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Home My WebLink AboutEDA AGN 05-07-12AGENDA COLUMBIA IIEIGHTS ECONOMIC DEVELOPMENT AUTHORITY Monday May 7, 2012. 6:30pm City Hall, Conference room 1 L Call to Order/Roll Call Gary L. Peterson, President Bobby Williams Donna Schmitt, Vic President Tammera Dichm Bruce Nawrocki, Secretary /Trasurer Gerry Herringer Maclaine Szurek 2. Pledge of Allegiance EXECUTIVE SESSION 1. Acquisition of 3'927 Central Avenue CONSENT AGENDA 3. Approve Mitiiutes o,f April 2, 2012 and April 2, 2012 Exeeutive Session a. Approve financial report and payruent of bills for March 2012 on Resolution 2012 -05. h. Bylaw Amend inent — Resolution 2012 -06, Remove from Section 3. "... but if all members of the Authority are present at a special meeting any business may be transacted as such special meetii,g by unanimous vote." Motion: Move to waive the readings of Resolution 2012 -05 and 2012 -06 and to approve Consent agenda as presented. BUSINESS ITEMS 4. Resolution 2012 -08 Approve Purchase Agreement with Mady Foss Partnership for 3927 Central Motion: Move to waive the reading of Resolution 2012 -08 there being arnple copies available to the public. Motion: Move to Adopt Resolution 2012 -08, approving a purchase agreernent dated May 7, 2012 by and between Mady -Foss Partnership and the Econornic Development Authority for property located at 3927 Central Avenue. a. Resolution 2012 -07 Approving funding for the Rehab Incentive Program Motion: Move to waive the reading of Resolution 2012 -07 there being ample copies available to the public. Motion: Move to adopt Resolution 2012 -07, approving funding for the Rehab Incentive Program in the amount of $50,000 frorn fund 420- Capital lruprovernent Development Fund, 6. Administrative Report 7. Adjourn The next regular EDA meeting will be Mondny,.June 4 2012 at City Hall. COLUMBIA HEIGH'T'S ECONOMIC DEVELOPMENT AUTHORITY (EDA) Meeting of: May 7, 2012 AGENDA SECTION: Executive Session ORIGINATING EXECUTIVE NO:1 DEPARTMENT: EDA DIRECTOR APPROVAL ITEM: Acquisition of 3927 Central Avenue BY: Sheila Cartney BY: DATE: May 2., 2012 BACKGROUND: On March 29, 2012 the EDA approved a Commercial Letter of intent with Mady Toss Partnership for the purchase of 3927 Central Avenue. This Executive Session is to have a short discussion on some of the details of the sales transaction prior to acting on the Purchase Agreement. RECOMMENDATION: None RECOMMENDED MOTION: None Attachments: None EDA ACTION: ECONOMIC DEVELOPMENT AUTHORITY (EDA) MINUTES OF THE ME ETING OF APRIL 2, 2012 IN CONFERENCE ROOM 1 The meeting was called to order at 6:30 pm by Chair Peterson. Members Present: Bruce Nawrocki, Gary Peterson, Donna Schmitt, Bobby Williams, Gerry Herringer, and Tammera Dichrn. Members Absent: Marlaine Szurek Staff Present: Walt I'ehst, Scott Clark, Sheila Cartney, and Shelley Hanson. Gerry Herringer took the Oath of Office for another terns as a Commission member. 2. PLEDGE OF ALLEGIANCE RECITED 3. CONSENT ITEMS 1. Approve the Minutes horn February 6, 2012. 2. Approve the Financial Report and Payment of Bills for January and February, 2012 on Resolution 2012 -04. Questions from members: Nawrocki asked whether staff had obtained a legal opinion on rnatters of' conduct regarding new business as stated on page 3 of the minutes. Clark told him we would have that opinion for him at the next meeting. Nawrocki questioned several payments made in January and February. Cartney told him those were payments made for the Rehab Incentive Rebate Program, I-Ie then questioned a revenue amount of $20,000 from Anoka County. Cartney explained that is the amount that was allocated for a matching grant to GMHC for rehabbing a home in the scattered site distract. The address is yet to be determined. Herringer questioned a payment made in February for $4,726. Cartney explained that was for a Deferred Loan application, Motion by Williams, seconded by Schmitt, to waive the reading of l?e olution 2012 -04, there being an ample amount of'copies availahle to the public. All ayes. tl11OTIONPASSED„ Motion by Williams, seconded by Schmitt, to approve the minutes and adopt Resolution 2012- 04 approving the payment of'bills,for January and February 2012, All ayes. MOTION PASSED, EDA MINUTES Page 2 EDA RESOLUTION 2012 -04 RESOLUTION OF THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) APPROVING THE FINANCIAL STATEMENT FOR JANUARY AND FEBRUARY, 2012 AND PAYMENT OF BILLS FOR THE MONTHS OF JANUARY AND FEBRUARY, 2012. WHEREAS, the Columbia Heights Economic Development Auuthority (EDA) is required by Minnesota. Statutes Section 469.096, SUM. 9, to prepare a detailed financial statement which shows all receipts and disbursements, their nature, the money on hand, the purposes to which the money on [land is to be applied, the EDA's credits and assets and its outstanding liabilities; and WHEREAS, said StatUte also requires the EDA to examine the statement and treasurer's vouchers or bills and if correct, to approve them by resolution and enter the resolution in its records; and WHEREAS, the financial statement for the months of Jamuauy and February 2012 has been reviewed by the EDA Commission; and WHEREAS, the EDA has examined the financial statements antll finds them to be acceptable as to both form and accuracy; and WHEREAS, the EDA Commission has other means to verify the intent of Section 469.096, Subd. 9, including but not limited to Comprehensive Annual Financial Reports, Annual City approved Budgets, Audits and similar documentation; and WHEREAS, financials statements are held by the City's Finance Department in a method outlined by the State of Minnesota's Records Retention Schedule, NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners of the Columbia Heights Economic Development Authority that it has examined the referenced financial statements including the check history, and they are found to be correct, as to form and content, and BE IT FURTHER RESOLVED the financial statements are acknowledged and received and the check history as presented in writing is approved for payment out of proper funds; and BE IT FURTHER RESOLVED this resolution is trade a part of the permanent records of the Columbia Heights Economic Development Authority. Passed this 2nd Day of April, 2012 MOTION BY: Williams SECONDED BY: Schmitt AYE'S: All ayes Gary Peterson, President Attest By: Shelley Hanson, Secretary EDA MINUTES Page 3 BUSINESS ITEMS 3. MOVE TO EXECUTIVE SESSION- Discuss offer to purchase 3919 -27 Central Avenue NE. The meeting re-convened at 7:35 pm. 4. PROPOSAL TO SELL PORTION OF 3853 3RD ST. The City's Economic Development Authority (FDA) is the owner of 3853 3"' Street which was purchased as part of the Scattered Site Housing Program. The property owner to the west, 3861 3 "" St., desires to purchase a portion of the FDA's property for the purposes of adding a third garage stall and to gain a greater distance from the master bedroom to the property line. Attached are two options: "Option 1" illustrates the purchase of approximately 2,520 sq. ft. (a strip that is 14 ft. by 180 ft,). "Option 2 ", illustrates a triangular shaped purchase that would be approximately 1,620 sq. ft. Staff