: •Cafe or coffee shop •Convenience and/or pharmacy •Gift shop and florist •Niche and thrift apparel •Sit-down, casual, or ethnic dining •Antique shopping •Dog walking amenities and/or a dog-run •Drinking fountain •Public restroom •Food truck area Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 11 13 Contributing Elements to the Activities, Uses and Experiences Connections As mentioned, the Historic Walker-Lake area needs increased and improved bike, pedestrian, and car connec- tions within the district and to and from surrounding neighborhoods. Strong Barriers Divide the Area There are a number of destinations that are very close, but disconnected from the center. These include the Lake Street main street retail, Library Lane shops/warehouses, Community Center, and happenings on Wood- dale Avenue. Recommended wayfinding and placemaking strategies should be deployed in all these areas to enhance the real and perceived connections between these places. Specifically: •St. Louis Park High School is separated from the main commercial corridor due to the railroad tracks •Further south, the fenced in playground on the east side of the stadium prevents access from the north to the business and community uses along Walker. •The stadium itself, while being the “center” of the district, also acts as a sort of donut hole that separates activity on each side from fully complementing each other. •Highway 7 and Louisiana Avenue create real and perceived barriers to accessing the Historic Walker-Lake area from thriving neighborhoods and shopping areas. Walking Sidewalks exist along almost every section of Historic Walker-Lake. That said, the experience of using these sidewalks is highly varied so pedestrian calming techniques should be explored. Areas that need improvement include: •Wooddale: the car traffic moves very quickly along this street and there are few if any active uses along this street. It is uncomfortable to walk along the street, which is highly problematic given that this will be how people access the LRT station. However, the Wooddale Bridge is due to be re-constructed soon which will provide an opportunity for an improved pedestrian and bicyclists experience. •Severed pathways: the railroad, Highways 7 and 100, and the playground next to the stadium all halt natural desire lines for pedestrians, bikes, and cars •Lake Street retail strip: There is good sidewalk and boule- vard on the North side of Lake Street along the retail. However, in front of the St. Louis Park stadium there is no sidewalk. Walking should be viewed not only as a means to get from Point A to Point B, but as an important recreational activity in its own right; a reason for people to come and stay in Historic Walker-Lake. This is especially true for dog owners, given the propensity of pet stores in the district. In order to create a loop around the entire area it would be convenient for walkers to have sidewalks or pro- tected paths on the street on both sides. According to feedback and the survey, many residents walk to Historic Walker-Lake and walk their dogs. A convenient dog-walking loop around the stadium could create a healthy, safe, and fun connection for residents. Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 12 14 Biking The Historic Walker-Lake area is 0.3 miles from the Cedar Lake Trail, which offers a great opportunity for attracting visitors and residents in the area to bike to this historic shopping district. However, the bikeway on Wooddale Av- enue is hardly visible and not protected. Cars move very quickly long Wood- dale and frequently drive within the “protected” bike lane. If it feels unsafe— and it is actually unsafe—bikers will not use it and will be less likely to visit the nearby businesses, the park, playground, and other places. We recommend a truly protected bikeway, with bollards, be reconstructed from the Cedar Lake Trail to the Historic Walker-Lake area. This will create more visibility and safety and encourage bike riders to come to the district. A short-term solution discussed for the Historic Walker-Lake event was repainting the bikeway to make it more visible and defined. This should be done as soon as possible, but only until a protected bikeway can be installed. Design plans are now underway to modify the Wooddale Bridge over Highway 7, which will provide an oppor- tunity to create a more safe and comfortable experience for bikers and pedestrians. Transit The area has a number of transit options, with bus (and future light rail facilities) serving mostly as means to commute to Uptown or Downtown. Those waiting for departing busses and LRT make up an important cus- tomer base, which the district can and should serve more effectively. Transit lines include: •668 Express—Hopkins—St Louis Park—Mpls •615 Ridgedale—Co Rd 73—St Louis Park •604 Wayzata Blvd—Louisiana Ave—Excelsior Blvd •Green line Extension (Southwest Light Rail Transit)—Wooddale and 36th (future) Driving and Parking Historic Walker-Lake has enough parking for daily on-street parking, and surface parking lots on and behind Walker and Lake Street. Surface lots next to the High School accommodate large events at the stadium. No additional parking facilities are needed. The current arrangement encourages visitors to walk past (and thus patronize!) businesses in order to get to and from their cars. The area is difficult to find with only four streets providing access from the surrounding areas: Wooddale Avenue, Minnetonka Blvd, Dakota Avenue and Louisiana Avenue. This situation is aggravated by the lack of signage and lines-of-sight into the business district from these arterials. However, most of the focus should be on enhancing the walking and biking access to and within the district. This will increase the number of captive customers that arrive on foot and bike, expecially if there are tech- niques implemented to slow down vehicular traffic. Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 13 15 Landscaping Large shade trees, well-maintained grounds, and bright flowers inarguably make an area better. Within this context, there are a few areas of Historic Walker-Lake that deserve targeted attention: •Stadium perimeter: as the center of the district, every commercial corridor backs up to the stadium. Unfortunately, the perimeter of the stadium is inactive and often unattractive, dominated by chain link fence and an unusable strip of grass. Landscap- ing enhancements should be targeted at these perimeter areas to create more visual interest at a minimum, and ideally, active use. Improvements should include native, pollinator friendly grasses and plants. •Boulevards and storefronts: the commercial streetscape along Lake Street is blessed with large frontage grassy areas and tree lined boulevards. Merchant utilization of these is highly varied. The boulevards and the privately owned setback areas should be enhanced with soft and hardscape improvements relevant to each business. •Railway fencing and green space: The railroad company is open to green space near tracks for landscaping. The chain fence along the tracks would be greatly enhanced with vines, and native grasses and plantings along the green strip. Seating If visitors have to stand the entire time they are in the district, the duration of their stay will be shorter. This is especially true for senior citizens and parents with young children. Currently Historic Walker-Lake has little in the way of street amenities, namely, places for people to sit. Public seating is especially needed along Lake Street, to provide a place for people to wait for services, appointments, and transit. The wide boulevard is a great area for movable, colorful bistro tables and chairs for visitors to rest, people watch, sit with their dog, read a book, or wait for a barber shop or pet training appointment. Movable seating is more affordable and has a dramatically higher utilization rate than fixed benches and should be deployed throughout the district. We have found that many merchants and community organizations are willing to maintain public seating ad- jacent to or on their property. If this arrangement is not possible, we’ve also found that movable seating that is colorful, branded, and not brought in every night is still: •Used more than fixed seating •Less expensive than fixed seating •Does not typically get stolen or vandalized Signage and Wayfinding Sense of Arrival As discussed in the pathway section, there are only a few ways that people access the Historic Walker-Lake dis- trict. The district is accessed by all modes: cars, bikes, walking, and eventually the light rail. While in some ways constraining, it provides good opportunities to communicate that people have really “arrived” in the district along these routes. Unfortunately one does not currently get this sense or message upon arrival. Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 14 16 Knowing and Getting Around the District Itself Once a person is within the district, it is difficult to know all that exists there. The stadium disrupts the sight- lines between areas that are physically close, making them feel far away or completely unknown. It would be beneficial to add signage, maps and/or information where visitors are acquainted with what is around and the best paths to get to their desired attractions. Business Mix A unique business mix has arisen within the district, including a mix of convenience and professional services and destination merchants, with a notable cluster of pet services. Each one of these clusters supports each other, drawing people to the district and giving them a number of things to do. The professional and convenience services (real estate, barber, legal, etc.) should be nurtured. There is more to be gained by enhancing the already strong pet-service cluster and growing the health, wellness, and food mer- chant mix. Bringing in more food options will have a secondary benefit of supporting the professional services and retail businesses alike by providing them and their customers with an additional amenity. Non-Commercial Activities, Amenities and Programs Historic Walker-Lake has a number of destination experiences and activities that draw people to the area for non-commercial reasons on a regular basis. These uses provide a robust and reliable population upon which to base the resurgence of the district. These include: •Sporting matches at the stadium •Attending high school and community gatherings (students, parents, and faculty) •Playing at the park and playground •Volunteering at a number of local organizations, including the schools and STEP •Visiting the library and historical society The events and programs produced by these entities can and should be leveraged to create shared benefits for the community and commercial stakeholders. Social Life The social life of the district is characterized by distinct piques of activity within a base state of relatively little daily socializing. During large sporting events the area is humming as people come and go from the sta- dium. There is also the daily social churn of people arriving and departing from the schools. But this energy is isolated to the immediate environs of the school facilities and not captured and maintained throughout the district. Translating this existing activity into sustained social life throughout Historic Walker-Lake will provide tremendous benefits to businesses and users alike. Maintenance, Stewardship, and Servicing District Improvements Historic Walker-Lake is relatively well maintained, free of trash and crime. The areas closer to the railroad tracks are more disconnected, but in general, the maintenance of the district is not something that is hinder- ing the growth of the area. As more visitors frequent the area especially for community events, additional public trash and recycling cans will likely be needed. Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 15 17 Making it Happen: Methods of Implementation and Management Ideas remain as such without people and resources to make them reality. We have identified three implemen- tation strategies that translate the recommendations of this report into reality. They are organized in increas- ing benefit/budget levels: current situation, the formation of a new business association, and the creation of a special services district. A comparison of each is followed by a more detailed description. Volunteer nd prtner recruitment Advoccy Only in response to lrge one-time events Ability to hve some ongoing dvoccy nd heightened bility to respond to importnt one-time opportunities or threts Ongoing nd sustined. St ble to eectively mobilize businesses when needed On n s-needed bsis responding to one-time events Sustined nd ble to grow slowly over time Sustined nd ble to gr ow over time; Volunteer nd prtner time is mplified by st Ad-hoc Volunteersnd City Action1 BusinessAssocition2 Specil ServicesDistrict3 Pop-up Event Plnning Little to no new events Modest, but ble to better leverge existing events to benefit businesses Ability to hve 1-2 lrger events yer plus l ever ge existing events to benefit businesses Mrketing nd Promotion Limited Modest: website, some socil medi, some coordinted signge Extensive: updted website, ctive socil medi, coordinted signge Prticiption by Businesses Only the most enthusistic Opt-in membership dues; Risk of free-riding businesses benefiting without pying in Extensive: ssessment ssures everyone who benefits from the district pys into it Mintennce Cpcity None None Limited Orgniztionl