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HomeMy WebLinkAboutEDA RES 2011-11COLUMBIA HEIGHTS ECONOMIC DEVELOPMENTAUTHORITY RESOLUTION 20,1141 RESOLUTION AUTHORIZING EXECUTION OF 'A PURCHASE AGREEMENT FOR CERTAIN REAL PROPERTY LOCATED AT 41,33 2nd STREET NORTHEAST IN THE CITY AND ASSIGNMENT THEREOF TO THE COLUMBIA HEIGHTS ECONOMIC DEVELO1'MEN17 AUTHORFI'Y Section I, Recitals. 1.01. The Columbia Heights Economic Development Authority (the "Author-ity"),,id.iiiiii�isters the Downtown CBD Redevelopment Project (the "Project") within the City, M-lich was established under Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act"). 1.02. The Authority has undertaken a program to acquire hornes in the Project in. order to address foreclosure problems and rernediate and prevent the emergence of blight. 1.03 City staff have negotiated a Real Estate Purchase Agreement with the Remax Results (the "Seller") dated as of July 25, 2011 including all related addenda and disclosures thereto, (collectively, the "Purchase Agreement"), for real property located at 4133 2nd Street Northeast and legally described as f011OWS: FHATPU of LOT V4 BLK 2 REAR OFBLK D COLIJINIBLA I M G I ITS AN NEX I-Wi SLY OFN 90 FTTHEREOF& IXG WLY OF A I, IN F DRAWN FROM A PT ON S 11NFOFN 90 FTOF'Si) LOT 14129.6 FFFOF \V 1 INEOF'SIDI-01 14'r'OAI"➢'ONNI.,INLOI"1,0'1'115I)BI..11 2129617TI-,,OF W LINE 01: SD LOT] I SUBJT0 EASE OF REC. (the "Property"), which Purchase Agreement is contingent upon approval by the fElconomic Development Authority. 1.04. The Purchase Agreement has been prepared and submitted to this Authority and is on file with the City Manager.. and/or the Executive Director of the EDA. Section 2. Approval and Assignment. 101. '1 1 lie Purchase Agreement for the Property is hereby approved, and the execution of the Purchase Agreernent by the FDA is hereby ratified. Pursuant to the Purchase Agreement, the 1-MA will purchase the Property for $22,500. City staff and officials are authorized and directed to take all such other actions to complete the purchase of the Property, including without limitation exeCL111011 of all documents and agreements related to such transaction. 2.02. Contingent upon approval of the Authority, the City hereby assigns its interests in the Purchase Agreement to the Authority. City staff and officials are authorized and directed to take all such other actions to complete the assigninent 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 assigrinient. Iii Passed this I" day of August Offered by: Second by: Roll Call: Shelley 1-hanson4ecretary