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