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Home My WebLink About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The American Rescue Plan Act provides $1.9 trillion in additional relief to respond to the novelcoronavirus (COVID-19); and WHEREAS, the city of Brooklyn Center was allocated $3,264,133 which can be used to support urgentCOVID-19 response efforts to continue to decrease the spread of the virus and bring the pandemic under control, replace lost revenue for eligible state, local, territorial and Tribal governments to strengthen support for vital public services and help retain jobs, support immediate economic stability for households and business and address systemic public health and economic challenges that have contributed to the unequal impact of the pandemic, as well as necessary investments in water, sewer, or broadband infrastructure; and WHEREAS, on June _, 2021, the city of Brooklyn Center received $1,623,762.20, and a supplemental distribution of $53,173.74 of the $3,264,133 with the remaining balance being available for requesting in June 2022; and WHEREAS, the period of performance for the American Rescue Plan Act is from March 3, 2021 and must be obligated by December 21, 2024, which means all funds must be encumbered and projects contracted. By December 31, 2026, all projects must be complete, including all payments made for encumbrances and projects; and WHEREAS, the city of Brooklyn Center has established guiding principles for the use of the funds and has utilized community feedback to develop a 2021-2024 investment plan. NOW, THEREFORE, BE IT RESOLVED that the City Council of the city of Brooklyn Center hereby authorizes staff to spend up to $3,264,133 in American Rescue Recovery Act funds between 2022 and 2024 in accordance with the proposed investment plan. BE IT FURTHER RESOLVED that all planned investments that do not occur in a given year will roll forward to the following year, provided all funds are expended by the end of 2024. January 10, 2022 Date Mayor ATTEST: City Clerk The motion for the adoption of the foregoing resolution was duly seconded by member and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. <ĞǇƌĞĂƐŽĨ^ƚƌĂƚĞŐŝĐ/ŶǀĞƐƚŵĞŶƚƚŽǀŽůǀĞƚŚĞŝƚǇ ŽŵŵƵŶŝƚǇ>ŝĨĞĂŶĚZĞƐŽƵƌĐĞƐ;ŝ͘Ğ͘ŚŽƵƐŝŶŐĂŶĚĨŽŽĚͿ ZW&ƵŶĚŝŶŐWƌŝŶĐŝƉůĞƐ WŽƐƐŝďŝůŝƚǇŽĨƐƉĞŶĚŝŶŐĂůůŽĐĂƚŝŽŶ͍ dŽƚĂůůůŽĐĂ ϯ͕ϭϬϬ͕ϬϬϬΨ /ŶƚĞƌŶĂů ϵϯϬ͕ϬϬϬΨ ϯϬ͘ϬϬй ǆƚĞƌŶĂů Ϯ͕ϭϳϬ͕ϬϬϬΨ ϳϬ͘ϬϬй 'ĞŶĞƌĂů&ƌĂŵĞǁŽƌŬ͗ WƵďůŝĐ^ĂĨĞƚǇ WƵďůŝĐ,ĞĂůƚŚ ŶŚĂŶĐĞ͕ŵŽĚŝĨǇĂŶĚͬŽƌŵĂŝŶƚĂŝŶŚŝŐŚůĞǀĞůŽĨĐŝƚǇƐĞƌǀŝĐ ŶǇŶĞǁƉƌŽŐƌĂŵƐĚĞǀĞůŽƉĞĚŽƌĨƵŶĚĞĚǁŝƚŚZWĨƵŶĚ ^ĐĂůĞŽƌĐŽŵƉůĞƚĞƉŝůŽƚĨŽƌƉƌŽŵŝƐŝŶŐĞǇŽŶĚKs//ŶŶŽ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ ^ĞƌǀŝŶŐĂĐůĞĂƌĂŶĚĚŝƌĞĐƚƉƵďůŝĐƉƵƌƉŽƐĞĂŶĚďĞŶĞĨŝƚ dĂŬĞŵĞĂƐƵƌĞƐƚŚĂƚĞƌƌŽŶƚŚĞƐŝĚĞŽĨŝŵƉƌŽǀŝŶŐƚŚĞƐĂĨĞƚ ƌĞĐŽŐŶŝƚŝŽŶŽĨǁŽƌŬĚƵƌŝŶŐKs/ ŽůƐƚĞƌŝŶŐ>ŽŶŐͲƚĞƌŵŽŵŵƵŶŝĐĂƚŝŽŶĂƉĂĐŝƚǇďĞƚǁĞĞŶƚ ZĞĐŽǀĞƌŝŶŐŽƌƌĞŝŵďƵƌƐĞŵĞŶƚĨŽƌŽƉĞƌĂƚŝŽŶĂůĨŝŶĂŶĐŝĂůŚĂ >ĞǀĞƌĂŐĞĨƵŶĚŝŶŐǁŝƚŚƉŽƚĞŶƚŝĂůƉĂƌƚŶĞƌƐƚŽĞŶŚĂŶĐĞŝŵƉ 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ǇŽƵǁŝůůƐŚŽǁƚŚĞŽƵƚĐŽŵĞƐŝĨŶŽƚĞǆƉůŝĐŝƚĞůǇŝĚĞŶƚŝĨŝĞĚŝŶůŝƐƚ ĂŶdƌĂŶƐĨĞƌĨƵŶĚƐƚŽ͗ ďŝŶĂƌ ĐĂŶΖƚĨŝŶĚǁŽƌŬ͍ ƚŽƵƌŝƐŵ;ŶŽůŝŵŝƚƚŽĂŝĚƚŽƚŚŽƐĞĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇŝŵƉĂĐƚĞĚ͘Ϳ ƉƵƌĐŚĂƐĞƉƌŽƉĞƌƚŝĞƐƚŽŚŽƵƐĞŚŽŵĞůĞƐƐ͘ ŚŝůĚĐĂƌĞĂŶĚĞĚƵĐĂƚŝŽŶ͘ Ž Ɛ ƚ ;d Ś ƌ Ž Ƶ Ő Ś Ϯ Ϭ Ϯ ϰ Ϳ ^Ƶ ď Ͳ Ő ƌ Ă Ŷ ƚ Ɛ ƚ Ž Đ Ž ŵ ŵ Ƶ Ŷ ŝ ƚ Ǉ Ɖ Ă ƌ Ŷ ƚ Ğ ƌ Ž ƌ Ő Ă Ŷ ŝ ǌ Ă ŝ ƚ ŝ Ž Ŷ Ɛ ƚ Ž Ě Ğ ů ŝ ǀ Ğ ƌ ǁ Ž ƌ Ŭ Ĩ Žƌ Đ Ğ ĚĞ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ ƚ ƌ Ă ŝ Ŷ ŝ Ŷ Ő ; W Ă ƌ Ŷ ƚ Ğ ƌ Ɛ Ś ŝ Ɖ ǁ ŝ ƚ Ś ƌ Ž Ž Ŭ ů Ǉ Ŷ W Ă ƌ Ŭ Ϳ zŽ Ƶ ƚ Ś Ŷ ƚ ƌ Ğ Ɖ ƌ Ğ Ŷ Ƶ Ğ ƌ Ɛ Ś ŝ Ɖ W ƌ Ž Ő ƌ Ă ŵ Ͳ ǆ Ɖ Ă Ŷ Ɛ ŝ Ž Ŷ Ž Ĩ ƌ Ž Ž Ŭ ů Ǉ Ŷ Ŭ ^ Ğ ƌ ǀ ŝ Đ Ğ Ɛ Ă Ŷ Ě ƉƌŽ ŐƌĂ ŵ ŵ ŝ Ŷ Ő;WĂ ƌ Ŷ ƚ Ğ ƌ Ś Ɛ ŝ Ɖǁ ŝ ƚ Ś ƌ Ž Ž Ŭ ů ǇŶ W Ă ƌ Ŭ Ϳ Ž Ŷ Ŷ Ğ Đ ƚ Ś ŝ Ő Ś Ğ ƌ ď Ă ƌ ƌ ŝ Ğ ƌ Ǉ Ž Ƶ ƚ Ś Ă Ŷ Ě ů Ă Đ Ŭ / Ŷ Ě ŝ Ő Ğ Ŷ Ž Ƶ Ɛ W Ğ ƌ Ɛ Ž Ŷ Ž Ĩ Ž ů Žƌ ; / W K Ϳ ũŽď Ɛ Ğ Ğ Ŭ Ğ ƌ Ɛ ƚ Ž ũŽď Ɛ Ă ƌ Ğ Ğ ƌ W Ă ƚ Ś ǁ Ă Ǉ Ɛ W ƌ Ž Ő ƌ Ă ŵ Ͳ & Ž Đ Ƶ Ɛ Ğ Ě Ž Ŷ Ě Ƶ ů ƚ ; Ϯ ϰ н Ϳ ǁ Ž ƌ Ŭ Ĩ Ž ƌ Đ Ğ ĚĞ ǀ Ğ ů Ž ƉŵĞ Ŷ ƚ ;WĂ ƌ ƚ Ŷ Ğ ƌ Ś Ɛ ŝ Ɖǁ ŝ ƚ Ś ƌ Ž Ž Ŭ ů ǇŶ W Ă ƌ Ŭ Ϳ Ž Ŷ ƚ ƌ Ă Đ ƚ ǁ ŝ ƚ Ś Đ Ž ŵ ŵ Ƶ Ŷ ŝ ƚ Ǉ Ɖ Ă ƌ ƚ Ŷ Ğ ƌ Ɛ ƚ Ž Ğ Ɛ ƚ Ă ď ů ŝ Ɛ Ś Ă z Ž Ƶ ƚ Ś K Ƶ ƚ ƌ Ğ Ă Đ Ś ƚĞ Ă ŵ zŽ Ƶ ƚ Ś Ž Ŷ Ž Ă ƌ Ě Ɛ KŶ ů ŝ Ŷ Ğ Ă Ŷ Ě ŝ Ŷ Ͳ Ɖ Ğ ƌ Ɛ Ž Ŷ Ǉ Ž Ƶ ƚ Ś Ž Ƶ ƚ ƌ Ğ Ă Đ Ś ƚ Ž Ğ Ŷ Ś Ă Ŷ Đ Ğ Ă Ŷ Ě Ğ ǆ Ɖ Ă Ŷ Ě Ǉ Ž Ƶ ƚ Ś Ă Ŷ Ě ĨĂ ŵ ŝ ů Ǉ Ɖ Ă ƌ ƚ ŝ Đ ŝ Ɖ Ă ƚ ŝ Ž Ŷ Ă Ŷ Ě Ğ Ŷ Ő Ă Ő Ğ ŵ Ğ Ŷ ƚ Ž ŵ ŵ Ğ ƌ Đ ŝ Ă ů W ƌ Ž Ɖ Ğ ƌ ƚ Ǉ Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ &Ƶ Ŷ Ě Đ Ž Ŷ Ž ŵ ŝ Đ Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ ; Ƶ Ɛ ŝ Ŷ Ğ Ɛ Ɛ Đ Ž Ŷ Ž ŵ ŝ Đ ^ ƚ Ă ď ŝ ů ŝ ƚ Ǉ Ϳ Ɛ ƚ Ă ď ů ŝ Ɛ Ś Ă Ĩ Ƶ Ŷ Ě ƚ Ž Ɛ Ƶ Ɖ Ɖ Ž ƌ ƚ ů Ž Đ Ă ů Ɛ ŵ Ă ů ů ď Ƶ Ɛ ŝ Ŷ Ğ Ɛ Ɛ Ğ Ɛ ǁ ŝ ƚ Ś ƚ Ś Ğ Ă Đ Ƌ Ƶŝ Ɛ ŝ ƚ ŝ Ž Ŷ Ž Ĩ ďƌ ŝ Đ Ŭ Ɛ Ă Ŷ Ě ŵ Ž ƌ ƚ Ă ƌ ƌ Ğ Ă ů Ğ Ɛ ƚ Ă ƚ Ğ ͘ & Ƶ Ŷ Ě Ɛ ǁ ŝ ů ů ď Ğ Ƶ Ɛ Ğ Ě ƚ Ž Ɖ ƌ Ž ǀ ŝ Ě Ğ Ğ Ƌ Ƶŝ ƚ Ǉ ƚ Ž ůĞ ǀ Ğ ƌ Ă Ő Ğ Ɖ ƌ ŝ ǀ Ă ƚ Ğ ů Ğ Ŷ Ě ŝ Ŷ Ő ͕ Ă Ŷ Ě ƚ Ž Ɖ ƌ Ž ǀ ŝ Ě Ğ Ő Ă Ɖ Ĩ ŝ Ŷ Ă Ŷ Đ ŝ Ŷ Ő Ĩ Ž ƌ Đ Ž ŵ ŵ Ğƌ Đ ŝ Ă ů ĚĞ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ ƚ Ś Ă ƚ Ɛ Ƶ Ɖ Ɖ Ž ƌ ƚ Ɛ Ɛ ŵ Ă ů ů ď Ƶ Ɛ ŝ Ŷ Ğ Ɛ Ɛ Ğ Ɛ ͘ Ψ ϳ Ϭ Ϭ ͕ Ϭ Ϭ Ϭ &Ž Ž Ě Đ Đ Ğ Ɛ Ɛ Ž ŵ ŵ Ƶ Ŷ ŝ ƚ Ǉ > ŝ Ĩ Ğ Z Ğ Ɛ Ž Ƶ ƌ Đ Ğ Ɛ &Ƶ Ŷ Ě ŝ Ŷ Ő ƚ Ž Ɛ Ƶ Ɖ Ɖ Ž ƌ ƚ Ĩ Ž Ž Ě Ě ŝ Ɛ ƚ ƌ ŝ ď Ƶ ƚ ŝ Ž Ŷ Ž Ɖ Ğ ƌ Ă ƚ ŝ Ž Ŷ Ɛ ŝ Ŷ ƚ Ś Ğ ŝ ƚ Ǉ Ă Ŷ Ě Ğ ǆ Ɖ Ă Ŷ Ě ĂĐ Đ Ğ Ɛ Ɛ ƚ Ś ƌ Ž Ƶ Ő Ś ƚ Ś Ğ Đ ƌ Ğ ƚ ŝ Ž Ŷ Ž Ĩ Ă ŵ Ž ď ŝ ů Ğ Ĩ Ž Ž Ě Ě ŝ Ɛ ƚ ƌ ŝ ď Ƶ ƚ ŝ Ž Ŷ Ɖ ƌ Ž Ő ƌ Ă ŵ ŝ Ŷ ƉĂƌ ƚ Ŷ Ğ ƌ Ɛ Ś ŝ Ɖǁ ŝ ƚ Ś W Ă Ŷ Ě W / Ψ ϭ Ϯ ϱ ͕ Ϭ Ϭ Ϭ ^ŵ Ă ů ů Ƶ Ɛ ŝ Ŷ Ğ Ɛ Ɛ Z Ğ Ɛ Ž Ƶ ƌ Đ Ğ , Ƶ ď Đ Ž Ŷ Ž ŵ ŝ Đ Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ ; Ƶ Ɛ ŝ Ŷ Ğ Ɛ Ɛ Đ Ž Ŷ Ž ŵ ŝ Đ ^ ƚ Ă ď ŝ ů ŝ ƚ Ǉ Ϳ Ž ŵ ŵ Ƶ Ŷ ŝ ƚ Ǉ Ͳ ď Ă Ɛ Ğ Ě Ɛ Ɖ Ă Đ Ğ ƚ Ž Ɛ Ƶ Ɖ Ɖ Ž ƌ ƚ ǁ Ž ƌ Ŭ Ĩ Ž ƌ Đ Ğ Ě Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ ͕ Đ Ž Ͳ ǁ Ž ƌ Ŭ ŝŶ Ő ƐƉ Ă Đ Ğ ͕ ŝ Ŷ Ŷ Ž ǀ Ă ƚ ŝ Ž Ŷ ů Ă ď ͕ Ă Ŷ Ě Ś Ƶ ď Ĩ Ž ƌ Ɛ ŵ Ă ů