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2013.06.04 EDA Meeting PacketAGENDA ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF CRYSTAL • REGULAR MEETING • TUESDAY, JUNE 4, 2013 6:30 P.M. CRYSTAL CITY HALL COUNCIL CHAMBERS Call to order 2. Roll call 3. Consider approval of minutes from the May 21, 2013 special meeting * 4. PUBLIC HEARING: Consider a resolution authorizing the sale of the lot at 4330 Zane Avenue North to MT Builders for construction of a new house * 5. Consider a resolution authorizing acquisition of 6529 47th Avenue North * 6. Other business 7. Adjournment * Materials attached 05/30/13 GAEDA\Agendas\2013\06.04.docx Minutes of the Crystal Economic Development Authority Special Meeting May 21, 2013 President Hoffmann called the special meeting of the Crystal Economic Development Authority to order at 7:40 p.m. Upon call of the roll, the following members were present: Jim Adams, John Budziszewski, Julie Deshler, Mark Hoffmann, Laura Libby, Casey Peak and Joe Selton. The following staff members were present: Anne Norris, Executive Director; Patrick Peters, Deputy Executive Director; John Sutter, City Planner/Assistant Community Development Director; and Mike Norton, City Attorney. President Hoffmann acknowledged the addition of two agenda items reflected in the amended agenda. Motion by Commissioner Libby (Adams) to approve the minutes from the May 7, 2013 regular meeting. Motion carried. The EDA held a Public Hearing, continued from the May 7, 2013 EDA meeting, to consider a resolution authorizing the sale of the lot at 4553 Yates Avenue North to Berger Built Construction for construction of a new house. No one appeared at the hearing, and President Hoffmann closed the hearing. Motion by Commissioner Budziszewski (Peak) to approve Resolution #2013-08 authorizing the sale of the lot at 4553 Yates Avenue North to Berger Built Construction for construction of a new house. Motion carried. The EDA considered tentative acceptance of a proposal from MT Builders to purchase a lot at 4330 Zane Avenue North for construction of a new house. Motion by Commissioner Adams (Budziszewski) to tentatively accept a proposal from MT Builders to purchase a lot at 4330 Zane Avenue North for $40,000. Motion carried. The EDA had a discussion regarding lot price reductions in general. The EDA considered tentative acceptance of proposals and approval of option agreements with Novak -Fleck for lots at 3548 and 3556 Welcome Avenue North. Motion by Commissioner Peak (Selton) to approve the option agreement with Novak -Fleck for the lot at 3548 Welcome Avenue North for $55,000. Motion carried. Motion by Commissioner Hoffmann (Budziszewski) to adjourn the regular meeting. Motion carried. The meeting adjourned at 8:55 p.m. Mark Hoffmann, President ATTEST: Julie Deshler, Vice President EDA STAFF REPORT C,TY°F 4330 Zane -CRYSTAL Public Hearing - Sale of Lot to MT Builders FROM: John Sutter, City Planner/Assistant Community Development Director DEPARTMENT HEAD REVIEW: Patrick Peters, Community Development Director 4� DATE: May 29, 2013 TO: Anne Norris, Executive Director (for June 4 EDA meeting) SUBJECT: Public Hearing: Consider a resolution authorizing the sale of the lot at 4330 Zane Avenue North to MT Builders for construction of a new house At its May 21 meeting the EDA accepted a proposal from MT Builders to purchase the lot at 4330 Zane Avenue North, with a lot price of $40,000 instead of the EDA's list price of $45,000. The lot price