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RESOLUTION AUTHORIZING THE CONVEYANCE OF PROPERTY TO TWIN PORTS TESTING, INC. AND JBJ ATLAS PROPERTIES, LLC
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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 Twin Ports Testing, LLC and JBJ Atlas Properties, 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, as determined by survey to be completed prior to closing, payable to Fund 860.
FURHTER 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: The purpose of this resolution is to authorize the conveyance of certain real property in the Atlas Industrial Park to Twin Ports Testing II, Inc. (Twin Ports Testing) and JBJ Atlas Properties, LLC (JBJ) for the development of an approximately 10,000 square foot building for its materials testing business. JBJ is an affiliate of Twin Ports Testing, created to own the property. Twin Ports Testing will develop one parcel at the Atlas Industrial Park to relocate their industrial testing business from Wisconsin to Minnesota due to being displaced by the Blatnik Bridge construction. This sale is conditioned upon Twin Ports Testing developing the proposed building and creating 17 new-to-Minnesota jobs. The estimated gross acreage of the Property is 5.00 acres, and estimated purchase price is approximately $26,000.