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HomeMy WebLinkAbout1997 02-10 EDAP Regular Session • EDA AGENDA CITY OF BROOKLYN CENTER February 10, 1997 7 p.m. 1. Call to Order 2. Roll Call 3. Approval of Agenda -The following items are considered to be routine by the Economic Development Authority and will be enacted by one motion. There will be no separate discussion of these items unless a Commissioner so requests, in which event the item will be removed from the consent agenda and considered at the end of Commission Consideration Items. a. Approval of Minutes - Commissioners not present at meetings will be recorded as abstaining from the vote on the minutes. 1. January 13, 1997- Regular Session 4: Commission Consideration Items a. Resolution Authorizing Submittal of a Request for Proposal Under the 1997 Minnesota City Participation Program (MCPP) -Requested Commission q o mission Action: - Motion to adopt resolution. b. Resolution Authorizing Acquisition, Establishing Offer of Just Compensation, Authorizing Negotiation and Execution of Purchase Agreement, Authorizing g g g g Payment for Acquisition, Closing Costs and Relocation Claims for Various Properties Located in the 53rd Avenue Development and Linkage Project -Requested Commission Action: - Motion to adopt resolution. 5. Adjournment • DRAFT MINUTES OF THE PROCEEDINGS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF BROOKLYN CENTER IN THE COUNTY OF HENNEPIN AND THE STATE OF MINNESOTA REGULAR SESSION JANUARY 13, 1997 CITY HALL CALL TO ORDER The Brooklyn Center Economic Development Authority (EDA) met in regular session and was called to order by President.Myrna Kragness at 9:53 p.m. ROLL CALL President Myrna Kragness, Commission members Kathleen Carmody, Debra Hilstrom, Kay Lasman, and Robert Peppe. Also present: Executive Director Michael J. McCauley, Public Services Director Diane Spector, City Attorney Charlie LeFevere, and Council Secretary LeAnn Larson. • APPROVAL OF AGENDA AND CONSENT AGENDA A motion by Commission member Carmody and seconded by Commission member Peppe to approve the agenda and consent agenda as printed passed unanimously. APPROVAL OF MINUTES A motion by Commission member Carmody and seconded by Commission member Peppe to approve the minutes of the December 16, 1996 -- Regular Session; and December 20, 1996- - Special Session as printed passed unanimously. RESOLUTION NO. 97 -01 Member Carmody introduced the following resolution and moved its adoption: RESOLUTION DESIGNATING DEPOSITORIES OF EDA FUNDS The motion for the adoption of the foregoing resolution was duly seconded by member Peppe and passed unanimously. • 1/13/97 -1- DRAFT RESOLUTION NO. 97 -02 Member Carmody introduced the following esolution and moved its adoption: • g P RESOLUTION ELECTING OFFICERS FOR THE ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF BROOKLYN CENTER The motion for the adoption of the foregoing resolution was duly seconded by member Peppe and passed unanimously. COMMISSION CONSIDERATION ITEMS RESOLUTION AUTHORIZING ACQUISITION ESTABLISHING OFFER OF JUST COMPENSATION. AUTHORIZING NEGOTIATION AND EXECUTION OF PURCHASE AGREEMENT, AUTHORIZING PAYMENT FOR ACQUISITION CLOSING COSTS AND _RELOCATION CLAIMS FOR VARIOUS PROPERTIES LOCATED IN THE 53RD AVENUE DEVELOPMENT AND LINKAGE PROJECT RESOLUTION NO. 97 -03 Member Hilstrom introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ACQUISITION, ESTABLISHING OFFER OF JUST • COMPENSATION, AUTHORIZING NEGOTIATION AND EXECUTION OF PURCHASE AGREEMENT, AUTHORIZING PAYMENT FOR ACQUISITION, CLOSING COSTS AND RELOCATION CLAIMS FOR VARIOUS PROPERTIES LOCATED IN THE 53RD AVENUE DEVELOPMENT AND LINKAGE PROJECT The motion for, the adoption of the foregoing resolution was duly seconded by member Carmody and passed unanimously. ADJOURNMENT A motion by Commission member Carmody and seconded by Commission member Lasman to adjourn the meeting at 10:00 p.m. passed unanimously. President Recorded and transcribed by: LeAnn Larson 1/13/97 -2- • �w Memorandum To: Michael J. McCauley, City Manager From Tom Bublitz, Community Development Specialist Date: February 5, 1997 Re: Resolution Authorizing Submittal of a Request for Proposal Under the 1997 Minnesota City Participation Program (MCPP) The Minnesota City Participation Program (MCPP) is a mortgage program offered through the Minnesota Housing Finance Agency (MHFA) for first -time home buyers. Through the MCPP, the MHFA sells bonds on behalf of cities, city EDAs and HRAs, and county HRAs participating in the program to obtain a pool of money for the mortgage funds. The interest rates on these mortgages are typically at least one percentage point below market mortgage interest rates. The only direct cost to participants for this program is a processing fee charged by the Minnesota Department of Finance ance in the amount of $20 for each $100,000 of mortgage allotment. Additional indirect costs would consist of staff times spent on promoting and responding to P P g P g questions about the program from potential borrowers. The City of Brooklyn Center, through the Economic Development Authority (EDA), has participated in the MCPP beginning in 1992. Since 1992, approximately 110 mortgages have been closed in