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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 MYMWLT, #<><22«« 1 i J § :2 ° «w IA &=Ij- 12 Pisiden! k z= �Mll 90m In= 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