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