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HomeMy WebLinkAboutEDA RES 2012-16EDA Resolution 2012-16 A Resolution Approving Purchase Agreement Dated November 13, 2012 by and between Mady- Foss Partnership and the City of Columbia Height's Economic Development Authority ("IRDA") For Property Located at 3927 Central Avenue N.E. WI-I EREAS., the City of Columbia Heights' August 2,010 Comprehensive Plan has identified the property located at 3927 Central Avenue N.F. ("Property") as a key redevelopment site; and WHEREAS, the City and the EDA have endeavored for many years to acquire the property to allow a major redevelopment in the City's downtown area.; and WHEREAS, the EDA's desire to acquire the Property has been evidenced by the aCqUiSit1011 of rain adjacent parcel and extensive environmental investigation work that has been completed oil the Property and ad.jacent parcels; and WHEREAS, representatives from the Mady-Foss partnership ("Owner") prepared all initial commercial letter of intent offering dated March 18, 2012 in which Owner offered to sell the Property to the EDA for the anIOLInt of $925,000, phis additional considerations; and WHERFAS, subsequently the Owner elected to withdraw that offer, and entered into a purchase agreement with a private party to sell the Property to the private party; and WHEREAS, the Owners purchase agreement with the private party has been terminated and the Owner has again approached the EDA with the offer to sell the property based oil similar conditions to those contemplated by tile private purchase agreement; and WHERI"AS, because the Property is vacant, EDA staff has recommended that the EDA agree to purchase the Property for a purchase price of $905,000 in addition to other considerations and that the EDA authorize staffto incur the cost of various professional services necessary to complete this transaction, NOW THEREFORE BE ITIZESOLVED, The City of Columbia I leights' Economic Development authorizes the following; I ) That the President and Executive Director of tile Economic Development Authority are authorized to sign the Purchase Agreement By and between Mady-Foss Partnership and the Economic Development Authority in substantially the form presented to the EDA Board of Commissioners for consideration; 2) 'file EDA's Director ofConiniunity Development is authorized to solicit bids for the cost of demolition of the improvements on the Property, with the understanding that final bids will be approved by either the EDA or City Council. 3) The Director of Community Development is authorized to contract with Old RepUblic National Title 111SUrance Company for tide work and closing set-vices, and with KLH-th Survey and Engineering for professional surveying services in the event that the proposed purchase agreement is finalized. 4) The sources of funding? shall be as stated in tic City Council Resolution 2012-5 1 for the proposed pUrchase. Passed this l3th day ol.'Novernber 2012, Roll Call: Passes 5- l Offered by: Bobby Williams Aye: Williams, Schmitt, Diehm, Herringer, Peterson Nay: Nawrocki Walter Febst, Executive Director President