HomeMy WebLinkAboutEDA RES 2017-18COLUMBIA HEIGHTS ECONOMIC DEVELOPM ENT Au'rHORITY
RESOLUTION NO. 2017-18
RESOLU'TION APPROVING BUYER REPRESENTATION CONTRACT
WITH RE/MIAX SYNERGY
Section 1. Recitals,
1.01. The Board of Commissioners ("Board") of the Columbia Heights Economic
Development Authority (the "Authority") is authorized under Minnesota Statutes, Sections 469,090
to 469 ,1081 (the -EDA Act") to purchase and convey property within its area of operation for
economic development purposes.
1.01 The Board has determined that it is necessary and desirable to retain the services of a
real estate broker for purposes of monitoring properties within the City of Columbia Heights (the
"City") that are nonconforming under the current City zoning code and that may become available
for sale from tine to time, in order to potentially make offers for such property based on then-
current market values,
1, .03. The Board has received proposals from real estate brokers, and has deter -pined to
enter into the Buyer's Re presentation Contract (the "roke"s Agreent") proposed by Re/Max
Synergy (the "Broker") in substantially the form presented to r the Board, me
1.04. The Board expressly finds and determines that authorizing the Broker to respond to
active listings and develop offers pursuant to the Broker's Agreement does not imply any exercise
any power of eminent domain that may be available to the Authority pursuant to the EDA Act, and
that the EDA will not exercise such power in pursuing the acquisition of any nonconforming
property under the Broker's Agreement,
Section 2. Approval of Brokers Ageement.
2.01. The Authority hereby approves the Broker's Agreement in substantially the form
presented, 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 Broker's
Agreement by such officials shall be conclusive evidence of approval.
2.02. Authority staff and officials are authorized to take all actions necessary to perform
the Authority's obligations under the Broker's Agreement as a whole, including without limitation
execution of any documents to which the Authority is a party referenced in or attached to the
Broker's Agreement,
2.03. The Board hereby authorizes the Broker to respond to active listings within the City,
and to make fair market value offers of up to $200,000 on the Authority's behalf without prior
forrnal approval of such offers by the Board, subject to ratification of such offers by the Authority if
accepted by the seller of the property.
5024280 MNI CL205-67
2017, Adopted by the Columbia fleio! its Economic Development Authoi-ity this I ()tIl ()I' jljly,
Vice, President
Secretary
502428vl MNI CL205-67