HomeMy WebLinkAboutResolution 97-EDA75
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RESOLUTION NO. 97-EDA75
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A
P ARTICIP ATION AGREEMENT FOR THE REDEVELOPMENT OF 8265 SPRING
LAKE ROAD
WHEREAS, the Mounds View Economic Development Authority (ED A) established a
Housing Replacement Program to remove houses which are in very poor condition, thereby,
assisting in the elimination of the blighting influence of substandard homes; and
WHEREAS, the EDA purchased and demolished a substandard home located at 8265
Spring Lake Road; and
WHEREAS, the vacant lot at 8265 Spring Lake Road was advertised for sale by the EDA;
and
WHEREAS, on August 25, 1997 the EDA approved a Participation Agreement with
Loren Hansen Construction per Resolution No. 97-EDA73 which was never executed by Loren
Hansen Construction; and
WHEREAS, Preferred Builders, Inc. is proposing to purchase the vacant lot at 8265
Spring Lake Road for $28,000 to construct a three bedroom, two bath modified two story home
with an estimated market value of$145,000.
NOW THEREFORE BE IT RESOL YED, that the Economic Development Authority
approves and authorizes the execution of a participation agreement with Preferred Builders for
the purchase of 8265 Spring Lake Road; and
BE IT FURTHER RESOLVED, that the Economic Development Authority waives the
requirement in the Housing Replacement Program for a buyer\builder team with the assurance
that the home will be constructed with the intent to sell to a qualified buyer as soon as possible.
ATTEST:
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(SEAL)