HomeMy WebLinkAbout93-169 - ADMIN Resolution - City Council - 1993/10/18f
RESOLUTION NO. 93-169
RESOLUTION AUTHORIZING EXECUTION OF ASSIGNMENT OF INTEREST
AND PURCHASE AGREEMENT DOCUMENTS AND RELEASE OF PAYMENTS
FOR THE PURCHASE OF LOT 3, BLOCK 2 BELTLINE BUSINESS PARK
WHEREAS, the City Council of the City of St. Louis Park, Minnesota has
determined it to be in the best interests of the City to purchase Lot 3, Block
2 Beltline Business Park for public purposes.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of St. Louis
Park, Minnesota that:
1. Evergreen Land Services, agent for the City in the negotiations for the
purchase of said Lot 3, Block 2 Beltline Business Park, and the Mayor and
City Manager are authorized to execute an assignment of interest
agreement transferring Evergreen Land Services' purchase option rights
for said Lot 3, Block 2 to the City.
2. The Mayor and City Manager are authorized and directed to execute a
Purchase Agreement for the purchase of said Lot 3, Block 2 Beltline
Business Park at a cost of $270,000.
3. Payment of $20,000 earnest money to Norwest Bank Minneapolis, National
Association for the purchase of said Lot 3, Block 2 Beltline Business
Park is hereby authorized.
4. Payment of $236,500 for the balance of the purchase price for said Lot 3,
Block 2 Beltline Business Park to an escrow account mutually agreeable to
the City and Norwest Bank Minneapolis, National Association is hereby
authorized.
Adopted by the City Council October 18, 1993
4/2-1
Reviewed for administration:
17d4,24,04(5 ---
Approved as to form and execution:
CitytAttorney