would need direction from the EDP regarding their desire to sell a portion of the subject property. Economically, there are a number of considerations that would drive the cost of the property up if the EDA elected to sell, issues such as the cost of land conveyance (survey's, lot split, recordings rezoning etc.) the question of determining land value (would the FDA require an appraisal ?) and the policy question of giving up land that may be useful in the future. The subject. EDA property is adjacent to the south end of the Root property and may be a commercial, office or light industrial redevelopment target at a future tithe. Clary stated he wanted to table this matter until we receive a more formal offer and until Phase 2 is completed on the Root Property adjacent to this parcel. He thought it would be premature to enter into any agreement without knowledge on how extensive the contamination in that area really isand to deternnine how this property will be used in the future. Motion by Schmitt, seconded by Diehnn, to .table consideration of this proposal until a later dale. All ayes. aiifOTION PASSED. EDA Minutes Page 4 5. ADMINISTRATIVE REPORTS There were no firrther reports. The next regular EDA meeting will be Monday, May 7, 2012 at City Hall, The sleeting was adjourned at 7:40 pin. Respectfully submittal, Shelley Hanson Secretary COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) Meeting of. May 7., 2012 AGENDA' SECTION: Consent ORIGINATING EXECUTIVE NO: 3a DEPAR'T'MENT: EDA DIRECTOR APPROVAL ITEM: Financial Report and Payment of Bills BY: Sheila Cartney BY: DATE: May 2, 2012 BACKGROUND: The Financial Report is for the month of March 2012 and Resolution 2012 -05 is attached for approval. RECOMMENDATION: Staff will be available to answer questions. If the report is satisfactorily complete, we recommend. the Board take affirmative action to receive the Financial Report and approve the payment of bills, RECOMMENDED MOTION: Move to waive the reading of Resolution 2012 -05 there being, ample copies available to the public. Move to approve Resolution 2012 -05, Resolution of the Columbia Heights Economic Development Authority (EDA) approving; the Financial Statement and Payment of Bills for the month of March 2012. Attachiiients: Resolution and 1 ^111anciai EDA ACTION: EDA RESOLUTION 2012-05 RESOLUTION OF THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) APPROVING THE FINANCIAL STATEMENT FOR MARCH 2012 AND PAYMENT OF BILLS FOR THE MONTHS OF MARCH 2012. WHEREAS, the Columbia Heights Economic Development Authority (EDA) is required by Minnesota Statutes Section 469.096, Subd. 9, to prepare a detailed financial statement which shows all receipts and disbursements, their nature, the money on hand, the !purposes to which the money on hand is to be applied, the EDA's credits and assets and its outstanding liabilities,; and WHEREAS, said Statute also requires the EDA to examine the statement and treasurer's vouchers or bills and if correct, to approve them by resolution and enter the resolution in its records; and WHEREAS, the financial statement for the month of March 2012 has been reviewed by the EDA Commission; and WHEREAS, the EDA has examined the financial statements and finds them to be acceptable as to Iboth form and accuracy; and WHEREAS, the EDA Commission has other means to verify the intent of Section 469.096, Su'bd. 9, including but not limited to Comprehensive Annual Financial Reports, Annual City approved Budgets, Audits and similar documentation; and WHEREAS, financialls statements are held by the City's Finance Department in a method outlined by the State of Minnesota's Records Retention Schedule, NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners of the Columbia Heights Economic Deveiopment Authority that it has examined the referenced financial statements including the check history„ and they are found to be correct, as to form and content; and BE IT FURTHER RESOLVED the financial statements are acknowledged and received and the check history as presented in writing is approved for payment out of proper funds; and BE IT FURTHER RESOLVED this resolution is made a part of the permanent records of the Columbia Heights Economic Development Authority. 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Staff eonsulined the EDA attorney and lie indicated that only items on the posted agenda can be discussed at the meeting, therefore the language should be removed from the bylaws (e- mail is attached), Resolution 2012 -06 will amend the EDA Bylaws, Article III - Meetings, to read; Section 3. SPECIAL MEETINGS. Special meetings of the Board of Commissioners may be called by the President, two members of the Board of Commissioners, or the Executive Director for the purpose of transacting any business designated in the call. The call (including location of the meeting) for a special meeting must'be delivered to Commissioners at least two days before the meeting, and notice of the meeting must be posted in the Authority's offices at least three days before the meeting. At a special meeting, no business may be considered other than designated in the call. but :r. ,,ll_ members of the A uth .° ar,- p eti g any btisiness fl+ay.be4ffl . If possible, the fourth Tuesday of the month shall be the favorable meeting date.. RECOMMENDATION: Approve Bylaw Amendment as proposed. RECOMMENDED MOTION: Motion: Move to waive the reading of Resolution 2012 -06 there being ample copies available to the public. Motion: Move to adopt Resolution 2012 -06, Resolution to Amend and Restate the By -Laws of the Economic Development Authority of Columbia Heights. Attachments: 1Ze3041tim 2012 -06, e-mail from EDA Ottorno EDA ACTION: ECONOMIC DEVELOPMENT' AUTHORITY RESOLUTION 2012,-06 RESOLUTION TO AMEND AND RESTATE THE ICY -LAWS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF COLUMBIA H EIGHTS, MINNESOTA, WHEREAS, the Amended and Restated Bylaws of the Authority, dated February 6, 2012, . Article III - Section 1 Regular Meetings shall be, the meetings will be held on the First Monday of the month at 6;30 p.m. at City Hall.; and Article III — Section 3 Special Meetings shall be, If possible, the fourth "Tuesday of the month shall be the favorable nnecting date, AND WHEREAS„ the Amended and Restated Bylaws of the Authority, dated May 7, 2012, Article III — Section 3. At a special meeting, no business may be considered other than designated in the call. And WHEREAS, the proposed changes to the Bylaws have been reviewed by the Authority Commissioners and 'Staff and found satisfactory; THEREFORE 13E IT RESOLVED that the revised Bylaws of the Economic Development Authority of Columbia Heights, Minnesota were adopted as written. Passed this 7th day of May, 2012. President Shelley Hanson, Secretary Page 1 of 1 Sheila Cartney - RE: EDA Bylaws question From: "Bubul, Stephen JI." <sbubul @Kennedy- Graven.com> To: "Sheila Cartney " < Sheila. Cartney @cli.columbia- heights.min.us> Date:. 