HomeMy WebLinkAboutEDA RES 2011-14COLUMBIA HEIGHTS ECONOMIC DEVELOPMEN"I'AUTHORITY
RESOLUTION 2011-14
RESOLUTION AUTHORIZING' EXECUTION OF A PURCHASE AGREEMENT
FOR CERTAIN REAL PROPERTY LOCATED AT 4641 TYLE R STRE ET
NORTHEAST AND 4647TYLER STREET NOR THEAST IN THE CITY AND
ASS IGNMENTTH EREOF TO THE COLUMBIA HEIGHTS ECONOMIC
DEVELOPMEN , r AUTHORITY
Section 1. Recitals.
1.01. The Columbia Heights Economic Development Authority (the "Authority") administers
the Downtown CBD Redevelopnient Project (the "Project") within the City, which was established
Under Mirinesota Statutes, Sections 469.001 to 469.047 (the "11I Act"').
1.02. 'The Authority has undertaken a program to acquire hornes in the Project in order to
address foreclosure problems and remediate and prevent the emergence, of blight.
1.013 City staff is negoting a Real Estate Purchase Agreement with the Anoka County Community
Action Program ACCAP (the "Seller") dated as of July 25, 2011 including all related addenda and
disclosures thereto (collectively, the "Purchase Agreement "), for real property located at 4641 Tyler
Street Northeast and legally described as follows: A1,11, OF LOT 25 & S 20 FT' OBE LOT 26, BLK 2,
SHEEFTE1,DS 2ND SUB
and 46471'yler Street Northeast and legally described as follows: L01'27 BLK 2 SHEFFIELDS 2ND
SUB, TOG/W LOT 26 SD BLK, EX S 20 FT Tl IEREOF, SUBJ TO EASE OF kEC
(the "Properties"), which Purchase Agreement is contingent upon approval by the Economic
Development Authority.
1,04, The Purchase Agreement will be prepared once a price is negotiated and on file with the
City Manager, and/or the Executive Director of the ED, A.
Section 2. Approval and Assignment.
101. The Purchase 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 will purchase
these Properties for Lip to $320,000. City staff and officials are authorized and directed to take all such
other aCtiODS to coniplete the purchase of the Property, including without limitation execution of all
docurnents 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 assignment 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.
Passed this 6'�'day of September
Offered by:
Second by:
Roll Call:
ATTEST.
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Shelley Hanson, *creftary