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AMENDED MEMORANDUM OF UNDERSTANDING <br />THIS AGREEMENT, made and entered into this _ day of January, 2012, by and <br />between the City of Pequot Lakes, a municipal corporation organized under the laws of the State <br />of Minnesota (the "City "), and Independent School District Number 186, a corporation organized <br />under the laws of the State of Minnesota (the "School District "). <br />I. RECITALS <br />WHEREAS, the School District and the City entered into a Memorandum of <br />Understanding on September 6, 2011 (the "Agreement "); and <br />WHEREAS, the School District and the City desire to amend said Agreement; and <br />WHEREAS, the School District closed on the purchase of property in the Pequot Lakes <br />Industrial Park with an address of 4555 Engen Road, Pequot Lakes, MN 56472 (the "Subject <br />Property"); and <br />WHEREAS, the City and School District have discussed the potential loss of tax revenue <br />to the City as a result of the Subject Property being classified as tax exempt given the tax exempt <br />status of the School District assuming a successful closing on the Subject Property by the School <br />District; and <br />WHEREAS, the City and School District have also discussed the need for future <br />infrastructure improvements within the Industrial Park; and <br />WHEREAS, the City and School District have agreed that a payment of $100,000.00 by <br />the School District to the City will fairly compensate the City for lost tax revenue and will <br />provide a source of funding for future infrastructure improvements in the Industrial Park; and <br />WHEREAS, the City also recognizes that the School District may petition the City to <br />vacate a section of Olson Street lying between Woodman Street and Lake Street and the City <br />commits to review all available options in support of vacating said street; <br />AND WHEREAS, the parties desire to memorialize the parties' understanding through <br />this Amended Memorandum of Understanding; and <br />NOW, THEREFORE, in consideration of the premises and the mutual promises and <br />conditions hereinafter contained, it is agreed as follows: <br />1. Based upon a successful closing by the School District on December 1, 2011 and <br />obtaining fee title to the Subject Property in the Industrial Park with an address of <br />4555 Engen Road, Pequot Lakes, MN 56472, the City and School District agree <br />that upon execution of this Agreement the School District will pay to the City <br />$100,000.00 to (a) compensate the City for lost tax revenue (given the nonexempt <br />