2000.04.03 RESO 2000-0008 - Laserfiche WebLink

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2.0 Authority. This policy is adopted pursuant to the authority granted the City of Hugo by law, including, but not limited to, Minnesota Statutes Chapters 412.211, 465.28, and 469.012 (5), 469.137 and 471.191. 3.0 Property Eligible for Acquisition. All residential properties, including single-family homes and multi -family apartments, located in the Central Business Zoning District, and abutting either 14e Street or Forest Boulevard, are eligible for purchase under this program. 4.0 Method of Acquisition. 4.1 Property shall become eligible for purchase by the City when it is offered for sale by the owner, either through a direct offer to sell the property by the owner, the listing of the property for sale through a realty agent, or other free-will offer to sell made by the owner. 4.2 Upon an offering to sell an eligible property, the City Administrator shall cause a fair market appraisal to be made of the property by a Certified General Appraiser knowledgeable of the areas realty market and otherwise qualified to perform such services in the State of Minnesota. 4.3 When completed, such appraisal shall be presented to the Council for review and approval. Following approval of the appraisal, and subject to the availability of adequate funds, the City Administrator shall tender an offer to purchase the property to the owner, or the owner's agent, in the amount of the approved appraisal, or a lower amount, in the best interests of the City. 4.4 If the owner agrees to sell the property to the City at the price offered, a Purchase Agreement shall be prepared by the City Attorney and executed on behalf of the City, by the Mayor. 4.5 The City shall not be bound to purchase, and does not guarantee to purchase any property under this program. 5.0 Distribution of Closing Costs and Realtor's Fees. 5.1 The buyer and seller shall pay for closing costs and fees under the standard conditions used in residential property transactions. 5.2 The seller shall pay all realtor fees, if any. 5.3 The City shall not pay for any personal property, moving expenses, attorney's fees, transportation or temporary lodging expenses, renovation or other costs that may be incurred by the seller as part of the transaction. 6.0 Property Management. The City of Hugo may enter into an agreement with a property management company to lease out houses obtained through this program until the properties are required for redevelopment. 7.0 Funding. 7.1 A Central Business District (CBD) Property Acquisition fund is hereby established to provide funding for property acquisitions made under this policy. 7.1.1 The City Council may, from time to time, allocate monies to the CBD Property Acquisition Fund for the purpose of carrying out this policy. 7.1.2 The City shall not make an offer to purchase any property under this policy until, and unless, adequate monies are available to pay for the purchase.