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HomeMy WebLinkAbout2022-07 EDAR Commissioner Graves introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2022-07 RESOLUTION AUTHORIZING STAFF TO ENTER INTO A LETTER OF INTENT TO PURCHASE THE EDA-OWNED PROPERTY AT 1601 JAMES CIRCLE WITH CARVANA, LLC WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota (the "Authority") has received a proposal from Carvana, LLC, a limited liability company (the "Developer") regarding the development of land owned by the Authority for the creation of a Carvana Vehicle Vending Machine Fulfillment Center, which proposal contemplates the Authority's conveyance of the property located at 1601 James Circle North (the "Authority Property")to the Developer; and WHEREAS, the Authority's Board of Commissioners has reviewed the Developer's development concept and Letter of Intent to purchase the property and generally approves of the terms of the offer; and NOW,THEREFORE,BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority of Brooklyn Center, Minnesota(the "Board"), as follows: 1. The EDA hereby accepts the Letter of Intent to purchase the EDA-owned property at 1601 James Circle North, and in accordance with the terms set forth in the form presented to the Board, together with any related documents necessary in connection therewith and hereby authorizes the Executive Director to negotiate the final terms thereof and, in their discretion and at such time as they may deem appropriate,to execute the Letter of Intent on behalf of the Authority, and to carry out, on behalf of the Authority,the Authority's obligations thereunder. 2. The approval hereby given to the Letter of Intent Documents includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to the Authority and by the officers authorized herein to execute said documents prior to their execution; and said officers are hereby authorized to approve said changes on behalf of the Authority. The execution of any instrument by the appropriate officers of the Authority herein authorized shall be conclusive evidence of the approval of such document in accordance with the terms hereof. In the event of absence or disability of the officers, any of the documents authorized by this Resolution to be executed may be executed without further act or authorization of the Board by any duly designated acting official, or by such other officer or officers of the Board as, in the opinion of the City Attorney, may act in their behalf. 3. Upon execution and delivery of the Letter of Intent Documents, the officers and employees of the Authority are hereby authorized and directed to take or cause to be taken such actions as may be necessary on behalf of the Authority to implement the Letter of Intent Documents. EDA RESOLUTION NO. 2020-07 4. The Board hereby determines that the execution and performance of the Preliminary Development Documents will help realize the public purposes of the Economic Development Authority Act. January 24, 2022 Date widen The motion for the adoption of the foregoing resolution was duly seconded by Lawrence-Anderson Commissionerand upon vote being taken thereon, the following voted in favor thereof: Butler, Graves, and the following voted against the same: Lawrence-Anderson whereupon said resolution was declared duly passed and adopted.