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052499 EDA Official File Copy CITY OF NEW HOPE EDA MEETING City Hall, 4401 Xylon Avenue North May 24, 1999 President W. Peter Enck Commissioner Sharon Cassen Commissioner Don Collier Commissioner Pat LaVine Norby Commissioner Mark Thompson 1. Call to Order 2. Roll Call 3. Approval of Regular Meeting Minutes of May 10, 1999 4. Discussion Regarding Option Agreement on Property at 7500 42nd Avenue North (Improvement Project No. 474) 5. Adjournment CITY OF NEW HOPE 4401 XYLON AVENUE NORTH NEW HOPE, MINNESOTA 55428 Approved EDA Minutes May 10, 1999 Regular Meeting City Hall CALL TO ORDER President Enck called the meeting of the Economic Development Authority to order at 8:31 p.m. ROLL CALL Present: Enck, Cassen, Collier, Norby, Thompson Staff Present: Sondrall, Hanson, Donahue, Leone, Vander Top, McDonald, Henry, Lomaistro, Johnson APPROVE MINUTES Motion was made by Commissioner Thompson, seconded by Conunissioner Collier, to approve the Regular Meeting Minutes of April 12, 1999, and April 26, 1999; and Closed Session Meeting Minutes of April 26, 1999. All present voted in favor. Motion carried. 750042~ AVE. N. President Enck introduced for discussion Item 4, Resolution Authorizing IMP. PROJECT 474 Appraisals and Commencement of Negotiations to Acquire 7500 42r~ Avenue Item 4 North (Improvement Project No. 474). Mr. Kirk McDonald, Director of Community Development, stated that since the early 1990s, the City has taken a number of actions to acquire the three industrial properties located at the northeast comer of 42"d and Quebec Avenues for redevelopment purposes. The City acquired and demolished the Electronic Industries building at 7516 42n~ Avenue in 1993, and the City acquired and demolished the Foremost building at 7528 42"d Avenue between 1993 and 1995. One property remains to be acquired at 7500 42aa Avenue. Over the years, the City has had a number of conversations with the property owner, Terry Jensen, regarding the potential acquisition of the property by the City and the City has had three appraisals completed on the property in 1992, 1996, and 1997. Ardel Engineering is a tenant in the building located on the site. In August 1997, the EDA approved a resolution authorizing the commencement of eminent domain proceedings to acquire the property at 7500 42na Avenue North, but the action has not been implemented. The environmental cleanup and future redevelopment of the three industrial sites located at the northeast comer of Quebec Avenue and 42~ Avenue is identified as a goal of the Comprehensive Plan. Mr. McDonald stated the owner of the property has recently been in contact with the City again to inquire about the City's interest in acquiring the property. Ardel Engineering's lease will terminate on May 31 and an agreement was not reached between the owner and tenant to renew the lease. Ardel Engineering is in the process of vacating the building and is relocating to Science Industry Park in the City. The property owner is in the process of marketing the property. Due to the fact that the building is being vacated, the City would have no responsibility for relocation costs. New Hope EDA May 10, 1999 Page 1 Now is an opportune time to recommence discussion with the property owner regarding the EDA's purchase of 7500 42nd Avenue. The opportunity presents itself due to the pending vacation of the property by the current tenant, Ardel Engineering, by June 1. He stated the enclosed resolution authorizes the EDA to obtain an updated appraisal of the property and commence negotiations with the property owner for acquisition of the property as of June 1, when the property officially becomes vacant and unoccupied. This will allow the City to avoid payment of tenant relocation expenses, which has been the policy for acquisition of all properties initiated by an owner's request to sell to the City or EDA under the scattered site acquisition policy. The owner has recently obtained his own appraisal of the property indicating a market value of $545,000. Once the City has its appraisal on the property updated, the EDA will need to determine the dollar amount it is willing to authorize as a ceiling for acquisition. The owner has also indicated that he wants to be reimbursed for lost rent during the month of June in the event he agrees to keep the property vacant, so there should be some discussion concerning the amount of a non-refundable payment to the property owner in consideration for his agreement to keep the property vacant during the negotiation period. Mr. McDonald also noted that since the dealings in 1997, the attorney for the property owner has become a panner of the City Attorney, and the City Attorney requested that the EDA be made aware of this fact. The EDA expressed support for the acquisition. In response to questions concerning possible soil contamination, City Attorney Sondrall noted there does not appear to be soil contamination on the Ardel