6. HRSR 12-04-2006 - Laserfiche WebLink

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C. WHEREAS, the City of Elk River's Planning Commission approved the Redevelopment Plan on November 14, 2006 and the City Council of the City of Elk River, following a public hearing and after making the necessary findings, approved the Redevelopment Plan on November 20, 2006, all in accordance with the requirements of Minnesota Statutes, Sections 469.027 and 469.028; and D. WHEREAS, The HRA has determined that the acquisition of the Property is necessary to carry out the redevelopment project described in the Redevelopment Plan; and E. WHEREAS, the HRA's staff has negotiated a purchase agreement with Houlton Investment Company, a copy of which has been presented to the Commissioners for their review and consideration (the "Purchase Agreement"); and F. WHEREAS, HRA staff is seeking the Board's approval of the Purchase Agreement and authorization for the HRA's Chair and Executive Director to execute the Purchase Agreement and authorization for the HRA's Chair and Executive Director to execute the Contract for Deed and other documents contemplated in the Purchase Agreement or otherwise necessary to close on the purchase of the Property pursuant to the terms of the Purchase Agreement, upon Houlton Investment Company's and the HRA's performance of their obligations under the Purchase Agreement. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Elk River as follows: 1. The Board of Commissioners hereby approves the purchase of the Property identified in the Purchase Agreement in accordance with the terms of the Purchase Agreement and hereby authorizes the HRA's Chair and Executive Director to execute the Purchase Agreement on behalf of the HRA. 2. If the HRA receives the survey described in Section 9 of the Purchase Agreement prior to the HRA's and Houlton Investment Company's execution of the Purchase Agreement, the Board of Commissioners hereby authorizes the HRA staff to modify the terms of the Purchase Agreement prior to its execution by the HRA Chair and Executive Director to reflect the HRA's acquisition of the survey and to address any title issues the survey discloses and authorizes the HRA's Chair and Executive Director to execute the Purchase Agreement, as modified. 3. The Board of Commissioners hereby authorizes the HRA's Chair and Executive Director to execute the Contract for Deed and other documents contemplated in the Purchase Agreement or otherwise necessary to close on the purchase of the Property pursuant to the terms of the Purchase Agreement, upon Houlton Investment Company's and the HRA's performance of their obligations under the Purchase Agreement. The motion for adoption of the foregoing resolution was duly seconded by Commissioner and, after full discussion thereof, and upon a vote being taken thereof, the following voted in favor thereof: 1970418v1 2