Brooklyn Center under the MCPP. In the 1996 program, the Brooklyn Center EDA was allocated $623,100 in mortgage funds and actually used $733,471.53 due to a feature in the program that allows participants to access unused mortgage funds from other program participants after six months. The 1996 mortgage interest rates under the MCPP were as low as 6.9 %. The 1996 MCPP funds use report is included with this memorandum. In 1997, the Hennepin County Housing and Redevelopment Authority (HCHRA) will be submitting an MCPP application to the MHFA for any cities in Hennepin County desiring to be part of the County application. Since mortgage allocations are based on a per capita basis, the Hennepin County HRA will likely create a substantial pool of mortgage funds for participating cities, EDAs, and HRAs in Hennepin County. A summary of the MCPP and the Hennepin County HRA application follows: • In 1997, the MHFA estimates there will be between $37- 45,000,000 in mortgage funds available statewide under the MCPP. This total dollar amount will be allocated on a strict per capita basis. Hennepin County HRA estimates their application will bring $12- 14,000,000 in MCPP mortgage funds to Hennepin County. Hennepin County HRA estimates that by submitting a countywide application there will be an additional $34,000,000 available to participating Hennepin County cities than if each city would submit an individual • application. Of course, the final allocation will depend on the total final MHFA allocation, Memorandum to Michael J. McCauley • February 5, 1997 Page 2 and, for Hennepin County, the total number of cities participating. According to Hennepin County staff, the only Hennepin County cities not electing to participate in the 1997 Hennepin County HRA MCPP application are Bloomington, Richfield and Eden Prairie. • If the EDA elects to participate in the County application, the trade -off would be that there will be more funds available to borrowers buying homes in Brooklyn Center, but there will be no guarantee of a specific total dollar amount of MCPP funds in Brooklyn Center. In general, the first ring suburbs should have a good chance of securing the most mortgages from the County application since the maximum house price eligible under the MCPP is $95,000, and the County estimates there are fewer homes priced at or below $95,000 in the outlying suburban areas. • In order to access the MCPP funds, the Hennepin County HRA must submit a Request for Proposal (RFP) on behalf of cities choosing to join the County HRA RFP. The main features of the proposed 1997 MCPP program are as follows: 1. Properties that qualify for MCPP mortgages include single - family homes, townhomes, condominiums and duplexes. 2. The maximum borrower income limit for the program is $43,650 in gross household income. This is adjusted by $1,000 for each household resident. For example, in a three - person household, the household income can total $46,650 and still remain eligible for the MCPP. A household is considered as a first -time home buyer if they have not owned a house within the last three years. 3. The maximum house price limits under the 1997 MCPP are $95,000 in the Twin Cities metropolitan area. 4. In addition to the below market rate mortgage funds, eligible borrowers at $28,000 adjusted gross income or less will be eligible to receive down payment and closing costs assistance in the form of an interest -free second mortgage. Borrowers at $26,000 adjusted gross income or less will be able to receive monthly payment assistance at a maximum of $120 per month in the form of an interest -free second mortgage. 5. The Minnesota Department of Finance will charge a fee to cover the costs involved with processing housing pool allotment requests. This fee will amount to $20 for each $100,000 in allotment provided and would be paid by Hennepin County. • 6. Loans under the MCPP would be originated by designated lenders. The lenders originating loans under the 1997 program are listed on the enclosed lender list. Memorandum to Michael J. McCauley • February 5, 1997 Page 3 7. An application deposit in the amount of 1 % of the final mortgage allocation amount for Hennepin County must be included with the allotment agreement executed between MHFA and Hennepin County HRA. The one percent application deposit will be refunded in full approximately one month after the closing of the bond sale for the mortgage funds. Hennepin County has indicated they will take responsibility for the application deposit. The resolution included with this memorandum would request the Hennepin County HRA to include the City of Brooklyn Center in its MCPP application. Staff is recommending participation in the County -wide Minnesota City Participation Program for 1997. • • 1996 Minnesota City Participation Program FINAL USAGE REPORT Participating City Allocation Committed Balance Available Albert Lea $401,152.00 $381,767.19 $19,384.81 Alexandria $180,494.00 $283,511.00 -0- Anoka (City of) $383,017.00 $435,510.82 -0- Anoka County $4,423,606.00 $4,592,971.70 -0- Austin $482,113.00 $509,624.07 -0- Barnesvill $10 0,000.00 $65,717.57 $34,282.43 Beltrami County $789,484.00 $820,364.24 -0- Bloomington $1,896,228.00 $1,974,336.22 -0- Blue Earth County $1,203,039.00 $1,221,081.72 -0- Breckenridge $100,000.00 $115,506.50 -0- Brooklyn Center $623,100.00 $733,471.53 -0- Brooklyn Park $1,279,078.00 $1,527,203.49 -0- Buffalo $168,922.00 $245,547.18 -0- • Clearwater Count 100 000.00 2 260.90 $17,739.10. y $ $8 Columbia Heights $413,052.00 $425,930.55 -0- Crow Wing County $1,000,000.00 $1,208,248.66 -0- Crystal $518,513.00 $576,068.99 -0- Detroit Lakes $159,581.00 $176,994.51 -0- Dilworth $100,00.00 $142,079.12 -0- Dodge Center $100,000.00 $59,881.10 $30,118.90 Duluth $1,875,731.00 $1,961,647.69 -0- Eden Prairie $966,653.00 $931,243.64 $35,409.36 Edina $1,024,667.00 $149,203.73 $875,463.27 Elk River $280,246.00 $356,975.20 -0- Fergus Falls $275,543.00 $291,658.32 -0- Fridley $614,787.00 $658,310.77 -0- Glencoe $107,693.00 $53,936.00 $53,757.00 Glenwood $100,000.00 -0- $100,000.00 • Glyndon $100,000.00 $66,584.76 $33,415.24 Golden Valley $450,000.00 $376,752.33 $73,247.67 1996 Minnesota City Participation Program FINAL USAGE REPORT Grand Meadow $100,000.00 -0- $100,000.00 Grant County $134,950.00 $120,874.44 $14,075.56 Hopkins $361,732.00 $456,504.76 -0- Hubbard County $250,000.00 $328,334.27 -0- Lake City $100,000.00 $138,278.76 -0- Lake of the Woods $100,000.00 -0- $100,000.00 Lakefield $100,000.00 $44,924.54 $55,075.46 Il i Little Falls $166,144.00 $228,810.42 -0- Mahnomen County $100,000.00 -0- $100,000.00 Maple Grove $850,000.00 $809,655.03 $40,344.97 I Maple Lake $100,000.00 $140,613.02 -0- Minnetonka $500,000.00 $524,957.47 -0- Moorhead $735,408.00 $809,746.33 -0- Mounds View $274,580.00 $206,644.14 $67,935.86 • Mower County $339,550.00 $312,007.20 $27,542.80 New Brighton $488,435.00 $284,692.01 $203,742.99 New Hope $473,625.00 $476,210.69 -0- Owatonna $443,634.00 $607,269.85 -0- Richfield $771,350.00 $916,427.71 -0- Robbinsdale $311,834.00 $419,902.64 -0- Rothsay $100,000.00 -0- $100,000.00 Sauk Rapids $195,698.00 $306,462.09 -0- St. James $100,000.00 $119,003.12 -0- St. Louis Park $954,666.00 $1,023,393.29 -0- St. Peter $213,985.00 $272,085.94 -0- Stevens County $231,814.00 $256,737.59 -0- Washington County $3,703,510.00 $3,875,038.09 -0- Winona $300,000.00 $136,212.15 $163,787.85 Worthington $223,129.00 -0- $223,129.00 • Wright County $1,442,466.00 $1,346,736.44 $95,729.56 Zimmerman $100,000.00 $164,593.26 -0- • y, :f / :.M' � � •.'.• ..a .'°. � th. v Y'cj4.tf?>�{; 4 �w.�f �F R ;, t . 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I i�c F:r - .N L, , ;,f r - r r s i .. ? .a _ F4 �g��'n{, M>f r nv�br 1 .e,e -t. f i �- r : P 1 E�'��s7 �%' a.r k,. •!.,t f - e Y •.r. ,t - r'.;- ,.g >.,(' ,a..i.� f- t» �,;�;tt. .f + i•• .•. f' "- v` 7r,+�t + `'�«ti 4i 3W r _ :JC + ,� �.. fr v ,�';_t •f x,ua ^'G" ,tiv- jr t -:.�: ?>J,. :1 1 .. ' aF "' rtd i-� : , v:i. rK?' I a " !} �:"f....1.. �. .,.J l,: ,<' ..�i,< t Al ,. •. r, i�'� .fi j! "�` a f > t % ,'T ? "' ,�: '•% +? �r7 'T'r ^,t„ + �i r'r.' Y��� i t r� '. t , .,� +T §M .,ti . / i h�� ,y :i Cit 4 n. N�{r } y �'..4x•' `. - • ;fir t i : Y :�r .. •�,� . 4f : , ^a3�� :t . �T f�� f � t � L4. '-C M1(4 kr%l, t {'' �[isS� . -f°t '+'L, :E�.i� 31 ..t�� . � � i+, :t`.i'.v r ;n�if� r. rr Commissioner introduced the following resolution and is moved its adoption: EDA RESOLUTION NO. RESOLUTION AUTHORIZING SUBMITTAL OF A REQUEST FOR PROPOSAL UNDER THE 1997 MINNESOTA CITY PARTICIPATION PROGRAM (MCPP) WHEREAS, on January 3, 1997, the Minnesota Housing Finance Agency (MHFA) issued a Request for Proposals for the 1997 Minnesota City Participation Program (MCPP); and WHEREAS, through the MCPP, MHFA sells mortgage revenue bonds on behalf of cities to meet locally identified housing needs for low and moderate income first -time home buyers; and WHEREAS, the Economic Development Authority in and for the City of Brooklyn Center would like to access these housing resources to meet the needs of its citizens; and WHEREAS, County housing and redevelopment authorities are eligible participants for MCPP funds. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of Brooklyn Center that, in accordance with MSA 383B.77, Subd. 2, the Economic Development Authority in and for the City of Brooklyn Center requests the Hennepin County Housing and Redevelopment Authority include the City of Brooklyn Center in an application for MCPP funds to MHFA. Date President The motion for the adoption of the foregoing resolution was duly seconded by commissioner and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. • yb • Memorandum To: Michael J. McCauley, City Manager From: Tom Bublitz, Community Development Specialist( Date: February 5, 1997 Subject: Resolution Authorizing Acquisition, Establishing Offer of Just Compensation, Authorizing Negotiation and Execution of Purchase Agreement, Authorizing Payment for Acquisition, Closing Costs and Relocation Claims for Various Properties Located in the 53rd Avenue Development and Linkage Project This memorandum addresses the appraisal report for the last remaining property in the 53rd Avenue Development and Linkage Project. Due to the homeowner's schedule, the FDA's contract appraiser has been unable to schedule an appointment for an interior inspection of the property at 822 -53rd Avenue North. As a result, staff directed the appraiser