2004-10-04 Pending Special Assessmentslbertvi'lle
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COMMENTS:
01:59
Real Estate Ltd.
Darkenweld Inc
Ms. Linda Goeb - City Administrator
City of Albertville
5975 Main Ave. NE
Albertville, MN 55301
November 13, 2003
Re: Pending Special Assessments - Albertville Business Park
763-441-3751 P-2
Dear Ms. Groeb,
We have received the Notice of Hearing with respect to the pending assessments on Lots 1-4 of
the Albertville Business Park. The purpose of this letter is to confirm our conversation of this
morning concerning the various assessments.
1.) The Notice with respect to Lot I should go to Welcome Furniture. By the terms of it's
Purchase Agreement, Welcome Furniture agreed to " assume and pay all special assessments
pending against the Property in connection with the infrastructure improvements
contemplated by this agreement". They also received a set off against the purchase price of
the estimated amount of the pending specials.
2.) The pending assessments against Lots 3 and 4 have been reversed on the assessment roll.
Lot 3 is the large lot on the west side of the plat and Lot 4 is the small lot adjacent to the cul-
de-sac.
3.) By the terms of Section 4(B) of the Developer's Agreement John Darkenwald agreed to
prepay approximately 113 of the entire assessment to be levied upon the Albertvile Business
Park (cf. Also City Council minutes of March 18, 2002) and personally guarantee payment of
all special assessments when due. Pursuant to that agreement a prepayment of special
asse�sments in the sum of $ 125,000 was made to the City on or about May 15, 2002.
4.) .Cohn Darkenwald hereby requests that the prepayment of$ 125,000 be applied as follows:
Lot 2 - $ 68,248.07
Lot 4 - 53,639.78
Lot 3 - 3,112.15
$ 125,000.00
If you need anything additional please advise.
Darkenwald Real Estate Ltd. Has no objection to the amounts of the individual .assessment.
Sincerely,
John Darkenwald
lndustriai & Commercial Real Estate
7535 NE River Road - Elk River, ivtN 55330. 7631441-37000 fax 7631441-3751 9 darkemval d0uorldnet.atf.nef • www.darkenvraklrealestate.com
10 04 01:59P Darkenweld Inc
763-441-3751 p•3
War's posing statement \WIM2 1A1 PM
File 201946
Land Title, Inc. (651) 638-1900
Seller's Closing Statement
Sellers) Darkenwaid Real Estate, Ltd.
Buyer(s) LSPt Exchange Corp.
Lender Oankweat, PO Box 540, Buffalo, MN 55313
Property Lot 1, Blook 1, Albertvilie Business Park; Oullot A Albertville Business Park
Albertville. MN
Gos) ng date 511502 Proration date 5115/02
Escrow Officer Larry Mountain 651-697-6116
Debit Craft
ContractSol" Price._................................................................................................................... 1,298,987.00
Proration:
TaxProration ....................................... ,.................. .,.......... ............ ,............................................. 100.76
Other Adjustments:
ParkFees ........................... ...................................... ...................... ............ ................ —.— ...... _... 25.500.00
MunicipalImprovements to file 203054.... ........................................................... .............................. 125,000.00
Title Charges:
Settlementor dosing fee....................................................................................—......I............,... 250.00
Titteexamination................................................................................................................................ 130.00
Assessment Search................l' ............................................... ................... ............................. ...., 30.00
�
Recording FeardTransfer Charge&:
Statetax/stamps:- ............................... .............................................................. ........ ................ ...... 4,286.66
ConservationFee ............... ................................ ............................................................................. — 5.00
Subtotal: 129.701.66 1, 324, 587.76
Balance due to Seiler. 1,194,880.10
Totals 1,324.WT.70 1,324,W.76
THE UNDERSIGNED, by the execution hereof, hereby (t) acknowledge that trey have read the above and foregoing Closing Statement, (ii)
acknowledge that the same Is true and correct, and (iii) authorize and direct the CioskV Agent to receive all amounts and disburse all amounts
pursuant to the foregoing ClosIN Statement
Darkenwald Real Estate, Ltd.
Page 1
Yy 10 04 01:59p Darkenweld Inc
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?G3-441-3751 p•4
5-4 Closing Costs. Seller and Purchaser agree to the payment of costs in connection with the
Closing as follows:
(a) Closing Fee. On the Closing Date, Seller and Purchaser each will pay one-half (1/2)
of any reasonable and customary fees or charges imposed by the Title Company,
(b) Deed Tax. On the Closing Date, Seller shall pay all state deed tax. The Purchaser
shall pay all mortgage registry tax.
(c) Recording Costs. On or before the Closing Date, Seller shall pay the cost of
recording all documents necessary to place record title in the condition warranted by
Seller in this Agreement. Purchaser will pay the cost of recording the deed
conveying the Property to Purchaser.
(d) Attorneys' Fees. Purchaser and Seller will pay their own attorneys' fees for the
transaction contemplated by this Agreement, except as set forth in Section 10.15.
(e) Other Costs. Purchaser and Seller shall pay any other costs required to be paid by
such party pursuant to this Agreement and shall authorize the Title Company to
adjust the Purchase Price by such amount.
5.5 Escrow ClosinglClosing Instructions. Purchaser and/or Seller may close this transaction by
deed and money escrow. Purchaser and/or Seller may require the Title Company to follow
supplemental closing instructions; provided such closing instructions do not conflict with the closing
requirements set forth in this Agreement, or are consented to in writing by the other party.
ARTICLE VI
REAL. ESTATE TAXES, SPECIAL ASSESSMENTS AND DEVELOPMENT COSTS
6.1 Real Estate IMes and Special Assemsments. On or before the Closing Date, Seller shall pay
all general real estate taxes for the Property due and payable in years prior to the year of Closing.
Seller shall also pay, on or before the Closing Date, all deferred taxes for the Property (including
green acre taxes) and all special assessments levied against the Property as of the Closing Date,
including, without limitation, any installments of special assessments (or estimates thereof) an
interest thereon payable after the Closing Date. Purchaser will assume and pay all special
assessments pending against the Property in connection with the infrastructure improvements `
contemplated by this Agreement and the principal amount thereof shall be set off against the
Purchase Price. General real estate taxes for the Property due and payable in the year of Closing
shall be apportioned between Purchaser and Seller based on a 365 day calendar year as if Purchaser
were vested with title to the Property on the Closing Date. In the event the actual amount of general
real estate taxes or special assessments owed by Seller has not been determined, Seller shall pay the
general real estate taxes and special assessments owed by Seller based on an estimate determined by
the proper governmental authority. Upon final determination of the actual amount of such general
real estate taxes or special assessments, Seller or Purchaser shall immediately pay to the other the
Sale Agreement