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RESOLUTION AUTHORIZING THE CONVEYANCE OF PROPERTY TO ABC DULUTH, LLC FOR DEVELOPMENT
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RESOLVED, by the Duluth Economic Development Authority ("DEDA") that the proper DEDA officials are hereby authorized to enter into a Purchase and Development Agreement, substantially in the form of that attached hereto as Exhibit A, with ABC DULUTH, LLC (“Buyer”) for the sale and development of property in the Atlas Industrial Park (the “Property”) pursuant to Minnesota Statutes 469.105; the total price to be paid by Buyer shall be Five Thousand Two Hundred Dollars ($5,200.00) multiplied times the gross acreage of the Land, payable to Fund 860.
FURTHER RESOLVED, DEDA finds that the sale of the Property to Buyer is in the best interest of the City of Duluth and its people, and that the transaction furthers the general plan for economic development in the area.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize the conveyance of certain real property in the Atlas Industrial Park to ABC DULUTH, LLC, the parent company of ABC Supply. ABC Supply will redevelop one parcel at the Atlas Industrial Park to create a 30,000 square foot building to house their building supply business. The sale is conditioned upon ABC Supply developing the proposed building. ABC Supply is also committed to creating 12 new jobs. The acreage of the Property is approximately 5.54 and estimated purchase price is $28,808.