R2003-20 AUTHORIZING AGREEMENT - Laserfiche WebLink

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PURCHASE AGREEMENT THIS PURCHASE AGREEMENT (this "AgreemenY') is made and entered into by and befinreen THE CITY OF DECATUR ("Seller"), a Municipal corporation of the State of Illinois, and TARGET CORPORATION ("Buyer"), a Minnesota corporation. RECITALS: 1. Seller has entered into an Agreement (the "Prime Contract"), dated December 17, 2002,with the Decatur Public Schoo! District("Contract Vendor")to acquire fee title to a certain tract of land (the "Shopping Center Tract") consisting of approximately 18.1 acres located at the intersection of Mound Road and U.S. Route 51 in the City of Decatur, County of Macon, State of Illinois, legally described on Exhibit A attached hereto, and shown on the site plan attached hereto as Exhibit B; � 2. Seller contemplates that a retail shopping center will be developed on the Shopping Center Tract; 3. Buyer desires to secure from Seller the exclusive right to purchase the portion of the Shopping Center Tract that is cross-hatched on Exhibit B,and which portion contains approximately ten (10) acres (the "Property"), for the intended purposes of constructing the "Contemplated Improvements" (hereinafter defined) thereon and the conduct of a retail business thereon. The Property shall be described by metes and bounds legal description determined from the"Survey"to be obtained by Seller pursuant to Section 9.2 hereof, which legal description shall be attached hereto as Exhibit C upon completion and as so attached shall be incorporated herein by reference for all purposes; and 4. Seller is willing to grant and extend to Buyer such purchase right on the terms and conditions set forth herein. NOW THEREFORE, in consideration of the covenants set forth herein and other good and valuable consideration,the receipt and sufficiency of which the parties hereby acknowledge,Seller 1 ::ODMA\PCDOCS\NEWARK�617546\3 February 12,2003