HomeMy WebLinkAbout2011-005 EDAR Commissioner Carol Kleven introduced the following resolution and moved
its adoption:
EDA RESOLUTION NO. 2011 -05
RESOLUTION REAUTHORIZING EDA RESOLUTION 2009 -17 PROVIDING
AUTHORITY TO STAFF TO ACQUIRE CERTAIN FORECLOSED HOMES
WITHIN THE CITY AND TO EXECUTE ALL INSTRUMENTS AND
CONTRACTS RELATED THERETO
WHEREAS, Economic Development Authority (EDA) Resolution 2009 -17
established certain standards and conditions which authorized EDA staff to acquire certain
foreclosed homes; and
WHEREAS, the EDA Board wishes to continue the standards and conditions
established by Resolution 2009 -17 for the acquisition of foreclosed homes.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority
of Brooklyn Center, Minnesota:
1. That the Executive Director, with the assistance of EDA's legal counsel, is
hereby authorized to enter into purchase agreements and acquire in the name
of the EDA up to ten (10) single family, vacant, foreclosed homes (the
"Properties ") on the conditions that:
a. All properties are registered as vacant properties with the City of
Brooklyn Center; and
b. The Properties are each acquired with Neighborhood Stabilization
Program Stabilization Program ( "NSP ") Funds or TIF Funds, and are
eligible for use of such funding; and
C. Each property is a foreclosed property acquired from a lender or a
lender's designee; and
d. The Properties have been vacant for at least 30 days prior to entering
into a purchase agreement; and
e. The Property is determined to be blighted as defined by the
Minnesota Housing Finance Agency in its application to the US
Department of Housing and Urban Development (HUD) for NSP
funding as follows:
A blighted structure is one which, by reason of dilapidation,
obsolescence, overcrowding, faulty arrangement or design,
lack of ventilation, light, and sanitary facilities, excessive
land coverage, deleterious land use, or obsolete layout, or
any combination of these or other factors, is detrimental
to the safety, health, morals, or welfare of the community: and
EDA RESOLliTION NO. 2011 -05
f. The purchase price is not more than 65 percent of Hennepin County's
latest Estimated Market Value for the Property and does not exceed
$80,000; and
g. Prior to the acquisition of each property, staff conducts appropriate
due diligence to protect the EDA's interest.
2. That for purposes of this resolution, "single family" includes any property
with fewer than three units.
3. That the Executive Director is authorized to execute such documents as shall
be required in order to carry out the delegation provided in paragraph 1
hereof.
4. That the Executive Director shall report the acquisition of any Property
pursuant to this Resolution at the next regular EDA meeting.
5. That disposition of acquired Properties shall be only by action of the EDA.
6. That the authority to enter into new purchase agreements granted hereby shall
expire twelve (12) months from the date of this Resolution.
March 14 2011. �
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Date President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Tim Roche
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Carol Kleven, and Tim Roche;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.