4/20/2012 4:33 PM Subject: RE: EDA Bylaws question It's not Rober'ts Rules, but mostly an open meeting law problem. Under Minn. Stat., Section 13D.04,subd. 2, at least 3 days before a special meeting the EDA roust post notice stating the date, time, place and purpose of the meeting. In effect, this means the agenda for the meeting needs to be posted, and the meeting can't vary from that agenda (or at least new items cannot be added). So, it's typical that bylaws include similar language. Though your byllaws say that the EDA may transact any business as a special meeting (by unanimous vote), that is still limited by what was posted in the notice. The general rule to remember is that the agenda needs to be set at least three days before the meeting, and the actual meeting agenda can't include items that weren't in the posted notice. Let me (know if you have questions. Steve B. From: Sheila Cartney [mali Ito: Sheila. Cartney @ci.columbia- h eights. mn.us] Sent: 'Thursday, April 19, 2012 2:25 PM To: Bubul, Stephen J. Subject: EDA Bylaws question Sectioin 3 special meetings "At a special meeting, no business may be considered other than designated in the caJ11, but if all the members of the Authority are present at a special meeting any business may be transacted at such a special meeting by unanimous vote" Is this part of Roberts rules or some other legal authority or is this ]lust a policy of the EDA? Thanks!' Contact rage for city rehab or [ow intocst load jrrognnid Sheila Cartney Asst, Community Development Director City of Columbia Heights 590 401th Ave NE Columbia Heights MN 55421 P: 763 -706 -3675 F:763- 706 -3671 file: /Il : lUsers lsheilac /Api)DatalLocal /7'c plXPgrpwisel4F 1 SFF2cchgw10017A6373113... 4/25/2012 COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY Meeting of. May 7, 2012 AGENDA SUCTION: Business Items ORIGINATING DEPT,: EXECUTIVE NO: 4 Community Development DIRECTOR APPROVAL ITEM: Purchase Agreement for 3927 Central Ave. BY: Scott Clark BY Resolution 2012 -08 DATE: May 1, 2012 Background Information: On March 29, 2012 the EDA approved a commercial letter of intent with Mady Foss Partnership for the purchase of'3927 Central Ave. North. This action triggered staff to negotiate a formal purchase agreement and the attached document mirrors the financial considerations stated in the letter of intent. `rhe only tiew and substantive issue that has arisen was a disclosure that the Mady Foss Partnership has a minority partner who is Gern Properties, tite owner of the real estate at 3901 Central Ave. that leases to Columbia Heights Rental (tile owners of the rental company are the same partners comprising Gem Property). Gem Properties is in agreement with the financial aspects of the deal but has concerns over the existing rental operation and what happens if this property is trot purchased in the future as part of all overall redeveiopmelilt plan. As such, an approved letter of understanding between the EDA and Gern Properties regarding various issues is part of the requirements of tile Purchase Agreement (Section 9.G ). The letter of understanding states that until one of two coils ideratioils occur (either the purchase of the Gem Property or an approved City Council site plan for the development of the UDA's property) the EDA, if they choose, will not construct a fence or barrier within 15ft of Gem Properties north property line. The second requirement is that if the )EDA approves a site plan which excludes the Gem property site, a 25ft. shared driveway access easement will be granted oil both the north and east property line. The following motion seeks approval on the purchase of 3927 Central Ave. in the amount of$925,000 plus additional considerations. In addition, motions include hiring of various professional services, authorizing the initiation ot'demolition bids and action on the letter of intent. Staff will walk through the professional services contracts at the meeting. I.,astly, as stated in previous meetings, approximately $575,000 from the Anoka County Levy will be used for the acquisition (this is the amount of unobligated finds for fiscal year 2008 -2012) with the remaining revenue coming from fund 420. Staff will prepare a resolution for the City Council meeting of May 14`x' regarding the same. Recommendation: Staff recommends approving the Purchase Agreement, Resolution 2012 -08 and the Letter of Understanding. Recommend Motion: Motion: Move to waive the reading of Resolution 2012 -08 there being ample copies available to the public. Motion to Adopt Resolution 2012 -08, Approving Purchase Agreement dated May 7, 2012 by and between Mady -Doss Partnership and the Economic Development Authority for property located at 3927 Central Ave. Motion to Approve a Letter of Understanding dated. May 7, 2012 by and between the Economic Development Authority and Gem Properties, LLC and Columbia Heights, Inc. Resolution 2012 -08, Nlrchttse Agrecruent, Letter of EDA Resolution 2012 -08 A Resolution Approving Purchase Agreement Dated May 7, 2012 by and between Mady- Fo;ss Partnership and the City of Columbia Height's Economic Development Authority For Property Located at 3927 Central Ave. WHEREAS, the City of Columbia Heights' August 2010 Comprehensive Plan has identified the site as a key redevelopment site, and WHEREAS, Anoka County levy funds will be used as part of this acquisition as well as fund. 420, the Housing Maintenance fun both funds being used for redevelopment throughout the city, and WHEREAS, the City has endeavored for many years to acquire the subject parcel to allow a major redevelopment in the City's downtown area, and WHEREAS, evidence of the desire to .acquire this property has been evidenced by the acquisition of an adjacent parcel and extensive environmental investigation work that has been completed on the subject and area parcels, and WHEREAS, representatives from the Mady -Foss Partnership prepared an initial commercial letter of intent offering dated March 18, 2012 in the amount of $925,000 plus additional considerations, and WHEREAS, after extensive discussions the Economic Development Authority was of the opinion that the acquisition of the subject parcel met the City's goals and objectives, and WHEREAS, the majority of Economic Development Commissioners agrees to the purchase price of $925,000 in addition to other considerations and recognizes the various professional services necessary to complete this transaction, NOWTHERE FORE BE IT RESOLVED, The City of Columbia heights' Economic Development authorizes the following: 1) Authorizing the President and Executive Director of the Economic Development Authority to Sign Purchase Agreement Date May 7, 2012 by and between Mady- Foss Partnership and the Economic Development Authority. 2) Authorizing staff to commence with demolition bidding with the understanding that final bids will be approved by either the Economic Development Authority or the City Council. 