ů ď Ƶ Ɛ ŝ Ŷ Ğ Ɛ Ɛ ƚ Ğ Đ Ś Ŷ ŝ Đ Ă ů Ɛ Ƶ Ɖ ƉŽ ƌ ƚ Ψ Ϯ ϱ Ϭ ͕ Ϭ Ϭ Ϭ ,Ƶ ŵ ď Ž ů Ě ƚ E Ğ ŝ Ő Ś ď Ž ƌ Ś Ž Ž Ě W Ğ Ă Đ Ğ ͕ ,Ă ƌ ŵ Ž Ŷ Ǉ Ă Ŷ Ě W ƌ Ž Ɛ Ɖ Ğ ƌ ŝ ƚ Ǉ ^ ŵ Ă ů ů ƌ Ğ Ă W ů Ă Ŷ Ž ŵ ŵ Ƶ Ŷ ŝ ƚ Ǉ > ŝ Ĩ Ğ Z Ğ Ɛ Ž Ƶ ƌ Đ Ğ Ɛ Ğ ǀ Ğ ů Ž Ɖ Ă Đ Ž ŵ ŵ Ƶ Ŷ ŝ ƚ Ǉ Ͳ ů Ğ Ě ǀ ŝ Ɛ ŝ Ž Ŷ Ĩ Ž ƌ ƚ Ś Ğ Ĩ Ƶ ƚ Ƶ ƌ Ğ Ž Ĩ ƚ Ś Ğ , Ƶ ŵ ď Ž ů Ě ƚ EĞ ŝ Ő Ś ď Ž ƌ Ś Ž Ž Ě ƚ Ś Ă ƚ ŝ Ŷ Đ ů Ƶ Ě Ğ Ɛ Ő Ž Ă ů Ɛ Ĩ Ž ƌ Ś Ž Ƶ Ɛ ŝ Ŷ Ő ͕ Ž Ɖ Ğ Ŷ Ɛ Ɖ Ă Đ Ğ ͕ Ɛ ƚ ƌ Ğ Ğ ƚƐ Đ Ă Ɖ ŝ Ŷ Ő ĂŶ Ě ď Ƶ Ɛ ŝ Ŷ Ğ Ɛ Ɛ Ě Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ ͘ / Ě Ğ Ŷ ƚ ŝ Ĩ Ǉ Ɛ Ś Ž ƌ ƚ Ă Ŷ Ě ů Ž Ŷ Ő Ğ ƌ Ͳ ƚ Ğ ƌ ŵ ŝ ŵ Ɖ ů Ğ ŵ ĞŶ ƚ Ă ƚ ŝ Ž Ŷ Ɛƚ ƌ Ă ƚ Ğ Ő Ǉ Ă Ŷ Ě Ɛ Ƶ Ɖ Ɖ Ž ƌ ƚ Ă Ŷ ŝ Ŷ ŝ ƚ ŝ Ă ů ŝ Ŷ ǀ Ğ Ɛ ƚ ŵ Ğ Ŷ ƚ ŝ Ŷ ƚ Ś Ğ Ŷ Ğ ŝ Ő Ś ď Ž ƌ Ś Ž Ž Ě ƚŽ Đ Ă ƚ Ă ů Ǉ ǌ Ğ ƚŚ Ğ ǀ ŝ Ɛ ŝ Ž Ŷ ͘ Ψ Ϯ ϱ Ϭ ͕ Ϭ Ϭ Ϭ ,Ğ Ă ů ƚ Ś Ž Ŷ ƚ Ś Ğ ' Ž W Ƶ ď ů ŝ Đ , Ğ Ă ů ƚ Ś ǆ Ɖ Ă Ŷ Ě Ƶ Ɖ Ž Ŷ ƚ Ś Ğ Ɖ Ă ƌ ƚ Ŷ Ğ ƌ Ɛ Ś ŝ Ɖ Ɛ Đ ƌ Ğ Ă ƚ Ğ Ě Ă Ɛ Ɖ Ă ƌ ƚ Ž Ĩ ƚ Ś Ğ Ɖ ŝ ů Ž ƚ , Ğ Ă ů ƚ Ś Ž Ŷ ƚ Ś Ğ ' Ž Ɖƌ Ž Ő ƌ Ă ŵ Ă Ŷ Ě Ğ ǆ Ɖ Ă Ŷ Ě Ɛ Ğ ƌ ǀ ŝ Đ Ğ Ɛ ƚ Ž ƌ Ğ Ɛ ŝ Ě Ğ Ŷ ƚ Ɛ Ψ Ϯ Ϯ ϱ ͕ Ϭ Ϭ Ϭ Ğ Ŷ ƚ ƌ Ă ů Ğ Ă Ƶ ƚ ŝ Ĩ ŝ Đ Ă ƚ ŝ Ž Ŷ Ă Ŷ Ě Ƶ Ɛ ŝ Ŷ Ğ Ɛ Ɛ /ŵ Ɖ ƌ Ž ǀ Ğ ŵ Ğ Ŷ ƚ ŝ Ɛ ƚ ƌ ŝ Đ ƚ WƵ ď ů ŝ Đ ^ Ă Ĩ Ğ ƚ Ǉ Ă Ŷ Ě Ž ŵ ŵ Ƶ Ŷ ŝ ƚ Ǉ > ŝ Ĩ Ğ ZĞ Ɛ Ž Ƶ ƌ Đ Ğ Ɛ hƚ ŝ ů ŝ ǌ Ğ Ĩ Ƶ Ŷ Ě Ɛ ƚ Ž Ğ Ɛ ƚ Ă ď ů ŝ Ɛ Ś Ă Đ Ğ Ŷ ƚ ƌ Ă ů Ƶ Ɛ ŝ Ŷ Ğ Ɛ Ɛ / ŵ Ɖ ƌ Ž ǀ Ğ ŵ Ğ Ŷ ƚ ŝ Ɛ ƚ ƌ ŝĐ ƚ ƚ Ž ĞŶ Ś Ă Ŷ Ğ Đ ů Ğ Ă Ŷ Ͳ Ƶ Ɖ ͕ Ɛ Ŷ Ž ǁ ƌ Ğ ŵ Ž ǀ Ă ů ͕ Ɛ Ğ Ă Ɛ Ž Ŷ Ă ů ů ŝ Ő Ś ƚ Ɛ Ă Ŷ Ě Ő ƌ Ğ Ğ Ŷ Ğ ƌ Ǉ ͕ Ă Ŷ Ě Ɖů Ă Đ Ğ ŵ Ă Ŭ ŝ Ŷ Ő ; Ɖ ƌ Ž Ő ƌ Ă ŵ ŵ ŝ Ŷ Ő ƚ Ž ď Ğ Ě Ğ Ɛ ŝ Ő Ŷ Ğ Ě ŝ Ŷ Ɖ Ă ƌ ƚ Ŷ Ğ ƌ Ɛ Ś ŝ Ɖ ǁ ŝ ƚ Ś Ě ŝ Ɛ ƚƌ ŝ Đ ƚ ďƵ Ɛ ŝ Ŷ Ğ Ɛ Ɛ Ğ Ɛ Ϳ Ψ ϳ ϱ ͕ Ϭ Ϭ Ϭ WƵ ď ů ŝ Đ ƌ ƚ D Ă ƚ Đ Ś ŝ Ŷ Ő & Ƶ Ŷ Ě Ž ŵ ŵ Ƶ Ŷ ŝ ƚ Ǉ > ŝ Ĩ Ğ Z Ğ Ɛ Ž Ƶ ƌ Đ Ğ Ɛ & Ƶ Ŷ Ě ŝ Ŷ Ő ƚ Ž Đ Ž Ɛ ƚ Ɛ Ś Ă ƌ Ğ Ɖ Ƶ ď ů ŝ Đ Ă ƌ ƚ ŝ Ŷ ŝ ƚ ŝ Ă ƚ ŝ ǀ Ğ Ɛ Ž Ŷ Ɖ ƌ ŝ ǀ Ă ƚ Ğ Ɖ ƌ Ž Ɖ Ğ ƌ ƚ Ǉ Ψ ϳ ϱ ͕ Ϭ Ϭ Ϭ ǆ ƚ Ğ ƌ Ŷ Ă ů ͬ Ž ŵ ŵ Ƶ Ŷ ŝ ƚ Ǉ W Ă ƌ ƚ Ŷ Ğ ƌ Ɛ Ś ŝ Ɖ Ɛ zŽ Ƶ ƚ Ś K Ƶ ƚ ƌ Ğ Ă Đ Ś Ă Ŷ Ě Ŷ Ő Ă Ő Ğ ŵ Ğ Ŷ ƚ Ž ŵ ŵ Ƶ Ŷ ŝ ƚ Ǉ > ŝ Ĩ Ğ Z Ğ Ɛ Ž Ƶ ƌ Đ Ğ Ɛ ͕ W Ƶ ď ů ŝ Đ ^Ă Ĩ Ğ ƚ Ǉ ͕ W Ƶ ď ů ŝ Đ , Ğ Ă ů ƚ Ś ͕ Đ Ž Ŷ Ž ŵ ŝ Đ Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ Ψ ϭ ϱ ϴ ͕ ϭ ϯ ϯ Wƌ Ž Ő ƌ Ă ŵ ŝ ƚ Ğ ŵ W Ƶ ƌ Ɖ Ž Ɛ Ğ ͬ Ě Ğ Ɛ Đ ƌ ŝ Ɖ ƚ ŝ Ž Ŷ <Ğ Ǉ ƌ Ğ Ă tŽ ƌ Ŭ Ĩ Ž ƌ Đ Ğ Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ W ƌ Ž Ő ƌ Ă ŵ Ψ ϱ ϲ Ϭ ͕ Ϭ Ϭ Ϭ Đ Ž Ŷ Ž ŵ ŝ Đ Ğ ǀ Ğ ů Ž Ɖ ŵ Ğ Ŷ ƚ ; Z Ğ Ɛ ŝ Ě Ğ Ŷ ƚ ĂŶ Ě Ƶ Ɛ ŝ Ŷ Ğ Ɛ Ɛ Đ Ž Ŷ Ž ŵ ŝ Đ ^ ƚ Ă ď ŝ ů ŝ ƚ Ǉ Ϳ Ă Ƶ Ŷ ƚ Ğ t ƌ ŝ Ő Ś ƚ D Ğ ŵ Ž ƌ ŝ Ă ů Ž ŵ ŵ Ƶ Ŷ ŝ ƚ Ǉ > ŝ Ĩ Ğ Z Ğ Ɛ Ž Ƶ ƌ Đ Ğ Ɛ Ž ŵ ŵ ŝ Ɛ Ɛ ŝ Ž Ŷ Ă ƌ ƚ ŵ Ğ ŵŽ ƌ ŝ Ă ů Ψ Ϯ ϱ ͕ Ϭ Ϭ Ϭ ǆ ƚ Ğ ƌ Ŷ Ă ů d Ž ƚ Ă ů Ψ Ϯ ͕ ϰ ϰ ϯ ͕ ϭ ϯ ϯ ŝ Ő ŝ ƚ Ă ů D Ğ Ɛ Ɛ Ă Ő Ğ Ž Ă ƌ Ě Ɛ W Ƶ ď ů ŝ Đ , Ğ Ă ů ƚ Ś ͕ W Ƶ ď ů ŝ Đ ^ Ă Ĩ Ğ ƚ Ǉ ǆ ƚ Ğ ƌ Ŷ Ă ů Ě ŝ Ő ŝ ƚ Ă ů ŵ Ğ Ɛ Ɛ Ă Ő Ğ ď Ž Ă ƌ Ě Ɛ Ă ƚ ŝ ƚ Ǉ Ĩ Ă Đ ŝ ů ŝ ƚ ŝ Ğ Ɛ ƚ Ž Ɖ ƌ Ž ŵ Ž ƚ Ğ ď Ğƚ ƚ Ğ ƌ ĐŽ ŵ ŵ Ƶ ŝ Đ Ă ƚ ŝ Ž Ŷ Ɛ ƚ ƌ Ă ƚ Ğ Ő ŝ Ğ Ɛ Ψ ϭ Ϯ Ϯ ͕ Ϭ Ϭ Ϭ Ž Ě Ğ Z Ğ Ě W Ƶ ď ů ŝ Đ , Ğ Ă ů ƚ Ś ͕ W Ƶ ď ů ŝ Đ ^ Ă Ĩ Ğ ƚ Ǉ Z Ğ ǀ Ğ Ŷ Ƶ Ğ ƌ Ğ Ɖ ů Ă Đ Ğ ŵ Ğ Ŷ ƚ ƚ Ž Ɖ Ă Ǉ Ĩ Ž ƌ Ž Ğ Z Ğ Ě Ɛ Ğ ƌ ǀ ŝ Đ Ğ Ɛ Ĩ Ž ƌ ƚ Ś ƌ Ğ Ğ Ǉ Ğ Ă ƌ Ɛ Ψ Ϯ ϰ ͕ Ϭ Ϭ Ϭ WŽ ů ŝ Đ Ğ ů Ă ď Ž ƌ Ɛ ƚ Ƶ Ě Ǉ W Ƶ ď ů ŝ Đ ^ Ă Ĩ Ğ ƚ Ǉ ^ ƚ Ƶ Ě Ǉ ƚ Ž Ě Ğ ƚ Ğ ƌ ŵ ŝ Ŷ Ğ Ŷ Ƶ ŵ ď Ğ ƌ Ž Ĩ Ɖ Ž ů ŝĐ Ğ Ž Ĩ Ĩ ŝ Đ Ğ ƌ Ɛ Ŷ Ğ Ğ Ě Ğ Ě ƚ Ž ŵ Ă ŝ Ŷ ƚ Ă ŝ Ŷ Ɛ Ğ ƌ ǀ ŝ Đ Ğ Ɛ Ψ ϭ ϯ Ϭ ͕ ϬϬ Ϭ ŝ ƌ & ŝ ů ƚ Ğ ƌ Ɛ W Ƶ ď ů ŝ Đ , Ğ Ă ů ƚ Ś / Ŷ Ɛ ƚ Ă ů ů Ă ƚ ŝ Ž Ŷ Ž Ĩ Đ ů Ğ Ă Ŷ Ă ŝ ƌ Ĩ ŝ ů ƚ Ğ ƌ Ɛ ŝ Ŷ ƚ Ś Ğ Đ Ă ď Ɛ Ž Ĩ Ĩ ŝ ƌ Ğ ƚ ƌ Ƶ Đ Ŭ Ɛ Ψ ϭ Ϯ ͕ Ϭ Ϭ Ϭ YƵ Ă Ŷ ƚ ŝ Ĩ ŝ ƚ Ϯ ƌ Ğ Ɛ Ɖ ŝ ƌ Ă ƚ Ž ƌ ƚ Ğ Ɛ ƚ ŝ Ŷ Ő ƐǇ Ɛ ƚ Ğ ŵ WƵ ď ů ŝ Đ , Ğ Ă ů ƚ Ś WƵ ƌ Đ Ś Ă Ɛ Ğ Ă ƌ Ğ Ɛ Ɖ ŝ ƌ Ă ƚ Ž ƌ ƚ Ğ Ɛ ƚ ŝ Ŷ Ő Ɛ Ǉ Ɛ ƚ Ğ ŵ ƚ Ž ƚ Ğ Ɛ ƚ ƌ Ğ Ɛ Ɖ ŝ ƌ Ă ƚ Ž ƌ Ĩ ŝ ƚ Ͳ ƚ ĞƐ ƚ ŝ Ŷ Ő ƌ Ğ Ƌ Ƶ ŝ ƌ Ğ Ě ĂŶ Ŷ Ƶ Ă ů ů Ǉ ϭϯ ͕ Ϭ Ϭ Ϭ Ψ &ƌ Ž Ŷ ƚ > ŝ Ŷ Ğ Z Ğ ƚ Ğ Ŷ ƚ ŝ Ž Ŷ Ă Ŷ Ě ZĞ Đ Ž Ő Ŷ ŝ ƚ ŝ Ž Ŷ / 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"#$" % &' ! (#&) #*+ ++ ,*+&-$ . / #*.0 &%+1234 3*.0 , 13- . 3 2 15 +26 ( 3 2 0. . 7 , (* +3 4 + 1&3 , ++ .8 (, 933 1 !"#$% & ' & % ()#)*#*) *+,, ( - #.#"## // 0 '' % % ! % ' ' / / %1 2 32 & % 4 & %! %1 ' ! ' 2 & % 32 4 ! % ' / 0 & & ' '/ / ! ! %%&' ! $5$ )2 && 6 $ 0 ! !" #$ #% ! & ' ( ! '')2 && 6 $ 0 ) ! !" #$ #% ! & ' ( ! " ! *"- / & % / % / ' ' $ 2 $% ' ! * + # ,-$ # $ ! "#$" % &' &() ! * )#&+ ,,-. / 0 ))12!03 .45 4 (4 ,,-(0- ( 6% % ! % " # ,57 $$%&'$" ,5 #, , 8 &*, 1/10/22 -1- DRAFT MINUTES OF THE PROCEEDINGS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF BROOKLYN CENTER IN THE COUNTY OF HENNEPIN AND THE STATE OF MINNESOTA REGULAR SESSION JANUARY 10, 2022 CITY HALL – COUNCIL CHAMBERS 1. CALL TO ORDER The Brooklyn Center Economic Development Authority (EDA) met in Regular Session called to order by President Mike Elliott at 9:03 p.m. 2. ROLL CALL President Mike Elliott and Commissioners Marquita Butler, April Graves, Kris Lawrence- Anderson, and Dan Ryan were present. Also present were Executive Director Reggie Edwards, and City Clerk Barb Suciu. 3. APPROVAL OF AGENDA AND CONSENT AGENDA Commissioner Butler moved and Commissioner Graves seconded to approve the Agenda and Consent Agenda, and the following items were approved: 3a. APPROVAL OF MINUTES 1. December 6, 2021 – Regular Session 2. December 13, 2021 – Regular Session 3b. RESOLUTION NO. 2022-01 OPTING NOT TO WAIVE LIMITED TORT LIABILITY FOR 2022 3c. RESOLUTION NO. 2022-02 APPROVING THE THIRD AMENDMENT TO LEASE AGREEMENT AND RELOCATION ASSISTANCE AGREEMENT WITH SHENG ZHENG, WANG LIN, LIN, INC., OPERATING UNDER THE TRADE NAME "OCEAN BUFFET" AND ALATUS BROOKLYN CENTER 3d. RESOLUTION NO. 2022-03 APPROVING THE LAND EXCHANGE AGREEMENT OF CERTAIN PROPERTY LOCATED IN BROOKLYN CENTER, MN Motion passed unanimously. 1/10/22 -2- DRAFT 4. COMMISSION CONSIDERATION ITEMS 4a. RESOLUTION NO. 2022-04 ELECTING OFFICERS FOR THE ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF BROOKLYN CENTER President Elliott moved and Commissioner Butler seconded to adopt EDA RESOLUTION NO. 2022-04 Electing Officers for the Economic Development Authority in and for the City of Brooklyn Center. Motion passed unanimously. 