Loading...
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