3) Hiring title work and closing, relocation and surveying professional services work respectively to Old Republic Title, Wilson Development Services and Kurth Survey and Engineering, Passed this 7"' day of May 2010. Roll Call: Offered by: Aye: Nay: President Walter Fehst, Executive Director PURCHASE AGREEMENT THIS PURCHASE AGREEMENT (the "Agreement ") is made and entered into this day of 2012 (the "Effective Date "), by and between Mady -moss Partnership, a Minnesota general partnership (referred to hereinafter as "Seller "), and Economic Development Authority of the City of Columbia Heights, a public body corporate and politic under the laws of the State of Minnesota (referred to hereinafter as "Buyer "). RECITALS A. Seller is the fee owner of certain real property located at 3927 Central Avenue NX, in Columbia Heights, Minnesota, and legally described in Exhibit A attached hereto and incorporated herein by this reference (thee "Property "). B. Buyer desires to purchase the Property and Seller is willing to sell the Property to Buyer upon the terms and conditions set forth hereinafter. AGREEMENT NOW, THEREFORE, in consideration of the payments to be made hereunder and the foregoing premises and the mutual covenants and agreements set forth herein, it is hereby agreed as follows: 1. RECITALS INCORPORATED. The foregoing recitals are incorporated as if fully set forth herein.. 2. SALE AND PURCHASE OF PROPERTY. Seller agrees to sell, and Buyer agrees to purchase the Property legally described in Exhibit A. The purchase price ( "Purchase Price ") to be paid by buyer to Seller for the Property is Nine klundred Twenty -Five Thousand Dollars ($925,000). Upon execution of this Agreement by all parties, Buyer will pay Seller Earnest Money in the amount of $27,750, the sufficiency of which is acknowledged by Seller. Buyer shall pay the remainder of the Purchase Price ($897,250) at Closing by check or wire transfer, and Seller shall convey the Property to Buyer at Closing by Warranty Deed. 3. TITLE, Buyer shall be satisfied that title to the Property is good and marketable. No later than fiv ays after the Effective Date, Seller shall deliver to Buyer, at Seller's sole cost and expense: (a) an abstract(s) covering the portions of the Property that are not registered in the Torrens system,, certified to date and including proper searches covering bankruptcy, state and federal tax liens, ,judgments, unpaid assessments and pending assessments; (b) all leases relating to any portion of the Property; (c) copies of partnership agreements and other documents confirming the authority of Seller to sell the Property; and (d) any surveys of the Property which are in the possession or control of Seller. Within five (5) business days of'receipt by Buyer of (a), (b), (c) and (d)„ Buyer shall order a commitment to issue an ALTA Owner's title insurance 402222v3 RX CL205 -36 policy (the "Title Commitment ') for the Property issued by Old Republic Title Insurance Company, 400 Second Avenue South, Minneapolis, Minnesota (the "Title Company "), naming, Buyer as the proposed owner /insured of the Property for the insured amount of the Purchase Price. Tho cost of the Title Commitment and the premium shall be paid by Buyer. Buyer shall pay the policy premium and the cost of any endorsements to the title policy. The Title Commitment shall commit to insure marketable title in fee simple in Buyer, free and clear of all mechanics' liens, tax liens, judgments, questions of survey, unrecorded interests or rights of parties in possession and subject only to such matters or exceptions to title as Buyer may approve pursuant to this Agreement. The Title Commitment must be accompanied by legible copies of all title exceptions and Schedule B documents noted therein, Buyer will be allowed twenty (20) business days after receipt of the Title Commitment and Buyer's survey for examination thereof and for making any objections to the marketability of the title to the Property, said objections to be made by written notice or to be deemed waived. if any objections are so made to the, marketability of the title to the Property, Seller shall immediately commence and diligently endeavor to complete all actions necessary to cure such objections and shall be allowed forty - five (45) days after the malting of such objections by Buyer to cure such objections and make the title to the Property good and marketable of record in Seller and to obtain and deliver to Buyer appropriate endorsements to the Title Commitment, indicating that any such objections have been cured. Pending the correction of the title, the Closing Date and the payment ' hereunder required shall be postponed, but upon correction of the title and within 15 days after written notice of such correction given by 'Seller to Buyer, Seller and Buyer shall perform this Agreement according to its terms. If Seller refuses or fails to have such additional objections cured or removed on or before Closing, Buyer may, at its sole election, either (a) terminate this Agreement without any liability on its part; (b) cure the objections and Buyer's costs incurred in doing so shall be a credit toward the Purchase Price at Closing; or (c) consummate the purchase and sale contemplated hereby, and waive all uncorrected title objections. 4. SU IIVEY. Promptly following receipt of Buyer of the title commitment, Buyer shall, at Buyer's expense, order a survey of the Property by a registered land surveyor (the °Survey "). 5. ENVIRONMENTAL .REPORTS. Within five (5) days after the Effective Date, Seller shall provide to Buyer copies of all environmental assessment reports, remediation reports,, geotechnical reports, governmental statutory or regulatory filings and reports, and all other correspondence and other documentation regarding the environmental and geotechnical condition of the Property in the Seller's possession or control (the "Existing Environmental Reports "). Buyer may obtain, at Buyer's expense, a current environmental site assessment (the "Buyer's Environmental Report"). The Existing Environmental Reports and Buyer's Environmental Report are referred to hereinafter together as the "Environmental Reports ". 6. INSLECTION. Buyer shall have the right to undertake inspections, tests, and investigations of the Property for a period of ten (10) business days following the Effective Date {"Inspection Period "). Provided Buyer gives Seller at least two business days' notice, Seller shall provide Buyer with access to the Property without charge and at all reasonable times during the Inspection Period for purposes of inspection, testing and approval of the Property, and completion of environmental, engineering, and such additional investigation and testing as is 4022220 RJL CL205.3 2 deemed desirable by Buyer, In the event Closing (as hereinafter defined) does not occur for any reason, Buyer shall repair and restore any damage to the Property caused by Buyer's testing and shall return the Property to the same condition as existed prior to the testing. 