HomeMy WebLinkAboutEDA AGN 06-03-13AGENDA
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
Monday June 3, 2013
6:30pm City Hall, Conference room I
1. Call to Order
Gary L. Peterson President Bobby Williams Vice President
Brace Nawrocki Secretary /Treasurer Donna Schmitt
Tammera Diehm Gerry Herringer
Marlaine Szurek
2. Pledge of Allegiance
CONSENT AGENDA
3. Approve Minutes of May 6, 2013 and Special meeting of May 13, 2013
Approve financial report and payment of bills for April 2013 Resolution 2013 -06.
Motion: Move to approve Consent agenda as presented.
PULIC HEARING
1. Consider Sale of Scattered Site Lots — Resolution 2013 -07
Motion: Move to waive the reading of Resolution 2013 -07 there being ample copies available to
the public.
Move to adopt Resolution 2013 -07, approving a plan for conveyance of certain scattered site lots
owned by the Economic Development Authority
REGULAR BUSINESS
4. Consider sale of 44215"' Street — Resolution 2013 -08
Motion: Move to waive the reading of Resolution 2013 -08 there being ample copies available to
the public
Motion: Move to adopt Resolution 2013 -08 approving a purchase and redevelopment contract
between the Columbia Heights Economic Development Authority and Timbereraft Remodeling
5. Mady's Blight Determination — Resolution 2013 -09
Motion: Move to waive the reading of Resolution 2013 -09 there being ample copies available to
the public
Motion: Move to adopt Resolution 2013 -09 designating building at 3927 Central Avenue as
structurally substandard.
G Subordination Agreement -4456 Monroe Street
Motion: move to approve the subordination request and submit a formal resolution for
consideration of the City Council
7. Administrative Repot
S. Other Business The next regular EDA meeting will be Monday. July 1. 201 3 at City Hall.
ECONOMIC DEVELOPMENT AUTHORITY (EDA)
MINUTES OF THE MEETING OF
MAY 6, 2013 IN CONFERENCE ROOM 1
The meeting was called to order at 6:30 pin by Chair Peterson.
Members Present: Bruce Nawrocki, Gary Peterson, Dolma Schmitt, Tammera Dichm, Marlaine
Szurek, and Bobby Williams.
Members Absent: Gerry I-Ierringer
Staff Present: Walt Fehst, Scott Clark, Sheila Cartney, and Shelley Hanson.
2. PLEDGE OF ALLEGIANCE - RECITED
3. CONSENT ITEMS
1. Approve the Minutes from April 1, 2013.
2. Approve the Financial Report and Payment of Bills for March 2013 on Resolution 2013 -04.
3. Approve Huset Park Fifth Amendment -BNC Bank on Resolution 2013 -02.
Questions by Members:
Nawrocki asked how long the development process will go on. Clark responded that the
development agreement will remain in effect until it is developed. He went on to tell members
that three developers have shown some interest in the remaining sites and BNC is reviewing
the options to see which offer they may bring to the City for consideration. Depending on
which option they choose, the Board may have to act on approving a new land use and altering
the agreement currently in place. Clark stated the developers that are currently interested have
no interest in developing any commercial /retail space that was part of the original concept.
Nawrocki asked what happens if they don't develop it as commercial which would bring in
higher tax dollars. Clark stated they would then get less in tax increment monies.
Motion by Williams, seconded by Schmitt to Naive the reading of Resolutions 2013 -04 and
2013 -02, there being an ample amount of copies available to the public. All ayes. MOTION
PASSED.
Motion by Williams, seconded by Schmitt, to approve the consent agenda items as presented.
All ayes. MOTION PASSED.
EDA Minutes
Page 2
May 6, 2013
EDA RESOLUTION 2013 -04
RESOLUTION OF THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
(EDA) APPROVING THE FINANCIAL STATEMENT FOR MARCH 2013 AND PAYMENT OF
BILLS FOR THE MONTH OF MARCH 2013.
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
FDA'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 March 2013 has been reviewed by the EDA
Commission; and
WHEREAS, the EDA has examined the financial statements and finds them to be acceptable as to both form
and accuracy; and
WHEREAS, the EDA Commission has other means to verity 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 made a part of the permanent records of the Columbia
Heights Economic Development Authority.
Passed this 6th Day of May 2013
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2013-02
RESOLUTION APPROVING A FIFTH AMENDMENT TO AMENDED AND
RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF
COLUMBIA HEIGHTS AND BNC NATIONAL BANK AS SUCCESSOR TO HUSET
PARK DEVELOPMENT CORPORATION
EDA Minutes
Page 3
May 6, 2013
BE IT RESOLVED By the Board of Commissioners ( "Board ") of the Columbia Heights Economic
Development Authority ( "Authority") as follows:
Section 1. Recitals.
1.01. The Authority has determined a need to exercise the powers of a housing and redevelopment
authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ( "EDA Act "), and is currently
administering the Downtown CBD Redevelopment Project ( "Redevelopment Project ") pursuant to Minnesota
Statutes, Sections 469.001 to 469.047 ( "HRA Act ").
1.02. The Authority, the City of Columbia Heights ( "City") and Huset Park Development Corporation
(the "Redeveloper ") entered into a into An Amended and Restated Contract for Private Redevelopment dated as of
August 1, 2007, as amended by a First Amendment thereto dated June 16, 2008 and a Second Amendment thereto
dated as of February 9, 2009 and a Third Amendment Thereto dated as of September 28, 2009 and a Fourth
Amendment dated as of November 22, 2011 (the "Contract "), setting forth the terms and conditions of
redevelopment of certain property within the Redevelopment Project, generally located east of University Avenue
and south and west of Huset Park .
1.03. BNC National Bank (the "Lender ") is the successor in interest to Redeveloper under the Contract.
1.04. The Lender has requested the Authority and City to modify, the Contract in certain respects, and
the Authority has caused to be prepared a Fifth Amendment to Amended and Restated Contract for Private
Redevelopment between the Authority, City and Lender (the "Fifth Amendment ").
1.05. The Board has reviewed the Fifth Amendment and finds that the execution thereof and
performance of the Authority's obligations thereunder are in the best interest of the City and its residents.
Section 2. Authority Approval; Further Proceedings.
2.01. The Fifth Amendment as presented to the Board is hereby in all respects approved, subject to
modifications that do not alter the substance of the transaction and that are approved by the President and
Executive Director, provided that execution of the documents by such officials shall be conclusive evidence of
approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf of the Authority
the Fifth Amendment and any documents referenced therein requiring execution by the Authority, and to carry
out, on behalf of the Authority its obligations thereunder.
Approved by the Board of Commissioners of the Columbia Heights Economic Development Authority
this 6th day of May, 2013.
Gary Peterson, President
ATTEST:
Shelley Hanson, Secretary
EDA Minutes
Page 4
May 6, 2013
PUBLIC HEARING
4. Consider Sale of 4502 Washington Street
Cartney told members that Cory Mattson owner of 4500 Washington Street has proposed to purchase
4502 Washington Street from the EDA in order to combine the lots together. The EDA held a
meeting on April 1, 2013 to discuss the purchase and negotiated a purchase price of $15,000 with
Mattson and the majority of the EDA. At the meeting the EDA called for a public hearing for the
potential sale.
Mattson's backyard abuts the subject lot, he proposes to expand his backyard with this lot and
combine the lots into one lot. The EDA purchased the 4502 Washington Street property in 2009 as
part of the Scattered Site program for $35,000 the lot is 5,160 square feet. Overall the EDA has spent
$46,086 on this property including the purchase, demo prep and demolition.
A public hearing is required when the EDA sells property; the public hearing has been advertised for
May 6, 2013. At the public hearing the EDA can discuss this item further and anyone from the public
is able to speak to the item.
Staff recommends approving the sale to Cory Mattson and approving the purchase and redevelopment
agreement, which requires the lots to be combined.
uestions /comments from members
Nawrocki said he voted against this at the last meeting. Since then he has changed his mind and would
now support this offer. He said that Mr. Mattson is a Volunteer Fire Fighter for our community and as
such, he thinks it is in the best interest of the City to keep him in the City. It is important to keep young
families, like the Mattsons, in the City especially when they contribute in such a positive manner.
Williams stated he liked Mr. Mattson and appreciates his contributions to the City, but that lie cannot
support this proposal as it is too big of a loss to the City. He feels that it sets a precedent. He would
rather see a house built on the property and have the benefit of the added tax base which is why these
lots were purchased in the first place. He also sees nothing wrong with small, well -kept houses on
small lots. In other parts of the country this type of housing is very much in demand.
Sclunitt said this offer is more than we are getting for the other lots if action is taken on the scattered
site lots that will be considered later in the meeting. She stated that a few other lots in the area are
bigger and she sees this as a benefit to the neighborhood.
Diehm felt that the Board should make their decision on the offer, not on who the person is, or that he is
affiliated with the City in some way. Szurek agreed with this statement.
EDA Minutes
Page 5
May 6, 2013
Public Hearing Opened.
