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HomeMy WebLinkAboutResolution No. 2009-169CITY OF COLUMBIA HEIGHTS, MINI~TESOTA RESOLUTION N0.2009-169 RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT FOR CERTAIN REAL PROPERTY LOCATED AT 4110 6th STREET NORTHEAST IN THE CITY AND ASSIGNMENT THEREOF TO THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY BE IT RESOLVED By the City Council (the "Council") of the City of Columbia Heights, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. The Columbia Heights Economic Development Authority (the "Authority") administers the Downtown CBD Redevelopment Project (the "Project") within the City, which was established under Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act"). 1.02. The Authority has undertaken a program to acquire homes in the Project in order to address foreclosure problems and remediate and prevent the emergence of blight. 1.03. The City, as a state public body under Section 469.041 of the HRA Act, is authorized to make contributions to the Project. 1.04. In order to acquire certain properties in a timely fashion, the City has determined to assist with such acquisitions by negotiating with sellers and entering into purchase agreements on behalf of the Authority. 1.05. City staff have negotiated a Reai Estate Purchase Agreement with Epic Realty Inc. (the "Seller") dated as of October 9, 2009, including all related addenda and disclosures thereto (collectively, the "Purchase Agreement"), for real property located at 4110 6th Street Northeast and legally described as follows: Lot 13, Block 47, Columbia Heights Annex(the "Property"), which Purchase Agreement is contingent upon approval by the City Council. 1.06. The City intends to assign its interests in the Purchase Agreement to the Authority, contingent only upon acceptance by the Authority of such assignment. 1.07. The Purchase Agreement has been prepared and submitted to this Council and is on file with the City Manager. Section 2. Approval and Assignment. 2.01. The Purchase Agreement for the Property is hereby approved, and the execution of the Purchase Agreement by the City is hereby ratified. Pursuant to the Purchase Agreement, the City will purchase the Property for $40,000. City staff and officials are authorized and directed to take all such other actions to complete the purchase of the Property, including without limitation execution of all documents and agreements related to such transaction. 2.02, Contingent upon approval of the Authority, the City hereby assigns its interests in the Purchase Agreement to the Authority. City staff and officials are authorized and directed to take all such other actions to complete the assignment of the City's interests in the Purchase Agreement to the Authority, including without limitation execution of any documents and agreements necessary to effectuate such assignment, Passed this 26`" day of October 2009 Offered by: Kelzenberg Second by: Diehm Roll Call: Ayes: Peterson, Diehm, Kelzenberg Nay: Nawrocki Absent: Williams ATTEST: Patricia Muscovitz C City Cl k 2