HomeMy WebLinkAbout18-EDA-313EDA RESOLUTION 18 -EDA -313
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
A RESOLUTION APPROVING PURCHASE AND
DEVELOPMENT AGREEMENT AND CONVEYANCE OF
PROPERTY LOCATED IN MOUNDS VIEW, MINNESOTA
BE IT RESOLVED by the Board of Commissioners (`Board") of the Economic
Development Authority of Mounds View, Minnesota (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority is authorized pursuant to Minnesota Statutes, Sections 469.090 to
469.1081 (the "EDA Act'), to acquire and convey real property and to undertake certain
activities to facilitate the development of real property by private enterprise.
1.02. The Authority has initiated the acquisition of certain real property in the city of
Mounds View (the "City"), legally described in the attached Exhibit A (the "Property"), fiom
Ramsey County and pursuant to that certain Real Estate Option Agreement between the Authority
and Boulevard Apartments, Limited Partnership (the "Buyer"), entered into on or about February
26, 2018.
1.03. To facilitate development of the Property, the Authority proposes to also enter into a
Purchase and Development Agreement (the "Contract') between the Authority and the Buyer,
under which, among other things, the Authority will convey the Property to the Buyer to construct a
60 -unit multi -family affordable housing complex, subject to certain terms and conditions.
1.04. The Authority has, on June 11, 2018 and in accordance with Minnesota Statutes,
Section 469.105, conducted a duly noticed public hearing regarding the sale of the Property to
Buyer, at which all interested persons were given an opportunity to be heard.
1.05. The Authority finds and determines that conveyance of the Property to the Buyer is
in the public interest and will further the objectives of its general plan of economic development,
because it will provide an opportunity for increased housing opportunities in the City and serve as
an impetus for further development.
1.06. The Board has reviewed the Contract and finds that the execution thereof by the
Authority and performance of the obligations thereunder are in the best interest of the Authority, the
City and its residents.
Section 2. Authorization.
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5264442 DTA MU205-47
2.01. The recitals set forth in this Resolution are incorporated into and made apart of this
Resolution.
2.02. The Board hereby approves the Contract in substantially the form presented to the
Board, including the conveyance of the Property to Buyer under the terms and conditions of the
Contract, and further subject to the following: (a) modifications that do not alter the substance of the
transaction and that are approved by the President, the Executive Director, and the Authority's
attorney; and (b) final approval by the Authority's attorney of a separate Declaration of Access
Easement related, in part, to the Property.
2.03. The proper Authority officials, staff and consultants are authorized to execute the
Contract and take any and all other steps necessary or convenient in order to carry out the
obligations under the Contract, as well as to fulfill the intent of this Resolution.
Adopted on the 25"i day of June, 2018.
Attest:
Wyl ikm d, Executive Director
(SEAL)
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5264402 DTA MU205-47
Carol A. Mueller, President
EXHIBIT A
Legal Description of the Property
PID: 06-30-23-31-0031
Parcel 1. Lot 50, except that part which lies Southwesterly of a line run parallel with and distant
100 feet Northeasterly of the Southwesterly boundary of said Lot 50, also except that part
described as follows:
Commencing at the Northwest corner of said Lot 50; thence East 7 feet along the
North line of said Lot 50; thence Southerly 100 feet to a point of intersection on the
West line of said Lot 50; thence North along said West line of said Lot 50 to the
point of commencement; Auditor's Subdivision No. 89, Ramsey Co., Minn. The
said excepted part of the above described property, the Southwesterly 100 feet has
been taken by the State of Minnesota for public Highway purposes.
Parcel 2. All that part of Lot 32, Auditor's Subdivision No. 89, Ramsey Co., Minn., described as
follows, to -wit: Commencing at a point on the West line of Lot 50, Auditor's Subdivision No. 89,
which point is 100 feet South of the Northwest corner of said Lot 50; thence South to a line 100
feet Northeasterly from and parallel with the Southerly line of Lot 32; thence Northwesterly on
said parallel line 32 feet; thence Northeasterly to the point of beginning.
and,
PID: 06-30-23-31-0241
The South 135.00 feet, front and rear, of Lot 47, Auditor's Subdivision No. 89, lying westerly of
the East 187.00 feet.
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