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HomeMy WebLinkAbout2023.10.23 EDAM REGULAR SESSION10/23/23 -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 OCTOBER 23, 2023 CITY HALL – COUNCIL CHAMBERS 1. CALL TO ORDER The Brooklyn Center Economic Development Authority (EDA) met in Regular Session called to order by President April Graves at 10:00 p.m. 2. ROLL CALL President April Graves and Commissioners Marquita Butler, Kris Lawrence-Anderson, Dan Jerzak, and Teneshia Kragness. Also present were City Manager Reggie Edwards, Assistant City Manager/City Clerk Barb Suciu, and City Attorney Jason Hill. 3. APPROVAL OF AGENDA AND CONSENT AGENDA Commissioner Jerzak moved and President Graves seconded to approve the Agenda and Consent Agenda, and the following item was approved: 3a. APPROVAL OF MINUTES 1. October 9, 2023 – Regular Session Motion passed unanimously. 4. COMMISSION CONSIDERATION ITEMS 4a. RESOLUTION APPROVING AMENDED PROMISSORY NOTE FOR THE LOAN TO PHU BIA PRODUCE LIMITED LIABILITY COMPANY FROM THE EDA REVOLVING LOAN FUND Executive Director Reggie Edwards introduced the item and Community Development Director Jesse Anderson explained the purpose of the item was to extend the loan to allow more time for Phu Bia to repay the back rent. Commissioner Jerzak stated he doesn’t see the extension as beneficial as it may encourage the owner to spend more money on the venture. 10/23/23 -2- DRAFT Commissioner Kragness noted the owner has already indicated they are unable to pay additional monthly paym ents. Mr. Anderson stated the monthly payment amount would stay the same, and the maturity date of the loan would be extended by eight months. The loan must be repaid whether or not it is extended by the EDA. Commissioner Kragness asked why the measure wasn’t taken earlier. Mr. Anderson stated Staff was working with the owner to help them open. Commissioner Lawrence-Anderson asked if the measure would force a bankruptcy. Mr. Anderson stated he was unsure. If they cancel the lease and evict them, he is unsure if they will be able to make loan payments. Commissioner Jerzak stated if the City is going to enter into negotiations with the owner, he would be more than willing to extend the loan. He stated he didn’t want the owner to dig the hole any further. There is no sense in going after someone when they are down. Commissioner Lawrence-Anderson suggested tabling the item for Staff to have a conversation with the owner to see what her preference would be. Commissioner Lawrence-Anerson moved and Commissioner Butler seconded to table consideration of a resolution approving an amended promissory note for the loan to Phu Bia Produce Limited Liability Company from the EDA revolving loan fund. Motion passed unanimously. 5. ADJOURNMENT President Graves moved and Commissioner Butler seconded adjournment of the Economic Development Authority meeting at 10:06 p.m. Motion passed unanimously.