HomeMy WebLinkAboutResolution - HRA 85-1 - Approve Purchase Agreement and Management Agreement for Prairie Village Apartment Project - 11/05/1985 CITY OF EDEN PRAIRIE
HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 85-1
APPROVING THE PURCHASE AGREEMENT AND PROPERTY MANAGEMENT AGREEMENT FOR THE PRAIRIE
VILLAGE APARTMENT PROJECT AND AUTHORIZING THE CHAIRMAN AND ADMINISTRATOR OF THE
HOUSING AND REDEVELOPMENT AUTHORITY TO EXECUTE SAID AGREEMENTS
WHEREAS, the Housing and Redevelopment Authority of the City of Eden Prairie (HRA)
and Prairie Village Limited Partnership (Developer) are engaged in the redevelopment
of an elderly housing project known as Prairie Village Apartments in an area of the
City located at the northeast corner of the intersection of T. H. #5 and County Road
#4; and,
WHEREAS, the HRA and Developer have agreed to enter into a Purchase Agreement for
redevelopment of said elderly housing project for the purpose of developing a three
(3) story building, containing fifty-six (56) units for lower income elderly
persons; and,
WHEREAS, the HRA and Developer have also agreed to enter into a Property Management
Agreement subject to terms and conditions listed therein; and,
WHEREAS, the HRA has reviewed the Purchase Agreement and the Property Management
Agreement for the redevelopment of said elderly housing project;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF
THE CITY OF EDEN PRAIRIE AS FOLLOWS:
1. That the Purchase Agreement and Property Management Agreement and
all of the terms and conditions contained in each document are
hereby approved; and,
2. That the Chairman and Administrator of the HRA are hereby authorized
and directed to execute said Purchase Agreement and Property
Management Agreement on behalf of the HRA.
FURTHER BE IT RESOLVED, that the HRA is authorized to purchase land described in
Exhibit A attached hereto for the total sum of $150,000 payable in cash, $128,819 of
which shall be paid by the HRA and $21,181 of which shall be paid by Prairie Village
Limited Partnership, its agents, or any other person.
ADOPTED this 5th day of November, 1985.
ary ers , C airman C arl J. Al ministrator
Housing and Redevelopment Housing dFdevelopment
JAuthority of the City of Eden Prairie Authority ohe City of Eden Prairie