Title
Approving and authorizing the sale and conveyance of a portion of 1675 Energy Park Drive to Snelling Properties LLC; and authorizing the execution of a purchase agreement, District 12, Ward 4
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, on January 18, 2018 the HRA began negotiations with Wellington Management ("Wellington") and proposes to sell and convey the northerly 160 feet of 1675 Energy Park Drive (the “Property”) to Wellington for the development of a parking lot to be used by Minnetronix Inc., a tenant of Wellington's commercial property located adjacent and to the east of the Property; and
WHEREAS, Wellington formed a new entity called Snelling Properties LLC (“Buyer”) to develop the parking lot; and
WHEREAS, HRA staff propose to sell and convey the Property to Buyer for $450,000.00, which represents a fair market value land cost, for construction of the aforementioned parking lot; and
WHEREAS, HRA staff recommend a purchase agreement with ...
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