Cpcity Little to none Sustined by volunteer bord Prt-time st ble to execute upon decisions mde by the bord Sources of Resources Little to none, with infrequent d-hoc contributions from businesses nd the city Limited, but ble to mobilize in-kind contributions nd some csh from members s well s pply for grnts Moderte, but very relible. Prt-time st ble to generte significnt in-kind contributions, nd pply for grnts Budget $0 -$2,000 $2,000 -$10,000 $10,000 -$40,000 Benefit LowModerte High Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 16 18 Current Situation: Ad Hoc Volunteers and City Action Low cost/low benefit The current situation is characterized by interested, but only occasionally organized businesses, property owners, community organizations and actors, and staff from the City and Schools. The district improves— slowly—through largely uncoordinated actions of the aforementioned group. One-time bursts of activity benefit the district—such as the Walk and Talk and Holiday Train events—but there is no entity or network that can sustain or champion sustained or heightened improvements. Under current conditions, the health of the district will likely hold steady or improve slowly, but it will not be able to (re)turn into the next great main street any time soon. Creation of a New Business Association Low-moderate cost/moderate benefit The creation of a business association would create a platform for businesses, non-profits, civic, and public agencies to come together and coordinate activities. The formation of a new entity to sustain conversation and collaboration would: •Allow for volunteer and partner recruitment •Heighten the district’s ability to take advantage of new opportunities •Enable the district to advocate around one-off efforts and occurrences •Foster limited event planning capacity •Eventually enable the capacity to orchestrate one-time and periodic improvements and events that require little to no ongoing maintenance There are two primary drawbacks to the business association strategy. The first is that it is entirely opt-in, so non-participating businesses and organizations can, and in our experience would benefit from the work of the organization without paying in – though there are many strategies to have more of the benefits flow to mem- ber organizations. The second is consistency of output. Without at least some outside funding almost all of the work will have to be done by volunteers and thus would take more time and effort. Examples •Minnehaha Mile, Minneapolis: www.facebook.com/MinnehahaMile/ •West Market District, Minneapolis: westmarketdistrict.com/ •Downtown Shakopee: www.downtownshakopee.org/ •Hopkins Business and Civic Association: www.hbcamn.com/ Minnehaha Mile and the West Market District are newly formed business associations in areas transitioning from industrial to retail. Shakopee is a newly formed Main Street designee with funding from the city and chamber of commerce. HBCA is a great example of an organization that brings together both business and civic/community groups for common cause and coordination Special Services District (SSD)/Business Improvement Districts (BIDs) Moderate cost/high benefit A special services district, also known as a business improvement district, is an organization authorized by property and business owners that adds a small property tax assessment onto each building and funnels those new funds into an independent non-profit that is governed by the property and business owners themselves. This vehicle offers consistent funding to support business activities and the district overall. It also solves the free-rider problem: once a certain percentage of property owners (as measured by square footage) consent to Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 17 19 the assessment within the defined district, all others are automatically enrolled. The SSD is then re-evaluated every 5 years, with the assessment rate, district boundaries and its existence in general needing re-approval by property owners. SSDs and BIDs have been transformative to commercial centers around the country and are becoming more frequent here in Minnesota. Downtown Duluth and Rochester have had them for over a decade, and Down- town Minneapolis initiated one (the DID) just over 5 years ago. Most relevant to Historic Walker-Lake are two smaller examples: West Broadway in Minneapolis and Downtown Chaska. The latter in particular is similar in scale and has an annual budget of $40,000. SSD/BIDs have the benefit of regular funding and a high degree of flexibility of those funds – the board can decide where it goes. Common activities include: marketing, promotion, events, streetscape improvements, business recruiting, advocacy, sanitation and landscaping. The consistency of funding and part-time staffing allow: •Heightened and ongoing coordination of volunteers, members and partners •Consistent multi-channel marketing, promotion and PR exposure •More robust partnership formation •Ability to execute more and larger programming and events •More effective advocacy and mobilization of members when needed •Capacity to apply for and secure additional grant funding To be successful though, the public entities—who would otherwise be exempt from property taxes—would have to make contributions in lieu of the assessment. There is much precedent for this, especially along West Broadway. As mentioned, relevant examples of small Special Services Districts/Business Improvement Districts are: •Downtown Chaska: www.downtownchaska.com/ •West Broadway, Minneapolis: westbroadway.org/wbid/ Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 18 21 The Musicant Group conducted an online survey in the spring of 2017. The survey received 93 responses. 85 of these responses were adults, mostly area residents. The results thus reflect the wants and needs of this popu- lation, and do not capture those of students, though many attempts were made to engage this group through the administration. In general, responders were: •Between the ages of 25-64 (69%) •Residents (65%), Business owners (21%), Students (9%), Faculty (3%) Question: Please rate how much you want to feel/do/have these items in the Historic Walker-Lake business area? (5-point scale) Biggest desires: •Feeling safe (4.63) •Socializing (4.02) •Activities and events (3.96) •Buying food, goods, services (4.01) •Places to rest (3.58) Not a strong opinion: •Getting information (3.29) •Networking and educational opportunities (3.36) •Place to do work or study (3.58) Analysis Similar to our assessment, people want to have more things to see and do, both on the commercial and com- munity fronts. “Feeling safe” was the highest rated priority. This sense of safety should be seen as not just “crime”, but