HomeMy WebLinkAbout10-21 - ADMIN Resolution - Economic Development Authority - 2010/12/06ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 10-21
RESOLUTION APPROVING THE PURCHASE AGREEMENT
BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT
AUTHORITY AND MARY AND KARL JOHNSON.
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. 1 ("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
removal of a building that is structurally obsolete and in substantial disrepair in the City located at
7015 Walker St. and legally described in Exhibit A attached hereto ("Property").
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, Mary and Karl Johnson ("Seller"). The Agreement is attached hereto as
Exhibit B.
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.
The President and Executive Director are hereby authorized to execute on behalf of
the Au ority e Agreement and any documents referenced therein requiring execution by the
Autho ' , and carry out, on behalf of the Authority its obligations thereunder.
Reviewed for Administration: Adopted by the Economic Development Authority
December 6, 2010
i
Executive D e for P en
Attest
Secretary