01-0253R

RESOLUTION APPROVING DEDA AGREEMENT WITH ERIC AND DEBBIE RINGSRED AND THEATER IN THE STATE, INC. FOR THE PURCHASE OF THE TEMPLE OPERA BLOCK BUILDINGS, PURSUANT TO DEDA RESOLUTION 01D-25

BY COUNCILOR STENBERG:

        RESOLVED, that pursuant to Resolution No. 99-0239, the agreement between the Duluth economic development authority (DEDA) and Eric and Debbie Ringsred and Theater in the State, Inc., as their interests shall appear, for the purchase of the Temple Opera Building, the Norshor Theater Building and the Norshor Annex Building in the amount of $1,155,000, payable from DEDA Fund 0865, District No. 2, plus the forgiveness of an outstanding Storefront Program loan in the amount of $31,196.74, all as approved by the DEDA board at its meeting of March 23, 2001, pursuant to DEDA Resolution No. 01D-25, a copy of which is on file in the office of the city clerk as Document No. _________________, is hereby approved.


STATEMENT OF PURPOSE:  This resolution's purpose is to authorize the purchase of the so-called Temple Opera Block buildings, consisting of the Temple Opera Building, the Norshor Theater Building and the Norshor Annex Building from Eric and Debbie Ringsred and, to the extent of its interest in the real estate, Theater in the State, Inc.

As part of this agreement, DEDA will also agree to forgive the outstanding balance on an old Storefront Program loan made for improvements to the buildings of about $31,000. In addition, the sellers will use their best efforts to secure the transfer of a liquor licence issued to Theater in the State, Inc. and used on the premises to DEDA.