HomeMy WebLinkAbout1986-153 CCR1
1
Member Bill Hawes
resolution and moved its adoption:
RESOLUTION NO.
86 -153
introduced the following
RESOLUTION AUTHORIZING EXECUTION OF SUBORDINATION
AGREEMENT AND CONSENT AND ESTOPPEL AGREEMENT AND
APPROVING ASSIGNMENT OF DEVELOPMENT CONTRACT
WHEREAS, the City of Brooklyn Center (City) has entered into
an agreement with Earle Brown Commons Partnership, dated July 1,
1986, and entitled "Contract for'Private Development" providing
for the development of certain real property within the Earle
Brown Farm Redevelopment District; and
WHEREAS, in furtherance of such agreement and consistent
therewith, Earle Brown Commons Partnership wishes to assign its
interests and obligations under the agreement to Earle Brown
Commons Limited Partnership; and
WHEREAS, the City finds that such assignment is appropriate
and in furtherance of the Earle Brown Farm Redevelopment
District; and
WHEREAS, representatives of the City have presented to the
City a proposed agreement entitled "Subordination Agreement" by
and between the Housing and Redevelopment Authority in and for
the City of Brooklyn Center (HRA), the City and National City
Bank of Minneapolis and a proposed agreement entitled "Consent
and Estoppel Agreement" by and between the HRA, the City, Earle
Brown Commons Limited Partnership, and Miller _Securities
Incorporated; and
WHEREAS, the City has reviewed such agreements and finds
that the same are appropriate and in furtherance of the Earle
Brown Farm Redevelopment District;
NOW, THEREFORE, BE IT RESOLVED by the City of Brooklyn
Center as follows:
1. The assignment of the interests and obligations of
Earle Brown Commons Partnership to Earle Brown Commons
Limited Partnership under the Contract for Private
De is hereby approved.
2. The proposed Subordination Agreement and Consent and
Estoppel Agreement are hereby approved.
3. The Mayor and City Manager are hereby authorized to
execute such agreements in the name of and on behalf of
the City and are hereby authorized to take such steps
1
1
1
RESOLUTION NO. 86 -153
as are necessary to carry out the objectives of the
City thereunder.
September 15, 1986
Date
ATTEST: V, T 2
Clerk
Ma
The motion for the adoption of the foregoing resolution was duly
seconded by member Rich Theis and upon vote being taken
thereon, the following voted in favor thereof: Dean Nyquist,
Bill Hawes, and Rich Theis;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.