the more prevalent threat of cars interacting with walkers and bikers, especially along Wooddale. Question: Please rate how much you want these types of businesses in the area? (5-point scale) The biggest desires for new businesses were: •Coffee shop (4.54) •Restaurant (4.50) Moderate desires for new businesses were: •Retail services: clothes, gifts, flowers (3.90) •Community spaces (3.90) Less interest was expressed in having more: •Art supplies (3.57) •Sports supply (3.49) •Repair services (3.42) •Salons (3.40) As identified, increasing the amount of restaurants in the space is a high priority for existing visitors to the district. Further, many of the requests for food options were couched in requests for places to be, congregate, and hang out. In other words: community spaces. These businesses should be pursued to create more commu- nity attractions in the area. RESIDENT SURVEY: ANALYSIS Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 19 22 How do visitors usually arrive at Historic Walker-Lake? Over half of respondents said they arrive by foot, bike, or tran- sit—a very high number! These are the best types of customers as they are very captive and want to do as many things as possi- ble in close proximity. This points to it being ever more critical that safety issues are resolved on Wooddale and that the bike and pedestrian experi- ences are improved. Question: How often do you visit the Historic Walker-Lake area? A few takeaways: •The high (53%) percentage of daily visits by drivers indicates that they work at the school or at an area business and commute in. 84% of business owners or employees drive to the district, with the other 16% arriving by transit. •The large cluster (32%) of those that walk, bike, or bus to the area every day are likely doing so be cause they are commuting to/from the area for work. This is a group of people that could support coffee shop, cafe and after-work convenience retail. •There is a large cluster—49%—who already walk, bike, and take transit to the area several times a month. This is a very ripe customer base! Question: What are your primary reasons for visiting the Historic Walker-Lake area? What stands out most in these data is the wide variety of reasons that people say they visit the district. There is no dominant reason, but an array of activities that bring people there. The percent- age saying they dine in the area is surprising, and may be accounted for by the McDonalds or people lumping the Park Tavern into the district. Still, as seen above, more food options should be pursued. For complete survey responses, please refer to Appendix 1 at the end of this report. Frequency Dily A couple times week A couple times month A couple times yer Almost never 42% 18% 20% 11% 9% 53% 9% 18% 11% 9% 32% 28% 21% 11% 8% Totl Driver sWlk, Bike, Bus Activity Shopping Working School Attending community center Arts nd music Dining Services: Health and Wellness Services: Professional Sport games Leisure People watching Special events Volunteering 27% 15% 15% 10% 10% 32% 7% 10% 10% 14% 3% 8% 18% % Prticiption Walk Drive Bus Bike Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 20 23 The continued revitalization of Historic Walker-Lake as a valuable place for businesses, area residents and visitors requires a systemic approach that takes into account all of the inputs discussed in the analysis section. Our recommendations on how to accomplish this focus on improving the user experience by providing things to do, see and experience in this area. These experiences are shaped through physical elements, its steward- ship, and the activities that happen there. We acknowledge that the all of the resources needed to realize the full vision of Historic Walker-Lake may not be immediately available. With this in mind, we have prioritized our recommendations into three categories: High, Moderate, and Low. These were determined by the relative benefit given the costs of each investment. For example a low cost investment that generates large returns is given high priority, while a higher cost in- vestment that similarly generates large returns is likely be classified as a moderate priority. These designations should be helpful in guiding decision makers about how best to deploy resources to maximize impact. A prioritization synopsis can be found at the end of each section. The prioritization is based on three factors: • Priority (high, moderate, low) • Budget (most affordable) • Ease of implementation (easiest) The full description of these recommendations can be found in an accompanying spreadsheet file. Some of the items described below overlap each other, which is a consequence of holistic placemaking, rather than manifestations of redundancy. Creating and Enhancing Connections (increasing visitations) Better connections to and within the district will increase visitation to the area and lengthen the stay of those who have already arrived. A visitor who can arrive via walking or biking is a more captive customer than one who arrives by car. Therefore much should be done to enhance the means and safety of those who travel to and within Historic Walker-Lake by bike. Tactics include: Lawn signs (High priority) Ever-changing temporary lawn signs along the regional bike trail will build awareness of easy biking to His- toric Walker-Lake, indeed making it a bike-trip destination. We suggest lawn signs because they are relatively inexpensive, movable, and adaptable. Locations: along regional bike trail, boulevards More (unique) bike parking (High Priority) Just as drivers like being able to park in front of their final destination, bicyclists want convenient secure parking. Fortunately, bicycles can be more easily accommodated than cars. More bike parking should be added. These new bike racks can and should be unique and branded with Historic Walker-Lake’s new logo and/or name. Locations: along Lake Street and Library Lane Triangle, near shops and the stadium entrance PLACEMAKING RECOMMENDATIONS Bike racks in use on 1st and Lewis Move and Make on Main event, Shakopee Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 21 24 Strengthening Wooddale Avenue (High Priority) The painted decals on Wooddale Avenue are a good start, but to make it feel (and be) truly safe for bikers, a painted bike lane—ideally with bollards—should be installed. Research has shown that women and families will only utilize spaces in which they feel safe. Without more protection from cars, the Wooddale Avenue bike lane will likely be under utilized. This should be a priority with the Southwest Light Rail Transit (LRT) stop improvements to Wooddale Avenue. Riders will be able to access Historic Walker-Lake business district better if there is a strong connection for the LRT stop with