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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. AAatwc wN Shelley Hanson, *creftary