Title
RESOLUTION AUTHORIZING CONVEYANCE OF PROPERTY TO DIRT, INC. FOR DEVELOPMENT
Body
RESOLVED, by the Duluth Economic Development Authority (“DEDA”), that the proper DEDA officials are hereby authorized to enter into a Purchase and Development Agreement with Dirt, Inc. (“Buyer”), substantially in the form of that attached hereto as Exhibit A, for the conveyance and development of real property located in the City of Duluth (the “Property”) for the sale price to be paid by Buyer of $132,230.07, payable to Fund 860, such sale being in support of housing development activities for which the Buyer commits to constructing a minimum of six single family dwellings available of at least 1,000 square feet in size for rent or for sale, which may include accessory dwelling units of at least 600 square feet in size available for rent.
FURTHER RESOLVED, that 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 four parcels in the Duluth Heights neighborhood to Dirt, Inc.(“Buyer”). Buyer will pay $132,230.07 for the property. These parcels are currently tax-forfeit and undeveloped; the Duluth Economic Development Authority (“DEDA”) will be acquiring these parcels from St. Louis County and will promptly sell to the Buyer. The proposed development will include a minimum of six single family dwellings (1,000 square ft.) for rent or for sale, which may include accessory dwelling units (at least 600 square ft.). The intended effect is to create new economic opportunity for the construction industry, expand the tax base of existing neighborhoods, and create new housing in the City.