Laserfiche WebLink
EDA RESOLUTION NO. 18 -EDA -318 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />A RESOLUTION AUTHORIZING THE PURCHASE OF REAL <br />PROPERTY AND APPROVING AN ASSIGNMENT OF AND <br />SECOND AMENDMENT TO PURCHASE AGREEMENT <br />WHEREAS, Dayaram & Sons, Ltd., a Minnesota business corporation (the "Owner"), is fee <br />owner of three parcels of real property (PID 17.30.23.14.0001, PID 17.30.23.14.0002, and PID <br />17.30.23.14.0003), all of which are located at 4889 Old Highway 8, Mounds View, Minnesota 55112 <br />(the "Property"); and <br />WHEREAS, the Owner entered into that certain Purchase Agreement, dated May 3, 2017, <br />and that certain First Amendment to Purchase Agreement, dated May 28, 2018 (collectively, the <br />"Agreement"), with Newport Midwest, LLC, a Minnesota limited liability company ("Newport"), <br />whereby the Owner agreed to sell the Property to Newport following due diligence period that is <br />scheduled to expire on December 31, 2018; and <br />WHEREAS, Newport is no longer able to use the Property for its intended purpose and has <br />indicated a willingness to assign its rights under the Agreement to the Mounds View Economic <br />Development Authority (the "EDA"); and <br />WHEREAS, Minnesota Statues, Section 469.101 authorizes an economic development <br />authority to purchase real property; and <br />WHEREAS, the EDA desires to purchase the Property, as authorized in the aforementioned <br />statutory provision, through an assignment by Newport and assumption by the EDA of the various <br />rights and obligations of Newport contained in the Agreement; and <br />WHEREAS, section 15.8 of the Agreement provides, in part, that "[n]either parry shall be <br />entitled to assign or convey any interest in [the] Agreement to any third party, without first obtaining <br />the prior written consent of the other party"; and <br />WHEREAS, the Owner is willing to consent to the assignment of the Agreement by Newport <br />to the EDA; and <br />WHEREAS, to facilitate the EDA's purchase of the Property, the EDA proposes to enter <br />into an Assignment of and Second Amendment to Purchase Agreement (the "Assignment and <br />Amendment") between the EDA, the Owner, and Newport; and <br />WHEREAS, the EDA has followed any and all applicable statutory provisions and finds that <br />the purchase of the Property will fulfill the objectives, goals and mission of the EDA. <br />548262v2 DTA MU205-49 <br />