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HomeMy WebLinkAboutEDA RES 2012-08E Resolution 2012-08 A Resolution Approving P urchase Agreement Dated May 7, 2012 by and betiveen.m.ady- Foss Partnership and the City of Columbia height's Economic Development Authority For Property Located at 3927 Central. Ave. WIIEREAS, the City of Columbia l4eights' August 2010 Comprehensive Plan has identified the site as a key redevelopment site, and WHEREAS, Anoka. County levy funds will be used as part of this acquisition as well as fund 420, the 1- lousing Maintenance fun both funds being used fbi• redevelopment t111-(.)Ugh0Ut the city, and WHEREAS, the City has endeavored for many years to acquire the subject parcel to allow a major redevelopment in the City's downtown area, and WHEREAS, evidence ofthe desire to acquire this property has been evidenced by the acquisition of an adjacent parcel and extensive environmental investigation work that has been completed on the subject and area parcels. and WHEREAS, representatives from the Mady-l"oss Partnership prepared an initial coniniercial letter of intent of f-erica g dated March 18, 2012 in the amount of 925,000 plus additional considerations, and WHEREAS, after extensive discussions the Economic I)evelopment Authority was ofthe opinion that the acquisition of the subject parcel met the City's goals and objectives, and WHEREAS, the majority ofEconon-ric Development Commissioners agrees to the purchase price of S925,000 in addition to other considerations and recognizes the various professional services necessary to complete this transaction, NowTHEREFORE BE IT RESOLVED, The City of Columbia T, leights' Economi c Development authorizes the following: I ) Authorizing the President and EXeCUtive Director of the Economic Development Authority to Sign Purchase Agreement Date May 7, 2012 by and between Mady-Foss Partnership and the ["conoinic Development Authority. 2) Authorizing staff to conirrience with demolition bidding Nvith the understanding that final bids will be approved by either the Economic Development Authority or the City Council. 3) Hiring title work. and closing, relocation and surveying professional services work respectively to Old Republic Title., Wilson Development Services and Kurth Survey and Engineering . Passed this 7"' day of'May 201 O Roll Call., Offered by: Aye: Nay: President . .. ............ Walter Felist, Executive Director