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RESOLUTION AUTHORIZING A PURCHASE AND DEVELOPMENT AGREEMENT WITH WELCH PLACE LLLP FOR THE WELCH PLACE PROJECT
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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 Welch Place, LLLP (“Buyer”) for the sale and development of certain property in the Ramsey neighborhood (the “Property”), pursuant to Minnesota Statutes Section 469.105; the total purchase price to be paid by Buyer shall be $43,300, 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 a purchase and development agreement with Welch Place, LLLP, its general partner being Center City Housing Corp. (Developer), for the conveyance of property in the Ramsey neighborhood, and for the development of a 30-unit multi-family residential structure all of which will be leased to individuals earning 60% or less of the area median income, for a duration of 20 years on the property near Wadena Street between 52nd and 53rd Avenue West.
The proposed development adheres to the neighborhood plan for the area and would fill a significant housing need in the community. Developer has received financing from the Minnesota Housing Finance Agency (MHFA) to support this project and the City of Duluth has also committed $300,000 in U.S. Department of Housing and Urban Development (HUD) funding to the project.