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<br /> <br />EDA RESOLUTION NO. 06-EDA-217 <br /> <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />AUTHORIZATION TO CONDUCT A COMMERCIAL APPRAISAL AND <br />APPROVAL OF A PURCHASE AGREEMENT FOR THE <br />PROPERTY LOCATED AT 2390 COUNTY ROAD 10 <br /> <br />WHEREAS, the property located at 2390 County Road 10 is presently available for <br />acquisition; and, <br /> <br />WHEREAS, the property owner has indicated agreement to sell the property to the <br />EDA under a variety of terms and conditions as outlined in a letter of intent dated February <br />14, 2006; and, <br /> <br /> WHEREAS, the seller requests that a Purchase Agreement be executed regarding <br />the proposed acquisition given the time and effort necessary to comply with the terms and <br />conditions; and, <br /> <br /> WHEREAS, staff has confirmed that the property at 2390 County Road 10 is on the <br />City’s list of parcels identified for potential acquisition; and, <br /> <br /> WHEREAS, to determine the fair market value for the property and to verify the <br />agreed upon price of acquisition, it would be appropriate to conduct a commercial appraisal <br />of the parcel and improvements; and, <br /> <br />WHEREAS, the City has requested proposals from area appraisal firms who are <br />able to perform such an appraisal and have solicited estimates from said firms ranging <br />from $1,900 to $2,800; and, <br /> <br /> NOW, THEREFORE BE IT RESOLVED THAT, the Mounds View Economic <br />Development Authority (the “Authority”) hereby authorizes an appraisal of the property <br />located at 2390 County Road 10 at a cost not to exceed $2,000. <br /> <br /> NOW THEREFORE BE IT FUTHER RESOLVED THAT, the Authority authorizes <br />execution of the attached Purchase Agreement which formalizes the agreed upon terms <br />and conditions. Said Agreement may be terminated (or renegotiated) by the EDA should <br />any of the following occur: <br /> <br />1. The appraised value does not support the agreed upon asking price. <br />2. The seller does not remove all underground fuel storage tanks. <br />3. The seller does not remediate any or all negative environmental conditions or <br />contaminants. <br />4. The seller does not guarantee the property is free of any or all liens or tenant / <br />leasehold interests. <br />