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HomeMy WebLinkAboutEDA Resolution No. 2023-05RESOLUTTON NO. 2023-05 A RESOLUTION APPROVING THE PURCHASE AGREEMENT BETWEEN THE ECONOMIC DEVEI.OPMENT AUTHORITY OF COLUMBIA HEIGHTS, MINNESOT& AND MATTHEW PLEMEL POA FOR MICHAELJAMES PI.EMEI. AND AMENDING TI{E 2023 FUND 408 BUDGET BE lT RESoLVED BY the Board of commissioners ("Board") of the Columbia Heights Economic Development Authority (the "Authority") as follows: 1.01. The Authority and Matthew Plemel POA for Michael .lames Plemel ("selle/') desire to enter into a purchase aereement (the "Purchase Agreement") pursuant to which the Authority will acquire certain property in the City located at 841 49th Avenue NE (the "Property") from the Seller for economic redevelopment purposes. The Property is described in 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 591,976 plus related closing costs. 1.03. The Authority finds that acquisition ofthe Property is consistent with the City's Comprehensive PIan and will result in redevelopment ofthe substandard property located at 841 49th Ave NE. Such acquisition ofthis Property, for subsequent resale, best meets the community's needs and willfacilitate the economic redevelopment and revitalization ofthis area ofthe City. 1.04. The Authority alsofinds that this redevelopment project is consistent with the purpose ofthe Economic Development Authority Redevelopment Fund 408. The current 2023 budget for Economic Development Authority Redevelopment Fund 408 does not include this redevelopment project and must be amended as the property was not available on September 26, 2022, when the Authority adopted this budget The available balance ofthe Economic Development Authority Redevelopment Fund 408, beyond that committed for the existing 2023 budget, is approximately 52.5 million, which is more than sufficient to fund the redevelopment project. SECTION 2. PURCHASE AGREEMENT AND BUOGET AMENDMENT APPROVED. 2.01. The Authority hereby ratifies and approves the actions of Authority staff and of Kennedy Graven ("Legal Counsel") 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 modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution ofthe Purchase Agreement by those officials shall be conclusive evidence oftheir approval. 2.02. The Authority herby amends the 2023 budBet for the Economic Development Authority Redevelopment Fund 408 to appropriate 591,976 for the purchase of 841 49th Avenue NE, and S50,OOO for other related project costs. SECTION 1. RECITALS. 2.03. Authority staff and officials are authorized to take all actions necessary to perform 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 ORDER OF ECONOMIC DEVELOPMENT AUTHORITY Adopted this 5th day of February, 2023 offe red av, MdraWT * m,w l,- Seconded bv: Ja"bWC Roll Call: kl\ 4,.1e s oL 'pVLK,nt Aa^D ,\-u ^ ,l,e-C, I t*\--e JPresident Attest Secretary / EXHIBIT A Legal Descriotion of the Prooertv Lots Nine (9) and Ten (10), Block Six (6), Robbie's Addition, according to the plat on file in the Office of the Registrar ofTitles ofAnoka Countv, State of Minnesota. Subject to easements as shown on plat Robbie's Addition filed December 24, 1959 as Doc. #31788. Certificate ofTitle No. 63326