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HomeMy WebLinkAboutEDA RES 2015-09COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2015-09 RESOLUTION APPROVING A PURCHASE AND REDEVELOPMENT AGREEMENT (INCLUDING THE SALE OF LAND) BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AND TIMBERCRAFT ENTERPRISES, INC. BE IT RESOLVED By the Board of Commissioners ("Board") of the Columbia Heights Econornic Development Authority ("Authority") as follows: Section 1. Recitals. LOO The Authority has determined a need to exercise the powers of a housing and redevelopment authority, pursuant to Minnesota Statutes, Sections 469,090 to 469,108 ("EDA Act'''). 1.02. The Authority and Timbercraft Enterprises, Inc. (the "Buyer") have proposed to enter into a Purchase and Redevelopment Agreement (the "Conti-act"), setting forth the terms and conditions of sale mid redevelopment of certain property owned by the Authority, located at 3846 Tyler Street NE and described as WALTONS I ST SUB OF RES HILLS, CITY OF COLUMBIA HEIGHTS LOT 6, BLK 4, WALTONS I ST SUB OF RESERVOIR HILLS, Anoka County, Minnesota (the "Properly"), 1.03. Pursuant to the Contract, the Buyer will acquire the Property and will construct a single family home, subject further to the City's zoning and building codes and policies. 1.04. The Authority has on this date conducted a duly noticed public hearing regarding the sale of the Property to the Buyer, at which all interested persons were given an opportunity to be heard. 1.05. The Authority finds and determines that conveyance of the Property to the Buyer has no relationship to the City's comprehensive plan, in that no amendment or modification of the comprehensive plan is required for the conveyance or redevelopment of the Property. The activities of the parties under the Contract ii-riplernent housing goals of the City's Comprehensive Plan: "Promote and preserve the single-family housing stock as the community's strongest asset." and "Provide a variety of life-cycle housing opportunities within the community," 1,06. The Board has reviewed the Contract and finds that the execution thereof and performance of the Authority's obligations thereunder are in the public interest and will further the objectives of its general plan of economic development and redevelopment, because it will further the above-stated housing goals. Section 2. Autho � �t A roval• Further .Proccedings. 2.01. The Contract as presented to the Board, including the sale of the Property described 447703v2 MNI C1 05 -S2 therein, is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the documents by such officials shall be conclusive evidence of approval. 2.02, The President and Executive Director are hereby authorized to execute on behalf of the Authority the Contract and any documents referenced therein requiring execution by the Authority, including without limitation the deed, and to carry out, on behalf of the Authority, its obligations thereunder, 2.03. Authority and City staff are authorized and directed to take all actions to implement the Contract. Approved by the Board of Commissioners of the Columbia Heights Economic Development Authority this I"'day of June, 2015. Secretary 447703v2 MNI CL205-52 2