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Home My WebLink About11-04-2019 SpecialAGENDA SPECIAL MEETING OF THE MOUNDS VIEW CITY ECONOMIC DEVELOPMENT AUTHORITY NOVEMBER 4, 2019 8:00 AM EDA: 1. Adopt EDA Resolution 19-EDA-331 Notice of Partial Assignment of Rights Under Real Property Purchase Agreement; and 2. Adopt EDA Resolution 19-EDA-331 Second Assignment, Assumption, and Amendment to Purchase and Development Agreement; and 3. Adoption and approval of any other documents necessary for closing, ect; 4. General discussion regarding project. EDA RESOLUTION 19-EDA-331 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA A RESOLUTION APPROVING SECOND ASSIGNMENT, ASSUMPTION, AND AMENDMENT TO PURCHASE AND DEVELOPMENT AGREEMENT AND NOTICE OF PARTIAL ASSIGNMENT OF RIGHTS UNDER REAL PROPERTY PURCHASE AGREEMENT BE IT RESOLVED by the Board of Commissioners (the “Board”) of the Mounds View Economic Development Authority (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 is fee owner of certain real property in the city of Mounds View (the “City”), legally described in the attached Exhibit A (the “Property”). 1.03. To facilitate the development of housing on the Property, the Authority entered into a Purchase and Development Agreement (the “Contract”) between the Authority and INH Property Management, Inc. (the “Developer”), under which, among other things, the Authority will convey the Property to the Developer to construct a 127-unit apartment complex, subject to certain terms and conditions. 1.04. The Authority has previously, on January 7, 2019 and in accordance with Minnesota Statutes, Section 469.105, conducted a duly noticed public hearing regarding the sale of the Property to the Developer, at which all interested persons were given an opportunity to be heard. 1.05. The Authority found and determined that conveyance of the Property to the Buyer was in the public interest and would further the objectives of its general plan of economic development, because it would provide an opportunity for increased housing opportunities in the City and serve as an impetus for further development. 1.06. The Authority previously approved a version of the Contract on January 7, 2019, which was amended by the Authority and Developer on February 25, 2019. 1.07. The Authority and Developer previously amended and assigned the Contract as set forth in the Assignment, Assumption, and Amendment to Purchase and Development Agreement (the “Amendment”) pursuant to Resolution EDA-2019-328 adopted on August 12, 2019. 604818v1MU205-46 EDA Resolution No. 19-EDA-331 Page 2 1.08. The Authority and Developer desire to further amend and assign the Contract as set forth in the Second Assignment, Assumption, and Amendment to Purchase and Development Agreement (the “Second Amendment”) as incorporated herein by reference. 1.09. The Authority and Developer desire to further amend and assign the Contract as set forth in the Notice of Partial Assignment of Rights Under Real Property Purchase Agreement (the “Assignment”) as incorporated herein by reference. 1.10. The Board has reviewed the Contract, Second Amendment and the Assignment 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. 2.01. The recitals set forth in this Resolution are incorporated into and made a part of this Resolution. 2.02. The Board hereby approves the Second Amendment and the Assignment in substantially the forms presented to the Board on the date below, including the conveyance of the Property to Buyer under the terms and conditions of the Contract, and further subject to any modifications that do not alter the substance of the transaction and that are approved by the Authority’s attorney. 