3.0 HRSR 12-07-2015 - Laserfiche WebLink

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xiv. Project Coordinator attends Public Hearing and presents Council Report. xv. Project Coordinator attends Council Meeting as necessary. xvi. CPED real estate staff obtain a certified copy of Council Resolution following Mayor's signature and publication. (Note: City-owned real property dispositions require a 2/3rds majority vote of the City Council as required by City Charter.) c. MINS CPED real estate staff and Project Coordinator update MINS as required throughout entire Land Sale Approval/Public Hearing process. 5. Redevelopment Contract Upon City Council approval, mayoral concurrence and publication, the City and the Purchaser(or an Affiliate of the Purchaser acceptable to the CPED Director)will enter into a Redevelopment Contract consistent with City Council approval that specifies the rights and responsibilities of each party. A Redevelopment Contract contains the specific terms and conditions of the sale, lease or other disposition as well as terms for the construction or rehabilitation of the project. The Redevelopment Contract acts as a purchase agreement and is subject to the statutory cancellation procedures of Minnesota Statutes, Section 559.21. For a single-family or 1-7 Unit in-fill land sale that does not involve any unique provisions, a Standard Redevelopment Contract has been developed. The Real Estate department will prepare the contract. The terms and conditions in a Redevelopment Contract will be more complex if the City will be assisting in assembling a site for development or will be providing financial assistance that will not be contracted separately(i.e., tax increment financing). Unless a shorter period is established by the City Council, CPED Staff and the Purchaser shall have up to six (6) months from the date of City Council approval in which to negotiate and execute a Redevelopment Contract. If a Redevelopment Contract is not executed within said six (6) month period, the CPED Director may withdraw the City Council's disposition approval and cease further negotiations and declare the Development Property disposition terminated. For any single-family or duplex in-fill or sideyard land sale, the Project Coordinator should, as a matter of course, request City Council approval of a shorter 30 day period by which the identified purchaser must close on the land sale or lose the ability to purchase the property in favor of an alternate buyer or pay holding costs to retain purchase rights. At the time the Purchaser signs the Redevelopment Contract, the Purchaser must pay to the City a good faith deposit equal to 10% of the Purchase Price to secure construction/rehabilitation performance on the Development Property. The good faith deposit is in addition to the full Purchase Price and is returned to the Purchaser only after the construction/rehabilitation is complete. The Redevelopment Contract shall include, but shall not be limited to, the following general provisions: a. Legal entity identification of the City and Purchaser; b. Address and legal description of the Development Property; c. The chronological history of important dates approving the transactions such as City Council actions; d. Purchase price; Updated as of 10/6/04 15