5. ADJOURNMENT President Elliott moved and Commissioner Butler seconded adjournment of the Economic Development Authority meeting at 9:06 p.m. Motion passed unanimously. STATE OF MINNESOTA) COUNTY OF HENNEPIN) ss. Certification of Minutes CITY OF BROOKLYN CENTER) The undersigned, being the duly qualified and appointed City Clerk of the City of Brooklyn Center, Minnesota, certifies: 1. That attached hereto is a full, true, and complete transcript of the minutes of the Work Session of the City of Brooklyn Center held on January 10, 2022. 2. That said meeting was held pursuant to due call and notice thereof and was duly held at Brooklyn Center City Hall. 3. That the City Council adopted said minutes at its January 24, 2022, Regular Session. President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v1 Commissioner _____________________ introduced the following resolution and moved its adoption: EDA RESOLUTION NO.______________ RESOLUTION APPROVING TERMS OF LOAN TO PHU BIA PRODUCE LIMITED LIABILITY COMPANY FROM EDA REVOLVING LOAN FUND AND AUTHORIZING EXECUTION OF LOAN DOCUMENTS BE IT RESOLVED BY the Board of Commissioners of the Economic Development Authority of Brooklyn Center, Minnesota (the “Board”), as follows: 1. Revolving Loan Program. The Economic Development Authority of Brooklyn Center, Minnesota (the “EDA”) previously approved a Revolving Loan Fund Program (the “Program”), which is administered by the EDA pursuant to its adopted policies, procedures, and guidelines. 2. Request for Loan. Phu Bia Produce Limited Liability Company, a Minnesota limited liability company (the “Borrower”), has submitted a Program application requesting assistance to help finance certain physical improvements to the building located at 1350 Shingle Creek Crossing, Brooklyn Center, Minnesota, including a walk-in cooler, restrooms, sidings and polishing of exiting concrete floor deemed necessary for the operation of a retail store used for produce distribution (the “Project”). 3. Board Approval; Proposed Terms of Loans. The loan (“Loan”) is to be made from Program funds in the amount of $70,000 at an interest rate of 1.25% per annum. The Loan will be amortized over seven years with the first monthly payment due on August 1, 2022. The Loan will be secured by a Promissory Note and Security Agreement from the Borrower, together with a personal guaranty from the owner of the Borrower. The Board hereby approves the Loan proposed to be provided to Borrower under the Program. 4. Loan Documents and Execution Approved. The EDA has caused a Loan Agreement, Security Agreement, Personal Guaranty, and Promissory Note to be drafted for the above-described Loan (the “Loan Documents”). The Board hereby authorizes the President and Executive Director to finalize and execute the Loan Documents. January 24, 2022 Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted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v1 JSB BR291-303 EXHIBIT A POLICY AND PROCEDURES FOR THE REVOLVING LOAN FUND OF THE BROOKLYN CENTER ECONOMIC DEVELOPMENT AUTHORITY I. PURPOSE The purpose of the Revolving Loan Fund (RLF) for the Economic Development Authority of Brooklyn Center is to establish a low-interest loan program to provide the capability and incentive for property owners and tenants of new and existing businesses within the City to upgrade the appearance, structural condition, and/or operating efficiency of their places of business, thereby improving their marketability and retaining and expanding job opportunities within the City. II. REVOLVING LOAN FUND GOALS By providing low-interest loans to existing or new businesses, the Economic Development Authority of Brooklyn Center has established the following goals: 1. The proposed project must be a conforming use in the zoning district in which it is located and generally consistent with the City of Brooklyn Center’s Comprehensive Plan. 2. Any construction project which uses funds from the Revolving Loan Fund (RLF) shall require quality construction and must promote the highest and best use of the land. 3. The project will not significantly or adversely increase the impacts on existing utility service needs in the City. 4. The project should seek to utilize local contractors, suppliers, vendors, professionals, and/or financial institutions when feasible. 5. The project will help protect or increase property values and the general public’s health, safety and welfare. 6. The proposed project will help ensure a vibrant economic landscape and will help retain or expand livable wage job opportunities within the City. III. QUALIFYING IMPROVEMENTS AND USE OF FUNDS Revolving Loan Fund proceeds may be used for the following purposes: 1. To improve the exterior appearance of buildings and property, including land or building acquisition; building construction; expansion, renovation and/or modernization of buildings; permanent façade improvements; and/or energy efficiency improvements within the City of Brooklyn Center. 2. For interior improvements; however, in addition to the goals set for in the above section, must be made for one or more of the following reasons: a. Job creation and/or retention of livable wage jobs; b. Meet any City of Brooklyn Center approved economic development or redevelopment plans; c. To meet any City established design guidelines; or d. Prevention or elimination of blight conditions. EDA RESOLUTION NO.