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HomeMy WebLinkAboutResolution No. 2009-198CITY OF COLUMBIA HEIGHTS RESOLUTION NO. 2009-198 RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT FOR CERTAIN REAL PROPERTY LOCATED AT 4606 POLK STREET NORTHEAST IN THE CITY AND ASSIGNMENT THEREOF TO THE COULUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY BE IT RESOLVED BY THE CITY COUNCIL (the "Council") OF THE CITY COLUMBIA HEiGH T S, iv1il`v'I'~ES^vTA ("tiie C1iy") AS FOLLi3`vJS: Section 1. Recitals. 1.01. The Columbia Heights Economic Development Authority (the "Authority") and have established the K-Mart/Central Avenue Tax Increment Financing District (the "TIF District") within the Central Business District Redevelopment Project (the "Project"), and have adopted a Tax Increment Financing plan ("TIF Plan") for the purpose of finaaicing certain improvements within the Project. 1.02. The City and Authority have undertaken a program to acquire homes in the project in order to address blighting issues and reduce density and provide future redevelopment opportunities. 1.03. The City or Authority may incur certain costs related to the TIF District or Project, which costs may be financed on a temporary basis from available Authority or City funds. 1.04. The City, using available TIF District fiords, intends to acquire certain properly in the City located. at 4606 Polk Street (the "Property") within the Project, all or a portion of which Property the Authority or City may use to further redevelopment within the Project. 1.05. City staff have negotiated a Real Estate Purchase Agreement with Edina Realty (the "Seller") dated December 12, 2009, including all related addenda and disclosures thereto (Collectively, the "Purchase Agreement"}, for real property located at 4606 Polk Street Northeast and legally described as follows: Lot 13 except N1/2 and N 30 feet of Lot 14, Block 2, Sheffields 2°d Subdivision; except roads subject to easement of record (the "property"), which Purchase Agreement is contingent upon approval of the 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. 1.0'7. The Purchase Agreement has been prepared and submitted to the City and is on file with the City Manager. Section 2. Approval and Assi~,nment 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 to $109,900. 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 assigmnent 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 14th day of December 2009. Offered by: Kelzenberg Second by: Williams Roll call: Ayes: Peterson, Williams, Kelzenberg, Diehm Nay: Nawrocki i 'q ,~~ Attest: ~~ i Patricia Muscovitz C City Cl~rk Mayor Gary``L. Peterson 2