HomeMy WebLinkAboutEDA RES 2011-10COLUMBIA HER-111-ITS ECONOMIC DEVE1,01"MENTAUTHORITY
RESOLUTION2011-10
RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT
FOR CERTAIN REAL PROPERTY LOCATED AT 3808.JOHNSON STREET
NORTHEAST IN THE CITY AND ASSIGNMENTTHEREOF TO THE
COLUMBIA HEIGHTS ECONOMIC' DEVELOPMENT AUTHORITY
Section 1. Recitals.
1.01. The Columbia I [eights Economic Development Authority (the ``Authority ") administers
the Downtown CBD Redcvelopnient Project (the "Project") within the City, which was established
under Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act").
1.02. The Authority has undertaken a program to acquire homes in the Project in order to
address foreclosure problems and remodiate and prevent the emergence of blight,
1.0 City St,,jf'fljaN,re negotiated a Real Estate Purchase Agreement with the Fannie Mae (the: "Seller")
dated as of July 25, 2011. including all related addenda and disclosures thereto (collectively, the
"Purchase Agreement"), for real property located at 3808 Johnson Street Northeast and legally described
as f011OWS: AUDITORS SUBDIVISION OF WALTONS SUNNY ACRES THIRD ALL OF S1/2 OF S 1/3 OF E1/2 OF BLK 15 AUD SUB OF
WALTONSSUNNY ACRES 3RD-EX E 30 FT THEREOF TAKEN FOR JOHNSON ST NE--EX W 149.96 FT THEREOF, (the "Property"),
which Purchase Agreement is contingent upon. approval by the I-Economic Development Authority.
1,04. The Purchase Agreement has been prepared and Submitted to this Authority and is on file
with the City Manager, and/or the Executive Director ofthe EDA.
Section 2. A proval and AssigruiJent.
2.01. '"I"'he Purchase Agreement for the Property is hereby approved, and the execution of the
Purchase Agreement by the EDA is hereby ratified, Pursuant to the Purchase Agreement, the EDA Nvill
purchase the Property for $20,000. City staff and officials are authorized and directed to take a] I Such
other actions to complete the purchase of the Property, including without linTitatiori execution of all
documents and agreements related to such transaction.
2.01 ContinLient upon approval. of the Authority, the City hereby assigns its interests in the
Purchase Agreenient to the Authority. City staff' and officials are authorized and directed to take all
such other actions, to complete the assigrunent of the City's interests in the Purchase Agreement to the
Authority, including without limitation execution of any documents and agreements necessary to
effectuate such assignment.
I
Passed this I" clay ol"August
OfTered by:
Second by:
Roll Call:
WRIMM
Shelley Hanson cretary