Phil Epstein, 60145t" Avenue, questioned the lot size. He didn't believe it is a 40 ft lot. He said he has
an issue with how Mr. Mattson cares for his current lawn, and wonders how he will care for additional
property. However, he still believes it will make the property more attractive to have a larger yard and
will generally be an improvement for the neighborhood. It is better than constructing another house on
a small lot that would probably end up as rental and there is too much rental in that area now.
Ms. Seebach, 4503 Washington St. stated that whether or not he is a firefighter, he's young and we need
more young people in the community. She said there is too much rental in the neighborhood and too
many houses crammed onto small lots. She is in favor of Mattson purchasing the property.
Cory Geng, 4501 7"' St wants to see Mattson stay in the neighborhood. He watched Mattson rebuild on
his lot and he told the members that Mattson has been mowing the lot next door since it became vacant.
Geng said Mattson is a good neighbor and thinks the additional green space will improve the look of the
neighborhood more than another house crowded in.
John Seebach, 4503 Washington St lives across the street. He said he likes having the property vacant
and is opposed to having another HUD house or rental property built on it. He wants Mattson to have
this property as additional yard space.
Public Hearing Closed.
Motion by Nawrocki, seconded by Williams, to waive the reading of Resolution 2013 -05, there being
ample copies available to the public. All ayes. MOTIONPASSED.
Motion by Nawrocki, seconded by Diehm, to adopt Resolution 2013 -05, approving a purchase and
redevelopment agreement (including the sale of land) between the Columbia Ileights Economic
Development Authority and Corey Mattson. Roll Call: Ayes- Szurek, Schmitt, Diehm, Nawrocki, and
Peterson
Nays- Williams MOTIONPASSED.
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2013-05
RESOLUTION APPROVING A PURCHASE AND REDEVELOPMENT AGREEMENT
(INCLUDING THE SALE OF LAND) BETWEEN THE COLUMBIA HEIGHTS
ECONOMIC DEVELOPMENT AUTHORITY AND COREY MATTSON
BE IT RESOLVED By the Board of Commissioners ('Board ") of the Columbia Heights Economic
Development Authority ( "Authority ") as follows:
Section 1. Recitals.
1.01. The Authority has determines( a need to exercise the powers of a housing and redevelopment
authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ('EDA Act ").
EDA Minutes
Page 6
May 6, 2013
1.02. The Authority and Corey Mattson (the "Redeveloper ") have proposed to enter into a PURCHASE
AND REDEVELOPMENT AGREEMENT (the "Contract "), setting forth the terms and conditions of sale and
redevelopment of certain property owned by the Authority located at 4502 Washington Avenue NE and described
as Lot 14, Block 4, Gillette's Annex to Columbia Heights, Anoka County, Minnesota (the "Redevelopment
Property").
1.03. Pursuant to the Contract, the Redeveloper will acquire the Redevelopment Property and will
combine the Redevelopment Property with his existing property located at 4500 Washington Avenue NE into
a single lot for single family residential purposes and related single family accessory uses, consistent with the
City of Columbia Heights minor subdivision process, and subject further to the City's zoning and building
codes and policies (the "Lot Combination ") (upon completion the "Combined Property").
1.04. The activities of the Authority under the Contract implement housing goals of the City's
Comprehensive Plan: "Promote and preserve the single - family housing stock as the community's strongest asset"
and "Provide a variety of life -cycle housing opportunities within the community."
1.05. The Board has reviewed the Contract and finds that the execution thereof and performance of the
Authority's obligations thereunder father the goals of the Comprehensive Plan and are in the best interests of the
City and its residents.
Section 2. Authority Approval; Further Proceedings.
2.01. The Contract as presented to the Board, including the sale of the Redevelopment Property
described therein, is hereby in all respects approved, subject to modifications that do not alter the substance of the
transaction and that are approved by the President and Executive Director, provided that execution of the
documents by such officials shall be conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf of the Authority
the Contract and any documents referenced therein requiring execution by the Authority, and to carry out, on
behalf of the Authority its obligations thereunder.
2.03. Authority and City staff are authorized and directed to take all actions to implement the Contract.
Approved by the Board of Commissioners of the Columbia Heights Economic Development Authority this 6 "' day
of May, 2013,
President
ATTEST:
Secretary
EDA Minutes
Page 7
May 6, 2013
NEW BUSINESS
5. Scattered Site Contract
Cartney reminded members that at the April EDA meeting the Commission met with Pete Heryla and
John Rockwell of Remax and a representative of Timbercraft Homes. At this meeting lot prices,
housing styles and contracts were discussed. Staff explained that half the lots were shovel ready while
the other half still had to have the water lines redone to meet today's standard of one inch. Timbercraft
Homes also presented two concept drawings of homes that could be built on the scattered site lots with
the idea that the plan for 4303 Reservoir would come back to the EDA for approval.
At the meeting tonight the EDA is presented with the following:
1. Remax Synergy listing Agreement. This document is an agreement with the EDA and Pete
Heryla and John Rockwell to list the lots for sale at a sales price of $7,500 each with the
exception of 4303 Reservoir Blvd, which will be $35,000. The lots would be sold "as is" and
the price reduction reflects that some of the lots need additional site work. "There is also a clause
in this listing agreement that after one year if the house sales increase the lot listing prices may
increase.
2. Purchase and Redevelopment Agreement. This document is an agreement with the EDA and
Timbercraft Homes. A Purchase and Redevelopment Agreement will be filled out for the sale of
each lot. This agreement determines the sales price, the model home type and completion date.
3. Model Homes. Timbercraft Homes is providing 2 models for buyers to choose from. If the EDA
approves the models tonight then the Model Homes become part of the Purchase and
Redevelopment Agreement and will be approved as part of the building permit and will not
need additional EDA approval. The only lot that will need additional approval is 4303
Reservoir Blvd.
Cartney pointed out that the models proposed are smaller than our original guidelines and also
do not meet the requirements in the City Code. She reviewed the square footages of the
proposed homes with the members.
Clark told members that Mr. Herringer had called him and wanted to express his opinion on the
new proposal. He thinks if the proposal is accepted that the builder should make a good faith
effort to choose one of the lots that need some additional site work for their first home.
Staff recommends approval of the agreements as presented.
Questions from members:
Nawrocki asked if the City would net out $10,000 /lot or if expenses would be taken out of that. Cartney
said the $10,000 /lot figure was the figure discussed at the last meeting. Since that time the builder came
back with $7,500 /lot across the board as some need additional work and this price reduction would
cover those additional fees. She went on to say that commission and miscellaneous fees would come
out of that amount resulting in an approximate cash out of $5,705 per lot. Nawrocki then asked how
long from the time the builder purchases the lot that construction has to start. Cartney said that hadn't
FDA Minutes
Page 8
May 6, 2013
been discussed but a clause could be written in. The Builder suggested 60 days from the date of closing
on the lot.
Schmitt questioned the layout of the homes proposed. She asked if a buyer wanted a more open design
if that could be accommodated. The Builder said they would be flexible as long as the minimum
requirements are still being met. He asked if there would be a staff point person that could approve
such changes or if each change would have to be approved by the Board. The Board said staff could
approve changes as long as the minimum requirements are met.
Diehm questioned whether we would need to change the City Ordinance or if they would have to apply
for a variance. Diehm also stated she wanted to review the Purchase and Development Agreement
before voting on it and that it wasn't included in the packet. She went on to say that the proposed plan
is small, but acceptable because it does meet the 3 Bedroom requirement.
Williams said the goal is to improve our housing stock and this program does that so he supports the
agreements.
The minimum square footage for the footprint is currently 960 sf according to our City Ordinance.
Cartney said an amendment to the Ordinance could be made to allow a reduction of this requirement for
small lots. The timetable to accomplish this was discussed. It could go before the Planning & Zoning
Commission in June and then to the Council. The option to grant a variance for the first lot was
discussed so the builder could start construction if the agreements are all approved to allow time to
make the amendment to the Ordinance. The City will have to be the requesting party since the Builder
will not own the property in time for making the request for the June meeting.
Diehm suggested addressing the minimum finished space of the house rather than the footprint size.
Diehm then suggested we set a date for a special meeting to approve the final documents once she has
had a chance to review them and to add the clause that construction would begin within 60 days of the
closing.
Motion by Diehm, seconded by Peterson, to schedule a special meeting for Monday, May 13 °i at 6:45
pm prior to the regular City Council meeting. All ayes. MOTION PASSED.
6. Administrative Report
There was nothing further to discuss.
The next regular FDA meeting will be Monday, June 3, 2013 at City Hall at 6:30 pm
The meeting was adjourned at 7:15 pm.
Respectfully submitted,
Shelley Hanson
Secretary
ECONOMIC DEVELOPMENT AUTHORITY (EDA)
MINUTES OF THE SPECIAL MEETING OF
MAY 13, 2013 IN CONFERENCE ROOM 1
The meeting was called to order at 6:45 pm by Chair Peterson.
Members Present: Bruce Nawrocki, Gary Peterson, Donna Schmitt, Tammera Diehm, Marlaine
Szurek, and Bobby Williams.
Members Absent: Gerry I-Ierringer
Staff Present: Walt Fehst and Scott Clark.