2.03. The proper Authority officials, staff and consultants are authorized to execute the Second Amendment and the Assignment and take any and all other steps necessary or convenient in order to carry out the obligations under the Contract the Second Amendment and the Assignment, as well as to fulfill the intent of this Resolution. th Adopted on the 4 day of November, 2019. _________________________________ Carol A. Mueller, President Attest: ________________________________ Nyle Zikmund, Executive Director (SEAL) 604818v1MU205-46 EXHIBIT A Legal Description of the Property Parcel 1 (PID 08.30.23.31.0005): The North 363 feet of the West 330 feet of the Northeast 1/4 of the Southwest 1/4 of Section 8, Township 30, Range 23, Ramsey County, Minnesota. Parcel 2 (PID 08.30.23.31.0071): That part of the Northeast 1/4 of the Southwest 1/4 of Section 8, Township 30, Range 23, Ramsey County, Minnesota, described as follows: Beginning at the intersection of the East line of the West 330 feet and the South line of the North 365.46 feet of said Northeast 1/4 of the Southwest 1/4; thence North parallel with the West line of said Northeast 1/4 of the Southwest 1/4 a distance of 255 feet; thence East parallel with the North line of said Northeast 1/4 of the Southwest 1/4 a distance of 47.07 feet; thence Southeasterly to the intersection of the East line of the West 475 feet and the South line of the North 193.01 feet of said Northeast 1/4 of the Southwest 1/4 ; thence South parallel with the West line of said Northeast 1/4 of the Southwest 1/4 and to the South line of the North 365.46 feet thereof; thence West to the point of beginning, according to the United States Government Survey thereof and situate in Ramsey County, Minnesota. Together with a non-exclusive easement for driveway purposes, 25 feet in width, over and across part of the Northeast 1/4 of the Southwest 1/4 of Section 8, Township 30, Range 23, Ramsey County, Minnesota, the South and Southwesterly lines of which are described as follows: Beginning at the intersection of the East line of the West 360 feet and the South line of the North 110.46 feet of said Northeast 1/4 of the Southwest 1/4; thence East parallel with the North line of said Northeast 1/4 of the Southwest 1/4 a distance of 17.07 feet; thence Southeasterly to the intersection of the East line of the West 475 feet and the South line of the North 193.01 feet of said Northeast 1/4 of the Southwest 1/4; and said line there terminating. Parcel 3 (PID 08.30.23.31.0072): That part of the North 365.46 feet of the NE ¼ of the SW ¼ of Section 8, Township 30, Range 23, Ramsey County, Minnesota lying Southwesterly of the center line of State Trunk Highway No. 10 except the West 330 feet thereof and except that part described as follows: Beginning at the intersection of the East line of the West 330 feet and the South line of the North 365.46 feet of said NE ¼ of the SW ¼; thence North parallel with the West line of said NE ¼ of the SW ¼ a distance of 255 feet; thence East parallel with the North line of said NE ¼ of the SW ¼ a distance of 47.07 feet; thence Southeasterly to the intersection of the East line of the West 475 feet and the South line of the North 193.01 feet of said NE ¼ of the SW ¼; thence South parallel with the West line of said NE ¼ of the SW ¼ and to the South line of the North 365.46 feet thereof; thence West to the point of beginning. A-1 604818v1MU205-46 Together with a non-exclusive easement for driveway purposes over and across the South 31 feet of the North 345.46 feet of the East 115 feet of the West 475 feet of the NE ¼ of the SW ¼ of Section 8, Township 30, Range 23, Ramsey County, Minnesota. Together with a non-exclusive easement for parking purposes over and across the East 10 feet of that part of the NE ¼ of the SW ¼ of Section 8, Township 30, Range 23, Ramsey County, Minnesota described as follows: Beginning at the intersection of the East line of the West 330 feet and the South line of the North 365.46 feet of said NE ¼ of the SW ¼; thence North parallel with the West line of said NE ¼ of the SW ¼ a distance of 255 feet; thence East parallel with the North line of said NE ¼ of the SW ¼ a distance of 47.07 feet; thence Southeasterly to the intersection of the East line of the West 475 feet and the South line of the North 193.01 feet of said NE ¼ of the SW ¼; thence South parallel with the West line of sad NE ¼ of the SW ¼ and to the South line of the 365.46 feet thereof; thence West to the point of beginning. Together with an easement for utility purposes over, under and across the South 10 feet of the North 314.46 feet of the East 115 feet of the West 475 feet of the NE ¼ of the SW ¼ of Section 8, Township 30, Range 23, Ramsey County, Minnesota. A-2 604818v1MU205-46 B-1 604818v1MU205-46