reduction is justified by the small, oddly positioned rental house at 4336 Zane, directly north of the subject property, which has a negative impact on the property's desirability. The house would be custom built for a specific homebuyer. Lot sale closing and construction start are anticipated in early June with house completion by fall 2013. MT Builders has a Minnesota Residential Building Contractor license with no enforcement actions. The house would be essentially the same as the house at 4306 Zane: A two story with 780 sq. ft. on the first floor (living, dining, kitchen, laundry and '/2 bathroom) and 801 sq. ft. on the second floor (three bedrooms and two bathrooms). The house would also have an unfinished basement set up for a future family room, bedroom and 3/4 bathroom. There would be a detached three car garage along the alley. The proposal meets city code including zoning, and also is in full conformance with the EDA's lot sale guidelines. The following Exhibits are attached: A. 2012 aerial photo B. Site sketch and house plan C. Proposed resolution authorizing the lot sale REQUESTED EDA ACTION: After holding the public hearing and receiving any testimony, consider adopting the attached resolution authorizing the property sale. PAGE 1 OF 1 Interact a - - Maps, ' Property Map Parcel 16-118-21-21-0063 A -T -B: Torrens Map Scale: 1" = 50 ft. ID: Print Date: 5/21/2013 Owner Econ Devel Auth Crystal Name: Parcel 4330 Zane Ave N Address: Crystal, MN 55422 Property Residential Type: Home- Non -Homestead stead: Parcel 0.23 acres Area: 9,851 sq ft Market $0 Total: Tax $0.00 Total: (Payable: 2013) Sale $49,000 Price: Sale 05/1999 Date: Sale Code: N This map is a compilation of data from various sources and is furnished "AS IS" with no representation or warranty expressed or implied, including fitness of any particular purpose, merchantability, or the accuracy and completeness of the information shown. COPYRIGHT © HENNEPIN COUNTY 2013 A TI -o -i: Green! Q m Z ZANE AVENUE N.. curb 38t�95 88.1.47 81. 48 c t/c t/c concrete 881.84 walk 881.81 45.4 meas. 45.5 plat I ti A 00, I x O pv rt O I iv IV � I 60 < N R bo. CD 3 ' .. w �m rtN 4 9.4 2 o. 0 C CD k C 4a .A VI �► w 5. �.. 45.5 883. o X A L L E Y NPop- 137 1" : 30' 00 t Z X n Ll Li Li N �F1 11 El m 0110El s z 2 11010.0 fi A U y Poa � Az 3� z E 3 ODOM 47 1111 FEl A � h 0E L1 MUM ll N < ti bl `2 zz � r �N ®oo o®® 10 y F ® ® y b n �, a o �, e�.udr��f��b�fk G�N�RN-GONTRAGTOR: GUSTOM�R: John 13oedl�y M.T. HOMES ,da�tn l3dM ebidrd, be npvbtlx fatd.od,uttn.d k r�♦k fvtle arc, �. 15/OJSGENr, OR.DAYiONMN55329 HOMES INC (danb9stead6a'mb>. C9C3y350�YX ;�,�di�f„�lud . 4" ----------- O J'----` ----------- UP C � x C 8,• Z O cc `N0� N� 9I18ROD U�' Q 9 //2" hJ0/5T5 O 36 x /� WNIN6 NM5 X x 16 /ARE A' v/APE A' 4" l4'q" l2'q" 22'-0" w x DM ZO X 4Z D/7 ;?6,-0„ U tl N 'Nr �'-2" - - - - - - _ _. 41 le D M`R. DC9CNCD ROOF � TR!/53C9. ZY' oc N �t P m g h �arrn nnv p U WOOD RNL.N"!lm N �'p V <>> 1T SNLWCU43 �? 