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HomeMy WebLinkAboutResolution 94-12RESOLUTION 94- 12 RESOLUTION AMENDING RESOLUTION 94-04 AUTHORIZING THE PURCHASE OF VARIOUS RESIDENTIAL PROPERTIES LOCATED IN THE SHEFFIELD NEIGHBOKHOOD OWNED BY ANTHONY AND AGNES YURKEW WHEREAS, The City Council of the Columbia Heights at the January 10, 1994, City Council meeting approved the execution of a purchase agreement with Anthony and Agnes Yurkew for the purchase of property located at 4613-15 Fillmore Street and 4637-39 Fillmore Street; and, WHEREAS, The City of Columbia Heights has negotiated further terms and conditions for the purchase requiring amendment and re-execution of the original purchase agreement; and WHEREAS, The City of Columbia Heights has offered to pay the Yurkews the $108,000 purchase price in three equal installments beginning with a $36,000 payment at time of closing and two subsequent payments in 1995 and 1996 respectively. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLUMBIA HEIGHTS THAT: 1. The City Council hereby approves the terms and conditions of the attached exhibit A-Purchase Agreement and authorizes the Mayor and the City Manager to execute it on behalf of the City. 2. The City Council hereby authorizes the City Manager to execute all requirements and conditions of the purchase as contemplated in the purchase agreement. 3. The City Council approves' an interim source of funding for the payment of the terms of acquisition from the Fund-410, Capital Improvement Fund in the amount of $112,000, including real estate taxes and closing costs, with an inter-fund loan from the Retained Earnings of Fund 652, Sewer Construction Fund. The interim sources financing for the purchase will be repaid at such time .permanent financing can be arranged by the City of Columbia Heights. Passed this 28th day ~f February, 1994, Offered by: Ruettimann Seconded by: Peterson Roll call: All ayes Student, Secretary ~c~yor J6seph Sturdevant