Title
Resolution of the Penfield Apartments LLC Board of Governors Approving and Authorizing Execution of Exclusive Sales Listing Agreement for the Sale of the Penfield Apartments and Annual Meeting, District 17, Ward 2
Body
WHEREAS, Penfield Apartments, LLC (the "Company") is a limited liability company established and existing under Minnesota Statutes, Chapter 322B; and
WHEREAS, as described in the accompanying staff report, the Company owns the Penfield Apartments ( “Penfield Apartments”) located at in downtown Saint Paul which consists of 254 units of market rate rental apartments and a Lunds grocery store; and
WHEREAS, Company staff researched several multi-family housing brokers and solicited proposals from four firms including Moran & Company; and
WHEREAS, after careful consideration and evaluation of the brokers’ proposals and in person interviews, staff recommends Moran & Company as the most suitable broker for the listing of the Penfield Apartments given its substantial experience and expertise in the sale of similar apartment buildings, and staff has negotiated an exclusive sales listing agreement (‘Listing Agreement”) with Moran & Company, which is being presented to the Company’s Board of Governors for approval; and
WHEREAS, by this Resolution the Company Board of Governors finds a public purpose for the execution of the Listing Agreement.
NOW, THEREFORE, BE IT RESOLVED by the Board of Governors of the Company that:
1. The Company’s Board of Governors hereby approves the execution of the Listing Agreement, and authorizes and directs the Company’s Chief Manager to execute the Listing Agreement of behalf of the Company.
2. The Company’s Chief Manager, staff and legal counsel for the Company are further directed and authorized to take all actions necessary to implement this Resolution. The Company’s Chief Manager is authorized to negotiate and execute any further documents and instruments in connection with this Resolution.