__2018-12__ 2 530538v1 JSB BR291-303 3. Other fixed asset financing, including machinery and equipment; for the purposes of job creation and/or retention. These items must be defined to have a useful lifespan of a minimum of five (5) years. Loan proceeds may not be applies to work which is in process or purchases made prior to the application approval. Additionally, loan proceeds may not be applied to properties located in the floodplain, refinancing of existing debts, non-fixed asset improvements, “soft” costs, landscaping or parking lot improvements, working capital, inventory, or payment for the applicant’s own labor and performance for construction or improvements. Qualifying Improvements must begin construction or be purchased within 90 days of loan closing, unless an extension is requested and approved. IV. APPLICANT ELIGIBILITY Applicants may be individual owners, partnerships, corporations, tenant operators, or contract for deed purchasers of a property or building within the City of Brooklyn Center. Documentation of entity status shall be delivered with the application forms. Applicants must have the ability to repay the loan and be an acceptable credit risk as determined by the participating lender and/or by the Economic Development Authority of Brooklyn Center. V. LOAN DETAILS The Economic Development Authority of Brooklyn Center will review each loan application, pursuant to the goals and policies set forth in this document, on a case-by-case basis. 1. Minimum Loan Amount. The minimum loan amount shall be $5,000. 2. Maximum Loan Amount. The maximum loan amount is at the discretion of the Brooklyn Center EDA but shall not exceed 75% of the total funds on deposit in the Revolving Loan Fund; or 40% of the total project costs for land/building purchase/construction/renovation, or 30% of the total purchase price for machinery or equipment; whichever is less. 3. Loan Terms. The terms for any loan will be determined by the Brooklyn Center EDA, depending on the purposed of the funds. The maximum term for any RLF loan will be 10-years, but not longer than the useful life of the facility financed. 4. Loan Rates. The interest rate will be a fixed rate and set at 2% below the prime interest rate established at the time of closing, as determined by the EDA. 5. Equity Participation. There shall be a minimum of 10% percent equity investment of total project costs required of all applicants. 6. Loan Costs. The applicant is responsible for all loan costs including without limitation, title opinions, appraisals, abstracting costs, recording fees and mortgage tax. 7. Loan Repayments. Amounts collected on the loans shall be allocated first to reasonable collection costs, then to interest due, then to principal due. 8. Loan Security and Guarantees. The applicant must be able to secure the loan with a first or second mortgage upon the building and/or assets involved, or other collateral as approved by the EDA. Personal guarantees from company owners (greater than 20% ownership) shall be required. The Brooklyn Center EDA may also require additional agreements, such as a security agreement and a business subsidy agreement. The applicant must demonstrate the financial means to repay the loans as determined by EDA RESOLUTION NO.__2018-12__ 3 530538v1 JSB BR291-303 the EDA and/or financial institution. The applicant must further demonstrate that the assets involved are insured for an amount not less than the total outstanding loans. 9. Balance Due. If the applicant sells or transfers title of the improved building or equipment, or relocates any portion or all of the business outside of the City of Brooklyn Center, prior to the full repayment of the loan, the loan will be required to be paid in full with interest. VI. JOB REPORTS The applicant shall be required to prepare a job creation estimate, projecting the expected employment levels for the business, for each of the first five (5) years of operation upon approval of the RLF loan. VII. PAYMENTS Applicants are required, at the time of closing, to arrange to have the monthly payments automatically withdrawn and deposited into the EDA’s account. Any applicable fees will be paid by the borrower. A penalty of 5% of the payment amount, with a minimum of $15.00 shall be added to the outstanding balance of a loan in the event that a payment is received after the due date. VIII. REVIEW GROUP The Brooklyn Center Economic Development Authority will serve as the review group for loan applications. City of Brooklyn Center staff will review applications to ensure they are complete prior to review by the EDA. Determination of whether an RLF loan is approved will be in the sole discretion of the EDA. IX. PAYMENT OF LOAN PROCEEDS Loan proceeds shall be paid directly to applicants only after the work for which payment is requested has been performed and the work has been accepted in writing by the Brooklyn Center EDA or its Executive Director. The quality and progress of the work shall be monitored by the loan recipient and the EDA or its representative. All invoices and other necessary information as related to the project costs shall be provided to the EDA or its representative prior to the disbursement of funds. The EDA may, in its sole discretion, allow proceeds to be released earlier than upon completion of work if used as a down payment on a building purchase and/or to allow payment to be made directly to the participating lender, contractor, or vendor. X. DURATION Loans may be made under these policies to the extent that funds are available, as allocated to the fund by the Economic Development Authority of Brooklyn and eligible loan recipients. The RLF program may be terminated by the EDA. If the RLF is so terminated, such termination shall not affect the rights and obligations of the EDA with respect to loans outstanding on the effective date of such termination. XI. MINNESOTA BUSINESS SUBSIDY LAW Pursuant to Minnesota Statutes, Sections 116J.993 to 116J.95, business loans subject to the Business Subsidy Law and recipients of such loans shall be required to enter into a subsidy EDA RESOLUTION NO.