HomeMy WebLinkAboutEDA RES 2016-06'COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 20116-06
RESOLUTION APPROVING REVISED PURCHASE AND
REDEVELOPMENT AGREEMENTS WITH TOLLBERG
HOMES, LLC.
BE IT RESOLVED BY the Board of Commissioners ("Board") of the Columbia Heights
Economic Development Authority (the "Authority") as follows:
Section 1. Recitals.
LOL The Authority has previously adopted a program called the Single Family Home Lot
Sales Program (the "Program"), and has adopted guidelines in connection with the Program (the
"Guidelines").
1,01 The Authority has received an offer from Tollberg Homes, LLC (the "Buyer") to
purchase certain properties included in the Program (the "Property"), described as attached
hereto as Exhibit A, and the parties have negotiated Purchase and Redevelopment Agreements
(the "Agreements") which provide for the conveyance of the Property to the Buyer and the
construction by the Buyer of single-family homes on the Property, all pursuant to the Guidelines.
1.03. On October 21, 2015, the Planning Commission of the City reviewed the
proposed conveyance of the Property pursuant to the Program and found that such conveyance is
consistent with the City's, cornprehensive plan.
1.04. On January 4, 2016, the Authority conducted a duly noticed public hearing
regarding the conveyance of the Property to the Buyer, at which all interested parties were given an
opportunity to be heard, and approved the Agreements.
1.05. Subsequent to Authority approval of the Agreements, the Buyer requested and the
Authority agreed to a reduction in the purchase price of the Property, due to higher-than-anticipated
Buyer expenses related to the water and sewer connections of the Property to City water and sewer
mains. The parties agreed to amend the Agreements to reflect the reduced purchase price,
1.06. The Board has reviewed the Agreements as so amended (the "Amended
Agreements") and finds that the execution thereof and performance of the Authority's obligations
thereunder, including the conveyance of the Property to the Buyer, are consistent with the
Guidelines and in the best interest of the City and its residents.
Section 2. Avi)roval and Authorization of Amended Agreements and Conve yance
2.01. The Amended Agreements as presented to the Board and the conveyance of the
Property provided for therein are 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
473153v2 MNI (1-205-55
Director, provided that execution of the Amended Agreements by such officials shall be conclusive
evidence of approval.
2.02. Authority staff and officials are authorized to take all actions necessary to perfon-n
the Authority's obligations under the Amended Agreements as a whole, including without limitation
execution of any documents to which the Authority is a party referenced in or attached to the
Amended Agreements, and any deeds or other documents necessary to convey the Property to the
Buyer, all as described in the Amended Agreements.
Section 3. Effective Date, This resolution shall be effective upon approval.
Approved by the Board of Comr-nissioners of the Columbia Heights Economic Development
Authority this 7th day of March, 2016.
F- I VNIUVIIL
ATTEST:
Secretary
473153v2 MNI 01.205-55
Property
ADDRESS LEGAL -DESCRIPTION PITT
4636 Polk Street NE Lot 5, except the North 35 feet thereof, all of Lot 6, 25-3�0-24-33-0025
and the North `i2 of Lot 7, in Block 2, Sheffield's
Second Subdivision, Anoka County, Minnesota
thereof, a" of Lot 6
Block 2 Sheffield's s
, ' S ' ff sot
ty, Minnesota
i[Torrens]
4648 Polk Street NE South Vz of Lot 2, and all of Lot 3, Block 2, 25-30-24-33-0023
REMOVED Sheffield's Second Subdivision, Anoka County,
Minnesota offens]
4618 Polk Street NE Lot 11, and the North 10 feet of Lot 12, Block 2, — 25- 30- 24- 33 -00(
Sheffield's Second Subdivision, Anoka County,
Minnesota
473153v2 MNI CL205-55