HomeMy WebLinkAboutEDA RES 2009-29COLUMBIA HEIGHTS
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2009-29
RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT FOR
CERTAIN REAL PROPERTY LOCATED AT 4648 POLK STREET
NORTHEAST
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COLUMBIA HEIGHTS
ECONOMIC DEVELOPMENT AUTHORITY (THE "AUTHORITY ") AS FOLLOWS:
Section 1. Recitals.
1.01. The Authority and City of Columbia Heights ( "City ") 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 financing certain improvements within the Project.
1.02. The Authority has 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 Authority or City 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 fiords.
1.04. The City, using available TIF District funds, intends to acquire certain property in the City
located at 4648 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 GMAC Mortgage (the
"Seller ") dated November 19, 2009, including all related addenda and disclosures thereto (Collectively, the
"Purchase Agreement "), for real property located at 4648 Polk Street Northeast and legally described as
follows: the S 3/2 of Lot 2 and all of Lot 3, Block 2, Sheffields 2"' Subdivision (the "property"), which
Purchase Agreement is contingent upon approval of the Authority.
1.06. The Purchase Agreement has been prepared and submitted to the Authority and is on file
with the Executive Director.
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 Authority is hereby ratified. Pursuant to the Purchase Agreement, the Authority
will purchase the Property for up to $199,900. Authority 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.
Passed this 24`x` day of November 2009.
ATTEST:
'President —baiy Peterson
._. +�
Secretary — She y arson