HomeMy WebLinkAboutResolution No. 2010-053 CITY OF COLUMBIA HEIGHTS, MINNESOTA
RESOLUTION NO. 2010-53
RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT FOR CERTAIN
REAL PROPERTY LOCATED AT 3842 TYLER 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 Real Estate Purchase Agreement with Fannie Mae (the "Seller ")
dated as of June 29, 2010, including all related addenda and disclosures thereto (collectively, the "Purchase
Agreement "), for real property located at 3842 Tyler Street Northeast and legally described as follows: Lot 7,
Block 4, Waltons 1 Subdivision of Reservoir Hills(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 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 $39,900. 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 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 12th day of July 2010
Offered by: Kelzenberg
Second by: Williams
Roll Call: Ayes: Williams, Nawrocki, Diehm, Kelzenberg Absent: Peterson
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Council President Tami Diehm
ATTEST:
0 IL
Patricia Muscovitz C Ci Clerk