to proceed with an appraisal based on public records. The appraiser is still attempting to arrange foraninspection P g of the ro property rtY • The appraised value for the property established by the appraiser, based on public records, is $58,000. The 1996 assessed value of the property at 822 -53rd Avenue North is $63,600. The appraised value is nine percent less than the 1996 assessed value. Budget estimates for the acquisition of properties are based on 15% over 1996 assessed values. i The EDA 's contract appraiser has not yet provided the City Assessor's department with the data needed to c � om lete the review appraisal on the property. P pp p p rty. The review will be completed when and if the appraiser can conduct an inspection of the property o e or must complete P P P rt3' fete the P documentation based on public records. The appraisal is presented to the EDA without a review appraisal so an offer can be made to the owner. If the appraised value changes as a result of the appraiser being able to make an inspection of the property, or if the review appraisal recommends a revised value, the revised appraised value will be brought back to the EDA Board for consideration. Upon approval by the EDA, Evergreen Land Services Company will present a letter to the homeowner offering to purchase the property at the property's appraised value. If the offer of appraised value is acceptable to the owner, the EDA Executive Director is authorized to execute the purchase agreement on behalf of the EDA. A co of the purchase agreement is attached , PY P g along with the contract appraiser's appraised value of the property. • In addition to the purchase agreement, Evergreen Land Services Company will be meeting with the homeowner to prepare a relocation claim. This is a separate process from the purchase agreement, and the attached resolution will authorize the EDA Executive Director to authorize payment of the claim pursuant to the City's purchasing policy. Commissioner introduced the following resolution and i moved its adoption: EDA RESOLUTION NO. RESOLUTION AUTHORIZING ACQUISITION, ESTABLISHING OFFER OF JUST COMPENSATION, AUTHORIZING NEGOTIATION AND EXECUTION OF PURCHASE AGREEMENT, AUTHORIZING PAYMENT FOR ACQUISITION, CLOSING COSTS AND RELOCATION CLAIMS FOR VARIOUS PROPERTIES LOCATED IN THE 53RD AVENUE DEVELOPM NT AND TINY A 1— r' PROJECT WHEREAS, EDA Resolution No. 96 -214 directed the Economic Development Authority in and for the City of Brooklyn Center ( "Brooklyn Center EDA ") to administer and execute the 53rd Avenue Development and Linkage Project, including administration and execution of all project activities; and WHEREAS, the following property to be acquired is included in the 53rd Avenue Development and Linkage Project area: 822 -53rd Avenue North • WHEREAS, the EDA wishes to provide a procedure for acquiring the above - described property by negotiated purchase when possible; and WHEREAS, the Brooklyn Center EDA has reviewed the appraisal report for the real property located at the address listed in paragraph 2 above; and WHEREAS, the fair market value of the real property located at the address listed above has been established by the appraisal for the property; and WHEREAS, it is the intent of the Brooklyn Center EDA to present an offer to the owner of the property listed above based on the appraisal completed on the property. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of Brooklyn Center as follows: 1. The appraisal referenced in paragraph 4 for the following property is hereby accepted and the fair market value, as established by the appraisal, is hereby established as just compensation for the following property as follows: Propels y Address Appraised Value 822 53rd Avenue North $58,000 • 2. The Brooklyn Center nter EDA Executive Director is hereby authorized to make a written offer in the amount of the appraised value to the owner of the real property listed in paragraph 1 above for the acquisition of the property. EDA RESOLUTION NO. 3. The EDA Executive Director is hereby authorized to negotiate and execute a purchase agreement on behalf of the Brooklyn Center Economic Development Authority for the property listed in paragraph 1 above in the amount determined by the appraisal ( "Appraised Value "), in accordance with the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, as amended ( "Uniform Relocation Act "), regulations promulgated pursuant thereto, and pursuant to the purchase agreement form attached. 4. In the event in which the owner of the property described in paragraph 1 above does not agree to the sale of such property for the Appraised Value, the EDA Executive Director shall attempt to negotiate with such owner a purchase agreement acceptable to the landowner and secure the execution of such purchase agreement by the owner, which purchase agreement shall be submitted for approval to the EDA Board of Commissioners. 