safe bikeways and sidewalks down Wooddale Avenue. The redesign of the Wooddale Avenue Bridge will provide a great opportunity to strengthen the corridor for pedestrians and bikers. Locations: along Wooddale Avenue Nice Ride/Bike Share Stations (Moderate Priority) Expanding the Nice Ride bike share system to St. Louis Park, with locations at Historic Walker-Lake would greatly enhance the connectivity and access to Historic Walker-Lake to a large population of existing and po- tential customers. Locations: future Wooddale Light Rail stop, Wooddale and Lake Street Enhancing the Social Atmosphere (lengthening the stay of visitors) Moveable tables and chairs (High Priority) Movable tables and chairs are a critical feature in most every space that The Musicant Group works in. More useful and useable than benches, people can put them where they want in a way to accommodate any group or sun/shade/view preference. The tables offer a much more comfortable option for eating, studying, and work- ing. With minimal management, these movable features generate high usage with little to no theft or vandalism. The tables and chairs could and should be branded around the new Historic Walker-Lake identity. Locations: plaza in front of stadium, bus stops, in front of stores on Lake Street and Walker, outside of school entrances, in the playgrounds and parks Wayfinding and signage (High Priority) Wayfinding should be in place to show what activities and businesses are in the area along with a map, direc- tory, and list of upcoming programs, high school sports games, and activities. Wayfinding could also show a dog-walking loop around the stadium. Along with wayfinding, a variety of traffic calming techniques should be used such as a crosswalk, parklet, bike lanes, stop signs, road narrowing, and/or increasing human activity along the street, especially on Library Lane and Lake Street. Locations: near entrances to schools, the stadium, and community centers, on city-owned parcel at Wooddale and Lake Street Parklets (Low Priority) As was tested during the Walk and Talk event, converting 1-2 parking spaces into an attractive and protected seating area is a popular and cost effective way to allow people to sit, linger, and socialize. Parklets offer the benefits of free outdoor patio seating for take-out restaurants, communicate to passersby that there are people patronizing nearby businesses, and allow people to stay downtown long after their initial desire has been met. Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 22 25 St. Louis Park should start a parklet program that allows businesses to create them in front of their stores. Learning from Minneapolis’s program, it needs to be a simple and easy process – which Minneapolis’s is not. Parklets would be allowed from April-November and should require little to no fee. Locations: along Lake Street Creating a One-of-a-kind Experience More dynamic on-street merchandising (High Priority) Enhancing the experience of wandering through Lake Street and Library Lane businesses is a critical input for success. Visitors need to be enticed with desires that they didn’t know they had prior to arriving. One of the most effective ways of doing this is through on-street merchandising, which meets customers where they are. Few businesses are doing enough in this regard, which diminishes the pedestrian experience. Businesses should all bring their energy, wares, and merchandise out to the sidewalk. Examples include: •Clothing racks •Rolling carts with books, merchandise, etc. •A lawn game like bag toss with a business logo on it •Potted plants •Attractive, but out of date or broken equipment, to display outside Locations: along Lake and Walker Streets Activate the alleys (High Priority) The alleys behind the St. Louis Park high school and by the warehouses offer a special opportunity to create a truly unique experience in Historic Walker-Lake. The alleys are pedestrian in scale, offer many quirky nooks and crannies, and are already home to several murals and works of art. They are also the visual gateway into the district from the high school. Creating murals on the back of the Lake Street retail alley and a pedestrian crossing over the rail will enhance the visibility and attraction of coming into the Historic Walker-Lake business district. High school students could be the volunteers for the murals and it would be a great way to get them engaged, and to build community. Another alley that is ripe for enhancement is the one between the buildings on Walker Lake and Library Lane as it could serve as a venue for small programming. The alleys have a potential to be a centerpiece of the Historic Walker-Lake experience, transforming into an art-focused destination with: •More murals and installations by local artists and high school student artists •Transforming some of the nooks into seating areas, gardens, patios, work shops through partnering with adjacent businesses. Just the placement of existing elements that businesses have in storage is a great first step. •Installing simple string lights between the buildings to create a festive atmosphere and enhance nighttime visibility •Using the alley as a location for programming, such as: movies, performances, food carts, and more •Encouraging art and artisan focused businesses to locate and open up onto the alleys Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 23 26 Examples of murals and art installations that interact with the alley: Locations: alleys behind Lake and Walker Streets Embrace the railroad (Low Priority) While often viewed as a nuisance, and identified as a barrier, the railroad is a unique feature that should be embraced and enhanced. Seeing the trains go by associated activities can and should become a destination experience that people “must” have when visiting Historic Walker-Lake. Ways to leverage the presence of the tracks and trains, include: •Better pedestrian crossing from the high school to Lake Street •Create train-themed parklets and enhance the small plazas that already exist to view, embrace, and play with the train idea. These intersections and plazas should offer a full train-themed experience for visitors and residents alike. •Continue to partner for the potential holiday train event •Landscaping in rail row Locations: along railroad tracks behind Lake Street and at Library/Walker Streets Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 24 27 Furniture and Fixtures The addition of furniture and fixtures is a key strategy for the activation of the area. Furniture and fixture changes offer a more affordable alternative to wholesale redesign of the space, are relatively easy to install, and often provide interactive and community building features that users love. Bike racks and pump station (High Priority) Along with bike racks, the bike pump station can and should be complemented by an attractive and useful bike pump station, bolted to the ground. A pump station would: •Increase destination bike traffic to the Historic Walker-Lake area •Ease and enhance the use of the area for bikers •Brand St. Louis Park as bike friendly Locations: corner of Wooddale and Lake Street Dog waste station (Moderate Priority) Historic Walker-Lake is a huge pet destination and dog walking area. The addition of a dog waste station to the area will: •Make the area overall a destination for dog owners •Generate more trips to the area by dog owners, resulting in more potential customers for nearby businesses •Reduce instances of dog waste throughout the area This would be a natural amenity to be cared for and/or sponsored by one of the pet care businesses in the district. Locations: outside of pet store along Lake and near the playground, corner of Wooddale Avenue and Lake Street Little Free Library (Moderate Priority) A little free library can add a tremendous amount to a space with a small foot- print. These facilities can also be used to store games, tools, non-perishable food, and other free amenities. When the broader community feels ownership over the library and keeps it well stocked, the benefits are numerous: •Generates destination trips to see the ever changing selection •Serves as a destination for book drop offs •Promotes reading and literacy •Brands the space and its ownership as an entity that cares •Creates broad senses of ownership over the library and its surrounding spaces by a large constituency The participatory nature and intergenerational appeal of the library—and reading itself—fosters relationships between people and space that throws off benefits to all adjacent uses. The involvement by the community in the design, decoration, and stewardship of the library only furthers these effects. This could also be a potential partnership with the St. Louis Park Library. Locations: Along Lake, Walker, and/or Library Lane Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 25 28 Cafe lighting (Moderate Priority) String lights are a low cost way to add a festive energy and enhance safety of any space. Locations: between buildings over parking lots within trees along Lake Street, and around the perimeter of the stadium Information Center (Moderate Priority) There needs to be a place in a high visibility and trafficked area to promote all that is happening in the district. The place should house: •A map of the district with a list of businesses and organizations, amenities, events, and parking/pathway information •A place for area organizations and businesses to easily promote events and happenings—ideally just by stapling posters and fliers to a board •Brand the district as a place with a lot of great things happening Locations: Wooddale and Lake, along Lake Street in boulevard, stadium plaza Gateway element (High Priority) It is important to have a gateway element in place when you arrive from Wooddale Avenue to Lake Street. This seems like a natural place for an archway, banner, or boulevard elements to provide a welcoming environment into the district. That said, we do not recommend flagpole banners, as we have found them to not be a good investment relative to their cost. Locations: along Wooddale between (or at corner of) Lake Street and/or Highway 7 Historical plaques and markers (Moderate Priority) As one of the oldest parts of St. Louis Park and the proximity to the historical society, there is a unique opportunity to highlight the history of the community within Historic Walker-Lake. This could be done via: •Partnering with the St. Louis Park Historical society •Creating opportunities for dedications of furniture and fixtures •Providing relevant historical information on buildings and signage Locations: adjacent to any historical site, Lake Street Boulevards, Walker Avenue sidewalks Site Improvements While investments in furniture and fixtures often deliver the highest rewards relative to cost, there are a few permanent site improvements that would significantly improve the Historic Walker-Lake area. Open up fencing by Community Center (High Priority) Enhancing access within the district is a high priority. One of the biggest obstacles is the gate that blocks pedestrian or bike access along the south side of the stadium, between Lake Street and the Community Center playground. By opening this gate, people will be able to walk a loop of the district and not be stifled in their desires. Location: playground next to the stadium Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 26 29 Local public and interactive art (High Priority) St. Louis Park has done a wonderful job integrating public art into many of its new developments and facilities. That thread should be brought into the Historic Walker-Lake district. By working with people from the community to create the art, you can create a strong emotional attachment to the area and reasons for people to bring their friends and families to visit. To these ends, there are ways to add public art that don’t have to be expensive or as permanent as much of what has been done elsewhere. Examples include: •Murals in the alleys (as described above) •Partnering with local schools, artists, organizations, community groups, and the library, such as Rock Camp for Dads, STEP, Boy Scouts, Lions Club, etc. •Having large events, where part of the festivities is to create a lasting piece of public art •Paint-on hopscotch or other games onto sidewalks and parking lots •Making small but high impact enhancements to everyday objects like utility boxes, blank walls, side walks, etc. •Community piano and partnerships with local music organizations •Art pads for installing art Examples from across the world that demonstrate these concepts include: Location: anywhere! The stadium plaza, Wooddale and Lake, blank walls, sidewalks, along the railroad, alley- ways, etc. Wooddale and Lake corner parking lot (Moderate Priority) We’ve named the parking lot on the corner of Wooddale and Lake a number of times as a good location for enhancements because it is: •The highest visibility location in the district •Owned by the City •In a condition that takes away from the district overall This site in particular should be a focus of place- making enhancements like parklets, lawn games, landscaping, and programming (discussed below). Source: beforeidie.city Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 27 30 Dog walking loop (Moderate Priority) The district has emerged as a destination cluster for pet services. With a large residential population sur- rounding the area, better accommodating dogs would be a win-win for all involved. In