7. gLPRESENTATIGNS OF SELLIt1R. Seller hereby represents and warrants to Buyer the following; (a) Environmental Compliance. Seller has received no notice of and is not aware of any violation related to the Property of applicable law, statute„ ordinance, rule, regulation, order or determination o any governmental authority with respect to hazardous substances or of the presence of hazardous substances in or on the Property, except as disclosed in any of the Environmental Reports. For purposes hereof "hazardousi substances" means any substance designated pursuant to the Clean Water ,pct, Title 33 U.S.C, Section 1321, any element, compound, mixture, solution or substance designated pursuant to the Comprehensive Environmental Response„ Compensation and Liability Act, Title 42 U.S.C. Section 9602, any hazardous waste having the characteristics identified under,, or listed . pursuant to the Solid Waste Disposal Act, Title 42, U.S.C. Section 6921, any toxic pollutant listed under Section 307(x) of the Clean Water Act, Title 33 U.S.C. Section 1317(a), any hazardous air pollutant listed under Section 112 of the Clean Air Act, Title 342 U.S.C. Section 7412, any imminently hazardous chemical substance or mixture with respect to which the Administrator of the Environmental Protection Agency has taken action . pursuant to Sectio . 7 of the Toxic Substances Control Act, Title 15 U.S.C. Section 2606 and any hazardous waste, hazardous substance, pollutant or contaminant, as defined in the Minnesota. Environmental Response and Liability Act, Minnesota Statutes, Section 11513.02. The term also includes,, but is not limited to, polychlorinated biphenyls, asbestos, petroleum products and various constituents of'such products, urea formaldehyde and related substances. (b) Storage Tanks. Seller is not aware of any underground storage tanks located on or in the Property except as disclosed in any of the Environmental Reports. (c) Pending Liti ation, There is no condemnation or other' litigation presently pending or, to 'Seller's knowledge, under consideration by any party affecting, directly or indirectly, the Property. (d) Governmentalretion. Seller has not received notice of any action, suit or proceeding instituted by any person or entity against or affecting the Property before any federal, state, municipal or other governmental authority, including without limitation notice of any condemnation or taking for any public right-of-way or utility. 4022220 RJL CL205 -36 3 (e) Authorization. Seller is the sole owner of the Property, and has the right, P ower and capacity to enter into this Agreement, to consummate the transactions contemplated hereby, and to comply with the terms, conditions„ and provisions hereof. (fj Condition of Property. Seller has received no notice, order or other communication from any governmental body having ,jurisdiction over the Property requiring any improvement to or alteration of the Property which has not been remedied, and Seller agrees to give Buyer prompt written notice of any such communication received on or prior to Closing Date. (g) Underground Storage Tanks Affidavit. In the event that there are any underground storage tanks on the Property, Seller agrees to file a storage tank affidavit complying with Minnesota Statutes § 1116.48, subd. 5, as amended, prior to Closing. (h) wells/Septic S stdems. Seller certifies and warrants that it is not aware of the existence of any wells on the Property within the meaning of Minn. Stan. § 103I.005. Seller is not aware of any individual sewage treatment system on the Property within the meaning of'Minn. Stat. § 115.55. (i) Fight to Sell. Seller has not entered into any other uterminated contracts for the sale of the Property, is not aware of any rights of first refusal or options to purchase the Property, and consummation of the sale will not violate. the provisions of any governmental regulation or law applicable to Seller, nor of any agreement or instrument by which Seller is bound. Parties in Possession. Seller covenants that there will be no tenants or other parties in possession or with the right to possession of the Property or any part thereof' after the Closing, Date, except for Sorge Carpio, dba International Grocery ( "Tenant "). Prior to Closing, the Seller shall deliver to Buyer written evidence, in form and content reasonably acceptable to Buyer, that Seller has served written notice on Tenant of the termination of the tenancy of Tenant as of the end of the month following Closing. At Closing,, Seller shall assign the landlord's interest in the tenancy to Buyer. (k) Removal of Personal Property Seller shall remove, and shall require all tenants to remove, all personal property and debris, if any, from the Property by the Closing Date, except for any personal property of the Tenant. 4022220 RJL CL205 -36 4 8. RIGHTS/1DUT1 F S. At all times prior to Closing, Seller shall comply with the following: (a) Seller shall maintain the Property in the same condition as in existence on the date hereof and shall comply at all times with all applicable codes and ordinances. (b) Seller shall continue to pay all real estate taxes and any installments of special assessments certified thereto which become due and payable prior to Closing. (c) Seller shall not permit the storage, release or disposal of hazardous or toxic substances or contaminants on the Property. . (d) Seller shall not encumber, permit liens to attach to, or convey any interest in the Property to any other party. (e) No permanent improvements shall be constructed on the Property without Buyer's written consent. (t) Seller shall pay all utilities due up to and including the Closing Date. 9. CONTINGENCIES TO CLOSING. Buyer's obligation to close shall be subject to the following contingencies: (a) Buyer's receipt at Closing of a satisfactorily marked -up Title Commitment to issue an Owner's Title Insurance Policy meeting the requirements set forth in Section 3 'hereof as of the Closing Date. (b) Seller's performance of each of its obligations under this Agreement. (c) Seller's representations and warranties being true and correct in all matters on and as of the Closing Date and Seller's delivery of a certificate (a "Bring Down Certificate ") to Buyer at Closing to such effect. (d) Seller shall not have entered into any leases, license agreements or material contracts for all or any portion of the Property, or constructed any permanent improvements, without Buyer's consent. (e) Buyer's satisfaction with the Survey to be obtained by Buyer under Section 4. {f j Buyer having determined, in its sole discretion after inspection of the Property and the Environmental Reports under Section 3(c) and (d), than environmental and soil conditions on the Property are satisfactory. This contingency shall expire upon termination of the Inspection Period. 4022220 RJL CL205 -36 (g) Execution of a Letter of Understanding or Access Agreement by Buyer and Gem Properties, LLC and Columbia Heights Rental, Inc, concerning driveway access for the Columbia Heights Rental property located at 3901 Central Avenue NE, Columbia Heights, Minnesota following Closing ( "Access Agreement °'). (h) The contingencies set forth in this Section 9 are solely for Buyer's benefit and may be waived or enforced only by Buyer. 