EDA Resolution 06-EDA-217 - Laserfiche WebLink

Home Browse Search

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