HomeMy WebLinkAboutResolution - HRA 92-05 - Norwest Bank Purchase Agreement - 11/03/1992 f
" HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 92 - 05
(NORWEST BANK PURCHASE AGREEMENT)
BE IT REaOLVED, by the Commissioners of the Housing and
Redevelopment Authority in and for the City of Eden Prairie
The Housing and Redevelopment Authority in and for the
City of Eden Prairie ( "HRA" ) desires to acquire certain
property (the "Property" ) from Norwest Bank Minnesota,
National Association ( "Norwest" ) described in the
Purchase Agreement, dated (made as of) October 29, 1992
between the BRA and Norwest (the "Purchase Agreement" )
pursuant to the authority granted by Minnesota Statutes,
Section 469 .012, Subd . 1(7 ) , and makes the following
findings as required thereby:
I . The Property consists of real property containing
buildings and improvements; the HRA intends to acquire
the property and to rehabilitate or reconstruct the
buildings and improvements and to lease the property, as
so rehabilitated or reconstructed , to the City of Eden
Prairie.
2 . The buildings and improvements on the real property are
substandard within the meaning of Minnesota Statutes,
Section 469 .012, Subd. 1 (7 ) , because they are obsolescent
and faultily designed for commercial or industrial use in
the current real estate market. The Property has been on
the market for an extended period of time and has not
been rented or leased, except for small portions thereof,
nor have reasonable offers to purchase the Property been
received. The size of the building and its internal
layout make it unattractive to potential purchasers and
lessees .
3 . A substantial portion of the buildings and improvements
have been vacant for an extended period of time. The
vacant portions of the buildings have not been adequately
maintained, and are beginning to deteriorate. A vacant
building of this size is unsightly and likely to be the
target of vandalism. The HRA believes that the vacant
buildings are, and if left vacant will continue to be,
detrimental to the health and safety of the community,
and are therefore substandard within the meaning of Minn.
Stat. Sec. 469 .012, Subd. 1(7 ) .
BE IT FURTHER RESOLVED, that the Purchase of the Property
from Norwest, upon all of the terms and conditions
contained in the Purchase Agreement, and the execution
and delivery of the Purchase Agreement in the form and
substance presented to this meeting, as well as all of
the transactions contemplated by the Purchase Agreement
are hereby authorized and approved, and the Chairman and
Executive Director are authorized to execute and deliver
the Purchase Agreement and to perform and do all things
necessary or advisable for the consummation thereof.
ADOPTED by the HRA on November 3; , 1992.
n
Douglas t. Tenpas, Chairman
(seal )
ATTEST:
ecreta y
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