property. Mr. Donahue, City Manager, interjected that the property will be examined prior to any purchase. Mr. Sondrall discussed the two paragraphs in the proposed resolution which have blanks (#4 and #5). He stated the first blank will be completed to authorize the Executive Director to commence negotiations for a fair negotiated amount but at a price not to exceed the amount of the appraisal. He commented that paragraph #5 concerning a non-refundable fee would be deleted from the resolution. EDA Commissioner Norby introduced the following resolution and moved its adoption: RESOLUTION 99-07 "RESOLUTION AUTHORIZING APPRAISALS AND COMMENCEMENT OF NEGOTIATIONS TO ACQUIRE 7500 42~ AVENUE NORTH (IMPROVEMENT PROJECT NO. 474) ". The motion for the adoption of the foregoing resolution was seconded by Commissioner Collier, and upon vote being taken thereon, the following voted in favor thereof: Enck, Cassen, Collier, Norby, Thompson; and the following voted against the same: None; Abstained: None; Absent: None; whereupon the resolution was declared duly passed and adopted, signed by the president which was attested to by the executive director. 8113 BASS LAKE RD President Enck introduced for discussion Item 5, Discussion Regarding Request for Item 5 Financial Assistance for Potential Rehabilitation Project at 8113 Bass Lake Road. Mr. McDonald, Director of Community Development, provided background of the fourplex property at 8113 Bass Lake Road. He stated the property formerly owned New Hope EDA May 10, 1999 Page 2 by David Espeland is now under new ownership. The building was constructed in 1958 and has a market value of $136,000 (land $26,000/building $110,000). The building has a brick exterior, but is in need of substantial repairs, including roof and window replacement, rain gutters, exterior doors, drain tile, a boiler and general interior upgrading. The parking area needs resurfacing, additional landscaping is needed and no garages are available on the site. The owner has estimated the project cost at $15,000, however, staff estimate it will be at least twice that amount. There is a twin fourplex building located adjacent to this building (8109 Bass Lake Road) that is under separate ownership. Both properties are located on the south side of Bass Lake Road, just west of Lyndale Garden Center, and have a shared access off of Bass Lake Road. Mr. McDonald explained that these properties have been designated in the Comprehensive Plan for either redevelopment or substantial rehabilitation. Staff is pleased that the new owner wants to cooperate with the City on potential improvements to the property. Staff is requesting direction from the EDA as to whether or not it is interested in pursuing a rehabilitation project at this site in cooperation with the new owner. If the EDA determines to proceed, staff would like authorization to meet with the property owner to determine the necessary improvements, and approach the owner of the adjacent building to inquire of their participation in the project. President Enck questioned the financial investment and whether redevelopment should be explored rather than rehabilitation of the property. Mr. McDonald reiterated that the Comprehensive Plan Update calls for rehab or redevelopment of this area. Mr. McDonald suggested obtaining a fmancial analysis similar to the one recently prepared for Regent Apartments. Councilmember Cassen pointed out that the City has received numerous complaints regarding this property in the past. The EDA was receptive to exploration of all options, and directed staff to contact the property owner to discuss redevelopment or rehabilitation options. ADJOURNMENT Motion was made by Commissioner Collier, seconded by Commissioner Cassen, to adjourn the meeting. AIl present voted in favor. Motion carried. The New Hope EDA adjourned at 8:42 p.m. Respectfully submitted, Valerie Leone City Clerk New Hope EDA May 10, 1999 Page 3  t RE~D'F~T FOR ACTION Originating Department Approved for ~enda ~enda Sec~on EDA Community Development 9~~ 5-24- Item No. ~Kirk McDonald ~ : 4 DISCUSSION REGARDING OPTION AGREEMENT ON PROPER~ AT 7500 42No AVENUE (IMPROVEMENT PROJECT NO. 474) ACTION REQUESTED Staff requests to discuss with the EDA entering into an option agreement with the owner of the prope~y at 7500 42n" Avenue No~h to guarantee that the pmpe~y remains vacant during the month of June. POLICWPAST P~CTICE In the past, the EDA has entered into option agreements on various parcels of pmpe~y for redevelopment purposes. BACKGROUND At the May 10, 1999, EDA meeting, the EDA approved a resolution authorizing appraisals and the commencement of negotiations to acquire the industrial pmpe~y located at 7500 42"~ Avenue No~h. As you am aware, the owner has inquired if the City is interested in acquiring the prope~y due to the fact that the lease was not renewed with the tenant, Ardel Engineering, the lease will terminate on May 31, and the building will be vacated. The fact that