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A RESOLUTION AUTHORIZING THE SALE OF 4330 ZANE AVENUE NORTH FOR NEW HOUSE CONSTRUCTION WHEREAS, the Economic Development Authority of the City of Crystal ("the EDA") is the owner of 4330 Zane Avenue North, legally described as Lot 17, Block 3, Robbinsdale Home Gardens Second Addition, Hennepin County, Minnesota ("the Property"), and WHEREAS, the EDA has solicited proposals from builders who desire to purchase the Property from the EDA and construct thereon a new single family house; and WHEREAS, the EDA has reviewed and accepted the proposal from MT Builders, Inc. NOW, THEREFORE, BE IT RESOLVED that the EDA authorizes the sale of the Property to MT Builders, Inc. BE IT FURTHER RESOLVED that the sale shall be completed in accordance with the terms of the Purchase and Redevelopment Agreement in substantially the form on file in City Hall, and that the President and Executive Director are hereby authorized to sign said Agreement and other documents required to complete the sale of the Property to MT Builders, Inc. Adopted this day of Mark G. Hoffmann, President Anne L. Norris, Executive Director V m Z CITYof EDA STAFF REPORT CRYSTAL 652947 1h Acquisition for Redevelopment FROM: John Sutter, City Planner/Assistant Community Development Director DEPARTMENT HEAD REVIEW: Patrick Peters, Community Development Director DATE: TO: RE: A. May 30, 2013 Anne Norris, Executive Director (for June 4, 2013 meeting) Consider a resolution authorizing acquisition of 6529 47th Avenue North for demolition and redevelopment BACKGROUND 652947 th is in foreclosure with the redemption period expiring on September 19. It is a being offered as a vacant short sale; the original list price was $79,900, lowered several months ago to $59,900 and lowered again on May 23 to $30,000. According to the Hennepin County Assessor, the estimated market value was $73,000 as of January 2013. Another party made an offer at some point before the price was lowered to $30,000, but we do not know the amount of their offer and we would not know the outcome of any negotiations between that potential buyer and the seller. It is likely that the $30,000 list price is intended to entice potential buyers to make offers and also encourage the bank's appraiser to accept offers below the previous list price of $59,900. In any case, the EDA's offer would be a backup offer should the other buyer's offer fall through. The following Exhibits are attached: A. 2012 aerial photo B. Property photos C. Hennepin County property information D. Foreclosure information E. MLS for sale listing F. Estimated budget G. Proposed resolution PAGE 1 OF 2 B. STAFF COMMENTS The subject property is 62 feet wide and 138 feet deep, with an area of 8,961 sq. ft. (0.2 acres). The lot meets current zoning requirements for width, depth and area. The one story house was built in 1910 with 384 sq. ft on the main floor plus a basement. A 60 sq. ft. rear addition (without a basement) and 36 sq. ft. front porch were subsequently added, but the city has no record of plans or permits so we do not know how they were constructed. The house has a living room, kitchen and bedroom on the main floor plus a bathroom and 2nd bedroom in the basement. The house appears cosmetically to be in good condition but there are underlying problems. The house exterior shows signs of wood rot around windows and doors, the side stoop is pulling away from the house and there have been water problems in the basement. The staircase is very steep with poor headroom, and in the basement there is only six feet from floor to ceiling. The rear addition appears to be leaning/pulling away from the house indicating that it may not be adequately supported. The supports under the front porch are rotting. The 576 sq. ft. detached garage was built in 1987. The exterior is in fair to poor condition but the structure appears solid. It is probably worth keeping as a second garage or workshop provided that the new house builder installs