Title
AN ORDINANCE AUTHORIZING THE CONVEYANCE OF REAL PROPERTY IN THE DOWNTOWN NEIGHBORHOOD TO THE DULUTH ECONOMIC DEVELOPMENT AUTHORITY FOR $27,500.00 AND OTHER GOOD AND VALUABLE CONSIDERATION.
Body
CITY PROPOSAL:
The city of Duluth does ordain:
Section 1.
(a) Pursuant to Section 2-176(a) of the Duluth City Code, 1959, as amended (the "Code"), the city council stated its intention to sell or convey certain property as set forth in Resolution No. 23-0682, which property is legally described on the attached Exhibit 1 (the "Property").
(b) Pursuant to Section 2-176(b) of the Code, the city's planning department reviewed the proposed conveyance of the Property for conformity to the city's comprehensive plan and reported that the conveyance of the Property conforms with said comprehensive plan and is surplus to the city's future needs.
(c) Pursuant to Section 2-176(c) of the Code, the St. Louis County Assessor determined that the estimated market value of the Property, without any use or development restrictions, has a current estimated market value of $270,000. However, an independent appraisal of the Property was prepared with the extraordinary assumption that the Property will be restricted from development with buildings or parking and so the appraised value is significantly less than the current estimated market value without restrictions.
(d) Pursuant to Section 2-177.3 of the Code, the city council finds that a conveyance of the Property to the Duluth Economic Development Authority, a public body, corporate and politic and political subdivision under the laws of the State of Minnesota ("DEDA"), is in the best interests of the citizens of the city and exceeds the needs of the city to retain the Property.
(e) Pursuant to Resolution No. 23-0740, the city council authorized city officials to enter into a purchase agreement for the sale of the Property to DEDA (the "Purchase Agreement").
Section 2. That the proper city officials are hereby authorized...
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