addition to providing more facilities for the animals, creating and communicating a dog walk loop or off-leash run, would add daily activity to the district. Options include: •Off-leash days in the stadium •Off-leash dog runs •Creating a map of dog walking routes, identifying waste pick up sites along the way Locations: within the stadium, adjacent to playground next to stadium, the community center, or rail road tracks, the loop of Lake, Walker, and through the playground if the gate is opened (around the stadium) Bus stop shelter (Moderate Priority) A significant percentage of visitors to the district ride transit to and from the area every day. There is a great opportunity to enhance transit riders’ experiences and enhance the sense of place through formal or informal shelters for bus riders. Additions could include: adjacent little free library, a community message board, and better seating. Light poles (Low Priority) Attractive and historical 10-foot, down-lit poles should be placed along Lake Street, Library Lane, and Wood- dale Avenue to create a connection loop and district. The white light they emit is ideal for urban spaces – pro- viding a more clear light with less severe shadows than yellow light. These provide adequate light for the use of the plaza. Light poles can also have branded banners on them with the district’s new name and logo to create a sense of place and identity. Locations: along Lake Street, down Library Lane, and down Walker Street in the triangle Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 28 31 Programs, Activities, Amenities, and Management Systems The physical elements of a given space create the foundation for use. A system of programming, management, and events can and should be layered for a place to reach its full potential. However when many people are doing an activity, it attracts 2-5x as many others to the space to watch and take part. Lock/unlock tables and chairs (High Priority) Part in parcel with the addition of the tables and chairs is their management. We have found that partnering with adjacent businesses that benefit from these seating areas in the care of them creates a low-cost, win-win scenario. Experience shows securing the furniture late at night is sufficient to eliminate theft issues. Locations: adjacent to businesses with seating Board games for use on patio and parklets (High Priority) With the addition of tables, users can do more than just eat a snack at them such as playing games. By provid- ing board games for free rental at area businesses patios and parklets will: •Get more use •Facilitate more interaction •Drive traffic to participating businesses Similar to the movable chairs, partnering with an adjacent business is a great way to secure these elements each night. If that is not possible, we have found that there is FAR less theft of these items than what is often expected, and leaving them out unsecured at all times and replenishing supplies when needed is an effective, low-cost backup strategy. Locations: within little free libraries, outside businesses with outdoor storage, within parklets Lawn games (High Priority) In addition to the more sedentary board games, lawn games such as bag toss offer a fun, active, and intergen- erational activity that can be played within tight space constraints. Locations: Stadium plaza, boulevards of storefronts, playgrounds, within the stadium, city lot on Wooddale Food trucks/stands (High Priority) On the survey the main addition respondents wanted was a cafe and restaurants. Until these can be added, nothing draws crowds to a space like a good food vendor. We recommend changing regulations to allow food trucks to come to the area as-of-right (following any upfront permitting). This would be especially welcome during events at the stadium such as Homecoming and other football games. Locations: next to the stadium plaza Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 29 32 Small-scale programming and events (Moderate Priority) Regularly occurring small-scale events and programs that bring people together have a number of benefits: •Bring people to an area for the first time •Create new routines of use •Create a sense of momentum •Generate visitors who don’t come for the program, but just because other people are present •Enhancing the visitor experience for those not there specifically for the program •Examples of programs are: concerts, fitness classes, art making classes, community booths and activities, performances, interactive activations, volunteer actions, games, etc. On busier nights and weekends especially during St. Louis Park high school games, small concerts by musi- cians in the area can turn a regular night into an unforgettable experience for visitors. These can be produced along a spectrum: from unorganized buskers to paid professional musicians. If an event attracts X number of formal participants, it is likely that 3-5 times as many people show up just to be around the activity. Locations: stadium plaza, in front of Lake Street storefronts, side parking lots along Lake Street St. Louis Park High School game day activities and programming (Moderate Priority) Special attention should be paid to game days at the stadium. Hundreds of people descend on the area during these events. More would come, stay and patronize businesses if the experience was more dynamic. Tactics include: •Close parts of Lake Street for block parties •Live music •Food trucks •Fire pits •Lawn games •Moveable seating Volunteer opportunities (Moderate Priority) The district is also home to a cluster of organizations that host many opportunities to volunteer, including STEP, Perspectives, the schools, and more. If people enjoy coming to the district as part of their volunteer experience, all the better! These organizations should be engaged around: •Enhancement projects within the district •Promote volunteer opportunities for the organizations •Deals at area businesses for those that volunteer Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 30 33 St. Louis Park Library events (Moderate Priority) With the library so close by, there are a number of ways to invite the energy of this center of community and information to the district. Possibilities include: •Pop up and/or little-free library •Signage indicating its proximity •Reading and learning events in the district St. Louis Park Historical Society (Moderate Priority) As one of the oldest parts of St. Louis Park, Historic Walker-Lake is a perfect spot for the historical society to host programs highlighting the city’s past and heritage. These could include: •Guided tours of the areas •Educational events •Signage, photos and plaques that create a non-guided walking tour •QR audio walking tour to learn about the