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HRA Resolution 1996-7HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO RESOLUTION NO. 96 -7 APPROVING AN ASSIGNMENT AND ASSUMPTION AGREEMENT AMONG JOHN KOMAREK, THE AUTHORITY AND ROBERT J. KATZMAREK WHEREAS, the Housing and Redevelopment Authority in and for the City of Monticello (the "Authority ") is a housing and redevelopment development authority duly constituted and organized under law, with all of the powers enumerated in Minnesota Statutes, Section 469.001 to 469.047 (the "Act "); and WHEREAS, the Authority is authorized to develop and carry out redevelopment plans and redevelopment projects, as those terms are respectively defined in Minnesota Statutes, Section 469.002, subdivision 16 and 14; and WHEREAS, the Authority adopted a redevelopment plan (the "Redevelopment Plan ") in an area in the City of Monticello identified as Central Monticello Redevelopment Project No. 1(the "Project Area ") in November, 1982; and WHEREAS, changes in the public and private improvements proposed to be constructed within the Project Area occurred and necessitated adopting subsequent modifications to the Redevelopment Plan which were approved by the Authority and adopted by the City Council of the City of Monticello in the respective years of 1983, 1984, 19859 1987, 1988, 19892 1990, 1991, 1992, 1993, 19949 1995 and 1996; and WHEREAS, the Plan, as modified, contemplates the acquisition of certain real property (the "Property ") which is located in the Project Area and which is more particularly described below in this resolution; and WHEREAS, by resolution approved FEBRUARY 14 , 1996, the Authority authorized acquisition of the Property by eminent domain or negotiation; and WHEREAS, subsequently the owner of such Property entered into a purchase agreement with John Komarek dated March 29, 1996 (the "Purchase Agreement "); and WHEREAS, John Komarek desires to assign his rights as buyer under the Purchase Agreement to the Authority; and WHEREAS, the Authority has reviewed a certain Assignment and Assumption Agreement among John Komarek, the Authority and the Robert J. Katzmarek ( "the Assignment ") providing for assignment of the Purchase Agreement by John Komarek to the Authority. HRA Resolution 96- 7 Page 2 NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority in and for the City of Monticello as follows: 1. It is necessary to acquire the Property as described the Assignment in order for the Authority to carry out the purposes of the Plan, as modified, and the Act. 2. The Assignment is hereby approved, and the proper Authority officials are authorized and directed to execute the Assignment on behalf of the Authority and to take all actions necessary to acquire the Property in accordance with the Assignment and the Purchase Agreement. Adopted by the Housing and Redevelopment Authority in and for the City of Monticello this 5th day of June, 1996. Chair ATTEST: Executive Director ASSIGNMENT AND ASSUMPTION AGREEMENT THIS AGREEMENT made on or as of the day of June, 1996, by and among John Komarek (the "Developer "), the Housing and Redevelopment Authority in and for the City of Monticello (the "Authority "), and Robert J. Katzmarek (the "Seller "). WHEREAS, the Seller and the Developer entered into a Standard Purchase Agreement dated March 29, 1996 (the "Purchase Agreement "), providing for acquisition by the Developer from the Seller of certain property described as follows: A tract of land in Lot B of the South Half of Section 3, Township 121, Range 25, described as follows: Begin at the intersection.of the southerly line of Trunk Highway No. 152 and the north line of said Lot B; thence southeasterly along the said southerly line of Trunk Highway 152 a distance of 315 feet; thence deflect right 90' for a distance of 205.7 feet to the north line Great Northern railway right - of -way; thence Northwesterly along said railway right -of -way, a distance of 534.9 feet; thence Easterly to the point of beginning, containing 2.08 acres more or less. PID 155 -500- 033403 Property Address: 1400 West Broadway (hereafter referred to as the "Property "); and WHEREAS, the Developer wishes to assign his rights and obligations under the Purchase Agreement to the Authority, subject to consent of the Seller. NOW, THEREFORE, in consideration of the premises, the parties hereto mutually agree as follows: 1. The Developer assigns all his right, title, and interest in the Purchase Agreement to the Authority. 2. The Authority assumes all rights and obligations of the Developer under the Purchase Agreement. 3. The Seller consents to assignment by the Developer of his rights under the Purchase Agreement as described herein, and further agrees and represents to the Authority that the purchase price to be paid to the Seller by the Authority under the Purchase Agreement equals or exceeds the fair market value of the Property together with all costs of relocation and related services payable by the KATZMAR.AGR: 6/5/96 Page 1 Authority under Minnesota Statutes, Sections 469.001 to 469.047 and Chapter 117 (the "Acts "). The Seller agrees and understands that, by payment of the purchase price, the Authority has fully satisfied its obligations with respect to relocation under the Acts. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives. JOHN KOMARiEK HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO By Its Chair M Its Executive Director ROBERT J. KATZMAREK GJ KATZMAR.AGR: 6/5/96 Page 2