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HomeMy WebLinkAboutEDA Resolution No. 2024-03RESOLUTION NO. 2024-03 A RESOLUTION APPROVING THE PURCHASE AGREEMENT BETWEEN TWIN CITIES HABITAT FOR HUMANITY, AND THE ECONOMIC DEVELOPMENT AUTHORITY OF COLUMBIA HEIGHTS, MINNESOTA BE IT RESOLVED BY the Board of Commissioners ("Board") of the Columbia Heights Economic Development Authority (the "Authority") as follows: SECTION 1. RECITALS. 1.01. The Authority ("Seller') and Twin Cities Habitat for Humanity ("Buyer") desire to enter into a purchase agreement (the "Purchase Agreement") pursuant to which the Buyer will acquire certain property in the City located at 4243 5th Street (the "Property") from the Seller for redevelopment purposes. The Property is described in Exhibit A attached hereto. 1.02. Pursuant to the Purchase Agreement, the Buyer will purchase the Property from the Seller for a purchase price of $1.00 plus related closing costs. 1.03. The Authority finds that the sale of the Property is consistent with the City's Comprehensive Plan and will result in redevelopment of the empty lot located at 4243 5th Street. Such sale of this Property best meets the community's needs and will facilitate affordable homeownership opportunities within the City. SECTION 2. PURCHASE AGREEMENT 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 of the Purchase Agreement by those officials shall be conclusive evidence of their approval. 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 sell the Property to the Buyer, all as described in the Purchase Agreement ORDER OF ECONOMIC DEVELOPMENT AUTHORITY Adopted this 2"d day of January, 2024 Offered by: J��o),S Seconded by: C S Roll Call: a](a fec, President Attest: Secretary EXHIBIT A Legal Description of the Propertv LOT 26 BLOCK 28 COLUMBIA HEIGHTS ANNEX, according to the plat on file in the Office of the Registrar of Titles of Anoka County, State of Minnesota.