Title
Resolution Approving the Acquisition of Real Property Located at 259 University Avenue W, District 7, Ward 1
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) is a public body corporate and politic organized, existing, and operating under the laws of the State of Minnesota, Minn. Stat. § 469.001, et seq. (the “Act”); and
WHEREAS, pursuant to the Act, the HRA is authorized to engage in development and redevelopment activities to address community needs that cannot be met through private initiative alone, including but not limited to: remedying housing shortages, preventing blight, bringing substandard properties into compliance, and maximizing the community's tax base and financial stability; and
WHEREAS, between 2006 and 2009, the HRA acquired six (6) neighboring parcels on University and Sherburne Avenues (specifically: 253, 255, and 263 University Avenue W; and 250, 256, and 262 Sherburne Avenue); and
WHEREAS, the real property located at 259 University Avenue W (the “Property”) is a privately owned parcel situated amidst the aforementioned HRA-owned parcels; and
WHEREAS, the HRA has determined that acquisition of the Property is necessary and public benefit will be derived by assembling a larger, contiguous site to facilitate a future high-density redevelopment opportunity; and
WHEREAS, HRA staff, through an authorized real estate broker, engaged in fair negotiations with the owner of the Property, obtained an appraisal, and successfully negotiated a purchase price of $600,000; and
WHEREAS, a Purchase Agreement has been prepared in a form acceptable to the City Attorney’s Office, setting forth the terms of sale, including an earnest money deposit of $10,000 and a balance due at closing of $590,000; now, therefore, be it
RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota:
1. Appro...
Click here for full text