past Placemaking Business Improvement Grants (Moderate Priority) Like a facade improvement grant, but more flexible and affordable, this program would help area organiza- tions and businesses generate value by more effectively engaging with their environment and customer base through placemaking enhancements to their storefronts. These grants would create a district-wide enhance- ment to the community and commercial environments with seating, outdoor merchandising, activities, and landscaping enhancements. The district-wide effort would create a more dynamic place for visitors to explore, stay, and patronize. Open up St. Louis Park High School stadium for all seasons (Moderate Priority) In the middle of the entire district, the stadium is too often a donut hole rather than the real center of activity. The stadium should be utilized on a more regular basis when games and practices are not occurring. This would provide a new steady stream of people coming to the district to utilize this unique amenity. Uses could include: •Run clubs and fitness groups •Rental by 3rd party sports leagues like CSC •Visits by summer day camps •Utilization by the community center •Winter programming, such as an ice rink(s) for open use and/or broomball, etc. If and when the stadium was opened, it would have to be: •Promoted •Have an easy rental process •Have someone charged with recruiting activities and uses to it (ideally) Weeknight Farmer’s Market (Low Priority) A weeknight market is more feasible than one on a weekend to start, as farmers are more willing to try a new location during an off-peak time. If a farmers market was attempted, we would rec- ommend combining it with other activities, such as a small concert, food vending, etc. The more activities there are, the more the space and the event turn into a destination experience. Add in Saturdays 9am-12pm Farmer’s Market as an option too. Location: stadium plaza, city-owned lot on Wooddale and Lake St. Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 31 34 Branding and Marketing Half the battle is creating something dynamic that people want and need. The other half is letting your audi- ence know about it. Historic Walker-Lake would be well served by amplifying all that is good about the district through enhanced marketing and branding efforts. Design and print stickers for tables and chairs (High Priority) New furniture provides an excellent opportunity to welcome users to Historic Walker-Lake. Vinyl stickers are an affordable and attractive way to spread the message about Historic Walker-Lake and participating businesses. These can be easily affixed to the backs of chairs and tabletops. Name the business district (High Priority) Through the Walk and Talk event and community engagement, it was discerned that Historic Walker-Lake was the best name for the district. Pathway(s) painted on the pavement (logo stencils) (High Priority) At the Walk and Talk event, we spray painted the event logo on the sidewalks to attract people to the event, create awareness, and act as wayfinding. This is an easy and affordable start to wayfinding. As the branding is developed along with the name and logo, doing a spray chalk logo outside will increase the awareness and trips. Locations: on Wooddale, Lake, Walker, Library Lane – within and leading into the district Social media presence (Moderate Priority) It’s important to meet people where they are. More and more, people are spending time on social media. Creating and actively managing 1-3 social media platforms will: •Create a narrative for the district •Allow for the memorialization of success through photo sharing •Amplify those within the district through sharing of their own posts and events •Generate a wider audience of visitors’ peers Historic remembrance (Moderate Priority) As one of the oldest parts of St. Louis Park, there are important and unique opportunities to celebrate the history of Historic Walker-Lake and the broader community. By highlighting the history of the district, people begin to feel more attached to what is there today. These highlights could include: •Branding the area as a historic main street •Markers on historical buildings •Display of old historical photos and info •Partnering with SLP Historical Society on programs and installations Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 32 35 Creting nd Enhncing Connections (incresing visittions) Lwn signs More (unique) bike prkin g Strengthening Wooddle A venue Nice Ride/Bike shre sttions 1 1 1 2 1 2 2 3 1 2 3 3 3 5 6 8 1 1 3 1 2 2 1 1 2 3 4 7 1 1 3 2 2 2 1 2 3 4 5 8 1 2 2 2 2 1 2 2 1 2 2 2 3 2 2 2 2 2 2 3 3 5 5 6 6 6 7 7 1 1 2 2 3 1 2 2 3 2 1 2 2 3 3 3 5 6 8 8 Enhncing the Socil Atmosphe re (lengthening the sty of visitors) Moveble tbles nd chir s Wyfinding nd signge Prklets Creting One-of--kind Experience More dynmic on-street merchndisin g Activte the lleys Embrce the rilrod Furniture nd Fixtures Bike r cks nd pump sttion Dog wste sttio n Little Free Librr y Cfe lighting Informtion Center Gtewy element Historicl plques nd mrker s WHAT PRIORITY1=high, 2=mod., 3=lowBUDGET1=most ordbleEASE OF IMPLEMENTATION1=esiestThe order of the plcemking recommendtions re ordered bsed on their combined ese of implementtion, ordbility, nd impct, with those with the smllest totl numericl rting hving top priority.RATING TOTALSite Improvements Open up fencing by Community Center Locl public nd interctive rt Dog wlking loop Bus stop shelter Light poles APPENDIX: Placemaking Recommendations Matrix Study Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 33 36 Progrms, Activities, nd Amenities nd Mngement Systems Lock/unlock tbles nd chir s Bord gmes for use on ptios nd prklet s Lwn gmes Food trucks/stnds Smll-scle progrmming nd events St. Louis Prk High School gme dy ctivities nd progrmming Volunteer opportunities St. Louis Prk Librry events St. Louis Prk Historicl Society Plcemking Business Impr ovement Grnt Open up St. Louis Prk High School stdiu m for ll sesons Weeknight Frmer’s Mrket 1 1 1 1 2 2 2 2 2 2 2 3 1 1 1 1 2 2 2 2 2 2 2 2 1 1 1 2 2 2 2 2 2 2 3 3 3 3 3 4 6 6 6 6 6 6 7 8 Brnding nd Mrketing Design nd print o stickers for tbles nd chir s Nme the business district Pthwy(s) pinted on the pvement (logo stencils) Wlker Lke business ssocition Socil medi presence Historic remembrnce Business district mnger 1 1 1 2 2 2 3 1 1 2 1 2 2 3 1 2 2 2 2 3 3 3 4 5 5 6 7 9 WHAT PRIORITY1=high, 2=mod., 3=lowBUDGET1=most ordbleEASE OF IMPLEMENTATION1=esiestThe order of the plcemking recommendtions re ordered bsed on their combined ese of implementtion, ordbility, nd impct, with those with the smllest totl numericl rting hving top priority.RATING TOTALStudy Session Meeting of November 27, 2017 (Item No. 6) Title: Historic Walker Lake Update Page 34