HomeMy WebLinkAboutEDA Resolution No. 2023-08RESOLUTTON NO.2023-08
A RESOLUTION APPROVING THE PURCHASE AGREEMENT BETWEEN THE ECONOMIC DEVELOPMENT
AUTHORITY OF COLUMBIA HEIGHTS, MINNESOT& AND LAUREN M. BELL
BE lT RESOLVED 8Y the Board of Commissioners ("Board") of the Columbia Heights Economic Development
Authority (the "Authority") as follows:
sEcfloN 1. REC|TA|-S.
1.01. The Authority and Lauren M. Bell ("Seller")desire to enter into a purchase agreement (the
"Purchase Agreement") pursuant to which the Authority will acquire certain property in the city located at
4243 sth Street NE (the "Property") from the Seller for housing 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 S120,000 plus related closing costs.
1.03. The Authority finds that acquisition ofthe Property is consistent with the City's Comprehensive
Plan and will result in redevelopment ofthe substandard property located at 4243 5th Street. Such acquisition
of this Property, for subsequent resale, best meets the community's needs and will facilitate the housing
redevelopment and revitalization ofthis area ofthe City.
1.04. The Authority also finds that this redevelopment project is consistent with the purpose of the
Economic Development Authority Scattered Site Housing TIF District w3/w4.
SECTION 2. PURCHASE AGREEMENT AND BUDGETT AMENDMENT APPROVED.
2.01. The Authority hereby ratifies and approves the actions of Authority staff and of REMAX Synergy
("Broker") in researching the Property and preparing and presenting the Purchase A8reement. The Authority
approves the Purchase Agreement in the form presented to the Authority and on flle 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 of their approval.
2.02. The Authority herby approves the use of funds from TIF District w3/w4 for the purchase
agreement and S5O,OOO for other project costs that comply with the standards laid out in the w3/w4 TIF Plan
adopted by the City of columbia Heights.
2.03. Authority staff and officials are authorized to take all actions necessary to perform the Authority's
obligations under the Purchase A8reement 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 6th day of March, 2023
offered av, DWtgCtlS
Seconded av1)1tiLUS
Rol Cail: Wt Au^1U-Oro- a,;l arll r -L-5President
Attest:
Secretary
EXHIBIT A
Leqal Description ofthe Propertv
LOT 26 BLOCK 28 COLUN,IBIA HEIGHTS ANNEX