HomeMy WebLinkAbout2009-013 EDAR Commissioner Kay Lasman introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO. 2009 -13
RESOLUTION AUTHORIZING THE STIPULATION OF SETTLEMENT IN
CONNECTION WITH THE REAL PROPERTY LOCATED AT 6742 REGENT
AVENUE NORTH, BROOKLYN CENTER, MINNESOTA
WHEREAS, the Brooklyn Center Economic Development Authority "EDA a
body corporate and politic organized and existing under the laws of the State of Minnesota, is
authorized to engage in development and redevelopment activities pursuant to Minn. Stat.
469.090 to 469.018 and related statutes; and
WHEREAS, the EDA holds a mortgage on the property located at 6742 Regent
Avenue North, legally described as Lot 1, Block 4, Nordstrom's Terrace, Hennepin County,
Minnesota (the "Property"); and
WHEREAS, EDA is a defendant in an action to foreclose a mortgage held by
CitiMortgage, Inc. in Court File No: 27 -CV -08 -9149; and
WHEREAS, the EDA desires to enter into a Stipulation Agreement in lieu of
proceeding to trial to resolve the dispute between the parties.
NOW THEREFORE, BE IT RESOLVED, by the Economic Development
Authority in and for the City of Brooklyn Center that the Stipulation Agreement between the EDA
and CitiMortgage, Inc. in Court File No: 27 -CV -08 -9149 is hereby approved.
BE IT FURTHER RESOLVED that the City Council hereby authorizes and directs
the Mayor and its City Manager to execute any and all documents and instruments necessary to
implement the terms of the Stipulation Agreement.
July 27. 2009
Date President
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Dan Ryan
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Kay Lasman, Dan Ryan, and Mark Yelich;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.