HomeMy WebLinkAboutResolution No. 2008-114CITY OF COLUMBIA HEIGHTS
RESOLUTION NO. 2008-114
RESOLUTION APPROVING DEVELOPMENT AGREEMENT BETWEEN CITY AND
SULLIVAN SHORES TOWNHOUSES ASSOCIATION, INC. AND DISBURSING
AGREEMENT BETWEEN CITY, COMMERCIAL PARTNERS TITLE, LLC AND
SULLIVAN SHORES TOWNHOUSES ASSOCIATION, INC.
BE IT RESOLVED by the City Council ("Council") of the City of Columbia Heights
("City") as follows:
Section 1. Recitals.
1.01. The City is authorized under Minnesota Statutes, Sections 428A.11 to 428A.21 (the
"Act") to establish by ordinance a housing improvement area within which housing improvements
are made or constructed and the costs of the improvements are paid in whole or in part from fees
imposed within the area.
1.02. By Ordinance No. 1539 adopted March 24, 2008 (the "Enabling Ordinance"), the
Council established the Sullivan Shores Housing Improvement Area (the "HIA") in order to
facilitate certain improvements to property known as the Sullivan Shores Townhouses, referred to
as the "Property."
1.03. By Resolution No. 2008-62 adopted March 24, 2008 (the "Fee Resolution") the City
Council imposed a housing improvement fee on Housing Units (as hereinafter defined) in the HIA
in order to finance certain housing improvements in that area.
1.04. The Act authorizes the City to issue bonds in the amount necessary to defray the
expense to be incurred in making the housing improvements, which bonds are payable primarily
from proceeds of the fee imposed under the Fee Resolution a11d may be further secured by the
pledge of the City's full faith, credit and taxing power.
1.05. The Council has reviewed that certain Development Agreement (the "Development
Agreement") between the City and Sullivan Shores Townhouses Association, Inc. (the
"Association"), setting out the respective obligations of the City and the Association regarding the
housing improvements and the Property.
1.06. The Council also reviewed that certain Disbursing Agreement (the "Disbursing
Agreement") among the City, Commercial Partners Title, LLC ("Title Company") alld the
Association, describing the procedures for disbursement of proceeds of bonds issued to finance the
housing improvements.
Section 2. Agreements Approved.
2.01. The Mayor and City Manager are hereby authorized and directed to execute the
Development Agreement and Disbursing Agreement in substantially the fornls presented to the
Council on this date, subject to modifications that do not materially alter the City's rights and
obligations under such agreements and that are approved by the Mayor and the City Manager,
which approval shall be conclusively evidenced by execution of the Agreement.
2.02. The Mayor and City Manager are hereby authorized and directed to take any and all
other steps necessary or convenient in order to carry out the City's obligations under the
Development Agreement and Disbursing Agreement.
Passed this i ~ day of May 2008.
Motion by: Williams
Second by: l~elzenberg
Roll call: Ayes: Peterson, Williams, Nawrocki, Diehm, I~elzenberg
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Mayor Gary L.
Attest:
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'~atricia Muscovitz, CMC F
City Clerk
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