5. A claim for relocation benefits required by the Uniform Relocation Act duly submitted and in accordance with the requirements of the Uniform Relocation Act may be approved by the EDA Executive Director and paid in accordance with the City purchasing policy. • Date President The motion for the adoption of the foregoing resolution was duly seconded by commissioner and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. • Post-It'" brand tax transmittal memo 7671 s otpeges ► To T om From Sc. - r J. Scott Renne, MAI Co. Co. • Dept. Phone it -71 , ( Fa x Sao 9 F a �) - O S �r 'GCx-csrtrsBr- 3z�s�' January 31, 1997 Brad Hoffman Community Development Director City of Brooklyn Center 6301 Shingle Creek Parkway Brooklyn Center, Minnesota 55430 Subject: Market value appraisal of a single family home located at 822 53rd Avenue North, Brooklyn Center (LaCore property); Development process, complete appraisal/Report type, summary appraisal report Dear Mr. Hoffman: Pursuant to your request, I have completed a market value appraisal report of the above referenced property. • The purpose of the appraisal is to arrive at an estimate of market value of the fee simple interest of the subject property as of December 30, 1996. The report is subject to the contingent and limiting conditions and certification stated in the report. The term market value is defined as: The most probable price, as of a specified dare, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under a�I conditions requisite to fair sah with the buyer and seller each acting prudently, knowledgeably, and for self- interest; and assuming that neither is under undue duress The function of this assignment was to estimate the value for purposes of a possible property acquisition. This report was prepared in conformance with the Uniform Standards of Professional Appraisal Practice. The development process for this appraisal was a complete appraisal and the report type is summary appraisal report. The scope of the assignment included: Physical inspection of the subject neighborhood and exterior of property on December 30, 1996. - Survey and analysis of comparable sales and offerings for sale Reconciliation • Based on the analysis described in this letter the estimate of the market value for the subject property as of December 30, 1996 is: 9 y ✓^\�:MVw �11f. ` � iA! .r.� M� \ \Y•\�r \'G..w \� w..: �...�v3:s. ...it .-Sw \Cr...sr. y�x. Cost Approach $55,200 Sales Comparison Approach $58 Income Approach Not applied VALUE CONCLUSION $58,000 This conclusion is based upon our personal inspection and review of the subject property, • comparable sales, and application of the appraisal process. Respectfully Submitted, J. Scott Renne, MAX, CAE Marn Renne, CAE • Page 17 -, - - �0DO O- GJOOOOi.. C'vC U"^.�G1 LrtiIVL .:.CKV • PURCHASE AGREEMENT This Purchase Agreement is made 1 199 , by and between and (collectively referred to as "Seller ") ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF BROOKLYN CENTER, (EDA) a public body corporate and politic under the laws of Minnesota, located at 6301 Shingle Creek Parkway, Brooklyn Center, MN 55430 ( "Buyer "). Reci tal,� A. Seller is the owner of that certain real estate located at _ City of Brooklyn Hennepin County, Minnesota, legally described as: together with all improvements thereon (the "Property "). B. Buyer desires to acquire the Property by voluntary sale • in fee simple absolute. C. Seller agrees to sell the Property to Buyer. Aar_ m n In consideration of the mutual agreements made herein, Seller and Buyer agree as follows: 1. Offer/Acceptan Buyer agrees to purchase and Seller agrees to sell the Property under the terms and conditions stated in this Agreement. Seller is being allowed, as part of.this Agreement, to remove the personal property more fully described in the attached Bill of Sale. With the x n f i eceto o sa P i described items, the sale contemplated by g this agreement includes all fixtures and improvements on the property, including storm widows and inserts st orm t doors screens awnings, window shades, g , des, blinds, curtain /traverse /drapery rods, attached lighting fixtures with bulbs, plumbing fixtures, sump pumps, water heaters, heating systems, built -in appliances, water softeners, garbage installed carpeting, work benches, television antennas and hood fans. Upon delivery of the deed, Sellers shall also deliver a Bill of Sale for the above personal property. • 2. Purrhasp Pri rg . The purchase price for the Property shall be ($ ) and shall be payable as follows: a. ($ ) as earnest money, payable upon EDA execution of this agreement. b. The balance of the Purchase Price in cash or by certified funds or the equivalent on the Closing Date (as hereafter defined). The Buyer, in its discretion and in partial payment of the purchase price, may assume or take title subject to any existing indebtedness encumbering the Subject Property, in which case the cash to be paid at the time of closing shall be reduced by the then remaining indebtedness. 