HomeMy WebLinkAboutEDA RES 2004-11COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2004-11
RESOLUTION APPROVING A CONTRACT FOR PRIVATE
REDEVELOPMENT BETWEEN THE COLUMB~ HEIGHTS ECONOMIC
DEVELOPMENT AUTHORITY, THE CITY OF COLUMBIA HEIGHTS AND
SCHAFER RICHARDSON, INC. OR A RELATED ENTITY
BE IT RESOLVED By the Board of Commissioners ("Board") of the Columbia Heights
Economic Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority has determined a need to exercise the powers of a housing and
redevelopment authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ("EDA
Act"), and is currently administering the Downtown CBD Redevelopment Project ("Redevelopment
Project") pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act").
1.02. The Authority, the City of Columbian Heights ("City") and Schafer Richardson, Inc.
or a related entity (the "Redeveloper") have proposed to enter into a into a Contract for Private
Redevelopment (the "Contract"), setting forth the terms and conditions of redevelopment of certain
property within the Redevelopment Project, generally located east of University Avenue and south
and west of Huset Park.
1.03. The Board has reviewed the Contract and finds that the execution thereof and
performance of the Authority's obligations thereunder are in the best interest of the City and its
residents.
Section 2. Authority Approval; Further Proceedings.
2.01. The Contract as presented to the Board is hereby in all respects approved, subject to
modifications that do not alter the substance of the transaction and that are approved by the
President and Executive Director, provided that execution of the documents by such officials shall
be conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf of
the Authority the Contract and any documents referenced therein requiring execution by the
Authority), and to carry out, on behalf of the Authority its obligatiOns thereunder.
Dated this ,P_. 7day of September, 2004.
ATTEST:
Preside~- Don Mumyn~r~"
SJB-253351vl ..
CL205-23