Laserfiche WebLink
C. WHEREAS, the City of Elk River's Planning Commission approved the <br /> • Redevelopment Plan on November 14, 2006 and the City Council of the City of Elk River, <br /> following a public hearing and after making the necessary findings, approved the Redevelopment <br /> Plan on November 20, 2006, all in accordance with the requirements of Minnesota Statutes, <br /> Sections 469.027 and 469.028; and <br /> D. WHEREAS, The HRA has determined that the acquisition of the Property is <br /> necessary to carry out the redevelopment project described in the Redevelopment Plan; and <br /> E. WHEREAS, the HRA's staff has negotiated a purchase agreement with Houlton <br /> Investment Company, a copy of which has been presented to the Commissioners for their review <br /> and consideration(the "Purchase Agreement"); and <br /> F. WHEREAS, HRA staff is seeking the Board's approval of the Purchase <br /> Agreement and authorization for the HRA's Chair and Executive Director to execute the <br /> Purchase Agreement and authorization for the HRA's Chair and Executive Director to execute <br /> the Contract for Deed and other documents contemplated in the Purchase Agreement or <br /> otherwise necessary to close on the purchase of the Property pursuant to the terms of the <br /> Purchase Agreement, upon Houlton Investment Company's and the HRA's performance of their <br /> obligations under the Purchase Agreement. <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the <br /> Housing and Redevelopment Authority in and for the City of Elk River as follows: <br /> • 1. The Board of Commissioners hereby approves the purchase of the Property <br /> identified in the Purchase Agreement in accordance with the terms of the Purchase Agreement <br /> and hereby authorizes the HRA's Chair and Executive Director to execute the Purchase <br /> Agreement on behalf of the HRA. <br /> 2. If the HRA receives the survey described in Section 9 of the Purchase Agreement <br /> prior to the HRA's and Houlton Investment Company's execution of the Purchase Agreement, <br /> the Board of Commissioners hereby authorizes the HRA staff to modify the terms of the <br /> Purchase Agreement prior to its execution by the HRA Chair and Executive Director to reflect <br /> the HRA's acquisition of the survey and to address any title issues the survey discloses and <br /> authorizes the HRA's Chair and Executive Director to execute the Purchase Agreement, as <br /> modified. <br /> 3. The Board of Commissioners hereby authorizes the HRA's Chair and Executive <br /> Director to execute the Contract for Deed and other documents contemplated in the Purchase <br /> Agreement or otherwise necessary to close on the purchase of the Property pursuant to the terms <br /> of the Purchase Agreement, upon Houlton Investment Company's and the HRA's performance of <br /> their obligations under the Purchase Agreement. <br /> 4. This Resolution does not authorize the HRA to acquire the Property by or through <br /> the use of the power of eminent domain or condemnation. The HRA is not authorized to acquire <br /> the Property by or through the power of eminent domain or condemnation. <br /> • <br /> 1970418v1 2 <br />