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HomeMy WebLinkAbout2016-007 EDARCommissioner Lin Myszkowski introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2016-07 RESOLUTION AUTHORIZING THE ACQUISITION OF PROPERTY TO FACILIATE NEIGBHORHOOD IMPROVEMENTS AND REDEVELOPMENT OPPORTUNITIES WITHIN THE BROOKLYN BOULEVARD CORRIDOR (3600 - 6IsT AVENUE NORTH) 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, the real property located at 3600 - 61ST Avenue North (the "Subject Property") is a voluntary sale by the property owner; and WHEREAS, John E. Bucsko, Personal Representative of the Estate of James J. Bucsko, has offered to sell the subject property to the EDA for the amount of $150,000, which has been determined to be the fair market value of the property based on information provided by the Minneapolis Area Association of Realtors; and WHEREAS, the EDA has determined acquisition of the Subject Property is consistent with the goals and objectives of the Brooklyn Boulevard Streetscape Amenities Study, the City's Comprehensive Plan, the vision of the 2013 Brooklyn Boulevard Corridor Study, Tax Increment District No. 3 Housing Program, and is in the best interest of the City of Brooklyn EDA RESOLUTION NO. 2016-07 Center and its citizens; and WHEREAS, this acquisition has been identified within the Tax Increment Development Agreement for the SCA Senior Housing Project and the establishment of TIF 6, an Affordable Housing District. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of Brooklyn Center, Minnesota 1. The purchase agreement for the Subject Property is hereby approved; and 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. February 22, 2016 Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner April Graves and upon vote being taken thereon, the following voted in favor thereof: Tim Willson, April Graves, Lin Myszkowski, Dan Ryan and the following voted against the same: whereupon said resolution was declared duly passed and adopted.