7.8 HRSR 05-01-2017Request for Action
ToItem Number
Housing & Redevelopment Authority7.8
Agenda Section Meeting DatePrepared by
General BusinessMay 1, 2017Amanda Othoudt, EDD
Item Description
Reviewed by
426 Main Street PurchaseCal Portner, City Administrator
Reviewed by
Action Requested
Approve, by motion, a resolution authorizing the execution a purchase agreement for 426 Main Street,
Elk River
Background/Discussion
At their November 7, 2017, meeting, the HRA expressed interest i
along east Main Street connecting to Highway 169 for a potential
with the Mississippi Connections Plan.
The HRA obtained an appraisal for the property located at 426 Main Street a
a purchase agreement with the seller.
A purchase offer agreement was reached with the seller contingent
meeting and inspection of the property.
Financial Impact
Earnest money of $1,000 will be deposited at Sherburne County Ab
the HRA reserve account. The remaining balance of $119,000 will be p
upon closing.
Attachments
Resolution
CITY OF ELK RIVER
HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO . 17-02
A RESOLUTION APPROVING PURCHASE OF CERTAIN PROPERTY AND
THE EXECUTION OF DOCUMENTS IN CONNECTION
THEREWITH
WHEREAS,
the HRA was heretofore established by the City of Elk River, Minnesota (the City )
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the HRA Act ), and is authorized to
undertake certain activities to facilitate the development and redevelopment of real property by
private enterprise, including the purchase and sale of property; and
WHEREAS,
to facilitate redevelopment of property in the City, the HRA proposes to acquire certain
property located at 426 Main Street in the City (the Property )
Seller ).
NOW THEREFORE, BE IT RESOLVED
by the Board of the HRA as follows:
1.The HRA finds and determines that the purchase of the Property from the Seller is in the public
interest and will further the objectives of its general plan of
development and redevelopment of the City because it will provide an opportunity for increased
employment opportunities, provide opportunities for redevelopmen
the Citys Mississippi Connections Plan, and serve as an impetus for further development.
2.The HRA hereby authorizes the Executive Director and HRA staff to prepare a purchase
agreement (the Purchase Agreement ) with the Seller setting for
the Property in accordance with the terms presented to the Board at its meeting on May 1, 2017.
3.The HRA hereby authorizes the Executive Director and the President to execute a
Purchase Agreement on behalf of the HRA, together with any related documents necessary in
connection therewith (collectively, the Development Documents ). The President and Executive
Director are further authorized and directed to execute the Development Documents on
the HRA and to carry out, on behalf of the HRA, the HRAs obligations thereunder.
4.HRA staff and officials are authorized to take all actions necessary to perHRAs
obligations under the Development Documents as a whole, includin
of any documents or certifications to which the HRA is a party referenced in or attached to the
Development Documents, and other documents necessary to acquire the Property from the Seller.
5.The approval hereby given to the Development Documents includes language
and details as may be necessary and appropriate and such modifications thereof, deletions
therefrom and additions thereto as may be necessary and appropri
counsel to the HRA and by the officers authorized herein to execute said documents
their execution; and said officers are hereby authorized to approve said changes on behalf of the
HRA. The execution of any instrument by the appropriate officers of tHRA herein
authorized shall be conclusive evidence of the approval of such
the terms hereof. In the event of absence or disability of the officers, any of the do
authorized by this Resolution to be executed may be executed wit
authorization of the Board by any duly designated acting officia
officers of the Board as, in the opinion of the HRAs legal counsel, may act in their behalf.
Approved by the Board of Commissioners of the Housing and Redeve
the City of Elk River this 1st day of May, 2017.
Larry Toth, Chair
ATTEST:
Amanda Othoudt, Executive Director