new siding and doors to match the new house. If the EDA desires to acquire the property, then action on the attached resolution is requested. In its motion the EDA should indicate the amount of its offer. The attached estimated budget presumes a purchase price of $40,000 and a lot sale price of $55,000 with net expenditures of $8,387 from the Redevelopment Fund. The budget's demolition costs are based on having a contractor demolish the house; however, we typically have the city's street maintenance crew do the demolition in-house and this reduces expenditures by approximately $5,000. Because this is a short sale dependent on lender acceptance of the offer, we cannot predict the closing date. However, with redemption expiry in September, the closing is likely to occur by late summer. We would expect to demolish the house and make the lot available within two months of the closing. If the EDA does not desire to acquire the property, then no action is required. C. REQUESTED ACTION If the EDA wishes to acquire this property, it would need to approve the attached resolution approving the purchase of the subject property and authorizing the execution of documents necessary to complete the purchase. In the motion, the EDA should indicate the amount of its offer. PAGE 2OF2 .17 For OWL-, ! T IP LI, Llwa, 1 +0 CL C) t UN IWUS�JN VIN I 4 Isr .tib„ 01 ��14IIJjIjIIIIIII �{, • �` I -' IIILLLLLLIIIIII CRY) d l O ME l w ��� %��1, t�I�• ,` 'fit _. da�'t;. 1• Qzdil. .�i�i �W.7eTjJF) - il{4L' k" A � 5 Cp. 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Y �_ z° ` .€ ,+ tl y cA ' a° (j 3 0 0 ¢ o �€r .. n U C7 Z _..;.2 o U. cin Q 00 Q % O x x x x * x Y Z N M y N f0 I� �+ .• N M a _ i0 ETI _ _ N _ R yV Z J Pi I '^ S i.9 V to H Z Z W W0 E 3. W (> 0: 00 N H H > (n =z r z W O -.i' n. 0_ W LL r a d Wi z0F WQ� -IF N E m �+ m ;;�" m E x m m z m R 0 a F- H H I- o c o o .e v o o ° m ° E m o m t S r �° c R o E R a m a R R € o M,6 4 m R o ° t 0, (7 ed `� < F m `� a o o m _ v m vs D ,c �e ° > 0 0 d m z a v� N N J J J I- in m m 3 U x i (7 i (7 LL o N 3 a U o C7 Q (7 a a 11 W Lit Y O �o tIr, tJ v oh C J L , o �€ 4' O Icn n Q v H H N z j� . �9 R N M V' 10 N (O N �I - k N Cl) m til Ln W O ¢ W W SCI I- O E 3�'' ."-. a r s IgE,Z ,rt Lal Q U W O D _ D d�3, 'llriii wr<-.' x X O� # W W Q } U O } `'ta C m D E C S €{ m t C m D C .-. ,. T N N (� 0. W d Q O Z x (�S iZ- ( L Or '� m i. U c ° 7 RgrO a O R O __ m U O R m R " S '. j Co D O D O N _ m C .a�x1E '> (7 m k (4 ¢ .y0 LL rn ?i a Q rq` Q a u'� ,E„ .L Sale Information Sales prices are reported as listed on the Certificate of Real Estate Value and are not warranted to represent arms -length transactions. Sale Date: October, 2004 Sale Price: $156,400 Transaction Type: Warranty Deed Tax Parcel Description The following is the County Auditor's description of this tax parcel. It may not be the legal description on the most recent conveyance document recording ownership. Please refer to the legal description of this property on the public record when preparing legal documents for recording Addition Name: "KLATKE'S SECOND ADDITION, HENNEPIN COUNTY, MINNESOTA" Lot: 011 Block: First Line Metes & Bounds: N 1/2 OF THAT PART OF LOT 11 LYING Full Metes & Bounds: Note: To read full tax parcel description, click here. Abstract or Torrens: ABSTRACT Value and Tax Summary for Taxes Payable 2013 Values Established by Assessor as of January 2, 2012 Estimated Market Value: $68,000 EM IS $73,000 - Taxable Market Value: $40,800 �lJ Y r' Total Improvement