HomeMy WebLinkAbout2024-07 EDARBR291-371-993417.v1
Commissioner Graves introduced the following resolution and moved its adoption:
EDA RESOLUTION NO. 2024-07
APPROVING TERMINATION OF DEVELOPMENT AGREEMENT
(HOM FURNITURE, INC. PROJECT)
WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota, a
public body corporate and politic (the “EDA”) and KKMBA Brooklyn Center LLC, a Minnesota
limited liability company (the “Developer”) entered into a TIF Development Agreement, dated
December 11, 2017 (the “TIF Development Agreement”), in connection with the Developer’s
proposed construction of the Minimum Improvements and the Storm Water Improvements (as
defined in the TIF Development Agreement) on certain property in the City of Brooklyn Center,
Minnesota (the “City”) and the EDA’s use of public assistance to reimburse the Developer for
certain costs related thereto; and
WHEREAS, the Developer has not completed the conditions for the disbursement of the
tax increment financing assistance under the TIF Development Agreement and the Developer
proposes use of the Development Property that is inconsistent with the retail use contemplated in
the TIF Development Agreement and the existing PUD (as defined therein);
WHEREAS, the City Council of the City has approved an amendment to the PUD as
requested by the Developer subject to the Developer’s execution of that certain Termination of
TIF Development Agreement between the EDA and the Developer (the “Termination”) prepared
for consideration of the EDA;
NOW, THEREFORE, BE IT RESOLVED BY the Board of Commissioners (the “Board”) of the
Economic Development Authority of Brooklyn Center, Minnesota as follows:
1. The EDA hereby approves the Termination in substantially the form presented to the
Board, together with any related documents necessary in connection therewith,
(collectively, the “Termination Documents”) and hereby authorizes the President
and Executive Director to execute the Termination Documents on behalf of the
EDA, and to carry out, on behalf of the EDA, the EDA’s obligations thereunder
when all conditions precedent thereto have been satisfied.
2. The approval hereby given to the Termination 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 Termination 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,
BR291-371-993417.v1
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 in their behalf.
December 9, 2024 _____________________________
Date President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Kragness
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.