Title
Resolution Approving the Purchase of Property from 700 Emerald, LLC, and Authorization to Enter into a Purchase Agreement, Authorization of Expenditures, and to Accept a Donation of Land. 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, the HRA desires to acquire 2.28 acres (18% of the total parcel) of land (the “Land”) located south of future Myrtle Avenue that is part of a 13-acre parcel of land (the “Property”) owned by 700 Emerald, LLC (the “Developer”) for use as public open space, as more fully described in the staff board report accompanying this Resolution; and
WHEREAS, the Developer has agreed to donate 0.63 acres (5%) of the Property for the purpose of future infrastructure to serve the proposed public open space; and,
WHEREAS, the HRA proposes to enter into a purchase agreement (the “Purchase Agreement”) with the Developer f...
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