3. Marketahility of Title. The Seller shall, on or prior to the date of this Purchase Agreement, deliver to the Buyer all unrecorded instruments relating to interests in the Subject Property, and an abstract of title or registered property abstract, as applicable. The Buyer shall, at its cost, have the abstract certified to a current date or, if necessary, have a registered property abstract prepared. After the date of delivery of the abstract or registered property abstract or the date of this Agreement, whichever is later, the Buyer shall have u to twenty 20 d for p Y ( ) days o the examination thereof, and to • deliver written objections, if any, to the Seller. Seller shall have 30 days after receipt of Buyer's written objections to make title marketable. .a. If the Seller proceeds in good faith to make title marketable but fails to do so within the 30 day period, Buyer may terminate this Agreement without any liability on its part, and Seller shall promptly refund to Buyer the Earnest Money paid. b. If Seller fails to make title marketable within the 30 day period due to Seller's failure to proceed in good faith, or, if title is marketable but Seller defaults in'its obligations under this Agreement, Buyer may seek any of the following remedies permitted under law: (i) terminate this Agreement by notice to Seller, in which event the Seller shall refund to Buyer the Earnest Money paid; or (ii) seek specific performance of this Agreement. C. If title is marketable or is corrected within the 30 day period and Buyer defaults in any of the agreements herein, Seller may terminate this Agreement and retain all payments made under this Agreement as liquidated damages. • The termination period for a Notice of Cancellation of this Agreement shall be 30 days as permitted by Minnesota Statutes, Section 559.21, subd. 4. • d. Notwithstanding anything in this Agreement to the contrary, Buyer retains the right to initiate condemnation proceedings against the subject property to assure timely acquisition. 4. Conditions to Closi_na The closing of the transaction contemplated by this Agreement and the obligation of the Buyer to purchase the Property shall be subject to the following conditions: a. Buyer shall have determined on or before the Closing Date that it is satisfied, based upon the results of and matters disclosed by any environmental or soil investigations or testing of the property, that there are no environmental or soil conditions that would materially affect the value of the Property or that would interfere with Buyer's proposed use of the Property for residential redevelopment purposes. Buyer and Seller each acknowledge that environmental contamination of any kind would interfere with Buyer's proposed use of the Property. b. Buyer shall have reviewed and approved title to • the property pursuant to Paragraph 3 of this Agreement. 5. F.nvironmen al and Soil Tnv stigation Buyer and its agents shall have the right, at its sole option and risk, to enter the Property t for the purpose f soils e P Y o testing testing g g for asbestos containing materials, surveying, or doing such other work as may be necessary to determine the suitability of the Property for uses by the Buyer. If Buyer investigates and tests the Property pursuant to this section, Buyer shall pay all costs and expenses of such investigation and testing. Upon request of Buyer, Seller shall also permit Buyer to review all environmental reports and files, if any, relating to the Property and in Seller's possession. 6. RPa1 Fsratp Tam On or before the Closing Date, Seller will pay all delinquent real estate taxes, penalties and interest, if any. Real estate taxes a able in the-year of P Y closing will be prorated between Buyer and Seller as , of the Closing Date. Seller warrants that real estate taxes_, payable in 199 are (homestead)(non- homestead). 7. SP__ia7 Assessment - s . on or before the Closing Date, Seller will a all P y installments of special assessments certified for payment with real estate taxes payable in the year of closing. Seller will pay on the Closing Date all other special • assessments levied as of the date of this Agreement and assessments, if any, pending as of the Closing Date. Seller's • provision for payment of pending assessments shall be by payment into escrow of 1.5 times the estimated amount of the assessments. DefgrrPH As_sps and Taxes Seller shall pay on date of closing any deferred real estate taxes or special assessments payment of which is required as a result of the closing of this sale. 8. Closing Da._ The closing shall take place at a location designated by Buyer on I 199_ 9. DoeLmpntS to he D 1iyerpd at osii . On the Closing Date, Buyer shall deliver to Seller the balance of the purchase Price and Seller shall deliver to Buyer: a. A duly executed general warranty deed, conveying marketable title to the Property to Buyer, subject only to: (i) building and zoning laws, ordinances, state and federal regulations; (ii) utility and drainage easements which do not interfere with Buyer's intended use of the property; (iii) reservation of any minerals or mineral rights to the State of Minnesota. b. A duly executed affidavit of Seller. • C. A receipt evidencing payment of real estate taxes for which payment was due prior to the Closing Date. d. All documents necessary to establish marketable title to Buyer. 10. Clnsing Costs Buyer shall pay all expenses of examination of title and recording of the Seller's warranty deed. Buyer shall also pay state deed tax. Seller shall pay all recording fees and charges relating to the obtaining of and filing of instruments required to make title marketable. 11. 