HomeMy WebLinkAboutEDA Resolution 06-EDA-217EDA 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.
EDA Res. 06 -EDA -217
Page 2
Adopted this 27th day of February, 2006 by the Mounds View Economic
Development Authority
ATTEST:
(SEAL)
Rob arty, Pre ident
Kurt Ulrich, Executive Director