__2018-12__ 4 530538v1 JSB BR291-303 agreement with the Economic Development Authority of Brooklyn Center, which will require, among other things, the satisfaction of certain wages, job goals, and a commitment to maintain operation of a business for a certain length of time. XII. CONFLICT OF INTEREST The applicant shall submit the name(s) of the owner(s), shareholder(s), partner(s), sole proprietor, corporation member(s), or other person(s) or business(es) with any financial interest in the project and its financing in order to preclude any conflict of interest in the RLF loan review and approval process. XIII. DISCRIMINATION PROHIBITED All persons/businesses submitting an application and receiving loan proceeds agree, by accepting said proceeds, to comply with all federal and state laws and related rules and regulations which prohibit discrimination. Generally, these laws and rules make it an unfair employment practice, expect when based on limited, statutory exception or a bona fide occupational qualification, for an employer to refuse to hire, discharge, or otherwise treat a person differently with respect to fire, compensation, terms, upgrading, conditions, facilities or privileges of employment because of race, color, creed, religion, national origin, sex, marital status, status with regard to public assistance, disability, age, or sexual orientation; or in reprisal for objection to, or participating in the investigation or litigation of, alleged discrimination or for associating with disabled person(s) of a different race, color, creed, religion, sexual orientation or national origin. Commissioner _____________________ introduced the following resolution and moved its adoption: EDA RESOLUTION NO.______________ RESOLUTION APPROVING TERMS OF LOAN TO TASTE OF AFRICA LIMITED LIABILITY COMPANY FROM EDA REVOLVING LOAN FUND AND AUTHORIZING EXECUTION OF LOAN DOCUMENTS BE IT RESOLVED BY the Board of Commissioners of the Economic Development Authority of Brooklyn Center, Minnesota (the “Board”), as follows: 1. Revolving Loan Program. The Economic Development Authority of Brooklyn Center, Minnesota (the “EDA”) previously approved a Revolving Loan Fund Program (the “Program”), which is administered by the EDA pursuant to its adopted policies, procedures, and guidelines. 2. Request for Loan. Taste of Africa Limited Liability Company, a Minnesota limited liability company (the “Borrower”), has submitted a Program application requesting assistance to help finance certain physical improvements to the building located at 6838 Humboldt Avenue N., Brooklyn Center, Minnesota, Ceramic tile 12" x 12". Detach tile and mortar from backing surface. Includes kitchen equipment and material. Install drop ceiling (the “Project”). 3. Board Approval; Proposed Terms of Loans. The loan (“Loan”) is to be made from Program funds in the amount of $30,000 at an interest rate of 1.25% per annum. The Loan will be amortized over seven years with the first monthly payment due on August 1, 2022. The Loan will be secured by a Promissory Note and Security Agreement from the Borrower, together with a personal guaranty from the owner of the Borrower. The Board hereby approves the Loan proposed to be provided to Borrower under the Program. 4. Loan Documents and Execution Approved. The EDA has caused a Loan Agreement, Security Agreement, Personal Guaranty, and Promissory Note to be drafted for the above-described Loan (the “Loan Documents”). The Board hereby authorizes the President and Executive Director to finalize and execute the Loan Documents. January 24, 2022 Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. ! "#$" % &' &()!)) *+) ,#&- . -) *+)+ /01203 45 4+ !" #$ % & 5- ! 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This letter of intent (“LOI”) is not a binding agreement, but is the foundation for an agreement the parties intend to negotiate in good faith. Seller: City of Brooklyn Center Buyer: Carvana, LLC, an Arizona limited liability company, and/or Assignee Property: Located at 1601 James Cir N, Brooklyn Center, MN 55430, and consisting of +/- 3.40 acres of land. The Property includes parcel number 3511921410021 in Hennepin County and is legally described and depicted on the attached Exhibit A and Exhibit A-1, respectively. Purchase Price: $2,000,000 Earnest Money, Escrow and Title Agent: x Earnest Money: $25,000, due to Escrow and Title Agent (defined below) 5 days after PSA execution. x The Earnest Money is refundable during the Diligence and Approval Period (defined below), as may be extended, and is applicable to the Purchase Price. x Escrow and Title Agent: First American Title Insurance Company (Attn: Jad J. Johnson) Due Diligence, Inspections and Right of Entry: Buyer shall have a “Diligence Period” of 90 days after Buyer and Seller execute the PSA to conduct investigations, studies or tests desired by Buyer to determine the feasibility of acquiring the Property (“Inspections”). Buyer may terminate the PSA for any reason during the Diligence Period, as may be extended. Buyer shall also have an “Approval Period” of 180 days after Buyer and Seller execute the PSA to seek approvals and permits Buyer requires for Buyer’s intended development and use of the Property (“Governmental Approvals”). Seller, at no cost to Seller, shall reasonably cooperate with Buyer’s efforts to obtain the Governmental Approvals. If Buyer is unable to obtain all Governmental Approvals, Buyer may terminate the PSA during the Approval Period. Buyer, upon notice to Seller and Escrow and Title Agent, may extend the Diligence and Approval Period for up to 2 periods of 30 days each (each, an “Extension Period”). Seller shall provide to Buyer the information set forth on the attached Exhibit B within the timeframes set forth in the exhibit. 