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Home My WebLink AboutEDA Resolution 06-EDA-220EDA RESOLUTION NO. 06-EDA-220 MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF RAMSEY STATE OF MINNESOTA AUTHORIZATION TO ACQUIRE THE FORMER PREMIUM STOP PROPERTY LOCATED AT 2390 COUNTY ROAD 10 WHEREAS, the properly located at 2390 County Road 10 is presently available for acquisition; and, WHEREAS, the Mounds View Economic Development Authority (the "Authority") has entered into an agreement with the property owner CHO Investments (the "Seller") to acquire said property subject to contingencies identified within the Agreement; 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, an appraisal of the property has been conducted by Tisdell Appraisal Services, Inc., on the behalf of the Authority, which determined a value in excess of the agreed upon sale price; and, WHEREAS, the Seller has conducted the necessary environmental analyses which have been reviewed by the MPCA and the Authority's consulting engineer Short Elliott Hendrickson (SEH) which have been found to be satisfactory; and, WHEREAS, the Seller has arranged to have the underground fuel tanks removed in accordance with state and local regulations and have filed the proper documentation with the MPCA; and, WHEREAS, the Seller has submitted sufficient documentation regarding leasehold and tenant interests to protect the City against any and all potential claims regarding the property to the satisfaction of the City Attorney. NOW, THEREFORE BE IT RESOLVED THAT, the Mounds View Economic DevelopmentAuthority hereby authorizes and approves the acquisition of the former Premium Stop properly located at 2390 County Road 10 at a cost of $625,000, with $25,000 of that amount to be held in escrow for a period of two years to cover any potential future environmental remediation associated with the property's redevelopment. NOW THEREFORE BE IT FUTHER RESOLVED THAT, the funding source for the acquisition shall be from excess tax increment financing (TIF) pooled revenues. Adopted this 26th day of June, 2006 by the Mounds View Economic Development Authority ;:,%, Rob Marty, President ATTEST: ~~~ ` Kurt Ulrich, Executive Director (SEAL)