the building will not have a tenant as of May 31 will save the City a substantial amount of funds due to the fact that relocation expenses will not need to be paid. Evergreen Land Se~ices estimated that relocation costs for a business such as this would be a minimum of $100,000. The redevelopment of this pmpe~y is identified as a goal of the Comprehensive Plan. The owner has had his own appraisal recently completed indicating a market value of $545,000. The resolution that was approved by the EDA had the paragraph deleted which discussed paying the owner a non-refundable fee to guarantee that the prope~y remains vacant during the month of June until the City's appraisal was completed and until negotiations were ~mpleted. The City Attorney recommended deletion of that paragraph because the City was unaware what was acceptable to the (cont'd.) M~ON~Y S~O~ ~ Request for Action Page 2 5-24-99 owner. The owner has indicated that he has several parties interested in the property and would like the City to make an offer on the property. The owner has been informed that the City will not make an offer on the property until the City's updated appraisal is completed. The appraisal will not be completed until the first part of June. The owner has indicated that he is willing to keep the building vacant during the month of June if he is paid a fee of $4,200. The owner has indicated that the current tenant is paying $4,900 per month in rent and that if the building is renovated, he would expect to lease it for approximately $5,900 per month. The owner has also pointed out that he is paying ongoing insurance coverage for the building. The City Attorney has prepared the attached option agreement authorizing payment to the owner a non- refundable fee in the amount of $4,200 to guarantee the property remains vacant during the month of June on the condition that said fee is applicable to the purchase price of the property in the event that the acquisition of the property is successful. Staff requests that the EDA give this agreement some consideration, as staff is concerned that the opportunity to acquire the property for redevelopment purposes may be lost. With the City's appraisal being completed in June, a determination should be able to be made during June as to whether an agreement can be reached on the purchase price or not. ATTACHMENTS · City Attorney Correspondence · Agreement 5/10/99 Resolution · Site Map ' JENSEN SWANSON & SONDRALL, P.A. AttOrneys At Law 8525 EDINBROOK CROSSING~ STE. 201 BROOKLYN PARK~ MINNESOTA 55443-1999 TELEPHONE (612) 424-8811 · TELEFAX (612) 493-5193 E-MAIL jss~jsspa.com GORDON L. JENSEN* WILLIAM G. SWANSON STEVEN A. SONDRALL MARTIN P. MALECHA May 20, 1999 c. ALDEN PEARSON,' DEAN A. TRONGARD~' ~VL~E A. THXLL Kirk McDonald Community Development Director OF COUNSEL City of New Hope LORENS Q. BRYNESTAD 4401 Xylon Avenue North New Hope, MN 55428 Re: Property Located at 7500 - 42=a Avenue North Our File No.: 99.11111 Dear Kirk: This letter relates to our May 19, 1999 telephone conversation regarding the property at 7500 - 42~ Avenue North commonly known as the Ardel Engineering Building. At the May 10, 1999 EDA meeting the status of this property as a potential acquisition site was discussed. At that meeting, the EDA had before it a resolution authorizing the Executive Director to make a non-refundable payment to the property owner basically in the form of an option payment to ensure the property remained vacant during the month of June. We recommended this action to insure any proposed acquisition by the EDA would be of a~vacant building. It is my understanding the property owner might be willing to enter into an agreement providing for the property to remain vacant during the month of June for a $4,200 payment. If the EDA was desirous of entering into such an agreement, we would recommend it take the form of the Right of First Refusal and Non-Rental Agreement a copy of which is enclosed herein. Basically, this agreement does two things: 1. It keeps the property vacant during the month of June; and 2. It provides the EDA with a 90 day right of first refusal. The right of first refusal provides the City with the option to match any offer for acquisition received by the property owner by a third party. If the EDA is willing to reconsider the issue of making a payment to the owner of this property to guard against its rental during the month of June while we are negotiating a possible purchase, the enclosed Resolution Approving the Proposed Right of First Refusal and Non-Rental Agreement should be adopted by the EDA at its May 24, 1999 meeting. This will then give our appraiser time to complete his appraisal during June and permit us to discuss with the property owner the possibility of acquiring this property without concern over tenant issues that are incidental to an occupied building. *Real Prope~ Law Specialist Certified By The Minnesota State Bat ~'Qualified ADR Neutral May 20, 1999 Page 2 