HomeMy WebLinkAboutRes 20-01 4662 Dakota St. g MO ®r
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4646 Dakota Street SE
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RESOLUTION 20 -01 EDA
RESOLUTION APPROVING THE PURCHASE OF PROPERTY AT
4662 DAKOTA STREET SE AND AUTHORIZING THE EDA PRESIDENT AND
EXECUTIVE DIRECTOR TO EXECUTE THE PURCHASE AGREEMENT
Motion By : Briggs Second By : Boucher- Hoese
WHEREAS , The owners of the property at 4662 Dakota Street SE ; PID 250010570 (" Property")
have approached city staff to see if the City of Prior Lake (" City" ) would be interested
in purchasing the Property ; and
WHEREAS , The property owners have submitted a Real Estate Purchase Agreement
("Agreement" ) and are requesting a sale price of $275 , 000 and a closing date of
January 31 , 2020 ; and
WHEREAS , Redevelopment in downtown Prior Lake is supported in various policy and planning
documents of the City , including the 2040 Vision and Strategic Plan and the
Comprehensive Plan ; and
WHEREAS , The Prior Lake Economic Development Authority finds acquisition of the Property
will facilitate future redevelopment in downtown Prior Lake .
NOW THEREFORE , BE IT HEREBY RESOLVED BY THE PRIOR LAKE ECONOMIC
DEVELOPMENT AUTHORITY as follows :
1 . The recitals set forth above are incorporated herein .
2 . Funding necessary for the property acquisition , together with all Buyer related costs identified
in the Agreement , will come from the EDA Professional Services - General Fund (240-
46500 . 00-53100 . 80) .
3 . The EDA President and Executive Director are authorized to execute the Agreement and any
documents necessary to close the transaction .
PASSED AND ADOPTED THIS 13th DAY OF JANUARY 2020 ,
VOTE Chromy Braid Sheehan- Briggs Boucher-
Kerber Hoese
Aye M R N N X
Nay ❑ ❑ ❑ ❑ ❑
Absent ❑ ❑ ❑ ❑ ❑
Abstain ❑ ❑ ❑ ❑ ❑
Ja Wedel , Executive Director