HomeMy WebLinkAboutEDA RES 2007-10
COLUMBIA HEIGl-ITS ECONOMIC DEVELOPMENT AUTHORlTY
RESOLUTION NO. 2007-10
RESOLUTION APPROVING
REDEVELOPMENT BETWEEN
DEVELOPMENT AUTHORlTY
HOUSING CORPORATION
A CONTRACT FOR PRIVATE
THE COLUMBIA HEIGHTS ECONOMIC
AND GREATER METROPOLITAN
BE IT RESOLVED By the Board of Commissioners ("Bomd") of the Columbia Heights
Economic Development Authority ("Authority") as follows:
Section I. 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 469.1 08 ("EDA
Act"), and is currently administering the Downtown CBD Redevelopment Project ("Redevelopment
Project") pnrsuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act").
1.02. The Authority and the Greater Metropolitan I-lousing Corporation (the
"Redeveloper") have proposed to enter into a Contract for Private Redevelopment (the "Contract"),
setting forth the tenns and conditions of redevelopment of celtain propelty within the
Redevelopment Project located at 4141 Jefferson Street (the "Redevelopment Property").
1.03. Pursuant to the Contract, the Redeveloper will be assigned that celtain Purchase
Agreement between the Authority and AMC Mortgage Services, for the sale of 4141 Jefferson
Street (the "Redevelopment Property"). Pursuant to the Contract, the Redeveloper will purchase the
Redevelopment Property, divide the propelty into two lots and construct two single-family homes
with a target price of $235,000 each.
1.04. The activities of the Authority under the Contract implement housing goals and
action steps of the City's Comprehensive Plan: "Promote and preserve the single-family housing
stock as the community's strongest asset by acquiring mld demolishing the most seriously
deteriorated single-family homes and work with the private sector to develop appropriate
replacement housing, and by acquiring and assembling residential lots, as oppOltunities arise, for the
purpose of developing infilllots." and "Provide a variety of life-cycle housing opportunities within
the community, by fostering pmtnerships with the private sector to help diversify housing in the
COl11ll1lUUty."
1.05. The Board has reviewed the Contract mld finds that the execution thereof and
performmlce of the Authority's obligations thereunder further the goals of the Comprehensive Plan
mld me in the best interests of the City and its residents.
Section 2. Authoritv Approval; Fmther 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 trmlsaction and that are approved by the
310837vl MTN CL205-4!
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.
2.03. Authority and City staff aTe authorized and directed to take all actions to implement
the Contract.
Approved by the Board of Commissioners of the Columbia Heights Economic Development
Authority this 14th day of May 2007.
.-,.....-
'-.
President- Gary L. Peterson
ATTEST:
310837vl MTN CL205.41
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