Amount: Total Net Tax: Total Special Assessments: Solid Waste Fee: Total Tax: Land Market Building Market Machinery Market Expanxl for details $1,629.12 $2,452.30 Property Information Detail for Taxes Payable 2013 Values Established by Assessor as of January 2, 2012 Values: $27,000 $41,000 Total Market: Qualifying Improvements Veterans Exclusion Homestead Market Value Exclusion Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status $68,000 $27,200 RESIDENTIAL HOMESTEAD Parcel Data for Taxes Payable 2013 Property ID: 08-118-21-44-0105 Address: 6529 47TH AVE N Municipality: CRYSTAL School Dist: 281 Construction year: 1910 Watershed: 8 Approx. Parcel Size: 62.45 X 138.09 Sewer Dist: Owner Name: ERIC L TOPPING Taxpayer Name DEPT VETERANS AFFAIRS & Address: VA REG LOAN CENTER 1 FEDERAL DR ST PAUL MN 55111 Sale Information Sales prices are reported as listed on the Certificate of Real Estate Value and are not warranted to represent arms -length transactions. Sale Date: October, 2004 Sale Price: $156,400 Transaction Type: Warranty Deed Tax Parcel Description The following is the County Auditor's description of this tax parcel. It may not be the legal description on the most recent conveyance document recording ownership. Please refer to the legal description of this property on the public record when preparing legal documents for recording Addition Name: "KLATKE'S SECOND ADDITION, HENNEPIN COUNTY, MINNESOTA" Lot: 011 Block: First Line Metes & Bounds: N 1/2 OF THAT PART OF LOT 11 LYING Full Metes & Bounds: Note: To read full tax parcel description, click here. Abstract or Torrens: ABSTRACT Value and Tax Summary for Taxes Payable 2013 Values Established by Assessor as of January 2, 2012 Estimated Market Value: $68,000 EM IS $73,000 - Taxable Market Value: $40,800 �lJ Y r' Total Improvement Amount: Total Net Tax: Total Special Assessments: Solid Waste Fee: Total Tax: Land Market Building Market Machinery Market Expanxl for details $1,629.12 $2,452.30 Property Information Detail for Taxes Payable 2013 Values Established by Assessor as of January 2, 2012 Values: $27,000 $41,000 Total Market: Qualifying Improvements Veterans Exclusion Homestead Market Value Exclusion Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status $68,000 $27,200 RESIDENTIAL HOMESTEAD NOTICE OF MORTGAGE FORECLOSURE SALE THE RIGHT TO VERIFICATION OF THE DEBT AND IDENTITY OF THE ORIGINAL CREDITOR WITHIN THE TIME PROVIDED BY LAW IS NOT AFFECTED BY THIS ACTION. NOTICE IS HEREBY GIVEN, that default has occurred in the conditions of the following described mortgage: DATE OF MORTGAGE: October 28, 2004 ORIGINAL PRINCIPAL AMOUNT OF MORTGAGE: $156,400.00 MORTGAGOR(S): Eric L. Topping, a single person MORTGAGEE: Mortgage Electronic Registration Systems, Inc. TRANSACTION AGENT: Mortgage Electronic Registration Systems, Inc. MIN#:100012900023258127 LENDER OR BROKER AND MORTGAGE ORIGINATOR STATED ON THE MORTGAGE: Guaranty Residential Lending, Inc. SERVICER: Wells Fargo Bank, NA DATE AND PLACE OF FILING: Filed February 3, 2005, Hennepin County Recorder, as Document Number 8520374 ASSIGNMENTS OF MORTGAGE: Assigned to: Wells Fargo Bank, NA; Dated: October 25, 2012 filed: October 26, 2012, recorded as document number A9864641 LEGAL DESCRIPTION OF PROPERTY: The North Half of that part of Lot 11, lying North of the South 18 feet thereof, except the West 60 feet thereof, Klatke's Second Addition PROPERTY ADDRESS: 6529 47Th Ave N, Crystal, MN 55428 PROPERTY IDENTIFICATION NUMBER: 08.118.21.44.0105 