HomeMy WebLinkAboutEDA RES 2018-02FAESOLUTION RATIFYING PURCHASE' AGREEMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC
VEVELOPMENT AUTHORITY AND BRIAN AND SHERI' TERN'ES.
BE IT RESOLVED BY the Board of Commissioners ("Board") of the Columbia Heights Economic Development
Authority (the ""Authority") as follows.
1.01. The Authority and Brian and Sheri Ternes (together, the "Seller") have entered into a, purchase
agreement (the "Purchase Agreement") pursuant to which the Authority will acquire certain property in the
City of Columbia Heights (the "City") located at 4827 University Avenue, NE (the "Property") from the Seller for
economic redevelopment purposes, The Property is described iin Exhibit A attached hereto.
1.02. Pursuant to the Purchase Agreement, the Authority will purchase the Property from the Seller
for a purchase price of $121,000 plus related closing costs.
1.03. The Authority finds that acquisition of the Property will result in redevelopment of a
nonconforming property, and that such acquisition will facilitate the economic redevelopment and
revitalization, of this area of the City.
1.04. The Planning and Zoning Commission of the City will review the proposed acquisition of the
Property at its regular meeting on February 7, 2018, and the Authority expects that the Planning and Zoning
Commission will find that the proposed acquisition conforms to the City's comprehensive plan.
SECTION 2. PURCHASE AGREEMENT APPROVED.
2.01. The Authority hereby ratifies and approves the actions of Authority staff and of Re/Max
Synergy acting as the Authority's real estate broker ("Broker") in researching the Property and preparing and
presenting the Purchase Agreement, The Authority approves the Purchase Agreement in the form presented
to the Authority and on file at City Hall, subject to the Planning and Zoning Commission's finding that the
acquisition of the Property by the Authority conforms to the comprehensive plan of the City, and 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 Purchase Agreement by those officials shall be conclusive
evidence of their approval.
2.02. Authority staff and officials are authorized to take all actions necessary to ipe,rform the
Authority's obligations under the Purchase Agreement as a whole, including without limitation execution of
any documents to which the Authority is a party referenced in or attached to the Purchase Agreement, and
any deed or other documents necessary to acquire the Property from the Seller, all as described in the
Purchase Agreement,
Resolution 2018-02
City of Columbia Heights — EDA Resolution
Offered by: Schmitt
Seconded by: Novitsky
Roll Call: All ayes
Attest.
Assiistant Secre�tairy
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Lot Numbered Twenty-two (22)i, in Block Numbered Twenty Roslyn Park, Columbia Heights, according to
the plat thereof on file anid of record in the office of the Registrar of D ds in aind for the County of Anoka,
State of Minnesota
Torrens property
Registered property as evidenced by Certificate of Tiitle INo, 126,192
WED
The south half (51/2) of Lot 23, Block 20, Roslyn Park, Columbia Heights, according to the recorded plat
thereof, and situate in Anoka County, Minnesota.
Abstract Property