It is my understanding you spoke with Steve Carlson of Evergreen Land Services in connection with an industrial relocation from a building like Ardel Engineering. I concur that the costs of such a relocation may make the acquisition of the property prohibitive. As a result, the ability to obtain a vacant property does carry with it value in this situation. Finally, I want to restate my office's very real conflict of interest concerning this property. This conflict arises because 'my current law partner has represented the property owner since 1993 when we first investigated the possibility of acquiring this property. As I pointed out in my May 5, 1999 letter, last years merger of my office with the law firm of Jensen & Swanson created this conflict. Therefore, any adversarial proceeding in connection with the acquisition of this property would need to be referred to other law firms to represent both the City and the property owner. As long as the acquisition process remains "friendly" I believe both sides are willing to acknowledge the conflict and agree that our firm can continue within the acquisition process. I will be very happy to discuss this issue in greater detail with the EDA at the May 242 meeting if the EDA so desires. Please contact me if you have any questions or comments regarding the content of this letter, the resolution or the Right of First Refusal and Non-Rental Agreement. Very truly yours, Ste~ndrall JENSEN SWANSON & SONDRALL, P.A. Enclosures cc: Dan Donahue Valerie Leone CNH 11111-02-Kirk Lt,r.~ EDA RESOLUTION NO. 99- RESOLUTION APPROVING RIGHT OF FIRST REFUSAL AGREEMENT FOR 7500 42~° AVENUE NORTH BE IT RESOLVED by the Economic Development Authority in and for the City of New Hope (EDA) as follows: WHEREAS, the EDA was organized and established within the City of New Hope by Ordinance No. 89-7 adopted by the City Council on March 27, 1989 under authorization of Minn. Stat. § 469.090 et. seq., and WHEREAS, the EDA was transferred control, operation and authority over Redevelopment Plan 85-2, Redevelopment Project 85-2 and Tax Increment Financing Plan 85-2 from the Housing and Redevelopment Authority in and for the City of New Hope (HRA) pursuant to HRA Resolution No. 89-4, City Resolution No. 89-73 and EDA Resolution No. 89-3, and WHEREAS, the property located at 7500 42nd Avenue North hereafter legally described (the Property) is included in the Redevelopment Plan, Redevelopment Project and Tax Increment Financing Plan area: That part of Lot 5, "Auditor's Subdivision Number 324, Heunepin County, Minnesota" described as follows: Commencing at the point of intersection of the North line of Rockford Road and the East line of said Lot 5, thence North along said East line a distance of 350 feet, thence West parallel with the North line of Rockford Road a distance of 100 feet; thence South a distance of 350 feet to a point on the North line of Rockford Road which is distant 100 feet West of the point of beginning; thence East along said North line a distance of 100 feet to the point of beginning, and WHEREAS, the goals and objectives of the Redevelopment Plan and Redevelopment Project include among others the following goals and objectives: a. provide compatible and complementary land uses; b. provide more homogeneous land uses and street treatment along 42nd Avenue in order to unify development and provide a positive image, of the City; c. promote and secure development and redevelopment in a manner that allows the most logical and efficient arrangement and intensity of land uses; d. to undertake certain land acquisition, parcel assembly and parcel disposition necessary to eliminate substandard and non-conforming uses and buildings, and to assemble logical conforming and more efficient building sites; e. to promote and secure the redevelopment of non-conforming land uses and substandard buildings in a way which provides a clearer definition of land uses and more efficient utilization of parcels; and WHEREAS, the EDA does hereby determine that the acquisition of the Property is reasonably necessary and convenient to the furtherance of the referenced goals and objectives of the redevelopment plan and redevelopment project, and that in its judgment the acquisition of this property will be for the benefit of the public health, welfare and safety of the citizens of New Hope, and WHEREAS, the Property is owned by Terry L. Jensen, and WHEREAS, Terry L. Jensen is willing to grant the EDA a Right of First Refusal which would terminate at the end of August of 1999, which would include an agreement by Jensen to not lease the Property during the month of June of 1999, all in exchange for a payment of $4,200.00 to him from the EDA, and WHEREAS, the complete terms and conditions of said Right of First Refusal are set forth in the Right of First Refusal and Non-Rental Agreement attached hereto as Exhibit A, and WHEREAS, the EDA does hereby determine that it would be in the best interests of the City of New Hope and its people for the EDA to enter into said attached Right of First Refusal and Non-Rental Agreement with Terry L. Jensen. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of New Hope as follows: 1. That the above recitals are incorporated by reference. 2. That the Right of First Refusal and Non-Rental Agreement attached hereto as Exhibit A is approved. 3. That the President and Executive Director are authorized and directed to sign said Right of First Refusal and Non-Rental Agreement on behalf of the EDA, and to make the designated payment to Terry L. Jensen upon his signing of said Agreement. Adopted by the Economic Development Authority in and for the City of New Hope this 24th day of May, 1999. President Attest: Executive Director u:\word docs\chh\7500 42d Ave Right of First Refusal Reso RIGHT OF FIRST REFUSAL AND NON-RENTAL AGREEMENT WHEREAS, Terry L. Jensen, unmarried (hereinafter Owner), is the owner of certain real estate known as 7500 42aa Avenue North, located in Hennepin County, Minnesota, legally described as (hereinafter the Property): That part of Lot 5, "Auditor's Subdivision Number 324, Hennepin County, Minnesota" described as follows: Commencing at the point of Lntersection of the North line of Rockford Road and the East line of said Lot 5, thence North along said East line a distance of 350 feet, thence West parallel with the North line of Rockford Road a distance of 100 feet; thence South a distance of 350 feet to a point on the North line of Rockford Road which is distant 100 feet West of the point of beginning; thence East along said North line a distance of 100 feet to the point of beginning. and WHEREAS, the Economic Development Authority in and for the City of New Hope (hereinafter EDA) and the Owner wish to enter into an agreement regarding the Property, and including a right of fa'st refusal in the EDA for the purchase of the Property. NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the EDA and the Owner agree as follows (the Agreement): 1. Consideration. In consideration for a payment by the EDA in the amount of Four Thousand Two Hundred and no/100ths Dollars ($4,200.00) to the Owner, the receipt of which is hereby acknowledged, the Owner agrees to be bound by the herein terms and conditions. This payment shall be non-refundable. However, the Owner agrees that in the event the EDA enters into a purchase agreement to purchase the Property from the Owner on or before the termination date set forth in Paragraph 5 of this Agreement, the $4,200.00 payment shall be credited against 1 EXHIBIT A the purchase price of the Property. 2. Notice o~' Proposed Sale. The Owner shall give the EDA written notice, by certified mail or personal service, of any signed Purchase Agreement for the sale of all or a portion of the Owner's interest in the Property, or of any proposed gift or other transfer of the Property, including the terms and conditions of said proposed sale or transfer. The Owner shall include a contingency clause referring to this right of first refusal in any Purchase Agreement signed with any third party prior to the termination date of this Agreement. 3. Exercise of Option. The EDA shall have 15 business days from the date of receipt of said notice within which to exercise the option to purchase the interest of the Owner in the Property upon the same terms and conditions as contained in said Purchase Agreement. If the proposed transfer of the Property is a gift or transfer other than a sale, the EDA shall have the right to purchase the interest of the Owner in the Property for the fair market value of the Property. The EDA shall exercise this option by delivering to the Owner, notice that the EDA will purchase the Owner' interest in the Property. A closing of the purchase of the Property by the EDA shall then take place within a reasonable time after the exercise of this option. 4. Non-Exercise of Option. If the EDA fails to exercise said right to purchase the Property by complying with the terms above, the EDA's right of first refusal shall automatically become null and void, and the EDA shall provide to the Owner reasonable documentation in recordable form, such as, but not limited to, a Waiver of Right of First Refusal, which evidences the waiver of the EDA's rights under this Agreement. 5. Termination Date. If not otherwise terminated or modified by written agreement of the Owner and the EDA, this Agreement shall terminate and become null and void on the end of the 31st day of August, 1999. 6. Agreement for Non-Rental. The Owner agree to not enter into any agreements, oral or written, with any persons or entities, for the rental or leasing of all or any portion of the Property. This agreement for non-rental shall terminate at the end of the 30* day of June, 1999, after which date the Owner shall be free to leaSe the Property as they see fit. 7. Non-Assignment. The rights of the parties under this Agreement shall be non- transferable and non-assignable. 