HomeMy WebLinkAboutEDA RES 2015-11J "I
Section I , Recitals.
1,01, The Columbia Heights Economic Development Authority (the "Authority") administers
the Downtown CBD Redevelopment Project (the "Project"') within the City, which was established
under Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act"),
1.02. The Authority has undertaken a program to acquire homes, in the Project in order to
address foreclosure problems and rernediate and prevent the emergence of blight.
1.03 City staff is negotiating a Real Estate Purchase Agreement with the Anoka County Community
Action Program ACCAP (the "Seller") dated as of May 15, 2015 including all related addenda and
disclosures thereto (collectively, the "Purchase Agreement"), for real property located at 4641 Polk
Street Northeast and legally described as follows: SHEFFIELDS SECOND SUB., CITY OF
COLUMBIA HEIGHTS TH PT OF LOT 23 LYING N OF S 20 FT OF SD LOT 23 & LOT 24 BLK I
SHEFFIELDS 2ND SUB (the "Property"), 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.
2.01. 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
this Property for up to $75,000 from its EDA TIF fund 371 Original and Amended Kmart Central Ave
TIF DIstrict . City staff and officials are authorized and directed to take all such other actions to
complete the purchase of the Property, including without limitation execution of all documents 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 l"
day of June
Offered by:
Herringer
Second by:
Szurek
Roll Call:
All ayes
Shelley Hanson, Oxretary