HomeMy WebLinkAbout1996-033 CCR1
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its adoption:
Member Kathleen Carmody introduced the following resolution and moved
RESOLUTION NO. 96 -33
RESOLUTION APPROVING A SUPPLEMENTAL DEVELOPMENT
AGREEMENT BY AND AMONG THE CITY OF BROOKLYN CENTER, THE
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
BROOKLYN CENTER, THE ECONOMIC DEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF BROOKLYN CENTER, AND PRESBYTERIAN
HOMES HOUSING AND ASSISTED LIVING. INC.
WHEREAS, the City of Brooklyn Center "City"), the Housing and Redevelopment
Authority in and for the City of Brooklyn Center "HRA and Earle Brown Commons Partnership
(the "Original Developer") entered into a Contract for Private Development dated as of July 16, 1986
(the "Redevelopment Contract providing for development of a multifamily rental housing facility
on certain property in the City (the "Property"); and
WHEREAS, the Property is located in the Earle Brown Farm Redevelopment District
(the "Project Area now part of a project area known as Housing Development and Redevelopment
Project No. 1) and a tax increment financing district (the "TIF District all created under Minnesota
Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 469.178 and predecessor statutes
(collectively, the "Act and
WHEREAS, the HRA and the Original Developer entered into an Assessment
Agreement dated as of September 1, 1986 (the "Assessment Agreement which agreement was
modified by Modification No. 1 to Assessment Agreement and Certification of Assessor dated as of
June 29, 1995 (the "First Modification between the HRA and Earle Brown Commons Limited
Partnership II (the "Successor Developer as successor to the Original Developer; and
WHEREAS, the HRA and the Original Developer entered into a Deficiency
Agreement dated as of September 1, 1986 (the "Deficiency Agreement specifying certain minimum
tax increments payable in connection with the Property; and
WHEREAS, by Resolution No. 87 -170, the City has transferred control and authority
regarding the Project Area and the TIF District from the HRA to the Economic Development
Authority in and for the City of Brooklyn Center EDA and
WHEREAS, Presbyterian Homes Housing and Assisted Living, Inc. "Presbyterian
Homes proposes to acquire the Property from the Successor Developer, which acquisition will be
financed through issuance by the City of its $4,700,000 Elderly Housing Revenue Bonds
(Presbyterian Homes Housing and Assisted Living, Inc. Project), Series 1996 (the "Housing Bonds
and
WHEREAS, in connection with such acquisition and issuance of the Housing Bonds,
the City has determined a need to enter into a Supplemental Development Agreement by and among
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RESOLUTION NO. 96 -33
the City, the HRA, the EDA and Presbyterian Homes (the "Supplemental Agreement which
agreement is intended to supersede the Redevelopment Contract and the Deficiency Agreement; and
WHEREAS, the City has reviewed the Supplemental Agreement and finds that the
execution of the same and the City's performance of its obligations thereunder are in the best interest
of the City and its residents.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center as follows:
1. The Supplemental Agreement as presented to the City Council is approved
subject to modifications that do not alter the substance of the transaction and
that are approved by the Mayor and City Manager, provided that execution of
the Supplemental Agreement by such officials shall be conclusive evidence of
their approval.
2. The Mayor and City Manager are hereby authorized to execute the
Supplemental Agreement on behalf of the City and to carry out, on behalf of the
City, the City's obligations thereunder.
February 12, 1996
Date Mayor
ATTEST: la tnA
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Debra Hilstrom and upon the vote being taken thereon, the following voted in favor
thereof: Myrna Kragness, Debra Hilstrom, and Kathleen Carmody;
and the following voted against the same: Kristen Mann,
whereupon said resolution was declared duly passed and adopted.