10, CONTROL OF PROPERTY CONDUMNATION CASUALTY LOSS. (a) Seller's Risk of Lass. Until Closing, Seller shall have the full responsibility and the entire liability for any and all damages or injury of any kind whatsoever to the Property, and to any and all persons, whether employees or otherwise, and all property from and connected to the Property; except that Buyer shall be responsible for damages or injury caused by Buyer or Buyer's representatives during Buyer's inspection and testing of the Property. (b) Condemnation. If the Property (or any part thereof) ,is threatened with condemnation, or legal proceedings are commenced under the power of eminent domain, Seller shall promptly notify Buyer of such fact; in writing, and furnish to Buyer as a part of said notice full copies of all pleadings, correspondence and other documents and data pertaining thereto. Buyer shall have the right, which must be exercised by Buyer on or before the Closing, to (i) proceed to Closing with the Purchase Price of the Property reduced by the amount of condemnation payments and awards payable to Seller as a result of such condemnation or eminent domain proceedings; or (ii) receive all such payments and awards, in which event the Purchase Price shall remain the same, and Seller shall assign to Buyer, and Buyer shall be entitled to receive, all rights to the condemnation awards. (c) Damage j)cstruction. If, prior to Closing, the Property (or any part thereof) is destroyed or damaged, Seller shall notify Buyer of such destruction or damage, and Buyer shall then have the option to terminate this Agreement or to proceed with the Closing. 11. CLO)(NG. Unless another date is mutually agreed upon in writing by the parties, the Closing shall take place on the date that is ten (10) business days following the last to occur of the following. (a) written waiver by the Executive Director of Buyer of any objections by Buyer to conditions of title, survey, or suitability and condition of the Property; (b) vacation of the Property by Seller and any other occupants of the Property (except Forge Carpio, as provided above); and (c) execution of the Access Agreement (the "Closing Date "). The closing of this transaction (the "Closing ") shall take place at the office of the Title Company, or another 4022220 RJL CL205.36 location mutually agreeable to the parties. Possession of the Property shall be delivered on the Closing Date. 12, SELIGER'S CLOSING OBLIGATIONS. Each of the following shall be a necessary precondition to Buyer's obligation to close hereunder: (a) Seller's Deliveries. At or prior to the Closing, Seller shall execute„ acknowledge and/or deliver to Buyer, as appropriate, the following: (i) A Warranty Deed conveying to Buyer marketable fee simple title to the Property, subject only to 'the Permitted Encumbrances listed in Exhibit B attached hereto and incorporated herein by this reference.. If there are no wells on the Property, the Warranty Deed shall include the following statement: "Seller certifies that Seller does not know of any wells on the described Real Property." If there are wells located on the Property, Seller shall deliver a well disclosure certificate as required by Minn. Stat. § 1031,235 disclosing dthe location and status of all wells located on the Property and providing such well disclosure documentation as required. (ii) Bring Down Certificate regarding Seller's representations and warranties. (RD Standard Form of Seller's Affidavit, in form and content acceptable to Buyer and sufficient to permit the Title Company to delete from the Title Commitment any exception regarding mechanic's liens, rights of parties in possession and unrecorded interests. (iv) Affidavit required pursuant to Section 1445 of the Internal Revenue Code and/or the regulations relating thereto sty party stating, under flie penalties of perjury, that (j) neither Seller nor an other so swearing; is a foreign person, (ii) the U. S. taxpayer identification number of Seller and such other parties, if any„ and (iii) such other information as may be required by regulations enacted by the U. 'S. Department of the Treasury in connection with Section 1445 of the Internal Revenue Code. (v) Certificate of Real F;state Value required by the Minnesota Department of Revenue. (vi) Septic Disclosure Statements and well sealing certificates, if applicable, in accordance with applicable law. (vii) Such other documents as may be reasonably necessary or appropriate to effect the consummation of the transaction contemplated in this Agreement. 4022220 RX CL205-316 (b) Title Commitment. Buyer shall be satisfied with the marked -up Title Commitment, which Title Commitment shall reflect that all of the standard exceptions have been deleted, and shall show no exceptions except those known and not objected to by Buyer as provided in Section 3. {c) LeAses/material Contracts. seller shall not have entered into any new or amended lease or other contract affecting all or any part of the Property. 13. BUYEWS OBLIGATIONS AT CLOSING. At Closing, and subject to the terms, conditions, contingencies and provisions hereof and the performance by Seller of its obligations as set forth herein, be cr�cdited aga nst�the Purchase Price. the Purchase Price, All sums paid by Buyer to Se ller shall 14. CLOSING COSTS, The following costs and expenses shall be paid as follows in connection with the Closing: (a) Seller's Costs. Seller shall pay; {i) The recording fee for recording all documents required to convey marketable title to the Property. (ii) The state deed tax. (iii) One -half of the closing fee charged by the Title Company. (b) Buyer's Costs. Buyer shall pay: (i) One -half of the closing fee charged by Title Company. (ii) The premium for the Owner's Title Policy. (iii) Recording; casts for the deed, including the conservation fee due upon recording the deed. (c) Le ar� �,al Fees. Each party shall pay the fees and costs of their respective legal counsel. 15. I'IIORAT)IONS. Real estate taxes, governmental use fees, area charges and the litre (collectively "'Real Estate Taxes') due and payable in the year of Closing shall be prorated between Seller and Buyer as of Closing Date, based upon a calendar year. Real Estate Taxes due and payable in the years prior to the year of Closing shall be paid in full by Seller on or before the Closing. Any Real Estate Taxes or special assessments which have been deferred and become or will become due and payable as a result of the conveyance of the Property shall be paid in full by Seller on or before the Closing. All other special assessments levied and pending as of the date of Closing, including; installments due in the year of Closing, shall be paid by 4022220 R]L CL205 -36 Seller at Closing. An assessment shall be deemed pending if the assessing authority has approved . the improvement which will result in the assessment and has entered into a contract to construct the improvement. 