HomeMy WebLinkAbout2022-21 EDAR Commissioner Ryan introduced the following resolution and moved its adoption:
EDA RESOLUTION NO. 2022- 21
RESOLUTION APPROVING A TERM SHEET FOR A MIXED-USE
DEVELOPMENT
WHEREAS,Alatus Srooklyn Center MD LLC, a Minnesota limited liability company(or a
limited partnership or other entity to be formed thereby or affiliated therewith, the "Developer")
has proposed to develop and construct multiple buildings containing approximately 613
multifamily rental units with affordable levels in each building,an approximately 30,000 space for
an entrepreneurial market, construction of an approximately 26,500 syuare foot conference center
and related structured and surface parking (the "Project") in the City of Brooklyn Center,
Minnesota(the"City"); and
WHEREAS, the Developer has presented a project that is consistent with the goals of
developing underutilized property and providing housing and amenities in the City, as set forth in
the Term Sheet between the Economic Development Authority of Brooklyn Center, Minnesota
(the"EDA") and the Developer(the "Term Sheet"); and
WHEREAS, both the EDA and the Developer desire approving the Term Sheet in advance
of approving and entering into a definitive development agreement in connection with the Project;
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 Term Sheet as presented to the Board is hereby approved in all respects, in
substantially the form submitted, and the Executive Director of the EDA is hereby
authorized and directed to negotiate a definitive agreement consistent with the Term
Sheet on behalf of the EDA for future consideration by the Board.
2. The approval hereby given to the Term Sheet 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 EDA and by the Executive Director, subject to the
following conditions: (a) such modifications do not materially adversely affect the
interests of the EDA; and (b) such modifications do not contravene or violate any
policy of the EDA or applicable provision of law.
3. As set forth in the Term Sheet, execution of a definitive agreement and payment of
any assistance is subject to approval by the EDA after a public r.��ga�required by
Minnesota law.
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Date i ent
BR291-386-824586.v1
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Graves
and upon vote being taken thereon,the following voted in favor thereof: Graves, Lawrence-Anderson, Ryan,
and Elliott
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
BR291-386-824586.v1