10-09-1995 EDA - Laserfiche WebLink

Home Browse Search

MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY REQUEST FOR EDA CONSIDERATION STAFF REPORT EDA MEETING DATE October 9, 1995 EDA Action: ❑ Special Order of Business Agenda Section: 7.0 ❑ Public Hearings Report Number:EpA-9 4-3c ❑ Consent Agenda Report Date: 1U—.5-9.5 EDA Business Iteni Description: Consideration to Authorize Staff to Pursue and Negotiate a Certain Purchase Agreement Executive Director's Review/Recommendation!or 2625 Highway 10. - No comments to supplement this report - Comments attached Explanation/Summary (:}trach supplement sheets as nece;,sary) SUMMARY: Per direction at the work session on October 2, 1995 regarding the negotiations with the owners of 2625 Highway 10, I have consulted with Bond Attorney Jim O'Meara regarding the requirements for use of excess tax increment funds for the purchase of property. With this - information,he has prepared a resolution which approves and authorizes the acquisition of property for redevelopment purposes and the execution of a purchase agreement for that purchase. Upon his recommendation, I have consulted with City Attorney Jim Thomson to prepare the purchase agreement for the EDA. - The EDA has two options: 1. Approve the Resolution as presented. This allows staff to execute the purchase agreement being prepared by Jim Thomson at the cost of$125,000. Mr. Thomson will have a draft prepared for your review Monday evening. 4- 2. Authorize staff to pursue and negotiate the purchase agreement by making a motion in the minutes and staff can come back for final approval of the resolution upon final signature by the seller. Either option will allow staff to pursue the purchase agreement with the seller at the verbal agreed price of$125,000 but with option#1 the item will not be required to come back to the EDA for final approval. Both the City attorney and the Bond attorney recommend either option at the discretion of the EDA. Cathy Be 1 t, Economic Development Coordinator • RECOMMENDATION: Direct staff to Pursue a Purchase Agreement for the Acquisition of 2625 Highway 10 per Resolution or Motion as Presented.