HomeMy WebLinkAboutResolution No. 2010-011CITY OF COLUMBIA HEIGHTS
RESOLUTION N0.2010-11
RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT FOR
CERTAIN REAL PROPERTY LOCATED AT 4600 FOLK STREET NORTHEAST 1N 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
HEIGHTS, MINNESOTA ("the City") AS FOLLOWS:
Section 1. Recitals.
1.01. The Columbia Heights Econonuc Development Authority (the "Authority"} has
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 financing 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 casts may be financed on a temporary basis from available Authority or City
funds.
1.04. The City, using available TIF District funds, intends to acquire certain property in
the City located at 4600 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 Keller Williams
(the "Seller") dated February 9, 2010 including all related addenda and disclosures thereto
(Collectively, the "Purchase Agreement"), for real property located at 4600 Polk Street Northeast
and Legally described as follows: Lot 14 except N 30 feet and all of Lot 15, Block 2, Sheffields 2"~
Subdivision; (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.
1.07. The Purchase Agreement has been prepared and submitted to the City 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 to $110,000. 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 22nd day of February 2010.
Offered by: Diehm
Second by: Williams
Roll call: Ayes: Peterson, Williams, Diehm, Kelzenberg Nay: Nawrocki
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~~ . ayor Gary L. ~terson~
Attest:
Patricia Muscovy C
City Clerk
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