2 In addition, Seller grants to Buyer, upon Seller’s execution of this LOI, the right to enter the Property to conduct the Inspections at Buyer’s sole expense. Buyer shall not, without further approval of Seller, be permitted to perform any intrusive testing or otherwise damage the Property. Any damage caused or occasioned by Buyer shall be promptly restored by Buyer. PSA: Buyer shall draft a Purchase and Sale Agreement (“PSA”) consistent with this LOI. Both parties agree to act in good faith and to extend best efforts to negotiate and execute the PSA within 45 days of the initial draft being delivered to Seller. Title: At Closing, Seller agrees to convey good, marketable and insurable title of the Property to Buyer free of all monetary liens and adverse claims, leases and purchase options. Closing Date and Costs: The “Closing” of this transaction shall occur on the date 10 days after the Diligence and Approval Period expires or is waived in writing by Buyer, or on such earlier date as Buyer may elect by written notice to Seller and Escrow and Title Agent (“Closing Date”). All closing costs shall be split in a manner customary to real estate transactions that take place where the Property is located. Seller shall be responsible for transfer taxes and title insurance to provide Buyer with standard coverage and curative endorsements as applicable. Buyer and Seller shall each bear their respective closing costs, professional fees, etc. Closing Date Condition: Seller shall deliver the Property in “Closing Date Condition”, which requires the Property be subdivided, free of fuel and storage distribution facilities, all underground tanks and pipes, hazardous materials, waste and other debris, and with all utilities (Electricity, Water & Sewer) stubbed and ready for connection to the Property, with no unrecorded easements, covenants or restrictions. Brokerage: The Seller recognizes no agents other than Matthew Friday of CBRE as the exclusive Buyer representative. (the “Broker”). Seller shall pay to Brokers, per separate agreement, a commission that is based upon the final Purchase Price that will be equally split between the Brokers upon the Closing Date. If this proposal is acceptable, please acknowledge the above general business terms by returning an acknowledged copy of this proposal within 5 days of receipt, at which point we will promptly prepare a PSA draft for your review. Please contact Jack Horton at 520-904-3198 if you have any questions. Cordially, Jack Horton Associate, Real Estate Acquisitions Acknowledged and approved __________, 2021 Seller: _____________________________ By: _____________________________ Name: _____________________________ Title: ______________________________ 3 Acknowledged and approved __________, 2021 Buyer: Carvana, LLC, and/or Assignee By: _____________________________ Name: Bret Sassenberg Title: Senior Director, Real Estate 4 EXHIBIT A PROPERTY LEGAL DESCRIPTION [SELLER TO ADD LEGAL DESCRIPTION FROM VESTING DEED OR EXISTING TITLE POLICY.] 5 EXHIBIT A-1 PROPERTY DEPICTION 6 EX H I B I T B SE L L E R ’ S I N F O R M A T I O N [S E L L E R T O C O M P L E T E B A S E D O N I N F OR M A T I O N I N S E L L E R ’ S PO S S E S S I O N ] In f o r m a t i o n Pr o v i d e d o n o r b e f o r e LO I e x e c u t i o n To b e p r o v i d e d o n o r be f o r e P S A e x e c u t i o n No t A v a i l a b l e Ex i s t i n g S u r v e y s : x AL T A x Bo u n d a r y x Pl a t x To p o g r a p h i c a l x Ot h e r : _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ܆܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ Ex i s t i n g P r o p e r t y C o n d i t i o n R e p o r t s : x Ph a s e I E n v i r o n m e n t a l R e p o r t x Ot h e r : _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ܆ ܆ ܆ ܆ ܆ ܆ Ex i s t i n g T i t l e R e p o r t s / C o m m i t m e n t s / P o l i c i e s ( l i s t s p e c i f i c d o c u m e n t ( s ) b e l o w ) : x __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ x __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ x __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ Ex i s t i n g L e a s e s A f f e c t i n g t h e P r o p e r t y ( l i s t s p e c i f i c l e a s e ( s ) b e l o w ) : x __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ x __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ x __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ Un r e c o r d e d E n c u m b r a n c e s : x CC & R s x Ea s e m e n t s x Li c e n s e s / P e r m i t s x Ot h e r : _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ ܆ Ot h e r I n f o r m a t i o n : _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ܆ ܆ ܆ Carvana pioneered the New Way to Buy a Car. Built for those who are tired of the traditional dealership experience, Carvana gives consumers control of the car-buying process — those who don’t want to spend their time haggling over price, enduring sales pitches for products they don’t need. From browsing vehicles to obtaining financing, we give our customers the ability to purchase a car from the comfort of their home. In 2020 and 2021, Carvana had to adapt to changes brought by COVID-19 and subsequent health orders regulating business practices and interrupting existing supply chains. For months (even close to a