HomeMy WebLinkAboutEDA RES 2009-27COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO, 2009 -27
RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT
FOR CERTAIN REAL PROPERTY LOCATED AT 4235 WASHINGTON
STREET NORTHEAST IN THE CITY AND ASSIGNMENT THEREOF TO THE
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
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 Mirvnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act ").
1.02. The Authority has undertaken a prograin to acquire homes in the Project in order to
address foreclosure problems and-remediate and prevent the emergence of blight.
1.03 City staff have negotiated a Real Estate Purchase Agreement with the Faniue Mae (the
"Seller ") dated as of September 21, 2009 including all related addenda and disclosures thereto
(collectively, the "Purchase Agreement "), for real property located at 4235 Washington Street Northeast
and legally described as follows: Columbia Heights Aimex to Mituaeapolis, Anoka County, Mimlesota,
North 10 feet of Lot 23, and all of Lot 24, Block 31, Columbia Heights Annex (the "Property "), which
Purchase Agreement is contingent upon approval by the Economic Development Authority.
1.04. The Purchase Agreement has been prepared and submitted to this Authority and is on file
with the City Manager, and /or the Executive Director of the FDA.
Section 2. Approval and Assigu -rent.
2.01. The Purchase Agreement for the Property is hereby approved, and the execution of the
Purchase Agreement by the EDA is hereby ratified. Pursuant to the Purchase Agreement, the EDA will
purchase the Property for $39,000. 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 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.
1
Passed this 22nd day of September 2009
Offered by:
Dielun
Second by:
Szurelc
Roll Call:
All ayes
ATTEST:
President Gary E. Peterson
Shelley Hansoi eeretary