Title
RESOLUTION APPROVING THE PURCHASE BY THE DULUTH TRANSIT AUTHORITY OF A MEMBERSHIP INTEREST IN MICHIGAN STREET TRANSIT CENTER, LLC.
Body
CITY PROPOSAL:
RESOLVED, that pursuant to the Laws of Minnesota, 1969, Chapter 720, Section 5, subd. 2(c), the city council of the city of Duluth does hereby authorize the purchase by the Duluth transit authority (“DTA”) of the membership interest in Michigan Street Transit Center, LLC, (“Company”) which will result in the DTA’s acquisition of the Multimodal Center including the real property upon which it is located.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes the purchase by the DTA of the membership interest in the Company. By reason of purchasing the membership interest, the DTA will become the sole owner of the Multimodal Center. The portion of the Multimodal Center affected by this membership purchase is shown on the attached map. The DTA’s enabling legislation requires council approval when the DTA acquires real property by purchase, lease or gift. Since the purchase of the membership interest will result in ownership of the real property, the city attorney’s office recommended council approval.