HomeMy WebLinkAboutEDA RES 2007-26
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2007-26
RESOLUTION APPROVING A CONTRACT FOR PRIVATE
REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC
DEVELOPMENT AUTHORITY AND GREATER METROPOLITAN
HOUSING CORPORATION
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 and the Greater Metropolitan Housing Corporation (the
"Redeveloper") have proposed to enter into a Contract for Private Redevelopment (the
"Contract"), setting forth the terms and conditions of redevelopment of certain property
within the Redevelopment Project located at 3805 Second Street and described as Lots 19
and 20, Block 71, Columbia Heights Annex to Minneapolis (the "Redevelopment
Property") .
1.03. Pursuant to the Contract, the Redeveloper will acquire the Redevelopment
Property from a third party owner, divide the property into two lots and construct two single
family homes with a target price of $235,000 each, and the Authority will provide certain
financial assistance in that effort.
1.04. The activities of the Authority under the Contract implement housing goals of
the City's Comprehensive Plan: "Promote and preserve the single-family housing stock as
the community's strongest asset." and "Provide a variety of life-cycle housing opportunities
within the community."
1.05. The Board has reviewed the Contract and finds that the execution thereof
and performance of the Authority's obligations thereunder further the goals of the
Comprehensive Plan and are in the best interests 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 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 are 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 2ih day of November 2007.
ATTEST:
U-./? ffi--IJ--
SecretatY/CAP- Cheryl Bakken
2