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RESOLUTION AUTHORIZING THE EXECUTION OF A PURCHASE AGREEMENT WITH CATALYST HOLDINGS LLC FOR THE SALE OF PROPERTY IN THE SPIRIT VALLEY NEIGHBORHOOD FOR $5,000, PLUS AN ADMINISTRATIVE FEE OF $500.
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CITY PROPOSAL:
WHEREAS, pursuant to Section 2-177.4 of the Duluth City Code, 1959, as amended (the "Code"), the city proposes to sell the real property legally described on the attached Exhibit 1 (the "Property") to Catalyst Holdings LLC ("Catalyst") through Ordinance No. 21-043.
WHEREAS, Catalyst is the owner of certain real property adjacent to the Property (the "Catalyst Property") and has entered into a development agreement with the city relating to a residential housing project on the Catalyst Property (the "Project");
WHEREAS, the Catalyst Property is not large enough to accommodate the entire Project and Catalyst desires to purchase the Property to combine with the Catalyst Property;
WHEREAS, the City wishes to sell the Property to Catalyst to be used in connection with the Project;
WHEREAS, pursuant to Section 11 of the Duluth City Charter, 1913, as amended ("Charter"), every ordinance, other than an emergency ordinance, shall have two public readings;
WHEREAS, pursuant to Section 15 of the Charter, most ordinances enacted by the council shall take effect 30 days after the date of their last publication ("Effective Date"); and
WHEREAS, the parties need to enter into a purchase agreement in advance of the Effective Date so that financing and construction of the Project may occur on schedule.
NOW, THEREFORE, BE IT RESOLVED, that the proper city officials are hereby authorized to enter into a purchase agreement, substantially the same as the agreement attached as Exhibit 2, with Catalyst Holdings LLC for the sale of the Property for $5,000.00, plus an administrative fee of $500.00 for staff time invested to facilitate the transaction.
FURTHER RESOLVED, that the sale of the Property will not occur unless and until: (a) the ...
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