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AN ORDINANCE AUTHORIZING THE CONVEYANCE OF CERTAIN REAL PROPERTY IN THE SPIRIT VALLEY NEIGHBORHOOD TO CATALYST HOLDINGS LLC FOR $5,000, PLUS AN ADMINISTRATIVE FEE OF $500.
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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. 21-0628, 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 is $300.
(d) Pursuant to Resolution No. 21-0747, the city council authorized city officials to enter into a purchase agreement (the "Purchase Agreement") for the sale of the Property to Catalyst Holdings LLC, a Minnesota limited liability Company ("Catalyst").
Section 2.
(a) Pursuant to Sections 2-177(d) and 2-177.4 of the Code, the City may convey property to a non-governmental entity at an amount at or less than market value in order to further city interests if the city council finds that such conveyance will further other important city interests or objectives and that such conveyance is necessary to the accomplishment of such interests.
(b) 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 (the "Development Agreement") relating to a residential housing project on the Catalyst Property (the "Project"), which development agreement was authorized under Resolution No. 21-0578 on August 16, 2021.
(c) The Catalyst ...
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