2. PLEDGE OF ALLEGIANCE - RECITED
3. BUSINESS ITEMS
Scattered Site Contract
Clark reminded members that at the April EDA meeting the Commission met with Pete Heryla and
John Rockwell of Remax and a representative of Timbercraft Homes. At this meeting lot prices,
housing styles and contracts were discussed. Staff explained that half the lots were shovel ready while
the other half still had to have the water lines redone to meet today's standard of one inch. Timbercraft
Homes also presented two concept drawings of homes that could be built on the scattered site lots with
the idea that the plan for 4303 Reservoir would come back to the EDA for approval.
At the May 6, 2013 meeting the EDA discussed items 1 -3 below and essentially agreed to the items as
presented; the Purchase and Redevelopment Agreement was inadvertently left out of the packet so no
action was taken on any of the items, a formal action is requested tonight.
1. Remax Synergy listing Agreement. This document is an agreement with the EDA and Pete
Heryla and John Rockwell to list the lots for sale at a sales price of $7,500 each with the
exception of 4303 Reservoir Blvd, which will be $35,000. There is also a clause in this listing
agreement that after one year if the house sales increase the lot listing prices may increase.
2. Purchase and Redevelopment Agreement. This document is an agreement with the EDA and
Timbercraft Homes. A Purchase and Redevelopment Agreement will be filled out for the sale of
each lot. This agreement determines the sales price, the model home type and completion date.
3. Model Homes. Timbercraft Homes is providing 2 models for buyers to choose from. If the EDA
approves the models tonight then the Model Homes become part of the Purchase and
Redevelopment Agreement and will be approved as part of the building permit and will not
need additional EDA approval. The only lot that will need additional approval is 4303
Reservoir Blvd.
Staff recommends approval of the agreements as presented.
Questions /comments from members:
Nawrocki expressed his concerns regarding the agreements.
EDA Minutes
Page 2
May 13, 2013
Motion by Williams, seconded by Schmitt to approve and execute the Lisling Agreement with Remax
Synergy. All ayes. MOTION PASSED.
Motion by Williams, seconded by Schmitt to approve and execute the Purchase and Redevelopment
Agreement with Timbercraft Homes. All ayes. MOTION PASSED.
Motion by Schmitt, seconded by Szurek to approve the model homes as presented. All ayes. MOTION
PASSED.
4. Administrative Report
There was nothing further to discuss.
The next regular EDA meeting will be Monday, June 3, 2013 at City Hall at 6:30 pm.
The meeting was adjourned at 7:00 pm.
Respectfully submitted,
Scott Clark
Acting Secretary
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Meeting of: June 3, 2013
AGENDA SECTION: Consent
ORIGINATING
EXECUTIVE
NO:3
DEPARTMENT: EDA
DIRECTOR
APPROVAL
ITEM: Financial Report and Payment of Bills
BY: Sheila Cartney
BY:
DATE: May 14, 2013
BACKGROUND:
The Financial Report is for the month of April 2013 and Resolution 2013 -06 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 2013 -06 there being ample copies available to the public.
Move to approve Resolution 2013 -06, Resolution of the Columbia Heights Economic Development
Authority (EDA) approving the Financial Statement and Payment of Bills for the month of April 2013.
1tesolunon ana Pmanctai
EDA ACTION:
EDA RESOLUTION 2013 -06
RESOLUTION OF THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
(EDA) APPROVING THE FINANCIAL STATEMENT FOR APRIL 2013 AND PAYMENT OF
BILLS FOR THE MONTH OF APRIL 2013.
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 April 2013 has been reviewed by the EDA
Commission; and
WHEREAS, the EDA has examined the financial statements and 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 made a part of the permanent records of the
Columbia Heights Economic Development Authority.
Passed this 3`d day of June 2013
MOTION BY:
SECONDED BY:
AYES:
President
Attest By:
Shelley Hanson, Secretary
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COLUMBIA I-IEIGI -ITS ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Meeting of: June 3, 2013
AGENDA SECTION: Public Hearing
ORIGINATING
EXECUTIVE
NO:1
DEPARTMENT: EDA
DIRECTOR
APPROVAL
ITEM: Consider Sale of Scattered Site Lots —
BY: Sheila Cartney
BY:
Resolution 2013 -07
DATE: May 9, 2013
BACKGROUND:
At the May 13, 2013 Special Meeting the EDA approved a listing agreement with Remax Synergy to list
the 12 scattered site lots for sale, approved a purchase and redevelopment agreement with Timbercraft
Homes to build on said lots and approved two model homes which can be built on the lots with the
exception of 4303 Reservoir Blvd.
A public hearing is required when the EDA sells property; the public hearing has been advertised for
June 3, 2013. This Public Hearing lists all 12 properties being approved for sale that way the EDA does
not have to hold a Public Hearing every time there is a sale. The Resolution authorizes the sale of the
lots and the Purchase and Redevelopment Agreement that will accompany each sale. The property at
4303 Reservoir Blvd will still need EDA approval before it can be built on. At the public hearing the
EDA can discuss this item further and anyone from the public is able to speak to the item.
RECOMMENDATION:. Staff recommends approval of the sale as presented.
RECOMMENDED MOTION:
Motion: Move to waive Resolution 2013 -07, there being ample copies available to the Public.
Motion: Move to adopt Resolution 2013 -07 approving a Plan for conveyance of certain scattered site lots
owned by the Economic Development Authority.
EDA ACTION:
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2013 -07
RESOLUTION APPROVING PLAN FOR CONVEYANCE OF CERTAIN
SCATTERED SITE LOTS OWNED BY THE ECONONOMIC DEVELOPMENT
AUTHORITY
BE IT RESOLVED By the Board of Commissioners ('Board ") of the Columbia Heights
Economic Development Authority ( "Authority ") as follows:
Section I. Recitals.
1.01. The Authority has determined a need to exercise the powers of a housing and
redevelopment authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ( "EDA
Act "), and is currently administering the Downtown CBD Redevelopment Project ('Redevelopment
Project ") pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ( "HRA Act ").
1.02. Within the Redevelopment Project, the Authority and City have created the City -
Wide Scattered Site Housing Tax Increment Financing District (the "TIF District "), and the
Authority has acquired parcels within the TIP District described in Exhibit A hereto (the
"Subject Parcels ").
1.03. The Authority intends to convey the Subject Parcels to contractors that will construct
homes for sale to income - qualified buyers (or to qualified buyers for construction of their own
homes), and to that end has engaged the services of Re /Max Synergy (the "Broker ") to assist in that
process as more fully described in the Exclusive Right to Sell Listing Contract (the "Listing
Agreement').
1.04. On this date, the Board held a duly noticed public hearing regarding the plan for sale
of the Subject Parcels.
1.05. The Board has determined that sale of the Subject Parcels as described in this
resolution is in the best interest of the City and its residents.
Section 2. Sale of Subject Parcels Approved; Further Proceedings.
2.01. The Board approves the plan to sell the Subject Parcels in accordance with the
Listing Agreement.
2.02. The Board hereby ratifies approval and execution of the Listing Agreement.
2.03. Authority staff and consultants are authorized and directed to cooperate with the
Broker in seeking sales of the Subject Parcels, subject to the condition that before the EDA is
obligated to sell of any Subject Parcel, the Board shall approve a purchase and redevelopment
agreement with the buyer of that parcel (as described in the Listing Agreement).
Approved by the Board of Commissioners of the Columbia Heights Economic Development
Authority this day of June, 2013.
President
ATTEST:
Secretary
EXHBIT B
Subject Parcels
4011 5th Street NE
4108 7th Street NE
4448 Quincy Street NE
4235 Washington Street NE
4110 6th Street NE
4303 Reservoir Blvd NE
4039 5th Street NE
4421 5th Street NE
3842 Tyler Street NE
3846 Tyler Street NE
1309 Circle Terrace NE
4133 2nd Street NE
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Meeting of: June 3, 2013
AGENDA SECTION: Business Items
ORIGINATING
EXECUTIVE
NO:4
DEPARTMENT: EDA
DIRECTOR
APPROVAL
ITEM: Consider sale of 4421 5 °i Street —
BY: Sheila Cartney
BY:
Resolution 2013 -08
DATE: May 28, 2013
BACKGROUND:
At the May 13, 2013 meeting the EDA approved the following documents 1) a listing agreement with
Remax Synergy to list the Scattered site lots for sale, 2) a Purchase and Redevelopment Agreement with
Timbercraft Homes that will also be filled out with every sale, and 3)Two model homes for buyers to
choose from excluding the Reservoir Blvd lot.
Tonight before you is the first purchase of one of the scattered site lots, 4421 5`" street, by Timbercraft
Homes. As agreed the sales price is $7,500 and they propose to put model #1 on this property. This lot
already has an existing two -car garage and the correct water connections. They intend to finish
construction by the end of September. As agreed upon at the previous EDA meetings the city has
applied for a variance to the minimum floor area of 960 square feet on the main floor requirement for
this model, as proposed the main floor area will be 581 square feet. At the same Planning and Zoning
meeting staff is requesting an ordinance amendment to this requirement.
RECOMMENDATION: Staff recommends approving the sale.
RECOMMENDED MOTION:
Motion: Move to waive the reading of Resolution 2013 -08, there being ample copies available to the
public.
