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HomeMy WebLinkAboutEDA RES 2004-06COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2004-06 RESOLUTION APPROVING PURCHASE Of PROPERTY BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AND NATH COMPANIES, INC., A MINNESOTA CORPORATION (SELLER) WHEREAS, the City of Columbia Heights (the "City") and its Economic Development Authority (the "Authority") have undertaken a program to promote the development and redevelopment of land which is underutilized within the City, and in this connection, the Authority administers Redevelopment Project No. 1 (the "Project") pursuant to Minnesota Statutes, Sections 469.001 to 460.047 (the "HRA Act"); and WHEREAS, the Authority Seeks to purchase for redevelopment the Burger King property located at 3939 Central Avenue NE, Columbia Heights, and described in the attached Exhibit A (the "Property"); and WHEREAS, the Authority has proposed to acquire the Property from the Seller, and in connection with that proposal the Authority has caused to be prepared a Purchase Agreement between the Authority and Seller (the "Contract"). NOW, THEREFORE, be it resolved by the Board of Commissioners of the Columbia Heights Economic Development Authority as follows: 1. The Authority finds that purchase of the Property from the Seller is in the public interest because it will further the objectives of the redevelopment plans for the Project. 2. The Authority approves the Contract in substantially the form on file in City Hall. The President and Executive Director are authorized and directed to execute the Contract, subject to modifications that do not change the substance of the transaction and are approved by those officials, provided that execution of the Contract by those officials will be conclusive evidence of their approval. 3. The Authority approves purchase of the Property from the Seller, subject to satisfaction of all terms and conditions of the Contract, and authorizes and directs the Presideht and Executive Director to execute all documents necessary to carry out such real estate transaction. Approved by the Board of Commissioners of the Columbia Heights Economic Development Authority this ~,?-(' day of ?~.,7~'F_ , 2004. Exec~tiv~ Di~:~'tror-W~lter R. Fehst MTN-248024vl. CL205-24 EXHIBIT A Legal Description THE S 180 FT Of THE N 330 FT OF BLK 4 WALTONS REARR- ANGEMENT OF LOTS 33 & 34 BLK 6 RESERVOIR HILLS F_.X THE E 165 F-r' THEREOF SUBJ TO EASE OF REC SJB128147 MN140-86 2