year in some states), DMV offices were closed to the public — either resorting to an appointment-only model or shutting down completely. Across the entire dealer industry, permanent plate movement halted or slowed and many people who had recently purchased a car found themselves experiencing registration delays. Carvana was not exempt from these delays. While we are still working to solve specific challenges posed by the case-by-case facts of this transitory business disruption, we believe the long-term solution is what we’ve been pushing for since our inception: the modernization of the auto industry, including how titles and registration are processed. Despite delays and complications, we have still been able to maintain our 4.7/5 star rating, and we just sold our 1,000,000th car. Commissioner _________________ introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2022-____ 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. Resolution No. 2020-________ 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. _________________________ _________________________________ Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. 1 CARVANA FULFILLMENT CENTER Introduction to Carvana Carvana, the fastest-growing auto retailer in the U.S., saves customers valuable time and money with The New Way to Buy a Car™ by allowing them to skip the dealership and shop online at Carvana.com. On Carvana.com, in as little as five minutes, customers can shop an inventory of more than 20,000 vehicles, finance, purchase, and schedule as-soon-as-next-day delivery or pick-up at a Carvana location. Customers can also sell their current vehicle to Carvana and receive a real offer in just minutes – even without purchasing a vehicle. The Carvana experience saves customers valuable time and money by skipping the dealership and shopping online. All pre-owned vehicles in Carvana’s national inventory are photographed in 360 degrees, so customers get a high-definition virtual tour, along with the peace of mind of a 7-day return policy. This upgrade to the traditional test drive gives customers the time to ensure their vehicle meets their expectations and fits their lifestyle. Carvana currently operates 30 Vending Machines across the country in Arizona, California, Florida, Georgia, Indiana, Illinois, Kentucky, Maryland, Michigan, Missouri, Nevada, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, and Texas (and coming soon to Colorado, New York, Utah, and Virginia). The Carvana Fulfillment Center is simply the latest innovation and evolution of the delivery of goods and services. The Carvana Vending Machine is part customer experience, part entertainment, part e- commerce fulfillment, and a display of technological art through its iconic architecture. Fulfillment Center / Vending Machine Carvana’s Car Vending Machine offers car buyers a one-of-a-kind experience. Carvana customers who choose Touchless Pickup at a Carvana Fulfillment Center can enjoy the unique experience Carvana is known for, from a safe, comfortable distance providing area residents with a fun and safe option for getting their next vehicle. A Carvana Vending Machine is a Fulfillment Center for customer pick-up and interaction. There are no “for-sale” vehicles located on-site as all vehicles on display in the tower have already been purchased online. Only cars that have been inspected and fully reconditioned for delivery are placed in the tower for pick-up by Carvana customers. 2 Carvana’s 8-Tier Display Tower Vending Machine Structure Because the Vending Machine is Carvana’s “visual representation of the company”, the building itself employs a uniquely iconic signature architecture that visually illustrates an innovative technology company. The tower is comprised of a mechanical elevator and racking system, making it an exciting experience for final pick-up of a vehicle. Our unique signage is considered our Branding Package. The welcome center features seating, flat screen displays, and a glass viewing area where customers experience the operation of the tower’s automation system from behind an insulated glass enclosure. The tower consists of four metal vehicle pallets per level where pre-sold vehicles are stored and displayed. Access is controlled such that the only time the tower would be accessed by people is for annual maintenance by skilled professionals. The Carvana Experience By appointment only, customers can select a day and time convenient for them, at which time they will be the only customer inside the Vending Machine/Fulfillment Center. They will be greeted by a Carvana Customer Advocate and receive a commemorative, oversized Carvana token to activate the automated vehicle vending process. Car buyers can then get an immersive, central view of their vehicle descending through the structure from the heart of the all-glass tower. 3 Music and lights heighten the excitement as the customer watches the mechanical conveyor system spin and place the target car into the middle of the tower where it is slowly lowered to the ground floor. The vehicle pallet is then placed into one of two delivery bays by another horizontal conveyor system. Once all the mechanisms have ceased to operate, the door of the bay opens and the customer is able to inspect their vehicle. This “vending” process takes approximately 4 to 5 minutes. After completing the sales transaction and accepting delivery, the customer drives away happy and satisfied to begin their 7-day test drive. All vehicle pick-up appointments are pre-scheduled with customers following their online purchase. Our operations allow us to meet with 3 to 4 customers per hour depending upon scheduling and order fulfillments. E-Commerce In addition to selling vehicles online, Carvana also purchases vehicles from customers online via our “Sell To Carvana” portal, which allows customers to sell and/or trade in their vehicle to Carvana “in just a few easy steps”. 