Title
Resolution Approving and Authorizing Execution of Exclusive Sales Listing Agreement for the Sale of the Lofts at Farmers Market, District 17, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Minnesota law and the HRA is authorized to engage in activities relating to (a) housing projects and development, (b) removal and prevention of the spread of conditions of blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) disposition of land for private redevelopment, and (e) improving the tax base and the financial stability of the community, and to engage in the aforementioned activities when these needs cannot be met through reliance solely upon private initiative and which can also be undertaken in targeted neighborhoods; and is authorized to create redevelopment projects as defined in Minn Stat Section 469.002, Subd. 14; and
WHEREAS, as described in the accompanying staff report, the HRA owns the Lofts at Farmers Market (the “Lofts”) located at 260 East 5th Street, Saint Paul which consists of 58 units of market rate rental apartments and approximately 1,900 square feet of commercial space; and
WHEREAS, HRA staff has received and evaluated several broker opinions of value of the Lofts and recommends CBRE, Inc. as the most suitable broker for the listing of the Lofts, and staff has negotiated an Exclusive Sales Listing Agreement (‘Listing Agreement”) with CBRE, Inc. which is being presented to the HRA Board for approval; and
WHEREAS, by this Resolution the HRA Board finds a public purpose for the execution of the Listing Agreement.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Ho...
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