Motion: Move to adopt Resolution 2013 -08 approving a Purchase and Redevelopment Contract between
the Columbia Heights Economic Development Authority and Timbercraft Remodeling.
EDA ACTION:
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2013-08
RESOLUTION APPROVING A PURCHASE AND REDEVELOPMENT
CONTRACT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC
DEVELOPMENT AUTHORITY AND TIMBERCRAFT REMODELING
BE IT RESOLVED By the Board of Commissioners ( "Board ") of the Columbia Heights
Economic Development Authority ( "Authority ") as follows:
Section 1. Recitals.
1.01. The Authority has the powers of a housing and redevelopment authority, pursuant to
Minnesota Statutes, Sections. 469.090 to 469.108 ( "EDA Act"), and is currently administering the
Downtown CBD Redevelopment Project ( "Redevelopment Project ") pursuant to Minnesota
Statutes, Sections 469.001 to 469.047 ( "HRA Act ").
1.02. The Authority administers a scattered site housing program, under which the
Authority acquires residential property for resale to builders or individuals for construction of new
single family homes.
1.03. The Authority and Timbercraft Remodeling (the "Redeveloper ") have proposed to
enter into a Purchase and Redevelopment (the "Contract'), setting forth the terms and conditions for
sale of certain property within the Redevelopment Project located at 4421 5°i St. NE Street and
described as Lot 21, Block 18, Columbia Heights Annex to Minneapolis (the "Subject Property ").
1.04. On June 3, 2013, the Authority held a public hearing regarding conveyance of
various parcels owned by the Authority as part of the scattered site housing program -- including the
Subject Property - -at which all interested persons were given an opportunity to be heard.
1.05. The Board has reviewed the Contract and finds that the execution thereof and
performance of the Authority's obligations thereunder further the goals of the Redevelopment
Project and are in the best interests of the City and its residents.
Section 2. Authority Approval• Further Proceedings.
2.01. The Contract as presented to the Board is hereby in all respects approved, subject to
modifications that do not alter the substance of the transaction and that are approved by the
President and Executive Director, provided that execution of the documents by such officials shall
be conclusive evidence of approval.
2.02. The Authority approves conveyance of the Subject Property to the Redeveloper,
subject to satisfaction of all terms and conditions of the Contract, and authorizes and directs the
President and Executive Director to execute the deed and any other documents necessary to carry
out such real estate transaction.
2.03. Authority and City staff are authorized and directed to take all actions to implement
the Contract.
Approved by the Board of Commissioners of the Columbia Heights Economic Development
Authority this 3rd day of June, 2013.
ATTEST:
Secretary
2
President
PURCHASE AND REDEVELOPMENT AGREEMENT
1. Parties. This Purchase Agreement is made as of 6/4, 2013 between the COLUMBIA
HEIGI -ITS ECONOMIC DEVELOPMENT AUTH6RITY, as public body corporate and
politic under the laws of Minnesota having its office located at 590 40TH Avenue NE,
Columbia Heights, MN (the "Seller "), and Timbercraft Enterprises, Inc. (the "Buyer ").
2. Offer /Acceptance. Buyer offers to purchase and Seller agrees to sell real property
legally described as follows (the "Property"):
44215 1h Street NE — Columbia Heights, MN 55421
Col Hts Annex to Mpls, Anoka County, Minnesota, Lot 21, Block 18
3. Price and Terms. The price for the Property is $7500.00 which Buyer shall pay as
follows: Earnest money of $500.00 by check, receipt of which is hereby acknowledged
by Seller, and the balance o£ 70$ 00.00 to be paid by certified check on the Date of
Closing. The "Date of Closing" shall be 6/20/13, or such other earlier or later date as the
parties mutually agree.
4. Personal Property Included in Sale. There are no items of personal property or fixtures
owned by Seller and currently located on the Property for purposes of this sale.
5. Deed. Upon performance by Buyer, Seller shall deliver a quit claim deed conveying title
to the Property to Buyer, in substantially the form attached as Exhibit A (the "Deed ").
6. Real Estate Taxes and Special Assessments. The parties agree and understand that the
Property is exempt from real estate taxes for taxes payable in the current year. Seller
shall pay on bate of Closing all special assessments levied against the Property as of the
421009v4 C1,205 -49
date of this agreement, including those certified for payment with taxes due and payable
in 2013. Seller represents that there are no special assessments pending as of the date of
this agreement. if a special assessment becomes pending after the date of this agreement
and before the Date of Closing, Buyer may, as Buyer's option:
A. Assume payment of the pending special assessment without adjustment to the
purchase agreement price of the Property; or
B. Require Seller to pay the pending special assessment and Buyer shall pay a
commensurate increase in the purchase price of the Property, which increase shall
be the same as the estimated amount of the assessment; or
C. Declare this agreement null and void by notice to Seller, and earnest money shall
be refunded to Buyer.
7. Closing Costs and Related Items. The Seller shall be responsible for the following costs:
(a) recording fees and conservation fees for all instruments required to establish marketable
title in Seller; (b) deed transfer taxes and conservation fees required to be paid in connection
with the Deed be given by Seller; and (c) Seller's broker fees. Buyer shall be responsible
for the payment of the following costs: (d) recording fees required to be paid in connection
with the Deed to be given by Seller; (e) the cost of the registered property abstract or
updated abstract, or in the absence of an abstract, the cost of the premium for an owner's
policy of title insurance, and (f) closing fee, if any. Each party shall be responsible for its
own attorneys' fees and costs.
S. Sewer and Water. Seller warrants that city sewer is available at the Property line, and
that city water is available in the right of way adjacent to the Property. Seller makes no
warranty regarding the conditions of any existing water stub from the main to the
Property line. Seller advises Buyer to inspect the condition of the water stub.
9. Condition of Property. Buyer acknowledge that they have inspected or have had the
opportunity to inspect the Property and agree to accept the Property "AS IS." Buyer has
the right, at its own expense to take soil samples for the purpose of determining if the soil
is suitable for construction of the dwelling described in section 14 below. If the soil is
determined to be unacceptable the Buyer may rescind this agreement by written notice to
the Seller, in which case the agreement shall be null and void and all earnest money paid
hereunder shall be refunded to the Buyer. Seller makes no warranties as to the condition
of the Property.
10. Marketability of Title. As soon as reasonably practicable after the date of this
Agreement, Seller shall furnish to Buyer a registered property abstract or an updated
abstract of title to the Property, certified to date to include proper searches covering
bankruptcies, state and federal judgment and liens. In the absence of an abstract of title,
the Seller will provide a title commitment and title insurance. Buyer shall have fifteen
(15) business days after receipt of the abstract or title commitment to examine the same
2
4210090 CL205 -49
and to deliver written objections to title, if any, to Seller. Seller shall have the greater of
(i) the number of days remaining until the Date of Closing or (ii) thirty (30) days to have
such objections removed or satisfied.
11. Title Clearance and Remedies. If Seller shall fail to have title objections timely
removed, the Buyer may, at its sole election: (a) terminate this Agreement without any
liability on its part; in which event the earnest money shall be promptly refunded in
exchange for a quit claim deed to the Property from Buyer; or (b) take title to the Property
subject to such objections.
If title is marketable, or is made marketable as provided herein, and Buyer defaults in any
of the agreements herein, Seller may elect either of the following options, as permitted by
law:
A. Cancel this contract as provided by statute and retain all payments made
hereunder as liquidated damages. The parties acknowledge their intention that
any note given pursuant to this contract is a down payment note, and may be
presented for payment notwithstanding cancellation;
B. Seek specific performance within six months after such right of action arises,
including costs and reasonable attorney's fees, as permitted by law.
If title is marketable, or is made marketable as provided herein, and Seller defaults in any
of the agreements herein, Buyer may, as permitted by law:
C. Seek damages from Seller including costs and reasonable attorney's fees;
D. Seek specific performance within six months after such right of action arises.
12. Well Disclosure. Seller certifies that Seller does not know of any wells on the Property.
13, Individual Sewage Treatment System Disclosure. Seller certifies that there is no
individual sewage treatment system on or serving the Property.
14. Construction and Sale of Dwelling. Buyer agrees that it will construct a new single
family dwelling on the Property, intended for sale to a person or persons for residential
occupancy (an "Owner Occupant "). This covenant shall survive the delivery of the Deed.
A. The single family dwelling described in this Section is referred to as the
"Minimum Improvements."
B. The Minimum Improvements shall consist of a house with approximately 1169
square feet, 3 bedrooms, and shall be constructed substantially in accordance with
the general plans for Timbercraft Model on file in City Hall. Construction of the
Minimum Improvements must be substantially completed by 9/20, 2013.
421009v4 CL205 -49
Construction will be considered substantially complete when the final certificate
of occupancy has been issued by the City of Columbia Heights building official.
C. Promptly after substantial completion of the Minimum Improvements in
accordance with those provisions of the Agreement relating solely to the
obligations of the Buyer to construct such Minimum Improvements (including the
date for completion thereof), the Seller will furnish the Buyer with a Certificate of
Completion for such improvements. Such certification by the Seller shall be (and
it shall be so provided in the Deed and in the certification itself) a conclusive
determination of satisfaction and termination of the agreements and covenants in
the Agreement and in the Deed with respect to the obligations of the Buyer and its
successors and assigns, to construct the Minimum Improvements and the dates for
completion thereof.
The certificate provided for in this Section of this Agreement shall be in such
form as will enable it to be recorded in the proper office for the recordation of
deeds and other instruments pertaining to the Property. If the Seller shall refuse or
fail to provide any certification in accordance with the provisions of this Section,
the Seller shall, within thirty (30) days after written request by the Buyer, provide
the Buyer with a written statement, indicating in adequate detail in what respects
the Buyer has failed to complete the Minimum Improvements in accordance with
the provisions of the Agreement, or is otherwise in default, and what measures or
acts it will be necessary, in the opinion of the Seller for the Buyer to take or
perform in order to obtain such certification.
D. The Buyer represents and agrees that until issuance of the Certificate of Completion
for the Minimum Improvements:
(1) Except for any sale to an Owner Occupant, the Buyer has not made
or created and will not make or create or suffer to be made or created any total or
partial sale, assignment, conveyance, or lease, or any trust or power, or transfer in
any other mode or form of or with respect to this Agreement or the Property or
any part thereof or any interest therein, or any contract or agreement to do any of
the same, to any person or entity (collectively, a "Transfer "), without the prior
written approval of the Seller's board of commissioners. The term "Transfer"
does not include encumbrances made or granted by way of security for, and only
for, the purpose of obtaining construction, interim or permanent financing
necessary to enable the Buyer or any successor in interest to the Property, or any
part thereof, to construct the Minimum Improvements or component thereof.
(2) If the Buyer seeks to effect a Transfer to any person or entity other
than an Owner Occupant prior to issuance of the Certificate of Completion, the
Seller shall be entitled to require as conditions to such Transfer that:
(i) any proposed transferee shall have the qualifications and
financial responsibility, in the reasonable judgment of the Seller, necessary
421009v4 CL205 -49
and adequate to fulfill the obligations undertaken in this Agreement by the
Buyer as to the portion of the Property to be transferred; and
(ii) Any proposed transferee, by instrument in writing
satisfactory to the Seller and in form recordable in the public land records
of Anoka County, Minnesota, shall, for itself and its successors and
assigns, and expressly for the benefit of the Seller, have expressly assumed
all of the obligations of the Buyer under this Agreement as to the portion
of the Property to be transferred and agreed to be subject to all the
conditions and restrictions to which the Buyer is subject as to such portion;
provided, however, that the fact that any transferee of, or any other
successor in interest whatsoever to, the Property, or any part thereof, shall
not, for whatever reason, have assumed such obligations or so agreed, and
shall not (unless and only to the extent otherwise specifically provided in
this Agreement or agreed to in writing by the Seller) deprive the Seller of
any rights or remedies or controls with respect to the Property, the
Minimum Improvements or any part thereof or the construction of the
Minimum Improvements; it being the intent of the parties as expressed in
this Agreement that (to the fullest extent permitted at law and in equity
and excepting only in the manner and to the extent specifically provided
otherwise in this Agreement) no transfer of, or change with respect to,
ownership in the Property or any part thereof, or any interest therein,
however consummated or occurring, and whether voluntary or involuntary,
shall operate, legally, or practically, to deprive or limit the Seller of or with
respect to any rights or remedies on controls provided in or resulting from
this Agreement with respect to the Property that the Seller would have had,
had there been no such transfer or change. In the absence of specific
written agreement by the Seller to the contrary, no such transfer or
approval by the Seller thereof shall be deemed to relieve the Buyer, or any
other party bound in any way by this Agreement or otherwise with respect
to the Property, from any of its obligations with respect thereto.
(iii) Any and all instruments and other legal documents
involved in effecting the transfer of any interest in this Agreement or the
Property governed by this subsection E. shall be in a form reasonably
satisfactory to the Seller.
(3) If the conditions described in paragraph (2) above are satisfied then
the Transfer will be approved and the Buyer shall be released from its obligation
under this Agreement, as to the portion of the Property that is transferred,
assigned, or otherwise conveyed. The provisions of this paragraph (3) apply to all
subsequent transferors.
(4) Upon issuance of the Certificate of Completion, the Buyer may
Transfer the Property and /or the Buyer's rights and obligations under this Agreement
421009A CL205 -49
with respect to such Property without the prior written consent of the Seller [, except
to the extent required under paragraph F of this Section].
E. The Buyer, and its successors and assigns, agree that they (a) will use the
Minimum Improvements only as a single family dwelling, and in the case of an
Owner Occupant, will occupy the Property as a residence, (b) will not rent the
Property to any person or entity, (c) will not seek exemption from real estate taxes
on the Property under State law, and (d) will not transfer or permit transfer of the
Property to any entity whose ownership or operation of the Property would result
in the Property being exempt from real estate taxes under State law (other than any
portion thereof dedicated or conveyed to the City of Columbia heights or Seller in
accordance with this Agreement). The covenants in this paragraph run with the
land, survive both delivery of the Deed and issuance of the Certificate of
Completion for the Minimum Improvements, and shall remain in effect for 10 years
after the Date of Closing.
F. The Buyer shall use its best efforts to convey the Property (either before or after
issuance of the Certificate of Completion) to an Owner Occupant whose household
income does not exceed (a) 100% of median income in the case of one or two
person household Owner Occupants, or (b) 115% of median income in the case of
three or more person Owner Occupants. The term "median income" means the
median income in the seven -county metropolitan area, or the State as a whole,
whichever is greater, using income data available from the Minnesota Housing
Finance Agency as of the date of closing on sale to the Owner Occupant. Prior to
closing on sale the Property by Buyer to an Owner Occupant, Buyer shall:
(1) Notify the Seller in writing whether the proposed Owner Occupant will
meet the income qualifications under this paragraph; and
(2) If the proposed Owner Occupant will not meet the income limits,
describe Buyer's efforts to find an income - qualified buyer; and
(2) If the proposed Owner Occupant will meet the income limits, submit to
Seller evidence of Owner Occupant's income in a form satisfactory to Seller,
evidencing compliance with the income limits described above. The covenant in
this Section applies only to the first sale of the Properly to an Owner Occupant, and
does not apply to any subsequent sale by an Owner Occupant to any other person or
party,
15. Revesting Title in Seller upon Happening of Event Subsequent to Conveyance to
Buyer. In the event that subsequent to conveyance of the Property or any part thereof to the
Buyer and prior to receipt by the Buyer of the Certificate of Completion for of the Minimum
Improvements, the Buyer, subject to Unavoidable Delays (as hereafter defined), fails to
cant' out its obligations with respect to the construction of the Minimum Improvements
(including the nature and the date for the completion thereof), or abandons or substantially
0
4210090 CL205-49
suspends construction work, and any such failure, abandonment, or suspension shall not be
cured, ended, or remedied within thirty (30) days after written demand from the Seller to the
Buyer to do so, then the Seller shall have the right to re -enter and take possession of the
Property and to terminate (and revest in the Seller) the estate conveyed by the Deed to the
Buyer, it being the intent of this provision, together with other provisions of the Agreement,
that the conveyance of the Property to the Buyer shall be made upon, and that the Deed shall
contain a condition subsequent to the effect that in the event of any default on the part of the
Buyer and failure on the part of the Buyer to remedy, end, or abrogate such default within
the period and in the manner stated in such subdivisions, the Seller at its option may declare
a termination in favor of the Seller of the title, and of all the rights and interests in and to the
Property conveyed to the Buyer, and that such title and all rights and interests of the Buyer,
and any assigns or successors in interest to and in the Property, shall revert to the Seller, but
only if the events stated in this Section have not been cured within the time periods
provided above.
Notwithstanding anything to the contrary contained in this Section, the Seller shall have no
right to reenter or retake title to and possession of a portion of the Property for which a
Certificate of Completion has been issued.
For the purposes of this Agreement, the term "Unavoidable Delays" means delays beyond
the reasonable control of the Buyer as a result thereof which are the direct result of strikes,
other labor troubles, prolonged adverse weather or acts of God, fire or other casualty to the
Minimum Improvements, litigation commenced by third parties which, by injunction or
other similar judicial action, directly results in delays, or acts of any federal, state or local
governmental unit (other than the Seller in exercising its rights wider this Agreement)
which directly results in delays. Unavoidable Delays shall not include delays in the Buyer's
obtaining of permits or governmental approvals necessary to enable construction of the
Minimum Improvements by the dates such construction is required under this section of this
Agreement.
16. Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in the
Seller of title to and /or possession of the Property or any part thereof as provided in Section
16, the Seller shall apply the purchase price paid by the Buyer under Section 4 of this
Agreement as follows:
(a) First, to reimburse the Seller for all costs and expenses incurred by the Seller,
including but not limited to proportionate salaries of personnel, in connection with
the recapture, management, and resale of the Property or part thereof (but less any
income derived by the Seller from the Property or part thereof in connection with
such management); all taxes, assessments, and water and sewer charges with
respect to the Property or part thereof (or, in the event the Property is exempt from
taxation or assessment or such charge during the period of ownership thereof by
the Seller, an amount, if paid, equal to such taxes, assessments, or charges (as
determined by the Seller assessing official) as would have been payable if the
Property were not so exempt); any payments made or necessary to be made to
421009v4 CL205.49
discharge any encumbrances or liens existing on the Property or part thereof at the
time of revesting of title thereto in the Seller or to discharge or prevent from
attaching or being made any subsequent encumbrances or liens due to obligations,
defaults or acts of the Buyer, its successors or transferees; any expenditures made
or obligations incurred with respect to the making or completion of the Minimum
Improvements or any part thereof on the Property or part thereof; and any amounts
otherwise owing the Seller by the Buyer and its successor or transferee; and
(b) Second, to reimburse the Buyer for the balance of the purchase price remaining
after the reimbursements specified in paragraph (a) above. Such reimbursement
shall be paid to the Buyer upon delivery of an executed, recordable warranty deed
to the Property by the Buyer to the Seller.
17. Time is of the essence for all provisions of this contract.
18. Notices. All notices required herein shall be in writing and delivered personally or
mailed to the address shown at paragraph 1 above and, if mailed, are effective as of the
date of mailing.
19. Minnesota Law. This contract shall be governed by the laws of the State of Minnesota.
20. Specific Performance. This Agreement may be specifically enforced by the parties,
provided that an action is brought within one year of the date of alleged breach of this
Agreement.
21. No Remedy Exclusive. No remedy herein conferred upon or reserved to the Seller or
Buyer is intended to be exclusive of any other available remedy or remedies, but each and
every such remedy shall be cumulative and shall be in addition to every other remedy given
under this Agreement or now or hereafter existing at law or in equity or by statute. No
delay or omission to exercise any right or power accruing upon any default shall impair any
such right or power or shall be construed to be a waiver thereof, but any such right and
power may be exercised from time to time and as often as may be deemed expedient.
22. No Merger of Representations, Warranties. All representations and warranties contained
in this Purchase Agreement shall not be merged into any instruments or conveyance
delivered at closing, and the parties shall be bound accordingly.
23. Recording. This Agreement shall be filed of record with the Anoka County Registrar of
Titles or Office of Recorder, as the case may be. Buyer shall pay all recording costs.
4210090 CL205.49
In witness of the foregoing, the parties have executed this agreement on the year and date
written above.
SELLER: COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
By: By
Its President
STATE OF MINNESOTA
} ss.
COUNTY OF ANOKA
Its Executive Director
The foregoing was acknowledged before me this day of 20 , by
and the President and Executive Director
of Columbia Heights Economic Development Authority, a public body corporate and politic
under the laws of Minnesota, on behalf of the public body corporate and politic.
S -1
421009A CL20549
BUYER.:
M
STATE OF MINNESOTA
} ss.
COUNTY OF ANOKA
Date
The foregoing was acknowledged before me this _
, the of
on behalf of the
This document drafted by:
Kennedy & Graven, Chartered
470 U.S. Bank Plaza
Minneapolis, MN 55402
S -2
421009v4 CL20549
day of 20_, by
a Minnesota
SE4I:15R '6.01861 -08UH? AL'taRNATIVES '
Tnlslw e� ved DydwWnnosataAecoelan0n.of n9AMR6°,
yplkndydNneoiryllab %kiadangoulof as ornitme of sale loon.
®fol2binrce9otaaccodaYnnvi nEAl9Aa8^, VIM, MN
1, Date.
P. Pagel -oi a '.: pages ..
Q. Properly located at • • ^ - ...
4. City of gu-A u .i t hba ; Countyct ? ° Stated Mlnriesote.
5. NOYICSr• SellarsdrestdaliUalpropeity,wtiti limited e>;copVOhs;areobligatedlosalisfy
the rwdtltsn�dis losure to the '
.8. 613;S2 through 615,60,. To comply with the statute, 8eifermu4t provide atthor'a
7. pro'sryeotive B,uyer(soe Seller's prop'srtyA(sbfasurb S[atenlont?oreatlsfy.one attire following two options:
6. (so/gut p6Aopilon on1Y) .
0; ,1) p'. QUAIdPIEO THIROd?ARTY INSPECTION; Seller. shall provide to ;Prospective Buyer's wditen report that
10, discloses nm6rlaf infordation relating to ilia real properlyihalpas been prepared by a quw1fled third party.
i.L "Qualllled third party" treahs a federal„ state or local goyerniuental agency, or,a't1y person wiwm Seller or
M pr9spective'8uyer reasonably beifaves has the o>vodlse ne'c'essary tomselihalrutustry standdrds of pao.lho prrolho
13. 'forlhe type of inspection or Investigation that, has been conducted by tile third party In order to Pre
14. w0den report,
16, S'eilersfiall disclose 10 prospeotive 8uyermateriat feats known by Sellst 'thatcoirtradtgtahyrnforinatlon
10. MOOD included In a Written report, or material facts known by Setter that are not Included In the
17. report. '
lit. The' inspa011onreportwaspraparedby
19,
20, and -dated
2t. Selferdiscloses to euyerthof ollowi ng material facts lmown by Sailarthal contradict any information Included
22. inthe shove referenced Inspection report.
23,
24,
26:
27. Salter discloses to Buyer the following materlal facts known by $eller that are not Included In rho above
28. reforenoedinepoollon report,
29.
a1,
32:. :. ..
33, WAIV. ER:(he written discicsure required may bewelved11SoUntnadlim peative5uyeeagreeInwriting .Seller
34. and 8u)14 hereby Waive the ivfitlori disclosure rsquiredunder MN:Slatutes 51, 3.62 through 613.6%
36. Nola: if boI6 Sellerand prospec6i anI yet agred,16 wrillfig,10 waNe thevrriilon diadosuro required fielder
36. MN Statutes 613.82 through 513,60. Sellarls�not obligated to disclose ANY materlai facts of Which .Soper
37; Is aware that oouid adverooly.anId slgniflcanfly ai(oot the 4uyeeic use or enjoyment of the property or'ari)f
38. Intended use of the property other than those dlsciosttm requtrementht created by spy other law. Soharie
39, n6t'06166ted to updsle.euyar on'any changes made to rnaleda('facts of which 'Salk is aware that could'
40. adversely and signllicontiy ailect Iha Buyer's use or en)oymmu of lhd property or any intended use of Ilia
0, proporty'that occur, . other than those disclosure requlromenfscroated by any other law-
42. Waiver of the disdasurs required under MN Statutes 513,52 ihrough 618.30 does 1101 waive, limit or
43, abridge any obligation'fdr Sailor disclosure created by any tither law.
MN:SeA -I ;(10112)
$ELLEA'$ QISC40SUF1E ALTEANATIVE�5
- AA. page's
45. Properly located at
46, OTHER AEQUIRED OMO.LOSURPS. ,
47, NOTE In addition to eisoling�one of the sbnve aJtorna8vas to the material fact dtsctosure; Minnesota Fab also
46, requires sellereto provide other disold'sures to prospoottva huyors, ouch asihose:dlffclosures lisledbolow.
40. Additionally, glare may heomerrequlreddisclosuresbyFederal ; state, localar other.govemptentedentities
50, . that are hottisted below.
51.. A. SUBSURFACE SEWAGE Tl; ENT M ,ENT SYSTEM DISCLOSURE: (A subsurface sewage treatment system
52, disclosure Is required by.MN Sfafula 115,96.) (Qhack (Ppfopdate box)
53. Seller6 erli8es that 8eger[] DOES ]DOES NOT imow of a subsurface sewage troatmentsyetem on or 'serving
"'r�OCaO "B'1 require a state permll, $od
54, tine obove•desprlhed, real propgrty.Itf answer 1s DOES, and the system dose not roq '
85. Subsor7ace Sewage iroarmsnt Syffiem Disclosure Statement.)
50. C] Them(sa subsurface sawagatrealment' systemon orsohririg 111eabove•desa3bed foal properly.
57, (See SUbsur(aea Sewage Treatment System Dlsolosura Smfement)
56. [( ThereIsan abandoned sub6urfacesewage treatment cyclone onUtaaboue !described real properly.
5g, (See Subsudaoe Go wage Treatment Syafour Disclosure Steromdrit
60: B, fink E WE6.L DISOLOSUREi (A wall dlsclosUia end Certificate are required by MN Statute 1091:255.)
61, (chedk appropriate box)
62, 1@ Seller carWies that Seger doesnotknow of any wells on the above-dasorded real properly.
63, Q Seller car lies there are one or more wells Iodated on the, above -described relal property.
64. (See wen Dlsotosuro Statement,)
65. Are there any wells serving the above• desdribedpropOrlyihatalenotlocatedontheproperiy? []Yes C] No
60. Contaminated Welitis there a well on or serving the property that contains contaminated water? EIYes QNo
67. To your knowiedg' e, is the property Inb. Special Well ConstruollonArea? []Yes ❑No
68. Comments:
us. C. VALUATION EXCLUSION' DISCLOSURE: (Required by MN Slalure 273,11, Subd. 16)
70, There 015 X IS NOT an exclusion from market va(oo for home improvements on the properly. Any valuallon
....ns Caro wnigati• rises
71. exotusbnshalRerinNale upon sale. oliheproperty, arltlVteproperly' sest imatedmarkelvaluoidrpmpody taapurp
72. shall' fncronse. If a valuation exciuslon exists, Buyers are encouraged to look into the 'resulting tax
73. conscquences,
74, Additional comments:
75.
781 D, METHAMPNETAMINE PRODUCTION DISOLOSUAM .
77. (A megtamphelamino production disclosure is required by MN Statute 152.0275, Subd.2 (m).)
78, 0 Seller is not aware of any merhamphetamtna production that has ocourrod on the properly.
70. ❑ Saherls aware that met hamphetamine production has occurredon the property.
80, (Sae Mefhamphslamlae ProdacNon Disclosure Srelement) -
81, h. NOTICE REGARDING AlkPORTZONINQ REGULATIONSi The properly mpayPOlin or nearanairporl safetyzone
82, withzoningregulalionsadoptedbythego0arningbodythatmayalteclthe properly. ouoliketod determine
83. 'filed with the county recorder In each county where the zoned bran Is located. Ityouvvoutd l8co to determino If ouch
84. zoning regulallorts Wool the property, you should contact the county recorder where the zoned area Islocated.
MN:3M2 (101M.
I1PAS 000
SELLER'S il1SOL QSURB AMIFINATTIVES
86, patio 3 .. .:
86, Propartybcaledat LA 4il 50% 61nia41 > Z L6-k-A0A ln N�ietr7s,` M0 s2"�'k
87. F NOT( CERCGARDINgCAft6ANMONCXItlSDE 'I'EC7ARS.
88. MN Statute 289F61 requires Oadwn Monoxide Detectors to be,lopated witiNrt ten (i0),1601! (MM All sleeg{ng
89. room's. Carbon Monoxtds Detectors may or may Apt bepeisanaf property and may or may not be'included In the -
90. sale Ol thetome. .
9t. G. 'WATER :INTRUSION AND MOLD GROWTH: Hecent studies hays siiown that various fame's of water intmelon
02. Affect many homes.Waler Ir" slon mayoccurfmaq adoriormdsture' entering the frame And)WInteHormoletwo
93. leaving (hs homed
94. BXamp106 of exterior moisture soumos may be
96, • Irtipropertfeshingaroundwindowsanddoors,
96. • Impropergrading,
07, • flooding; '
98. toot leaks.
98, Cxamples of Interior rdolsture sources may be
100. • pfdmbinglea*
101, i conderisaden {caused by indoor humidity that is too high orsudaces that are too cold),
102, overflow from tubs, sinks or toilets,
to$ drewood stored Indoors,
104. humkltferuse,
105. • Inadego'ale venlBlg of kllohon and bath humidity, .
196. Improper venting of clothes dryarexhaust Outdoors (Including eleottical dryers),
107. • line-drying laundry indoors,
108. • housep(anta- watering liters can generate (ergo amounts of moisture.
108. Inaddh io.lhe possible structural damage water Intrusion may do to the prdpeily, water Imrualon may also result
110, in the growth of mold, mildew and other fungi: Mold growth may also cause strdolural damage to the proporty.
111, Theref ore, Y is very Important to detect and remeciate water Intrusion problems.
112. Funglaropresent everywhereinourenvironment ,boil11ndoors and oUldoOfS -MW molds are. beneficial to humans.
118. Havever, molds hivotfie ability to produce mycbtoxlns.lhaimay have apoondal tocause sedoushea(th problems,
114, particularly In some Immunocompromised Indlvidnble and people who have asthma or allergies to mold.
116. Tocomplloalamatter$, mold grovvlhls often difficult todet act, asNirequen8y grows within me.walistruotu to. Ityou
116. have a concern About water Intrusion or the resulting moWhlldewllungi growth; you may ivanito consider having
117. the property inspected for moisture problems before entering Into d purchase agreement or as a condition of yo. ur
118. purchase agreement, Such an analysis is particularly advisable 9you obsorvo staining or any musty odors on the
119. property. . .
120. For additional Information about water Intrusion, Indoor sir, quit moisture or mbld Issues, please view the
121. Minnesota Association of REALTOW Desktop Reference Qldde aewwW rrMrealtorcom.
122: H. NOTICE, REGARDING PCtEoao.hy, DKFmDERJNFORMATIM. Information regarding tits predatory
128, offender registry and Parsons reglslored with the predatory. olfonder reglsiry under MN statute 248.188
124. may beobtainedbyoontaot ingthalocal. IawonforoementoglOesintbecommunilywit "O the Property .is
126, locatedoriheMlnnesota Department of Corrections at( 661) 381. 7200. or from the Depatmentof Carrecllons
128, we 6,ilteotwynwooiT.state.mn.11s.,
127. I. ADDITIONALREAUiREODISOLOSURCS (e.g.,nity,munrolpal,county);
128.
129.
130.
131. I{
132, I.
exdsnaa 0onaj
1 fume
s Lf SR's ofscl aSURE ALURfATI ES'
.. .. .133; Page 4. .. .
134. J. SELLER'S STATEMENT:
136. (ro'beswoo4tumeoyllsfing•) ogj this hansAellontoprovlde
• 136; Setler(s)hardyaulhorizeeanyl( tenses (s) ,representingorassislhganypa y(I ).
137.' Acopy of IN
Olsolosure to' any person of entity In connoogon wl ny aclu or an pAted mI0.Of the property.
(DOW).
13a, (sour) :. Pao),
139. K. BUYER'S/CKNOWLEOt3EMENT`Y: .
140. (Tobe'stonedatiimoolpur6Naeo .agreement.)
141; IMIe; iha 86yogs) of the'property, aolmowledgo, recefptof. this SELLERS oISOi oSURE ALTERNATNES form
i42. and agraa, tcthsseli ova dt selasureop8onselectedhtthf sfamIlWOfur itieragree that noMp romniatl one rogarding
140, in Martel 'facts have been made, other than'those made In thts form.
144. (Dale) (acrid Nee)
leWri .
145. L. SELLER'S ACKNOWLEDGEMENT;
146. (TO beef onedatdMe'otpurahaseagreemenr.)
147. AS.Op THE UA7L BELOW, the Seflor(s)of the property, slate that the MkOthil Isola are the same, except
148, for chang' ea as ludfoated below, WWOH have Neap aignedanddaled'
149,
16g.
151.
152:
183,
164.
(oao)
(sale,!
156, LISTINGRROKER. ANDI JCENSES $ MAKE NOREPRESENTATIONSAWDARE
157, NOT RESPONSIBLE M1 ANY 60NotTION9 RAVING INTHE PROPERTY.
MNZOA4 (10112)
jtprins"
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Meeting of: June 3, 2013
AGENDA SECTION: Business Items
ORIGINATING
EXECUTIVE
NO:5
DEPARTMENT: EDA
DIRECTOR
APPROVAL
ITEM: Resolution 2013- 09 Affirming Blight
BY: Scott Clark
BY:
Determination- 3927 Central Ave.
DATE: May 28, 2013
BACKGROUND: In July or August of this year staff will be initiating the demolition of the Mady's
building at 3927 Central Ave. North. An important consideration in this demolition is for the Economic
Development Authority (EDA) to make, by resolution, a blight determination regarding the condition of
the existing building. By doing this, the EDA preserves the right to include the building for up to three
years, as part of the calculations for the establishment of a tax increment redevelopment district. If the
determination is not made prior to the demolition, the EDA loses the ability to consider making this a
redevelopment district as no structures would exist on the property. The test for the blight determination
was done based on State statute and existing policies, and has been reviewed by the EDA Attorney.
RECOMMENDATION: Staff recommends the motion as written.
RECOMMENDED MOTION:
Motion: Move to waive the reading of Resolution 2013 -09 there being ample copies available to the
public
Motion: Move to Approve
structurally substandard.
Attacnments: rces
EDA ACTION:
Resolution 2013 -09, Designating the building at 3927 Central Avenue as
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2013 -09
DESIGNATING BUILDING AT 3927 CENTAL AVENUE
ASSTRUCTURALLYSUBSTANDARD
BE IT RESOLVED By the Board of Commissioners (Board ") of the Columbia Heights
Economic Development Authority ('Authority") as follows:
Section 1. Recitals.
1.01. Under Minnesota Statutes, Section 469.174, subd. 10(d), the Authority is authorized
to deem parcels as occupied by structurally substandard buildings despite prior demolition or
removal of the buildings, subject to certain terms and conditions as described in this resolution.
1.02. The Authority previously acquired the property at 3927 Central Avenue in the City
(the "Designated Property ") and intends to cause demolition of the building located on that
properly.
1.03. The Authority may in the future include the Designated Property in a redevelopment
or renewal and renovation tax increment financing district as defined in Minnesota Statutes.
Sections 469.174, Subd. 10 and Subd. 10a, and to that end has determined to designate the existing
building on the Designated Property to be substandard prior to demolition.
Section 2. Building Designated Substandard, Proceedings.
