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HomeMy WebLinkAboutEDA RES 2008-03 COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2008-03 RESOLUTION APPROVING A CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF COLUMBIA HEIGHTS AND 37TH AND CENTRAL LLC 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 had determined a need to exercise the powers of a housing and redevelopment authority, pursuant to Minnesota Statues, Sections. 469.090 to 469.108. 1.02. The Authority, the City of Columbia Heights and 37'h and Central LLC (the "Redeveloper") have proposed to enter 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 on the sonthwest comer of 37'h and Central Avenue. 1.03. The Authority believes that the building located on the Redevelopment Property is obsolete, with the resnlt that the developer will incur significant costs to address these substandard conditions in order to redevelop the property. 1.04.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 redevelopment of the properly economically feasible, the Anthority will convey title to and possession of the Redevelopment Properly to the Redeveloper, and provide financing and grant funds for acquisition and demolition, subject to all the terms and conditions ofthe Contract. 1.05. The Board has reviewed the Contract and finds that the execntion thereof and performance of the Authority's obligations thereunder are in the best interest of the City and its residents. Section 2. Authority Approval: Fnrther 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 Execntive Director, provided that execution of the documents by such officials shall be conclusive evidence of approval. 2.02. The President and Executive Director are herby 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 the Columbia Heights economic Dev~loplllent Authority this 1" day of April 2008. <: "- ATTEST: ~ secr~- Cheryl Bakken