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HomeMy WebLinkAboutEDA Resolution No. 2023-19RESOLUTTON NO. 2023-19 A RESOLUTION APPROVING THE PURCHASE AGREEMENT BETWEEN THE ECONOMIC OEVELOPMENT AUTHORITY OF COI.UMEIA HEIGHTS, MINNESOTA, AND THE ESTATE OF PAULINE SHOLD BE lT RESOIVED BYthe Board ofCommissioners ("Board")ofthe Columbia Heights Economic Development Authority (the "Authority") as follows: SECTION 1. RECITALS. 1.01, The Authority and The Estate of Pauline Shold {"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 941 44th 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 S200,000 plus related closing costs. 1.03, The Authority finds that acquisition of the Property is consistent with the City's Comprehensive Plan and will result in redevelopment of the substandard property located at 941 44th Ave NE. Such acquisition ofthis Property, for subsequent resale, best meets the community's needs and will facilitate the economic redevelopment and revitalization ofthis area ofthe City. SECTION 2. PURCHASE AGREEMENT AND EUDGETT AMENDMENT APPROVED. 2.01. The Authority hereby ratifies and approves the actions of Authority staff and of Kennedy Graven ("Legal Counsel") in researching the P.operty and p.eparing 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 bythose officials shall be conclusive evidence oftheir approval. 2.02. The Authority herby amends the 2023 budget for Economic Development Authority Redevelopment Fund 408 to appropriate S57,700 for additional estimated project costs. 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 ASreement 1.04. The Authority also finds 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 25, 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 S2.4 million, which is more than sufficient to fund the redevelopment project. ORDER OF ECONOMIC DEVELOPMENT AUTHORITY Adopted this 7th day of August, 2023 Offered by:t trvrr.ur"tl,- Seconded s Roll Call: Vice ent Attest: , Lfrtw4ISecretary EXHIBIT A Leeal Descriotion of the Propertv E 52 FT OF W 97 FT OF S1/2 OF LOT 33 BLOCK 1 RESERVOIR HILLS, according to the plat on file in the Office of the Registrar ofTitles ofAnoka County, State of Minnesota.