5.1.
HRA Regular Session
- Meeting Date:
- 05/10/2011
- By:
- Heidi Nelson, Administrative Services
Title:
Approve Documents to Clear Title to Lands owned by the Housing and Redevelopment Authority (HRA) in the plat of COR ONE
Background:
Over the past 12 months, in preparation for land transactions in The COR with Flaherty and Collins and TOTI Land Development, the DM Team has been working with the City's HRA Real Estate Counsel to research and resolve any title issues that would need to be cleared prior to completing a land transaction. The attached letter from Mr. Tom Bray, the HRA's Real Estate Counsel, describes in detail the title issue that is being resolved with each document.
There are three documents that need to be approved by the HRA. The HRA (items no. 2 and 6 in Bray letter). The City Council and Board of Adjustment (item no. 3 in Bray letter) will also need to approve documents related to clearing the title. Those actions will be requested at upcoming meetings of the Board of Adjustment and earlier this evening at City Council.
The following documents are presented to the Housing and Redevelopment Authority this evening for approval (item no.'s in attached Bray letter): Release of Land from Restrictions (item no. 2), Quit Claim Deed (item no. 6) and Declaration of Easement (item no. 6).
As Council may recall, item no. 4 (Release of Land from and Amendment to Lease Agreement) in the attached letter was completed earlier this year by action of the City Council, HRA and EDA. Item no. 2 (Release from Use Restrictions) will be executed, upon approval, and recorded immediately following tonight's action. Item no. 6 (Quit Claim Deed and Easement Declaration) will be recorded at closing.
There are three documents that need to be approved by the HRA. The HRA (items no. 2 and 6 in Bray letter). The City Council and Board of Adjustment (item no. 3 in Bray letter) will also need to approve documents related to clearing the title. Those actions will be requested at upcoming meetings of the Board of Adjustment and earlier this evening at City Council.
The following documents are presented to the Housing and Redevelopment Authority this evening for approval (item no.'s in attached Bray letter): Release of Land from Restrictions (item no. 2), Quit Claim Deed (item no. 6) and Declaration of Easement (item no. 6).
As Council may recall, item no. 4 (Release of Land from and Amendment to Lease Agreement) in the attached letter was completed earlier this year by action of the City Council, HRA and EDA. Item no. 2 (Release from Use Restrictions) will be executed, upon approval, and recorded immediately following tonight's action. Item no. 6 (Quit Claim Deed and Easement Declaration) will be recorded at closing.
Notification:
None required.
Observations:
Please refer to attached letter from Mr. Tom Bray, HRA Real Estate Legal Counsel.
Recommendation:
Staff recommends that the HRA approve the Release of Land from Restrictions, Quit Claim Deed and the Declaration of Easement.
Funding Source:
HRA legal funded by HRA levy and budget. Transaction specific legal expenses are paid from land sale proceeds.
Council Action:
Approve the Release of Land from Restrictions, Quit Claim Deed and the Declaration of Easement.
Attachments
- Letter from T Bray
- Release of Use Restrictions
- Quit Claim Deed
- Declaration of Easement
- Deed Restriction
Form Review
- Form Started By:
- hnelson
- Started On:
- 05/03/2011 07:30 PM
- Final Approval Date:
- 05/05/2011