HomeMy WebLinkAboutRes 20-02 4656 Pleasant St. O� PRIO
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4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 20 -02 EDA
RESOLUTION AUTHORIZING THE EDA PRESIDENT AND EXECUTIVE DIRECTOR TO
ENTER INTO A REAL ESTATE PURCHASE AGREEMENT WITH THE BEARD GROUP , INC .
Motion By : Boucher- Hoese Second By : Braid
WHEREAS , The City of Prior Lake Economic Development Authority (" EDA" ) has been working
with The Beard Group , Inc . (" Beard " ) on a potential downtown redevelopment project
along Main Avenue SE ; and
WHEREAS , Beard has entered into a purchase agreement to acquire a single-family residential
property at 4656 Pleasant Street SE ; PID 250020120 (" Property" ) to facilitate a
downtown Prior Lake redevelopment project ; and
WHEREAS , Beard has requested the EDA enter into a Real Estate Purchase Agreement
whereby the EDA would purchase the Property from Beard if the proposed
redevelopment project does not move forward ; and
WHEREAS , If the redevelopment of this block does occur and Beard enters into an agreement
with the EDA or City of Prior Lake addressing redevelopment of the Property , such
as a Development or TIF Agreement , the Real Estate Purchase Agreement includes
language which automatically terminates the Agreement and its obligations of the
EDA ; and
WHEREAS , If redevelopment of this block does not occur, the EDA would be required to purchase
the Property on or before January 6 , 2022 at a purchase price of $ 350 , 000 , plus
costs Beard incurs to purchase the property up to $25 , 000 and future closing costs .
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 . The EDA President and Executive Director are authorized to enter into a Real Estate purchase
Agreement with The Beard Group , Inc . for property located at 4656 Pleasant Street . SE .
PASSED AND ADOPTED THIS 13th DAY OF JANUARY 2020 .
VOTE Chromy Braid Sheehan- Briggs Boucher-
Kerber Hoese
Aye X X N X X
Nay ❑ ❑ ❑ ❑ ❑
Absent ❑ ❑ ❑ ❑ ❑
Abstain ❑ ❑ ❑ ❑ ❑
Jas Wedel , Executive Directo