16. BROKERAGE. Buyer, and Seller each represent to the other that they are not liable to any broker or agent with regard to the sale contemplated hereby... Seller agrees to indemnify, defend and hold harmless the Buyer from brokerage fees and commissions and from any claim made by any broker or sales agent or similar party for a commission due under the terms of any agreement entered into by the Seller, including without limitation reasonable attorneys' fees. Buyer agrees to indemnify, defend and hold harmless the Seller from brokerage fees and commissions and from any claim made by any broker or sales agent or similar party for a commission due under the terms of any agreement entered into by the Buyer, including without limitation reasonable attorneys' fees. 17. DEFAULT. (a) Seller's Do fnuii. in the event that (Seller should fail to consummate the transactions contemplated herein for any reason, except the default by Buyer, Buyer may pursue any remedies available to it under Minnesota law, including seeking, specific performance of this Agreement and recovering from Seller all costs, disbursement and attorneys' fees incurred in said specific performance action. (b) Buyer's Defaalt. if Buyer should fail to consummate the transactions contemplated herein for any reason, except the default by Seller, or the failure of any of the contingencies or conditions to the Buyer's obligations set forth herein, the Seller may pursue any remedies available to it under Minnesota law, including seeking specific performance of this Agreement and recovering from Buyer all costs, disbursement and attorneys' fees incurred in said specific performance action. 18, MISCELLANEOUS. 'The following general provisions govern this Agreement. (a) Time of Essence. Time is of the essence of this Agreement. (b ) Governing Law. This Agreement is made and executed under and in all respects to be governed and construed by the laws of the State of Minnesota, (c) Notices. Any notice required to be given to Seller or Buyer pursuant to this Agreement shall 'be in writing and sliall be deemed duly ,given at the date of delivery by messenger or by recognized overnight courier, or on the date of mailing if sent by certified mail, return receipt requested, to the addresses stated below. Any party, by notice given as aforesaid, may change the address to which subsequent notices are to be sent. 402222v3 RIL CL205 -36 If to Buyer: Columbia Heights Economic Development Authority Attu: executive Director 590 — 40th Avenue N.E. Columbia Heights, NW 55421 If to Seller: Mady-Foss Partnership Attn: Douglas and Denise Foss 5530 Old Viking Boulevard N.W. Anoka, MN 55303 and Gem Properties, LC Attn: Mark Moser 3901 Central Avenue NE Columbia Heights, MN 55421 (d ) Buyor's Waiver, 1Rhts. Buyer„ at its option, may waive any right conferred upon the Buyer by this Agreement. Except as provided otherwise herein, such waiver may be made by, and only by, giving Seller written notice specifically describing the right waived. (e) Ame ndment• This Agreement shall be amended only by a written instrument signed by Seller and Buyer. {fj Construction. The captions and headings of the various sections of this Agreement are for convenience only and are not to be construed as defining or as limiting in any way the scope or intent of the provisions hereof Wherever the context requires or permits, the singular shall include the plural, the plural shall include the singular and the masculine, feminine and neuter shall be freely interchangeable. (g) Assinnment. Neither party shall have the right to assign its interest under this Agreement, 'without first obtaining the consent of the other party. (h) Invsulidi . If for any reason any portion or section of this Agreement shall be declared void and unenforceable by any court of law or equity it shall only affect such particular portion or section of this Agreement and the balance of this Agreement shall remain in full force and effect and shall be binding upon the parties hereto. (i Counter arts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and either of the parties hereto may execrate this Agreement by signing any such counterpart. 4022220 R]L CL205•36 10 (j) Merger./Survival- All prior understandings and agreements between the parties are merged into this Agreement which alone fully and completely expresses their agreement. All representations, covenants, obligations and agreements contained herein shall survive the Closing and delivery of the Warranty Deed by 'Seller. IN WITNESS WHEt RE OF, the parties hereto have executed this Agreement on the date set forth after their signature below: SELLER: MA,T.DY -FOSS PARTNERSHIP, a Minnesota general partnership By: Denise Foss, a Partner Date: 72012 M. Douglas Foss, a Partner Date:.. , 2012 GEM PROPERTIES, LLC By: Mark Moser, Manager Date: , 2012 402222v3 RUL CL205.36 i 1 BUYER: ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF COLUMBIA HEIGHTS By: Its President By: Its Executive Director Date: , 2012 d02222v3 RJL CL205 -36 12 I'1XHIBIT A Legal Deserl tlon of the Pronerty CT. V410 Nip. 2013019 Bloats 4, Walla n'e Rosrrmngoinent of Lola 33 land 34, 01oak B, Ftaasrvalr Hllie, ex> aptlnp iherptrom ha a�+ar, the two followlrrp d"Orlhad Mole' Tracl 1, '7 j Pia l+lortri 330 toot thereof, 1 Tract 2. Cumrnenaing at [be Souuthwoot oarnor of filonls 4, Walion's Hoorrattgamen't of L0103 and 34, SIOC ', ROGU NOlr I-Ilil% rhunco Northettyalong tha West Ilno of said gtodk 4,100 iesit; tttanna l:>3ateaty rplltd with ilia South liliie of saki Took 4, 103 feet; ihuncu southiariy parallel vAlli Ilie•Warrl line of eald Took 4, 100 feat too point within Auld &rpikitlr Boundary tine; ihnnpa Wnataily alosig 1ho $oath tlno of $Aid Block 4, i s3 feet to the Mini of bnpinnlnq, eocarding to the plat Ihoreol on 1110 or of record itl lhn cfflca of ilia Couniy Recorder, Anoka Cnunty, Mlnnaaelb, 402222v3 RJLCL205 -36 A -1 LETTER GT UNDERSTANDING THIS AGREEMENT is entered by and between Columbia Heights Economic Development Authority, 590 40t" Avenue N.E., Columbia Heights, MN 55421 -3835 (hereafter "EDA "), Gem Properties, LLC, 3901 Central Avenue N.E., Columbia Heights, MN 55421 (hereafter "GEM ") and Columbia Heights Rental, Inc., 3901 Central Avenue N.E., Columbia Heights, MN 55421 (hereinafter "CHR "). A. EDA is proposing to purchase the real estate located at 3927 Central Avenue N.E., Columbia Heights, MN (hereinafter "EDA Property "). B. GEM is the owner of the real estate located at 3901 Central Avenue N.E., Columbia Heights, MN, which is adjacent to the EDA property (hereafter "Columbia Heights Rental Property "). CHR is a tenant in the Columbia Heights Rental Property, C. GEM and CHR or their principal owners are also part owners of the EDA Property. D. As a condition of their willingness to execute a Letter of Intent between the owners of the EDA Property and the EDA relating to possible sale of the EDA Property to EDA, GEM and CHR have required execution of a Letter of Understanding between EDA (as the owner of the EDA Property, should EDA purchase the FDA Property), and GEM and CHR, as owner and tenant, respectively, of the Columbia Heights Rental Property, relating to certain operational issues affecting the two properties. NOW, THEREFORE, in consideration of the premises and their respective promises, and One Dollar and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereto agree as follows: 1. The foregoing recitals are hereby made a part of this agreement. 2. Fence — During the life of this Agreement, as shown on Exhibit A attached hereto, the EDA will not construct a barrier or fence which is within fifteen (1.5) feet of the north property line separating the EDA Property from the Columbia Heights Rental Property, as said north property line is prolongated easterly to the east property line of the EDA Property. At all tines, the existing driveways from 39 "' Avenue and Central Avenue, which are shown on Exhibit A, shall be available for ingress and egress to CHR. 3. Maintenance. In consideration for the agreements by EDA herein, during the life of this Agreement, GEM and CHR agree: (a) That GEM and CHR will promptly remove snow from the sidewalks in front of the EDA Property following each snowfall. 