HRA RES 2013-04 McNutt Agreement
HOUSING AND RE
DEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF FRIDLEY
COUNTY OF ANOKA
STATE OF MINNESOTA
HRA RESOLUTION NO. 2013-04
A RESOLUTION AUTHORIZING AN EXCLUSIVE NEGOTIATION
PERIOD BETWEEN THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF FRIDLEY MINNESOTA AND
MCNUTT COMPANIES, INC. FOR THE SINCLAIR SITE
BE IT RESOLVED by the Board of Commissioners (the “Commissioners”) of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota (the "Authority)
as follows:
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WHEREAS, the Sinclair Site is located in the southeast corner of 61 and University
Avenue Northeast and is identified as PIN 23-30-24-21-0135 (the “Site”); and
WHEREAS, the Site is part of a recently approved Tax Increment Financing District No.
21, known as Gateway Northeast; and
WHEREAS, the Authority is the owner of the Site; and
WHEREAS, McNutt has been working with Authority staff over the last several months
in an effort to secure appropriate development for the Site; and
WHEREAS, the Authority and McNutt have agreed on a purchase price for the Site
which is attached as Schedule A; and
WHEREAS, McNutt wishes to have additional time to review development options,
secure tenants and arrange financing; and
WHEREAS, the Authority has approval over the use, type and timing of development to
occur on the Site;
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota as follows:
(1) The Authority and McNutt shall have until April 30, 2013 to negotiate the
terms a Contract for Private Redevelopment which will provide more fully the
terms upon which the Authority will convey the property and the timing, type and
probable market valuation of the improvements.
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(2) The Authority agrees that until April 30, 2013, it will not negotiate or enter
into an agreement with any third party for the redevelopment of the Site (the Site
is part of the Listing Agreement that the Authority has with Premier Commercial
Properties, Inc. and the Authority is responsible for any commissions in
accordance with that Listing Agreement).
(3) During the interim period, McNutt shall market the property and may place
signage on the Site in accordance with City codes.
(4) McNutt may perform environmental tests and soil tests and will hold the City
and Authority harmless as a result of any damage from inspections or testing.
Adopted by the Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
this 3rd day of January, 2013.
____
LAWRENCE R. COMMERS, CHAIRPERSON
ATTEST:
__________________________________
PAUL BOLIN, INTERIM EXECUTIVE DIRECTOR
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SCHEDULE A
Purchase Price
The purchase price shall be determined by multiplying the square footage of the site
(approximately 15,610 square feet subject to the survey) by an amount determined as follows:
Square footage of new construction Multiply by square foot of site
2000 to 2499 7.25
2500 to 2999 6.50
3000 to 3499 5.75
3500 to 3999 5.00
4000 to 4499 4.25
4500 or more 3.50
MMB: 4827-1224-8850, v. 1