HomeMy WebLinkAbout2023-12 EDARCommissioner Butler introduced the following resolution and moved its adoption:
EDA RESOLUTION NO. 2023-12
RESOLUTION APPROVING A PURCHASE OPTION AGREEMENT
WITH RESURRECTING FAITH WORLD MINISTRIES
WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota (the
"EDA") owns the parcel located in the City of Brooklyn Center (the "City") currently identified as
Parcel ID number Parcel ID number 02-118-21-24-0019 a portion of which will be re -platted as
Lot 1, Block 2 Opportunity Site Addition, subject to the final plat thereof (the "Option Property");
and
WHEREAS, Resurrecting Faith World Ministries, a Minnesota nonprofit corporation (or an
entity to be formed thereby or affiliated therewith, the "Developer"), has proposed to develop the
Option Property into a single -story 26,500 square foot conference center with wellness and barber
suites and a 24-hour childcare center (the "Development"); and
WHEREAS, the EDA and the Developer propose to enter into an Option Agreement related
to the Option Property (the "Option Agreement"), setting out the respective rights of the Developer
to purchase the Option Property from the EDA, contingent among other things, on the Developer
obtaining financing for the Development; and
WHEREAS, the City and the EDA have established Tax Increment Financing District No.
7 (Redevelopment District) which includes the Option Property (the "TIF District") pursuant to
Minnesota Statutes Sections 469.174 to 469.1794, as amended (the "TIF Act"); and
WHEREAS, the City or the EDA may incur certain costs related to the TIF District which
may be financed on a temporary basis from available EDA funds; and
WHEREAS, under Section 469.178, subdivision 7 of the TIF Act, the City and the EDA are
authorized to advance or loan money from any fund loan from which such advances may legally be
made in order to finance expenditures that are eligible to be paid with tax increments under the TIF
Act; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic
Development Authority of Brooklyn Center, Minnesota (the "Board"), as follows:
Subject to all of the contingencies set forth therein, including, without limitation, a
public hearing on the sale of the Option Property to the Developer in accordance with
the requirements of law, the EDA hereby approves the Option Agreement, in
substantially the forms presented to the Board, together with any related documents
necessary in connection therewith, including without limitation, documents or
certifications referenced in or attached thereto (the "Development Documents"), and
hereby authorizes the President and Executive Director to execute, on behalf of the
EDA, the Development Documents to which the EDA is a party and to carry out, on
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behalf of the EDA, the EDA's obligations thereunder when all conditions precedent
thereto have been satisfied.
2. The approval hereby given to the Development 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 EDA 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 EDA. The execution of any
instrument by the appropriate officers of the EDA herein authorized shall be
conclusive evidence of the approval of such document in accordance with the terms
hereof. This Resolution shall not constitute an offer and the Development Documents
shall not be effective until the date of execution thereof as provided herein. In the
event of absence or disability of the authorized 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 legal counsel to the EDA, may
act on their behalf.
October 9 2023
Date
04��S) 2
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President
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:
Butler, Graves, Jerzak, Kragness, Lawrence -Anderson.
and the following voted against the same:
None.
whereupon said resolution was declared duly passed and adopted.
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