COUNTY IN WHICH PROPERTY IS LOCATED: Hennepin THE AMOUNT CLAIMED TO BE DUE ON THE MORTGAGE ON THE DATE OF THE NOTICE: $142,605.79 THAT all pre -foreclosure requirements have been complied with; that no action or proceeding has been instituted at law or otherwise to recover the debt secured by said mortgage, or any part thereof; PURSUANT, to the power of sale contained in said mortgage, the above described property will be sold by the Sheriff of said county as follows: DATE AND TIME OF SALE: March 19, 2013, 10:00am PLACE OF SALE: Sheriff's Main Office, Civil Division, Room 30, Courthouse, 350 South Fifth St., Minneapolis, MN 55487 to pay the debt secured by said mortgage and taxes, if any, on said premises and the costs and disbursements, including attorneys fees allowed by law, subject to redemption within 6 months from the date of said sale by the mortgagor(s) the personal representatives or assigns. TIME AND DATE TO VACATE PROPERTY: If the real estate is an owner -occupied, single-family dwelling, unless otherwise provided by law, the date on or before which the mortgagor(s) must vacate the property, if the mortgage is not reinstated under section 580.30 or the property is not redeemed under section 580.23, is 11:59 p.m. on September 19, 2013. "THE TIME ALLOWED BY LAW FOR REDEMPTION BY THE MORTGAGOR, THE MORTGAGOR'S PERSONAL REPRESENTATIVES OR ASSIGNS, MAY BE REDUCED TO FIVE WEEKS IF A JUDICIAL ORDER IS ENTERED UNDER MINNESOTA STATUTES SECTION 582.032 DETERMINING, AMONG OTHER THINGS, THAT THE MORTGAGED PREMISES ARE IMPROVED WITH A RESIDENTIAL DWELLING OF LESS THAN 5 UNITS, ARE NOT PROPERTY USED FOR AGRICULTURAL PRODUCTION, AND ARE ABANDONED. Dated: January 22, 2013 WELLS FARGO BANK, NA Assignee of Mortgagee SHAPIRO & ZIELKE, L.L.P. Attorneys for Mortgagee BY Lawrence P. Zielke — 152559 Diane F. Mach — 273788 Melissa L. B. Porter — 0337778 Ronald W. Spencer — 0104061 Stephanie O. Nelson — 0388918 Randolph W. Dawdy — 216OX Gary J. Evers — 0134764 12550 West Frontage Road, Ste. 200 Burnsville, MN 55337 (952) 831-4060 13-089302 PURSUANT TO THE FAIR DEBT COLLECTION PRACTICES ACT, YOU ARE ADVISED THAT THIS OFFICE DEEMED TO BE A DEBT COLLECTOR. ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURP( NOTICE IS REQUIRED BY THE PROVISIONS OF THE FAIR DEBT COLLECTION PRACTICES ACT AND D( IMPLY THAT WE ARE ATTEMPTING TO COLLECT MONEY FROM ANYONE WHO HAS DISCHARGED THE UNDER THE BANKRUPTCY LAWS OF THE UNITED STATES. m (January 29, February 5, 12, 19, 26, March 5, 2013) 10233457 Sale Record Number: 1303141 Mortgage Document Number: 8520374 Date of Sale: 3/19/2013 Type of sale: Mortgage Mortgagor(s): Eric L Topping, Mortgagee: Wells Fargo Bank, NA To Whom Sold: Wells Fargo Bank, NA Final Bid Amount: $44,946.30 Redemption Expiration Date: 9/19/2013 Deputy Sold By: Sgt. Willis ]acox Law Firm/Attorney: Shapiro & Zielke, L.L.P. Unverified Common Address: 6529 47th Ave N, Crystal Optional Comments: No value entered Notice of Intent to Redeem by creditor(s) filed with Sheriff: This report prepared for you by Steven Ennen Start Distressed Homes:... Favorites Possibilities Discarded .?FF: I ielp Welcome john Sutter Active Matches • Displaying 1 of 9 • Show: Nh..,L:orlg, _r,_Mc irl,g__(1�. ilnr<id,.,hiateI.Ie> [1]2 3 4 5 fi 7 5 9 _ ;s. •Nett FSc}tic nt. • F3ack._ld_i' L;i me.....iiLiglc.._l..ire...disiaay Customer Full Display, Single Family Residential, MLS #: 4321972 Type: For Sale r" 6529 47th Avenue N , Crystal, MN 55428-4621 Status: Active List Price: $30,000^ • is $ oo Original List Price: $79,900 An Offer Has Been Accepted Contingent Upon: Other ✓ (i ! V _ "-!