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HomeMy WebLinkAbout2013-012 EDAR Commissioner Dan Ryan introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2013-12 RESOLUTION AUTHORIZING THE ACQUISITION OF PROPERTY TO FACILIATE NEIGBHORHOOD IMPROVEMENTS AND REDEVELOPMENT OPPORTUNITIES WITHIN THE BROOKLYN BOULEVARD CORRIDOR (6107 BROOKLYN BOULEVARD) WHEREAS, the Brooklyn Center Economic Development Authority, Minnesota has hereto established Housing Development and Redevelopment Project No. 1, and has established the Tax Increment Financing District No. 3 and adopted a Tax Increment Financing Plan which includes the following objectives: • To enhance the tax base of the City • To provide maximum opportunity, consistent with the needs of the City, for development by private enterprise • To better utilize vacant or underdeveloped land • To attract new businesses • To acquire blighted or deteriorated residential property for rehabilitation or clearance and redevelopment • To develop housing opportunities for market segments underserved by the City including housing for the disabled and elderly; and WHEREAS, the Tax Increment Financing Plan for Tax Increment District No. 3 includes a budget of $5,000,000 in the Housing Development Account (Affordable Housing) which includes the following components: • Acquisition of Single and Multi-Family Housing • Rehabilitation of Single and Multi-Family Housing • Environmental Remediation of Single and Multi-Family Housing Properties, and; WHEREAS, real property located at 6107 Brooklyn Boulevard (the "Subject Property") is a voluntary sale by the property owner; and WHEREAS, the EDA acknowledges that the purchase price of $150,000 is less than the assessed value of the subject property and that the difference in the value between the purchase price and the appraised market value of the subject property is a charitable gift form the seller to the EDA EDA RESOLUTION NO. 2013-12 WHEREAS, the EDA has determined that acquisition of the Subject Property on the terms and conditions set forth in the proposed purchase agreement is consistent with the goals and objectives of the Brooklyn Boulevard Streetscape Amenities Study, the City's Comprehensive Plans, and the Tax Increment District No. 3 Housing Program and is in the best interests of the City of Brooklyn Center and its citizens. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of Brooklyn Center,Minnesota, as follows: 1. The bargain purchase agreement for the Subject Property is hereby approved. 2. The President and Executive Director of the EDA are authorized and directed to execute the bargain purchase agreement, and the Executive Director is authorized and directed to take all such further steps as are necessary to effect the terms thereof. October 28, 2013 �n�I Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Kris Lawrence-Anderson and upon vote being taken thereon,the following voted in favor thereof- Tim Willson, ;Carol Kleven, Kris Lawrence-Anderson, Lin Myszkowski, and Dan Ryan; ; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted.