HomeMy WebLinkAboutResolution No. 2010-062 CITY OF COLUMBIA HEIGHTS, MINNESOTA
RESOLUTION NO. 2010-62
RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT
FOR CERTAIN REAL PROPERTY LOCATED AT 1309 CIRCLE TERRACE
BLVD 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 Federal National
Mortgage Association (the "Seller") dated as of July 15, 2010, including all related addenda and
disclosures thereto (collectively, the "Purchase Agreement"), for real property located at 1309 Circle
Terrace Blvd Northeast and legally described as follows: Lot 9 Block 1 Circle Terrace 2 Subdivision
(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 $89,900. 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.
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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 26th day of July 2010
Offered by: Diehm
Second by: Kelzenberg
Roll Call: Ayes: Peterson, Williams, Diehm, Kelzenberg Nay: Nawrockl
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Mayor Gary L. ' ,Verson
Attest:
Patricia Muscovitz City Jerk
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