8. Notice. Any Notice required by this Agreement, if mailed, shall be mailed to the following address: FOR OWNER Terry Jensen FOR THE EDA: Daniel J. Donahue New Hope EDA 401 Xylon Avenue North New Hope, MN 55428 9. Succession. This Agreement shall be binding upon and inure to the benefit of the heirs, administrators, executors and successors of the respective parties. 3 Dated this __ day of ,1999. Terry L. Jensen Economic Development Authority in and for the City of New Hope Its President Its Executive Director STATE OF MINNESOTA ) ) SS. COUNTY OF HENNEPIN ) The foregoing was acknowledged before me this day of , 1999, by Terry L. Jensen, unmarried. Notary Public STATE OF MINNESOTA ) COUNTY OF HENNEPIN ) The foregoing was acknowledged before me this day of , 1999, by W. Peter Enck and Daniel J. Donahue, the president and executive director, respectively, of Economic Development Authority in and for the City of New Hope, a Minnesota municipal corporation, on behalf of the municipal corporation. Notary Public 4 DRAFTED BY: JENSEN SWANSON & SONDRALL, P.A. 8525 Edinbrook Crossing,//201 Brooklyn Park, MN 55443 (612) 424-8811 u:\word docs\chh\7500 42d Ave Right of First Refusal 5 RESOLUTION AUTHORIZING APPRAISALS AND COMMENCEMENT OF NEGOTIATIONS TO ACQUIRE 7500 - 42~ AVENUE NORTH BE IT RESOLVED by the Economic Development Authority in and for the City of New Hope as follows: WHEREAS, the Economic Development Authority in and for the City of New Hope (hereafter EDA) adopted Resolution No. 97-07 (copy attached as Exhibit A) at its August 25, 1997 meeting authorizing acquisition of the property at 7500 - 42"~ Avenue North by direct negotiation or eminent domain; and WHEREAS, the Director of Community Development in his February 25, 1999 letter informed the owner of 7500 - 42"~ Avenue North the City/EDA was not interested in acquiring the property at the present time based on the lack of a specific development plan or developer for the property (copy of letter attached as Exhibit B); and WHEREAS, the EDA does hereby ratify and approve the action taken by the Director of Community Development as set out in his February 25, 1999 letter; and WHEREAS, the EDA has subsequently learned the property will become vacant and unoccupied as of June 1, 1999; and WHEREAS, acquisition of the property during a period when it is vacant and unoccupied will permit the EDA to avoid payment of tenant relocation expenses required by the Federal Uniform Relocation and Assistance Act and Minn... Stat. Chap. 117; and WHEREAS, the EDA has previously authorized an appraisal for this property to determine a fair market value and purchase price in the event its acquisition can be obtained; and WHEREAS, the prior EDA appraisals should be updated to establish the property's current fair market value; and WHEREAS, the owner of the property has informed the EDA he is willing to keep the property vacant after the current tenant vacates the premises until July 1, 1999 upon payment of a non-refundable fee as reimbursement for lost rent to assist the EDA in avoidance of incurring tenant relocation expenses upon acquisition of the property; and ~E.REAS, the owner 'has also informed the City he has recently had completed an appraisal of the property indicating a market value of $545,000.00. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of New Hope, Minnesota, as follows: 1. That the foregoing recitals are incorporated by reference. 2. That the action taken by the Director of Community Development in his February 25, 1999 letter is approved and ratified as the action of the EDA and had the effect of nullifying the EDA's direction set out in ResolutiOn No. 97-07. 3. That the Executive Director is directed to obtain an updated appraisal of the property, which appraisal will provide the property's fair market value. 4. That the Executive Director is authorized and directed, as of June 1, 1999 or when the property becomes vacant which ever occurs later, to commence direct negotiations with the property owner to acquire the property at 7500 - 42~ Avenue North based on the market value indicated in the EDA appraisal or a fair negotiated amount determined at the discretion of the Executive Director but at a price not to exceed $ (5.) That the Executive Director is authorized and directed to to the pay owner a non- refun~lSle fee not to exceed $ to guarantee the property remains vacant during the month of June on condition said fee is applicable to the purchase price of the property in the event acquisition of the property is successful. 6. To take any other action determined necessary in the discretion of the Executive Director to acquire the property as per the conditions set out in this resolution. Adopted by the Economic Development Authority in and for the City of New Hope, Minnesota this l0th day of May, 1999. ~.~'~` ~ ~::~'"~ ~ W. Peter Enck, President Attest: Daniel J. Donahue, Executive Director P:xAtmmn..yXC:nln I~sohaiom~DA - ~ Amln AIOp · ?~0 42ad.v~l