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Home My WebLink About10-03 - ADMIN Resolution - Economic Development Authority - 2010/03/01ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY EDA RESOLUTION NO. 10-03 RESOLUTION APPROVING ACQUISITION OF CERTAIN PROPERTY AND CONVEYANCE OF SAME TO EXCELSIOR AND GRAND CONDOMINIUM ASSOCIATION BE IT RESOLVED by the Board of Commissioners ("Board") of the St. Louis Park Economic Development Authority, St. Louis Park, Minnesota ("Authority") as follows: Section 1. Recitals. 1.01. Pursuant to its authority under Minnesota Statutes, Sections 469.001 through 469.047 (the "HRA Act"), Sections 469.090 through 469.1082 (the "EDA Act"), and Sections 469.174 through 469.1799 (the "TIF Act"), the Authority has previously entered into a Contract for Private Redevelopment (the "Contract") between the Authority, the City, and Excelsior & Grand II LLC (the "Redeveloper"), under which, among other things, the Redeveloper constructed and sold residential condominium units and associated parking stalls located within the Authority's Redevelopment Project No. 1 (the "Project") to third -party purchasers. 1.02. The Redeveloper conveyed one such condominium unit to a third -party owner (the `Buyer"), along with an associated parking stall described in Exhibit A (the "Property"). The Property was found to be unusable for parking purposes due to the placement of doors opening onto the Property from an adjacent garbage room, and the Buyer was offered and accepted a different parking stall. 1.03. Title to the Property remained with the Buyer, but the Buyer's property tax payments were credited to the Buyer's condominium unit and replacement parking stall, rather than to the Property, resulting in tax forfeiture of the Property to Hennepin County (the "County"). 1.04. The Excelsior and Grand Owners' Association (the "Association") has now requested that the Authority purchase the tax -forfeited Property and convey said Property to the Association for use as common area recycling storage. The Redeveloper has agreed to pay all fees incurred by the Authority in connection with such purchase and conveyance. The County is willing to convey the Property to the Authority for reconveyance to the Association. 1.05. The Authority finds and determines that conveyance of the Property to the Association has no relationship to the City's comprehensive plan. 1.06. The Authority further finds and determines that the Association's intended use of the Property conforms to the approved project area redevelopment plan for the Project. 1.07. Pursuant to Section 469.029 of the HRA Act, the Authority has on this date conducted a duly noticed public hearing regarding the sale of the Property to the Association, at which all interested persons were give an opportunity to be heard. EDA Resolution No. 10-03 -2- Section 2. Author4 Approval; Further Proceedings. 2.01. Authority staff and officials are authorized to take all actions necessary to effect the purchase and reconveyance of the Property, including without limitation payment of purchase price and conveyance fees, execution of any deed or other documents necessary to acquire the Property from the County and to convey such Property to the Association. 2.02. The Board hereby approves the conveyance of the Property to the Association, subject ssful acquisition of the Property by the Authority from the County. Attest Secretary for Administration; Adopted by the Economic Development Authority March 1, 2010 D'ftedor President EXHIBIT A EDA Resolution No. 10-03 -3- EXHIBIT A Property PID# 06 028 24 34 0327 Gar Unit G177 CIC No. 1208 The Condominiums at Excelsior & Grand, 3707 Grand Way CLOSING STATEMENT Res . N o Seller: St, Louis Park Economic Development Authority Buyer: Excelsior & Grand Owners' Association Property: Unit No. G177, CIC No. 1208, THE CONDOMINIUMS AT EXCELSIOR & GRAND, a condominium located in the County of Hennepin. November _, 2010 1. Purchase Agreement 2. Resolution Authorizing Sale 3. Closing Statement 4. Quit Claim Deed (with Well Statement) 5. Affidavit of Seller Recording to be done by Kennedy & Graven, Chartered. BUYER: EXCELSIOR & GRAND OWNERS' ASSOCIATION Its: 369085v1 CBR SA2854 ST. LOUIS P Its: Executiye-7irecfor 10-d3 BUYER SELLER Debit Credit Debit Credit Purchase Price of Real Estate $1.00 $1.00 FDA's expenses of Acquisition 1,000.00 1,000.00 State Deed Tax 1.65 1.65 Recording Fees Conservation Fee Quit Claim Deed 5.00 47.00 5.00 47.00 Total Charges and Credits $1,054.65 $0 $0 $1,054.65 Balance Due from Buyer $1,054.65 Balance Due to Seller $1,054.65 Recording to be done by Kennedy & Graven, Chartered. BUYER: EXCELSIOR & GRAND OWNERS' ASSOCIATION Its: 369085v1 CBR SA2854 ST. LOUIS P Its: Executiye-7irecfor 10-d3 LDA 12e5- N.. 10 -0 3 Quit Claim Deed STATE DEED TAX DUE HEREON: $1.65 Consideration for this transfer is less than $500.00. Date: .2010 FOR VALUABLE CONSIDERATION, St. Louis Park Economic Development Authority, a public body corporate and politic and political subdivision of the State of Minnesota, Grantor, hereby conveys and quit claims to Excelsior & Grand Owners' Association, a Minnesota non-profit corporation, Grantee, real property in Hennepin County, Minnesota, described as follows: Unit No. G177, CIC No. 1208, THE CONDOMINIUMS AT EXCELSIOR & GRAND, a condominium located in the County of Hennepin. (if more space is needed, continue on back) together with all hereditaments and appurtenances. The Seller certifies that the seller does not know of any wells on the described real property. ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORIT/ r -4,t A- _t Its 369031vl MNISA2854 STATE OF MINNESOTA ss.: COUNTY OF HENNEPIN AOR 9-�P.s, N o . i 0 -03 AFFIDAVIT REGARDING CORPORATION Thomas Hannening, being first duly sworn, on oath says that: 1. He is the Executive Director of the St. Louis Park Economic Development Authority, a public body corporate and politic under the laws of the State of Minnesota, the corporation named as Grantee in the State Deed filed for record april 16, 2010 as Document No. 4746327 in the Office of the Registrar of Titles of Hennepin County, Minnesota. 2. Said corporation's principal place of business is at 5005 Minnetonka Boulevard, St. Louis Park, MN 55416-2518 and said corporation's previous principal place of business during the past ten years has been at that address. 3. There have been no: a) Bankruptcy or dissolution proceedings involving said corporation during the time said corporation has had any interest in the premises described in the attached Exhibit A ('Premises"); b) Unsatisfied judgments of record against said corporation nor any actions pending in any courts, which affect the Premises; c) Tax liens against said corporation; except as herein stated: None. 4. Any bankruptcy or dissolution proceedings of record against corporations with the same or similar names, during the time period in which the above named corporation had any interest in the Premises, are not against the above named corporation. 5. Any judgments or tax liens of record against parties with the same or similar names are not against the above named corporation. 369090v1 CBR SA2854 CDH AeS. NO. 6. There has been no labor or materials furnished to the Premises for which payment has not been 1 (D — DS made. 7. There are no unrecorded contracts, leases, easements, or other agreements or interests relating to the Premises except as stated herein: None. 8. There are no persons in possession of any portion of the Premises other than pursuant to a recorded document except as stated herein: None. _ 9. There are no encroachments or boundary line has knowledge. Affiant knows the matters herein stated are true inducing the passing of title to the Premises. Subscribed and sworn to before me this b day of 04 se i,, 6 v- , 2010. EIINVA Nancy J. Stroth Notary Public Minnesota +;w ,•°` my commission Expires January 31, 2015 3690900 CBRSA285-4 the Premises of which Affiant Affidavit for the purpose of THIS rNSTRUMENT WAS DRAFTED BY: KENNEDY & GRAVEN, CHARTERED 470,U. S. Bank Plaza 200 South Sixth Street Minneapolis, MN 55402 (612)337-9300 Exhibit A C Dfi 2�s. J\So . (0-03 Unit No. G177, CIC No. 1208, THE CONDOMINIUMS AT EXCELSIOR & GRAND, a condominium located in the County of Hennepin. No - to -o3 STATE OF MINNESOTA COUNTY OF 11ENNEPIN The foregoing was acknowledged before me this %%+J� day of NoyevnLer, 2010, by Phil Finkelstein and Tom Harmening, the President and Executive Director of the St. Louis Park Economic Development Authority, a public body corporate and politic and political subdivision of the State of Minnesota, on behalf of the Authority, Grantor. NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK) Nancy J. Stroth Notary Public Minnesota .. My Commission Expires January 31, 2015 This instrument drafted by: Kennedy & Graven, Chartered 470 U.S. Bank Plaza 200 South Sixth Street Minneapolis, MN 55402 369031vl MNISA2854 SIGNATURE OF PERVN TAKING ACKNOWLEDGMENT Check here if part or all of the land is Registered (Torrens) El Tax Statements for the real property described in this instrument should be sent to (include name and address of Grantee): Excelsior & Grand Owners' Association 1801 American Boulevard East, Suite 21 Bloomington, MN 55425