Loading...
HomeMy WebLinkAboutEDA Resolution No. 2024-11RESOLUTTON NO. 2024-11 A RESOLUTION APPROVING THE PURCHASE AGREEMENT BETWEEN THE ECONOMIC DEVETOPMENT AUTHORITY OF COTUMBIA HEIGHTS, MINNESOTA, AND THE OWNERS OF 4415 CENTRAT AVE, AND AMENDING FUND 408'5 BUDGET FOR THE FISCAT YEAR 2024. BE lT RESOTVED BY the Board of Commissioners ("Board") of the Columbia Heights Economic Development Authority (the "Authority") as follows: SECTION 1. RECITALS. 1.01. The Authority and The Collection of the Current Property owners ("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 4415 Central Avenue NE (the "Property") from the Seller for economic redevelopment purposes. The Property is descrrbed 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 5225,000 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 4416 Central Ave NE. Such acquisition of this Property, for subsequent resale, best meets the community's needs and will facilitate the economic redevelopment and revitalization of this area of the City. 1.04. The Authority also finds that this redevelopment pro.iect is consistent with the purpose of the Economic Development Authority Redevelopment Fund 408. The current 2024 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 26,2023, when the Authority adopted this budget. The available balance of the Economic Development Authority Redevelopment Fund 408, beyond that committed for the existing 2024 budget, is approximately SS1S,OOO, which is more than sufficient to fund the redevelopment project. SECTION 2. PURCHASE AGREEMENT AND BUDGETT 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 of the Purchase Agreement by those officials shall be conclusive evidence of their approval. 2.02. The Authority herby amends the 2024 budget for Economic Development Authority Redevelopment Fund 408 to appropriate $55,000 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 Agreement ORDER OF ECONOMIC DEVETOPMENT AUTHORIW Adopted this 1't day of April, 2024 Offered by: Seconded by: Roll Call: P ent Att Sec ( I EXHIBIT A Legal Description of the Propertv LOTS 11 & 12, BLK 9 -EX S 20 FT OF LOT 12, COLUMBIA HEIGHTS ANNEX, according to the plat on file in the Office of the Registrar of Titles of Anoka county, state of Minnesota.