Title
RESOLUTION AUTHORIZING CONVEYANCE OF CERTAIN REAL PROPERTY IN THE LINCOLN PARK NEIGHBORHOOD TO FESTIES, INC.
Body
RESOLVED, by the Duluth Economic Development Authority (“DEDA”), that the proper DEDA officials are hereby authorized to enter into an agreement with Festies, Inc. (“Buyer”), substantially in the form of the copy attached hereto as Exhibit A, for the conveyance of real property located in the Lincoln Park Neighborhood with the legal description described below for the sale price of $40,000, payable to Fund 860, such sale being in support of redevelopment activities for which the Buyer commits to providing one unit of housing and investing no less than $200,000, and conditional upon its acquisition from Belanger 1916, LLC.
Lot Three Hundred Eight-Five (385), Block One Hundred Fifty-Three (153), DULUTH PROPER SECOND DIVISION, St. Louis County, Minnesota
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize the conveyance of certain real property at 2403 W 6th Street to with Festies, Inc. (“Buyer”). Buyer will pay $40,000 for the property. This property is the site of a former corner store which has been vacant for a number of years, accumulating vacant building fees. The proposed redevelopment of the building will be a mixed-use residential and commercial development, and is in alignment with DEDA’s mission to catalyze and support development and redevelopment, stimulate business investment, and expand economic prosperity. The Buyer has committed to investing no less than $200,000 in the redevelopment project and providing at least one housing unit.