2.01. The Authority finds that the building on the Designated Property is structurally
substandard to a degree requiring substantial renovation or clearance, based upon the following:
(a) "Report of Inspection Procedures and Results for Determining Qualifications of a
Tax Increment Financing District as a Redevelopment District," dated October 17, 2005,
prepared by LITB, Inc.
(b) "Tax Increment Financing Eligibility Assessment, 3927 Central Avenue, Columbia
Heights, MN," dated May 22, 2013, prepared by City Community Development Director, Assistant
Community Development Director, and Building Official (which updated the 2005 study prepared
by LI-IB).
2.02. After the date of approval of this resolution, the building on the Designated Property
may be demolished or removed by the Authority, or such demolition or removal may be financed
by the Authority, or may be undertaken by a developer under a development agreement with the
Authority.
2.03. The Authority intends to include Designated Property in a redevelopment or renewal
and renovation tax increment financing district, and to file the request for certification of such
district with the Hennepin County auditor within three years after the date of building demolition on
4237970 CL205 -36
the Designated Properly.
2.04. Upon filing the request for certification of the new tax increment financing district,
the Authority will notify the Anoka County auditor that the original tax capacity of the Designated
Property must be adjusted to reflect the greater of (a) the current net tax capacity of the parcel, or
(b) the estimated market value of the parcel for the year in which the building was demolished or
removed, but applying class rates for the current year, all in accordance with Minnesota Statutes,
Section 469.174, subd. 10(d).
2.05. Authority staff and consultants are authorized to take any actions necessary to carry
out the intent of this resolution.
Approved by the Board of Commissioners of the Columbia Heights Economic
Development Authority this 3rd day of June, 2013
President
ATTEST:
Secretary
423797vl CL205 -36
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Meeting of: June 3, 2013
AGENDA SECTION: Business Items
ORIGINATING
EXECUTIVE
NO:6
DEPARTMENT: EDA
DIRECTOR
APPROVAL
ITEM: Subordination Agreement -4456 Monroe Street
BY: Scott Clark
BY:
NE
DATE: May 29, 2013
BACKGROUND: On July 23, 2008 Glenna Lewis, 4456 Monroe St. NE, received a $7,500 home improvement
loan from the City's Economic Development Authority (EDA). The program rules defer any annual payment on
the loan and full repayment occurs at the time of the sale of the subject property. There are a number of rules that
apply to this program that are important to this item, these are: 1) The EDA's loan is always subordinate to the
primary mortgage 2) When the EDA's original loan is given, the combined loan -to -value (CLTV) can't exceed
100% (CLTV is the value of the first mortgage phis the EDA's loan as a ratio to the assessed or appraised value of
the property). In other words, if a house has an appraised value of $150,000, the value of the combined loans can't
exceed $150,000. 3) Staff has processed in the past a number of refinancing requests on various home
improvement loans, which calls for a new subordination agreement based on the attached policies.
The applicant has made a request to refinance her home using a Federal home mortgage program called Home
Affordable Refinance Program (HARP) which lowers her interest rate and extends terms. The purpose of
HARP is to prevent foreclosures by significantly reducing monthly house payments. The problem with the
subject application is that due to the depreciation of the home the CLTV is now at 108 %. This means that the
value of the refinanced loan and the EDA loan is 8% higher than the appraised value of the home
(approximately $115,000). Based on EDA policy staff can't administratively approve the refinancing since the
CLTV must be 100% or lower.
Staff is recommending that the EDA authorize the subordination since 1) The EDA's loan position is already in
jeopardy since the CLTV is already at 108% due to the downturn in the market. 2) The applicant is simply
trading the principal of the loan to a different loan and no cash equity is being taken out of the transaction 3)
Allowing the transaction results in a significant monthly payment reduction which reduces the EDA's risk of
foreclosure on the property and the loss of the EDA loan.
In other words, if a foreclosure occurs the bank gets paid first and it is doubtful if proceeds would cover any
repayment to the EDA loan.
RE, COMMENDATION: Staff recommends granting a new subordination agreement based on the
aforementioned rationale. If the EDA approves the subordination request, a formal resolution will be forwarded to
the City Council.
RECOMMENDED MOTION: Motion to approve the subordination request and submit a formal resolution for
consideration of the City Council.
EDA ACTION:
May 27, 2013
To Whom It May Concern:
I am asking for the City of Columbia Heights to allow me to refinance my home mortgage
through the H.A.R.P. (Home Affordable Refinance Program) program. This is a federal funded
program and is for mortgage holders who owe more on their mortgage then their house is
currently worth. This program is literally just re- writing the mortgage at a lower interest rate.
This allows the homeowner to have a lower mortgage payment and is designed to keep the
homeowner in good standing with their mortgage.
I think you will agree that this program will actually lessen the risk of foreclosure for the
homeowner. I believe that allowing me to participate in this refinance opportunity will be to the
advantage of and would greatly lessen the risk to the City of Columbia Heights. I am currently
underwater on my mortgage. I want to participate in this refinance program to prevent any
chance of foreclosure and to complete the terms of the lean on my home for siding. Below are
the criteria for this program from the official H.A.R.P website: http:Hharpprogram.org
1. The mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac
2. The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009,
3. The mortgage CANNOT have been refinanced under HARP, previously unless it is a Fannie Mae loan that
was refinanced under HARP from March -May, 2009.
4. The current loan -to -value (LTV) ratio MUST be greater than 80 %
5. The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the
past six months and no more than one late payment in the past 12 months.
6. You have a reasonable ability to pay the new mortgage payments.
T The refinance improves the long term affordability or stability of your loan.
This is my only opportunity to lower my current interest rate and therefore to lower my mortgage
payment. Please do not deny me this chance. I am a proud citizen of Columbia Heights. I would
not do anything to jeopardize my standing or the city's trust in helping me to pay for siding my
home and increasing its value. .
Thank you for your anticipated cooperation.
Sincerely,
Glenna Lewis
4456 Monroe Street NE
Columbia Heights, MN 55421
Economic Developneent Authority of the City of Columbia Heights
SUBORDINATIONPOLICY
INFORMATIONAL NOTE
The terms of this policy and the associated fees may periodically change
WHERE TO SUBMIT YOUR REQUEST:
City of Columbia Heights
590 40 °i Ave NE
Columbia Heights MN 763- 706 -3675
PROCESSING /REVIEW FEE:
A $75.00 fee will be charged by the City for all subordination requests. In addition, the Servicer is
entitled to a fee of $75.00 for processing each subordination request. An additional $50.00 per document
may be charged by the Servicer for each additional document. The fee must be submitted with the
request package.
CONDITIONS FOR SUBORDINATION
Subject to conditions identified below, a subordination may be granted to permit the mortgagor to benefit
from an interest rate reduction or to shorten the term of their primary mortgage loan. This refinance may
include any and all debt that is superior to the City of Columbia Heights debt in lien status and may also
include cash from the equity of the home. In no instance may the combined loan -to -value (CLTV) of the
City loan that would be superior in lien status exceed 100% after the new refinance is closed.
Page 1 of 2
If the CLTV is above 80 %, cash may only be obtained to complete repairs and improvements to the
home. Any cash proceeds must be escrowed with the mortgage company or title insurance company
and cash disbursements may only occur after construction work is completed. Any remaining
proceeds left over after the work is completed may go for additional work to the home or it must be
paid to the Servicer of the mortgage loan to reduce the principal balance of the loan. (To avoid
closing and escrowing the home improvement funds, the borrower may complete the project prior to
closing and then obtain a refinance including the cost of the work that was completed. The borrower
must clearly document all the expenses associated with that work by receipts. No reimbursement
may occur for the borrower's own labor or for tools and equipment, except equipment rental. All
work must be considered permanent attachments to the home.)
2. If the CLTV is 80% or less, the mortgagor may obtain cash without the completion of home repairs or
improvements.
3. Except as provided for under number 2 above, under no condition may the borrower receive
proceeds from the refinance transaction, except to reimburse expenses paid by the borrower during
the loan process, i.e, credit report and appraisal fee. If any cash is identified as a result of changes in
the closing transaction, it must be applied to the principal balance of the new loan.
4. The City reserves the right to deny any subordination request it deems not in its best interest.
REQUIRED DOCUMENTATION.•
The following documentation will be required to process /review loan subordination requests:
• Outstanding principal balance of current loans(s), monthly payment(s), interest rate, and remaining
term. Please indicate whether payment quoted is PI or PITI.
• Correct legal description of property.
• New mortgagee name as it will appear on the Note and Mortgage and name and phone number of the
loan representative for the new mortgage.
• Amount of the new mortgage, monthly payment (PI), interest rate, and term.
• Proof of the present value of home (current appraisal, or if Streamline Refinance, a copy of the
current County Assessor Tax Value Statement).
• Copy of Good Faith Estimate
• Copy of Title Insurance Commitment.
• Completed CPED Lender Data Request Sheet.
ORIGINAL SUBORDINA TIONA GREEMENT DOCUMENT.
Upon receipt of the signed HUD -I Settlement Statement (signed by the mortgagors and the closer) the
executed subordination agreement will be forwarded to the title company for recording. A copy of the
recorded document must be returned to the Servicer when available.
Page 2 of 2