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