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HomeMy WebLinkAboutEDA RES 2017-09COLUMBIA HEIGHTS ECONOMIC DEVEI.,OPMENT AUTHORITY EDA RESOIXTION NO. 2017-09 RESOL,uTION APPROVING A FOURTH AMENDMENT TO A PURCHASE AGREEMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AND ANOKA COUNTY COMMUNITY ACTION PROGRAM, INC. BE IT 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 currently administers the Downtown CBI Redevelopment Project (the "Project") within the City of Columbia Heights (the "City"), pursuant to Minnesota Statutes, Sections 469.090 to 469.1 082, as amended, 1.01 The Authority and Anoka County Community Action Program, Inc. (the "Seller") executed a Purchase Agreement, dated as of May 26, 2.016 (the "Agreement"), providing for the conveyance by the Seller to the Authority of certain property within the Project and City legally described as follows: That part of Lot 23 lying north of the South 20 feet of the SD Lot 23 and Lot 24, Block 1, Sheffields 2` d Subdivision, County of Anoka, State of Minnesota (the "Property"). 1.03. On August 31, 2016, the parties entered into a First Amendment to the Purchase Agreement (the "First Amendment") to extend the deadline for conveyance of the Property. 1.04. On October 28, 2016, the parties entered into a Second Amendment to the Purchase Agreement (the "First Amendment") to further extend the deadline for conveyance of the Property. 1.051. On February 6, 2017, the parties entered into a. Third Amendment to the Purchase Agreement (the "Third Amendment") to further extend the deadline for conveyance of the Property. LW The parties have negotiated and propose to execute a Fourth Amendment to the Purchase Agreement (the "Fourth Amendment") to further extend the deadline for the conveyance of the Property. 11 Section 2. Fourth Amendment Approved. 2.01. The Fourth Amendment as presented to the Board is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are I. 4968650 NK,ECL205-62 approved by the President and Executive Director, provided that execution of the Fourth Amendment by such officials shall be conclusive evidence of approval. 102. The President and Executive Director are hereby authorized to execute on behalf of the Authority the Fourth Amendment and any documents referenced therein requiring execution by the Authority, and to carry out, on behalf of the Authority, its obligations thereunder. 2.03. Authority staff and consultants are authorized to take any actions necessary to carry out the intent of this resolution.. Approved by the Board of Commissioners of the Columbia Heights Economic Development Authority this.. 4 1 day of _ _4PYA-1 2017. Vice President ATTEST: Secretary 2 496865v] NKECJ-205-62