HomeMy WebLinkAbout17-23 - ADMIN Resolution - Economic Development Authority - 2017/12/04ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 17-23
RESOLUTION APPROVING THE PURCHASE AGREEMENT BETWEEN THE ST.
LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND CARRINGTON
MORTGAGE SERVICES, LLC
BE IT RESOLVED By the Board of Commissioners ("Board") of the St. Louis Park
Economic Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority has determined a need to exercise the powers of a housing and
redevelopment authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ("EDA
Act"), and is currently administering Redevelopment Project No. I ("Redevelopment Project")
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act").
1.02. Among the activities to be assisted by the Authority in the Redevelopment Project
is acquisition of a single family property to pursue affordable housing goals in the City located at
5639 Minnetonka Boulevard and legally described as Auditor's Subdivision No. 323 Hennepin
County, Minn - Block: None - Lot(S) 6 hereto ("Property's.
1.03. There has been presented before the Board a Purchase Agreement ("Agreement")
setting forth the terms and conditions of the purchase of the Property between the Authority and
the Seller of the Property, Carrington Mortgage Services, LLC ("Seller"). The Agreement is
attached hereto as Exhibit A.
1.04. The Board has reviewed the Agreement and finds that the execution thereof and
performance of the Authority's obligations thereunder are in the best interest of the City and its
residents.
Section 2. Authority Approval; Further Proceedings.
2.01. The Agreement as presented to the Board is hereby in all respects approved, 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 documents by such officials shall
be conclusive evidence of approval.
2.02. The Executive Director is hereby authorized to execute on behalf of the Authority
cement and any documents referenced therein requiring execution by the Authority, and to
on behalf of the Authority its obligations thereunder.
Adopted by the Economic Development
Authority December 4, 2017
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Anne Mavity, President