HomeMy WebLinkAboutEDA RES 2016-25COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2016-25
RESOLUTION APPROVING PURCHASE AND REDEVELOPMENT
AGREEMENT WITH HOME DETAIL, INC.
BE 11' RESOLVED BY the Board of Commissioners ("Board") of the Columbia Heights
Economic Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority has previously adopted a program called the Single Family Horne Lot
Sales Program (the "Prograrn"), and has adopted guidelines in connection with the Program (the
"Guidelines ").
1.02. The Authority has received an offer from Home Detail, Inc. (the "Buyer") to
purchase certain property included in the Program (the "Property"), described as attached hereto
as Exhibit A, and the parties have negotiated a Purchase and Redevelopment Agreement (the
"Agreement") which provides for the conveyance of the Property to the Buyer and the
construction by the Buyer of a single-family home on the Property, all pursuant to the
Guidelines.
1.03,. On October 6, 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 comprehensive plan.
1.04. On January 4, 2016, the Authority conducted a duly noticed public hearing
regarding the conveyance of the Property pursuant to the Program, at which all interested parties
were given an opportunity to be heard, and approved such conveyance by Resolution No, 2016-02.
1.05. Subsequent to Authority approval of the conveyance of the Property pursuant to the
Program and Guidelines, 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
condition of the soils on the Property.
1.06. The Board has reviewed the Agreement 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. Amroval and Authorization of Ap
yeernent and Conveyance
2.01. The Agreement as presented to the Board and the conveyance of the Property
provided for therein are hereby in all respects approved, subject to inodifications that do not alter the
substance of the transaction and that are approved by the President and Executive Director, provided
that execution of the Agreement by such officials shall be conclusive: evidence of approval.
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2.02, Authority staff and officials are authorized to take all actions necessary to perform
the Authority's obligations under the Agreement as a whole, including without lip it,ation execution
of any documents to which the Authority is a party referenced in or attached to the Agreement, and
any deeds or other documents necessary to convey the Property to the Buyer, all as described in the
Agreement.
Section 3. Effective Date. This resolution shall be effective upon approval.
Approved by the Board of Commissioners of the Columbia Heights Economic Development
Authority this 3rd day of October, 2016,
ATTEST:
Secretary
y
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Lot 'Mirteen (13), except the North Half (NI/.,), the North Thitly Feet (N30') of Lot Fourteen
(14),, Block Two (2), Sheffield's Second SUbdivision, Anoka County, Minnesota.
485385v� MINI I-205-56