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Home My WebLink About1992 12-28 EDAP Regular Session EDA AGENDA CITY OF BROOKLYN CENTER DECEMBER 28, 1992 (following adjournment of City Council meeting) 7 p.m. 1. Call to Order 2. Roll Call 3. Approval of Minutes: a. EDA Minutes - December 10, 1992 - Special Session b. EDA Minutes - December 14, 1992 - Special Session 4. Resolution: a. Authorizing the Purchase of 6717 and 6721 Humboldt Avenue North 5. Adjournment CITY OF BROOKLYN CENTER Council Meeting Date December 28, 1992 �j Agenda Item Numbcr 4- L REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: EDA MINUTES - DECEMBER 10, 1992 - SPECIAL SESSION EDA MINUTES - DECEMBER 14, 1992 - SPECIAL SESSION DEPT. APPROVAL:.. e Brad Hoffman, E Coordinator MANAGER'S REVIEW/RECOMIVIENDATION: No comments to supplement this report Comments below /attached SUMMMARY EXPLANATION: (supplemental sheets attached ) • RECOMMENDED CITY COUNCIL ACTION i 1 f . MINUTES OF THE PROCEEDINGS OF THE ECONOMIC DEVELOPMENT AUTHORITY QF '1't-1E CITY OF BROOKLYN CENTER IN THE COUNTY OF HENNEPIN AND THE STNI - E OF MINNESOTA SPECIAL SESSION DECEMBER 10, 1992 CITY HALL C ALL TO ORDER The Brooklyn Center Economic Development Authority met in special session and was called to order by president Todd Paulsen at 11:10 p.m. ROLL CALL President Todd Paulsen, Commissioners Celia Scott, Jerry Pedlar, Dave Rosene, and Philip Cohen. Also present were City Manager terald Splinter, Finance Director Paul Holmlund, Director of Planning and Inspection Ron Warren, EDA Coordinator Brad Hoffman, City M 1 Secretary c Berg. Assessor ark Parish and Counci Sec et y Nan y g. RESOLUTIONS The City Manager introduced a Resolution Approving the Final Brooklyn Center Economic Development Authority Budget for the Year 1993 Pursuant to MSA Chapter 469. 10 1 1 1 Subdivision 1. RESOLUTION_ NO, 92 -43 ConZn1issioncr Scott introduced the following resolution and moved its adoption: RESOLUTION APPROVING THE FINAL BROOKLYN CENTER ECONOMIC DEVELOPMENT AUTHORITY BUDGET FOR THE YEAR 1993 Yu RSUANT TO MSA CHAPTER 469.107, SUBDIVISION 1 The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Cohcn. The motion passed. Commission Pedlar voted against the menienl. The City Manager introduced a Resolution Requesting the City of Brooklyn Center to Lc-vy Taxes for the Benefit of the Brooklyn Center Economic Development Authority for the Year 1993. RESOLUTION NO. 92 -44 Commi,iicnlcr Cohcn introduced the following resolution and moved its adoption: 12/10/92 - 1 - RESOLUTION REQUESTING THE CITY OF BROOKLYN CENTER TO LEVY TAXES FOR THE BENEFIT OF THE BROOKLYN CENTER ECONOMIC DEVELOPMENT' AUTHORITY FOR THE YEAR 1993 The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Rusene, The motion passed. President Paulson voted against the motion. ADJOURNMENT There was a motion by Commissioner Scott and seconded by Commissioner Rosenc- to adjourn the meeting. The motion passed unanimously. The Brooklyn Center Economic Dovclopment Authority adjourned at 11:15 p.m. Todd Paulson, President Recorded and transcribed by: Nancy Berg Northern Counties Secretarial Services i I I 12/10/92 -2- MINUTES OF THE PROCEEDINGS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF BROOKLYN CENTER IN THE COUNTY OF HENNEPIN AND Tf STATE OF MINNESOTA SPECIAL SESSION DECEMBER 14, 1992 CITY HALL CALL TO ORDER The Brooklyn Center Economic Development Authority met in special session and was called to order by President Todd Paulson at 1.1;31 p,m. ROLL CALL President Todd Paulson, Commissioners Celia Scott, Jerry Pedlar, Dave Rosene, and Philip Cohen, Also present were City Manager Oerald Splinter, EDA Coordinator Brad Hoffman, City Attorney Charlic L.cFevere, and Council Secretary Nancy Berg. APPRO OF MINUTES NOVEMBER 23 1992 - SPECIAL SESSION There was a motion by Commissioner Cohen and seconded by Commissioner Pedlar to approve the minutes of the November 23, 1992, EDA meeting as printed. The motion passed unanimously. RESOLUTIONS The City Manages presented a Resolution Authorizing Execution of PurchiLse Agreement for the Acquisition of 419 69th Avenue North in Brooklyn Center and Authorizing Payment for Acquisition Costs, RESOLUTION NO,--92--4-5 Commissioner Rosene introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING EXECUTION OF PURCHASE AGREEMENT FOR THE ACQUISITION OF 419 69TH AVENUE NORTH IN BROOKLYN CENTER AN I) AUTHORIZING PAYMENT FOR ACQUISITION COSTS The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Pedlar, and the motion passed unanimously. 