11t;li i S . Seller shall be responsible for payment of all utilities and insurance premiums through the date of closing or date of vacation, whichever is later 12. Covenants, Representations and W;;rrantitnS of S ll,pr a. The signatories to this Agreement represent that they are the fee owners of the Property and are authorized to execute this Agreement. b. Seller warrants that it will take no actions to e encumber title to the Property after the date of this Agreement and that it will indemnify and hold the Buyer harmless against any liens or encumbrances established in violation of this provision. • C. Seller warrants that it has not used the Property for the storage of hazardous substances or petroleum products and, as of the date of this Agreement, is not aware of any facts the existence of which would constitute a violation of any local, state or federal environmental law, regulation or review procedure, or which would give any person a valid claim under the Minnesota Environmental Rights Act or the federal Comprehensive Environmental response, Compensation and Liability Act. d. Seller warrants that there has been no labor or material furnished to the Property for which payment has not been made. e. Seller warrants that there are no present violations of any restrictions relating to the use or improvement of the Property. f. The warranties made in this paragraph shall survive closing without merger in the deed. 13. Covenants, Renresentati ons, and Wa rand s of Ruyprr Buyer is the EDA in and for the City of Brooklyn Center under the laws of the State of Minnesota an h power to enter into d as the o • P this Agreement and to carry ut its is obligations hereunder.. The signatories to this Agreement represent resent that the are authorized to execute this Agreement on Buyer's behalf. 14. No RrokAr Tnvolved The Seller and Buyer represent and warrant to each other that there is no broker involved in this transaction with whom it has negotiated or to whom it has agreed to pay a broker commission or finder's fee in connection with negotiations for the sale of the Property. 15. Possession and Tnnura„rc Seller shall deliver possession of the Property to Buyer on the Closing Date in the same condition as exists on the date of this Agreement, with the exception of removal of the items described in paragraph 1 hereof. Risk of loss from casualty or any liability- by or as a result of the use or contact with the Property shall be the Seller's until delivery of possession to the Buyer as herein provided. 16. Personal Property on the date when possession is transferred to Buyer, the Seller shall have removed from the Property any and all personal property belonging to him which is • not included in this sale. Any personal property which is not removed by the date of transfer of possession shall be considered abandoned. The Seller agrees to indemnify and hold the Buyer harmless for all costs incurred in disposing of personal property e left in or at the Property by the Seller after the date of transfer of possession. 13. RAYnnyal of Hazardous Material. Seller, prior to vacation of the Property, shall remove all substances which, under state or federal law, must be disposed of at an approved disposal facility. This includes, but is not limited to, used oil, paints, solvents, fertilizers, poisons, and the like. 18. Relocation Costs The Buyer acknowledges that any responsibility to pay relocation costs and benefits in accordance with Minn sota Statntpg Chapter 113, is a separate obligation, no part of which is reflected in the purchase price contained in paragraph 2 above. 19. WL-1_1 Disclosure Buyer acknowledges, to the extent applicable, receipt of a well disclosure statement from Seller, attached as Exhibit A to this Agreement. 20. Disclos it Tndivisjual Sewaae Treatment Sy. , ; rAm. Sellers disclose that there (is) (is not) an individual sewage treatment system on or serving the Property. If there is an individual sewage treatment system on or serving the Property, • Sellers disclose that the system (is) (is not) in use, and Sellers further disclose that the type of system is a system and the location is shown on the map attached as Exhibit B to this Purchase Agreement. 21. Ent_irg Agreement; Ampn m n s This Agreement represents the complete and final agreement of the parties and supersedes any prior or contemporaneous oral or written understanding between the parties. This Agreement may be amended only in writing, signed by both parties. 22. S1nding E fpnt'; Assignment This Purchase Agreement shall be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns. Each party agrees to give the other party notice prior to assigning its interest in the Property or this Agreement. 