4 Following Carvana’s purchase of a vehicle, Carvana customers have the option of having their vehicle picked up or dropping it off at a Carvana location, including our Fulfillment Centers. Vending Machine Operations On-site operations include 100-plus parking spaces. These spaces are utilized by customers and employees for parking, with the surplus being utilized for temporary storage (typically less than 48 hours) of vehicles that have been delivered to the location waiting to be loaded into the tower, as well as vehicles that have been purchased through our “Sell To Carvana” program. Carvana has a fleet of multi-car haulers that make deliveries to the site 4 to 5 times each day on average during non-peak hours. The Carvana-branded hauler can deliver and pick up 9 vehicles per visit. It takes our drivers approximately 60 to 90 minutes to fully unload and reload the hauler truck and exit the site. Approximately 20 people will be employed at this location. These employees, called Customer Advocates, typically work in shifts such that no more than 10-12 employees are on-site at any given time. Their activities include scheduling appointments with customers, welcoming customers to the facility, assisting in the on-loading and off-loading of vehicles from the delivery trucks, inspecting and accepting “Sell To Carvana” vehicles, finalizing purchase paperwork, and presenting them with their new car. 5 The Carvana Difference Carvana has disrupted the auto dealership industry with The New Way to Buy a Car™ by differentiating ourselves in the following ways: The Carvana Difference Traditional Automobile Dealers Carvana 10 to 20 Acres 2 to 5 Acres 650± Parking Spaces 100+ Parking Spaces Vehicle Inventory On Display Only Pre-Sold Vehicles Stored Temporarily Business Generated by Drop-In Customers Vehicles Picked Up by Appointment Only Outdoor Intercom Speaker Noise No Outdoor Speakers Promotional Advertising Signage / Props Carvana Brand Signage on Building Service and Parts Center No Service or Parts Center Environmental Waste Products No Environmental Waste Products Test Drives No Test Drives (7-day return policy) Fuel Pumps No Fuel Pumps Center A Carvana Vending Machine is more than just a Fulfillment Center for an e-commerce-oriented retailer of used vehicles. The draw of an iconic Carvana Tower will increase visitors to the Village of Skokie for the Vending Machine experience and will in turn spend time and money patronizing local businesses, attractions, and entertainment venues. GOODBYE DEALERSHIP, HELLO HAPPY! 1/11/2022 1 Concept Plan Review and Letter of Intent to Purchase: 1601 James Circle EDAWork Session– January10,2022 MegBeekman,CommunityDevelopmentDirector 1601 James Circle •Size:4.93Acres(214,718sq ft) •Zoning:C2Commerce •LandUseGuidance:BusinessMixed Use •CurrentUse:Vacant •FormerUse:Restaurants •NeighboringLandUses: •Office,Hotel,Restaurant,Commercial 2 1/11/2022 2 1601 James Circle - Aerial Image 3 1601 James Circle – Additional Info •Oddlyshapedparcelencumberedbypublicstormwaterpond •Total amountinvestedintheproperty:$2,893,295 •PropertieswerereͲplattedwiththeFBIofficeandcombinedinto1lot. •Medianlandvalueofneighboringproperties:$8.20/sf •Rangesfrom$6.15to$9.98/sfbasedonHennepinCountyassessments 4 1/11/2022 3 Background and Request •Applicantisrequesting: •ConceptReview •OpportunityforCounciltoreviewandprovidecommentsandaskquestions •Councilmayindicatewhethertheyareopentotheconcept •NonbindingforbothCouncilandDeveloper •ConsiderationofLetterofIntenttoPurchase •OpportunityforCounciltoreviewandconsideroffer •Councilmayindicateiftheyareopentothesaleofthepropertyforthisuse •IfCouncilprovidesdirection,staffwillenterintoLOI 5 Concept 6 •Carvanavehicle “VendingMachine” •Parkingforonsitestaff, customers,truck deliverycirculationand loadingandunloading ofvehicles •Offerforapproximately 3.5acresof5acresite– balanceofsiteto remainwithEDA 1/11/2022 4 Concept 7 •Uniquearchitecture–glass structurehousessoldvehicles •Fulfillmentcenterforonline vehiclesales–nosalesoccuron site •Byappointmentonlyvisits •Approximately10onsite employees •Noonsitevehiclerepairor service Offer Details •OfferAmount:$2,000,000for 3.4acres •Approximately$13.5persquarefoot •EDAacquiredtheformerTarget for$9.1/sf •Topgolf acquiredRegalTheaterfor$10/sf •TheLetterofIntentidentifiesthefollowingterms: •$25,000earnestmoney •90daysduediligencetostudythesite •Anadditional180dayapprovalperiodtoseekCityapprovalsfortheuse.Thiswillinclude aPreliminaryandFinalPlatandSiteandBuildingPlanReview. •Sellerpays4percentcommissiontobuyersbroker •Buyerresponsibleforobtainingcityapprovalsandconductingduediligence 8 1/11/2022 5 EDA Action Requested •ApplicantisrequestingtoenterintoanLOI withtheEDAforthe purchaseofaportionoftheproperty. •Iftheconceptandofferareagreeable: •EnterintoLOI •Applicantbeginsduediligenceperiod •Applicantsubmitsforlanduseapprovals •SiteandBuildingPlanReviewandPreliminaryandFinalPlat •Cityandapplicantnegotiatepurchaseagreement 9 Policy Issues •DoestheproposedconceptforwardtheCity’sstrategicpriorities? •IstheproposedconceptinkeepingwiththegoalstheCityhasforthe propertyandthe2040ComprehensivePlan? •IsthereadditionalinformationtheEDAneedspriortomakinga decision? •DoestheEDAwishtoenterintoanLOI withtheapplicant? 10 1/11/2022 6 Discussion •Receivedeveloperpresentation •AskanyquestionsofStaff •AskanyquestionsofDeveloper •Policyissuesdiscussion •ProvidedirectiontoStaffandDeveloperonhowtoproceed 11