� _:fir. of '� �° '`� I{rn�r •-}o act; �7 1 ti[vIe av A+ref!02 '•sl n 1/3 i 51412P.jgamn.t.a jj� re_cj,v_aifable fc>r Ct'Ls.pi.eL� CtY.. Total Bed/Bath: 2/1 Garage: 2 Year Built: 1910 Style: (SF) One Story Const Status: Previously Owned Foundation Size: 444 AbvGrdFinSgFt: 444 BeIGrdFinSgFt: 142 Total Fin SgFt: 586 Acres: 0.2 Lot Size: 62.45 X 138.09 Yearly: Yearly General Property Information Legal Description: LENGTHY ( E f', V 42ndAvNti' �i1 _ s Map Page: 91 Map Coord: D2 Directions: DOUGLAS DR TO 47TH WEST TO HOME io (Click icon for Virtual Earth Map) TAX INFORMATION Property ID: 0811821440105 Tax Year: 2012 Tax Amt: $1,060 Assess Bal: $1,362 Tax w/assess: $2,423 Assess Pend: Yes Homestead: Yes County: Hennepin Postal City: Crystal School District: 281 - Robbinsdale, 763-504-8000 Complex/Dev/Sub: Common Wall: No Zoning: Residential -Single Accessibility: None Pasture Acres: .00 Tillable Acres: .00 Wooded Acres: .00 Remarks Public Remarks: Great location. Excellent starter home or investment property. 2br, lba with many updates. All appliances. 24x24 garage. There are chimney flashing issues. Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main it x 12 Fuel: Natural Gas Dining Rm Bathrooms Air Cond: None Family Rm Total: 1 3/4: 0 1/4: 0 Water: City Water/Connected Kitchen Main 11 x 11 Full: 1 1/2: 0 Sewer: City Sewer/Connected Bedroom 1 Main 9 x 8 Garage: 2 Bedroom 2 Lower 12 x 16 Oth Prkg: 0 Bath Description: Full Basement, Basement Dining Room Desc: Eat In Kitchen Fireplaces: 0 Fireplace Characteristics: Appliances: Range, Exhaust Fan/Hood, Refrigerator, Washer, Dryer Basement: Full, Finished (Livable), Day/Lookout Windows, Egress Windows Exterior: Wood Roof: Asphalt Shingles, Pitched Amenities -Unit: Security System W W REDEVELOPMENT OF 6529 47th jEstimated Budget $40,000 PURCHASE PRICE Jan 2013 EMV $73,000 $10,000 demolition $3,500 administrative costs (legal, title work, etc.) $823 property taxes (pay 2013) $1,622 special assessments levied pay 2013 $4,870 special assessments levied pay 2014+ $446 special assessments pending pay 2014+ $2,126 contingency (10% of the items above except the purchase price) ------------ $63,387 TOTAL EXPENDITURES FROM REDEVELOPMENT FUND $55,000 LOT SALE PROCEEDS TO BE RETURNED TO REDEVELOPMENT FUND $8,387 NET EXPENDITURES FROM REDEVELOPMENT FUND 4 N 4 ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF CRYSTAL HENNEPIN COUNTY STATE OF MINNESOTA RESOLUTION NO. A RESOLUTION AUTHORIZING ACQUISITION OF REAL PROPERTY AT 6529 47TH AVENUE NORTH WHEREAS, the Economic Development Authority of the City of Crystal (the "EDA") desires to acquire, on a voluntary basis from a willing seller, real property located at 6529 47th Avenue North (the "Property"); and WHEREAS, the EDA desires to specifically and explicitly authorize execution of any and all documents necessary to complete the purchase of the Property. NOW, THEREFORE, BE IT RESOLVED that Anne L. Norris, Executive Director of the EDA, is hereby authorized to execute any and all documents necessary to complete the EDA's purchase of the Property. BE IT FURTHER RESOLVED that Patrick A. Peters, Deputy Executive Director of the EDA, is hereby authorized to act in place of the Executive Director in the event of the absence or unavailability of the Executive Director. Adopted this day of Mark G. Hoffmann, President Anne L. Norris, Executive Director