23. Notice Any notice, demand, request or other communication which may or shall be given or served to or on Seller by Buyer or to or on Buyer by Seller shall be deemed to have been given or served on the date the same is deposited in the United States mail, registered or certified, postage prepaid and addressed as follows: • t"Al:c 62 • (1) If to Seller: (2) If to Buyer: Thomas R. Bublitz Community Development Specialist City of Brooklyn Center 6301 Shingle Creek Parkway Brooklyn Center, MN 55443 23. SnPC;ifin P r o man P , This Purchase Agreement may be specifically enforced by the Buyer. IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed on the date written above. BUYER SELLERS: Economic Development Authority in and for the City of Brooklyn Center By: • Michael J. McCauley Executive Director C:..rKb /,.N /S7.N1eNn./ryeytV 4 0 Am Form No. 1519 -W MINNESOTA WELL DISCLOSURE STATEMENT • Minnesota Law requires that before signing an agreement to sell or transfer real property after June 30, 1990, the seller must disclose information in writing to the buyer about the status and location of all known wells on the property. This requirement is satisfied by delivering to the buyer either a statement by the seller that the seller does not know of any wells on the property, or a disclosure statement indicating the legal description and county and a map showing the location of each well. In the disclosure statement the seller must indicate, for each well, whether the well is in use, not in use or sealed. A seller who fads to disclose the exis tence of a well at the time of sale and knew of. or had reason to know of. the existence of a well is liable to the buyer for costs relating to the sealing of the well and reasonable attorney fees for collection of costs from the seller, if the action is commenced within six Years after the date the buyer closed the purchase of the real property where the well is located. Instructions for completion of this form are on the reverse side. I. PROPERTY DESCRIPTION Street address: MY C~cr 2. LEGAL DESCRIPTION 3. WELL DISCLOSURE STATEMENT (Check the appropriate box-) ❑ The seller certifies that the seller does not )now of any wells on the above described real is property If this option is checked, then skip to the last line and sign and date this statement. ❑ The seller certifies that the following wells are located on the above described real property. MN. Unique Well Year of Well IN USE NOT IN SEALED Wen No. Depth Const. Type USE well 1 ❑ ❑ ❑ Welt ❑ ❑ ❑ Well 3 ❑ Cl ❑ 4. SEALED WELL INFORMATION For each well designated as sealed above, complete this section. When was the well sealed? Who sealed the well? Was a Sealed Well Report filed with the Minnesota Department of Health? Yes No 5. MAP Complete the attached Map showing the location of each ovell on the real property. 6. CERTIFICATION BY SELLER I certify that the information provided above is accurate and complete to the best of my knowledge. • �.u. •r a.ss.ua 11.v�..ee.u•• D•u D•Or a ��rr ll.ge•,�yv Gu INSTRtiCTIONS FOR COivIPLETING THE WELL DISCLOSURE STATEMENT DEFINITION A "well" means an excavation that is drilled, cored, bored, washed, driven, dug, jetted, or otherwise constructed if the excavation is intended for the location, diversion, artificial • recharge. or acquisition of groundwater. MINNESOTA UNIQUE WELL NUMBER All new wells constructed AFTER January 1, 1975 should have been assigned a Minnesota unique well number by the person constructing the well. If the well was constructed after this date you should have the unique well number in your property records. If you are unable to locate your unique well number and the well was constructed AFTER January 1, 1975, contact your well contractor. If no unique well number is available, please indicate the depth and year Of construction for each well. WELL TYPE Use one of the following terms to describe the well type. WATER WELL A water well is any type of well used to extract groundwater for private or public use. Examples of water wells are: domestic wells. drive -point wells, dug wells, remedial wells, and municipal wells. IRRIGATION WELL An irrigation well is a well used to irrigate agricultural lands. These are typically large diameter wells connected to a large pressure distribution system. MONITORING WELL A monitoring well is a well used to monitor groundwater contamination. The well is icall used to access gr oundwater for the extraction tYP Y gr traction of samples. DEWATERING WELL A dewatering well is a well used to lower groundwater levels to allow for construction or use of underground spaces. INDUSTRIALICOMMERCIAL WELL An industriallcommercial well is a nonpotable well used to extract groundwater for any nonpotable use including groundwater thermal • thermal exchange wells (heat pumps and heat loops). WELL USE STATUS Indicate the use status of each well. CHECK ONLY 1 BOX PER WELL. IN USE A well is "in use" if the well is producing sufficient water to meet its intended use and is being operated on a regular basis. NOT IN USE A well is "not in use" if the well is inoperable and not in use or the well is disconnected from a power supply and is not sealed. SEALED A well is "sealed "if the well has been sealed by a licensed contractor and there is a Sealed Well Report on We at the Minnesota Department of Health. A properly sealed well has been sealed by a licensed contractor by pumping grout throughout the entire borehole from tbe bottom of the well NOTE: If a well is inoperable and not in use or disconnected from a power source, it must be sealed by a licensed well contractor or a well owner must obtain a maintenance permit from the Minnesota Department of Health and pay an annual maintenance fee. If a well is operable and properly maintained, a maintenance permit is not required. -