HomeMy WebLinkAboutEDA RES 2006-04
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2006-04
RESOLUTION APPROVING A CONTRACT FOR PRIVATE REDEVELOPMENT,
INCLUDING THE SALE OF LAND, BETWEEN THE COLUMBIA HEIGHTS ECONOMIC
DEVELOPMENT AUTHORITY AND SARNA'S, INC.
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.
1.02. The Authority and Sarna's, inc. (the "Redeveloper") have proposed to enter into a into a
Contract for Private Redevelopment (the "Contract"), setting forth the terms and conditions of the sale and
subsequent redevelopment of certain property owned by the Authority, generally located in the southeast
corner of 40lh and University Avenue.
1.03. The Authority believes that the building located on the Redevelopment Property is
obsolete, the site contains levels of polluted soils and geo-technically-unsound soils, which require
remediation, with the result that the Redeveloper will incur significant costs to address these substandard
conditions in order to redevelop the property.
1.04. In order to assist the Redeveloper in making development of the Redevelopment
Property economically feasible, and in consideration of the environmental condition of the Redevelopment
Property, the Authority will assemble all parcels and land comprising the Redevelopment Property and
convey title to and possession of the Redevelopment Property to the Redeveloper at a reduced cost, and
provide grant funds to address environmental and soils conditions thereon, subject to all the terms and
conditions of the Contract..
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. Authoritv Approval: Further Proceedinqs.
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 conciusive 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.
Approved by the Board of Commissioners of tile Columbia Heights Economic Development Authority this
23rd day of May 2006.
ATTEST:
0-/ A:..d-
Secretary7Cheryl Bakken
284826v2 MTN CL205-26