401997v4 RJL CI-205 -30 (b) 'That GEM and CHR will regularly mow grass on the grassy knoll which lies immediately east of the Columbia Heights Rental Property on the EDA Property and regularly remove any debris which may be found on or around the grassy knoll. (c) chat GEM and CHR may use the grassy knoll for snow storage. (d) That GEM and CHR will diligently attempt to prevent their customers, employees and equipment from trespassing upon, parking upon, or unloading upon the EDA Property. 4. Effective Date of A reemont. This Agreement shall take effect upon the purchase by EDA of the EDA Property, or the date of the last signature below, whichever occurs last. 5. Duration of Agreement. This Agreement shall be voidable by any party hereto by written notice upon the occurrence of one of the following, events: (a) Purchase by EDA of the Columbia Heights Rental Property; (b) Approval by the Columbia Heights City Council of a site plan for development of the EDA Property; or If the Columbia Heights Rental Property is not purchased by the EDA, upon termination of this Agreement, EDA shall grant a permanent non - exclusive driveway easement over the 25 feet of the EDA Property lying immediately north of the CHR Property and over the 25 feet of the FDA Property lying immediately east of the CHR Property, for the purpose of ingress and egress as shown on Exhibit B for the benefit of both the CHR Property and the EDA Property. The driveway to 39i4' Avenue which is shown on Exhibit B shall remain in place and run parallel to and within 25 feet of the east property line as shown on Exhibit A. The existing driveway to Central Avenue shall remain as is, parallel to and within 25 feet northerly of the northerly line of Columbia Heights Rental Property. Both driveways may be used by the EDA as a shared access to the EDA Property. 6. Notices. All notices, demands and requests made under this Agreement shall be in writing, and shall be personally delivered, deposited in the U.S. Mail, postage prepaid, registered or certified, return receipt requested, or transmitted by facsimile transmission, in any case addressed as follows: If to EDA: Columbia Heights Economic Development Authority Attn: Executive Director 590 -40`" Avenue NE Columbia Heights, MN 55421 -3835 Fax: (763) 706 -3601 40 1997A RJL GLAS -36 2 If to GEM Properties, LLC: Genoa Properties, LLC Attn: Mark Moser 3901 Central Avenue NE Columbia Heights, MN 55421 If to CHR: Columbia Heights Rental, Inc. Attn: Mark Moser 3901 Central Avenue NE Columbia Heights, MIDI 55421 Any party may change its address for notice hereunder by notice given in accordance with the provisions hereof at least ten days prior to the effective date of the address change. Notice shall be deemed given upon the earlier of personal delivery, two Clays after the date postmarked, upon transmission by facsimile transmission (as evidenced by proof of successful transmission) or upon the refusal to accept such service. Dated Dated Dated Dated COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY By Gary Peterson President By: Walt I *ehst Executive Director GEM PROPERTIES, LLC Mark Moser Its Chief Manager COLUMBIA HEIGHTS RENTAL, INC. By: 401,997v4 RJL C1,205 -36 3 Mark Moser Its Chief Executive Officer w� a� i tub 31 �1 i ;s i —7. —:::T— Exhibit A 401997v4 RJL C1.205 -36 A -1 ,I F 1-1 y1 i I� -Z �1,- Exhibit B 4019'970 RJL CI-205 -36 B -1 at I In � �C �, J J�1 b v �� '= �`' c, -- lY) x �� COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY Meeting of May 7, 2012 AGENDA SECTION: Business Items ORIGINATING DEPARTMENT: EXECUTIVE NO: 5 Community Development DIRECTOR APPROVAL ITEM: Adopt Resolution 2012 -07, Approving BY: Sheiilla Cartney BY: funding for the Rehab Incentive Program DATE: April 25, 2012 Introduction Staff requests that the Columbia Heights Economic Development Authority (EDA) authorize $50,000 of funding for the Columbia Heights Rehab Incentive Program. Thiis program is included in the Housing Maintenance Plan 2008 — 2017, approved by the EDA on August 18, 2007. Thlere is still $6,160.49 left over from the 2011 allocution which would accommodate about 6 more rebates. The $50,000 allocation typically lasts for 18 months, between 2011 and 2012 $50,641 in rebates have been issued and $427,705 in improvements have been done as park of this program. Rehab (Incentive Program The Columbia Heights Rehab Incentive Program is designled to assist homeowners in the City in maintaining and improving their homes by providing a rebate to homeowners after an improvement has been completed. The upgrades foster a stabilization and revitalization of the City's housing stock. Homeowners of shingle- family or owner- occupied duplexes with a household income at 115% of the area median income or less are eligible to apply. Calculated as a percentage of total construction costs, a rebate payment of 10 %, 12% or 15% may be granted, up to $8,000. Examples of eligible improvements include repairing or replacing dilapidated porches, roofs, retaining walls, siding, exterior steps or railings and heating, plumbing or electrical systems. Recommendation: Staff recommends the EDA fund the Rehabilitation Incentive Program in the amount of $50,000 from Fund 420— Capital Improvement (Development Fund. Recommended Motions: Move to, waive the reading of Resolution 201207, there being an ample amount of copies available. Move to Adopt Resolution 2012 -07, a Resolution Approving funding for the Rehab Incentive Program in the amount of $50,000 from Fund 420 —Capital Improvement Development Fund. EDA ACTION: EDA RESOLUTION NO. , 2012 -07 A RESOLUTION APPROVING FUNDING FOR THE REHAB INCENTIVE PROGRAM ($50,000) WHEREAS, since 2007 the Economic Development Authority (EDA) has provided the Rehab Incentive Program to residents of "the City of Columbia Heights, and WHEREAS, the Columbia Heights EDA through its Comprehensive Plan has established as a ;goal the preservation of the single - family housing stock. WHEREAS, the EDA approved the housing Maintenance Plan 2008 -2.017 to improve and maintain the residential homestead housing stock. WHEREAS, this resolution seeks to authorize and provide additional funds for the continuation of the City's Rehabilitation Incentive Program to be administered by the City, NOW THEREFORE BE IT RESOLVED THEREFORE, BE IT RESOI.,VED, that the EDA allocates $50,000 for the Rehab Incentive Program from Fund 420 — Capital Improvement Development, fund. Passed this 7th day of May, 2012. President Walter Fehst, Executive Director tD Ln -01 r-I U r1 a LA c 00 r•i 0 o ) ro CD 0 if} C j Chi a L m u L= - t 0 -1 a 'a 0 CC) CL 0 0 0 a u , .0 O o 0 LH4 H;H E I 0 '0 Oo �� 1 0 EO o 0 0 m L. '0 � j Ln lo LA € r-1 C) C) so lb -1 -4 �� 00 N ( ��, r1.ri CL o L H. o O �' r-1 CO `O m r u M N rn N 1 m N m e-i € o lD �t N \' N N N N \. N r r-I m N N '--1 j r-I I \\ O N -. 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