12/14/92 - 1 1 RESOLUTION NO 92 -46 Commissioner Scott introduced the following resolution and moved its adoption: RESOLUTION APPROVING ONE (1) BROOKLYN CENTER ECONOti1IC DEVELOPikIENT AUTHORITY GRANT (File No. H -109 p35]) The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Pedlar, and the motion passed unanimously, ADJ01, There was a motion by Commissioner Pedlar and seconded by Commissioner Rosene to adjourn the meeting. The motion passed unanimously. The Brooklyn Center 1 conomie Development Authority adjourned at 11:35 p.m. Todd Paulson, President Recorded and transcribed by: Nancy Borg Northern Counties Secretarial Service 12/14/92 -2- CITY OF BROOKLYN CENTER Camcil Meeting Date December 2 8.1992 Agenda Item Num L/ ber - 7 a REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: RESOLUTION AUTHORIZING THE PURCHASE OF 6717 AND 6721 HUMBOLDT AVENUE NORTH DEPT. APPROVAL: Brad Hoffman, EDA C dinator MANAGER'S REVIEW/RECONMENDATION: No comments to supplement this report Comments below /attached SUAWLARY EXPLANATION: (supplemental sheets attached ) As you are aware, the EDA has been pursuing the purchase of the four apartments on Humboldt that have been abandoned and boarded up. At the December 28 meeting, the EDA will be asked to approve the purchase of two of the properties. The two properties to be acquired are 6717 Humboldt (southwesterly building) and 6721 Humboldt (northeasterly building). The two remaining buildings are still in the rocess of clearing title and are not et available. The P g Y burned out building is 6719 Humboldt (northwesterly). As of December 22, the local HUD office still has no word on the remaining two. The purchase price of the buildings is $73,800 each, or $147,600. The foreclosure price was $250,978. The Assessor has the buildings at $100,000 each. The tentative closing date for the initial two buildings is February 26, 1992. At the present time, the EDA is also acquiring 6525 Willow Lane. The closing for that property is scheduled for January 4, 1993. The purchase price is $335,000. The total purchase price of the Humboldt apartments should be approximately $250,000. Recently, the City received $440,000 in a refunding of a first -time mortgage program. Staff would recommend that the monies from the refunding be used to free up other monies (probably capital outlay) to acquire Willow Lane. The Humboldt Avenue apartments would be purchased with EDA reserves to be paid back over a period of years as a CDBG program. At a minimum, the EDA should recover its principal as long as CDBG continues to be funded by the federal government. I will be available Monday evening to discuss these projects in more detail should the EDA desire. RECOMMENDATION Staff recommends approval of resolution. • y�- Commissioner introduced the following resolution and moved its adoption: EDA RESOLUTION NO. RESOLUTION AUTHORIZING THE PURCHASE OF 6717 AND 6721 HUMBOLDT AVENUE NORTH WHEREAS, the Board of Commissioners of the Economic Development Authority in and for the City of Brooklyn Center, Minnesota (EDA) has determined that it is in the best interests of the EDA and the public to acquire certain real estate located at 6717 and 6721 Humboldt Avenue North in the City of Brooklyn Center (the Property); and WHEREAS, the EDA staff has negotiated a proposed purchase agreement between the Department of Housing and Urban Development (HUD), the owner of the Property, and the EDA. NOW, THEREFORE, BE IT RESOLVED: 1. The Board of Commissioners hereby approves the purchase by the EDA of the properties located at 6717 and 6721 Humboldt Avenue North in the City of Brooklyn Center, legally described on the attached Exhibit A, for the purchase price of $73,800 each and subject to the terms and conditions of the purchase agreement between HUD and the EDA. 2. The President and Secretary are authorized and directed to execute the purchase agreement between HUD and the EDA for the purchase of the Property and all other documents necessary to the completion of the purchase transaction. Date Todd Paulson, 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. EXHMIT A Legal Descriptions: 1. 6717 Humboldt Avenue North (PID 35- 119 -21 -11 -0010) Registered Land Survey No. 0993, Hennepin County, Minnesota Tract D 2. 6721 Humboldt Avenue North (PID 35- 119 -21 -11 -0008) Registered Land Survey No. 0993, Hennepin County, Minnesota Ex Road Tract B