HomeMy WebLinkAbout2006-005 EDAR1
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EDA RESOLUTION NO. 2006 -05
THIS AMENDMENT is made by and between Eastbrook Properties, LLC, a Minnesota
limited liability company "Buyer and the Brooklyn Center Economic Development Authority
(hereinafter referred to as the "Seller
WITNESSETH:
WHEREAS, the Buyer and Seller are parties to an agreement entitled "Purchase
Agreement" dated April 11, 2005 (the "Purchase Agreement for the purchase and sale of property
described as follows:
That part of Tracts A and B described below:
Tract A. That part of Lot 24, Auditor's Subdivision Number 310, shown as Parcel 17 on
Minnesota Department of Transportation Right of Way Plat No. 27 -20 as the same
is on file and of record in the office of the County Recorder in and for Hennepin
County, Minnesota;
Tract B. Lots 25, 26 and the south 112 feet of Lot 27, Auditor's Subdivision Number 310,
according to the plat thereof on file and of record in the office of the County
Recorder in and for Hennepin County, Minnesota;
which lies westerly of Line 1 described below:
Line 1.
Subject to the following restriction:
No access shall be permitted to Trunk Highway No. 110, renumbered 252, from the lands herein
conveyed.
and
AMENDMENT TO PURCHASE AGREEMENT
Commencing at Right of Way Boundary Corner B35 as shown on said Plat No. 27-
20; thence westerly on an azimuth of 269 degrees 35 minutes 20 seconds along the
boundary of said plat for 195.49 feet to the point of beginning of Line 1 to be
described; thence on an azimuth of 354 degrees 58 minutes 30 seconds for 268.52
feet; thence on an azimuth of 89 degrees 35 minutes 20 seconds for 129.14 feet;
thence on an azimuth of 355 degrees 02 minutes 49 seconds for112.35 feet to Right
of Way Boundary Corner B40 as shown on said Plat No. 27 -20 and there
terminating;
WHEREAS, the parties have agreed that it is in the best interest of the parties and the
people of the City of Brooklyn Center, and furthers the general plan of economic development of
the City, for the Purchase Agreement to be amended as provided herein;
EDA RESOLUTION NO. 2006 -05
NOW, THEREFORE, on the basis of the premises and the mutual covenants and
agreements hereinafter set forth, the parties hereto agree as follows:
1. Paragraph 3 of the Purchase Agreement is hereby deleted, and the following
substituted therefor:
"The Property must be improved with a single family residential development approved by
the city council of the City of Brooklyn Center and the Seller. Development of the Property
in accordance with the preliminary plat for the development thereof previously approved by
the city council is hereby approved by the Seller. Buyer will secure fmal plat approval for
its development including all of the Property, for a single family residential development
and will commence construction of public improvements by one year from the date of
closing on the sale of the Property. Prior to conveyance of the Property, Seller will execute
a declaration of covenants against the Property providing that the Property may not be used
for any purpose other than detached single family residential development. Such
declaration shall be recorded at Buyer's expense and enforceable by Seller."
2. Except as explicitly modified herein, the Purchase Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands as of the
day of 2006.
BROOKLYN CENTER
ECONOMIC DEVELOPMENT AUTHORITY
By:
Its esident
And by:
Its Executive Director
EASTBROOK PROPERTIES, LLC
By:
Its:
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Commissioner Kay Lasman introduced the following resolution and
moved its adoption:
That part of Tracts A and B described below:
Tract A.
Line 1.
Subject to the following restriction:
EDA RESOLUTION NO. 2006 -05
RESOLUTION AMENDING PURCHASE AGREEMENT BETWEEN
EASTBROOK PROPERTIES, LLC, AND THE BROOKLYN CENTER
ECONOMIC DEVELOPMENT AUTHORITY
WHEREAS, the Economic Development Authority ("EDA") is a party to a purchase
agreement dated April 11, 2005 (the "Purchase Agreement with Eastbrook Properties, LLC, under
which the EDA has agreed to convey certain excess right -of -way legally described as follows:
That part of Lot 24, Auditor's Subdivision Number 310, shown as Parcel 17 on
Minnesota Department of Transportation Right of Way Plat No. 27 -20 as the same is
on file and of record in the office of the County Recorder in and for Hennepin
County, Minnesota;
Tract B. Lots 25, 26 and the south 112 feet of Lot 27, Auditor's Subdivision Number 310,
according to the plat thereof on file and of record in the office of the County
Recorder in and for Hennepin County, Minnesota;
which lies westerly of Line 1 described below:
Commencing at Right of Way Boundary Corner B35 as shown on said Plat No. 27-
20; thence westerly on an azimuth of 269 degrees 35 minutes 20 seconds along the
boundary of said plat for 195.49 feet to the point of beginning of Line 1 to be
described; thence on an azimuth of 354 degrees 58 minutes 30 seconds for 268.52
feet; thence on an azimuth of 89 degrees 35 minutes 20 seconds for 129.14 feet;
thence on an azimuth of 355 degrees 02 minutes 49 seconds for 112.35 feet to Right
of Way Boundary Corner B40 as shown on said Plat No. 27 -20 and there terminating;
No access shall be permitted to Trunk Highway No. 110, renumbered 252, from the lands herein
conveyed; and
WHEREAS, the EDA has determined that amendment of the Purchase Agreement is
in the best interests of the public and would further the general plan for economic development of the
City; and
WHEREAS, the EDA has received and considered a proposed amendment to the
Purchase Agreement "Amendment to Purchase Agreement
EDA RESOLUTION NO. 2006 -05
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority
in and for the City of Brooklyn Center, Minnesota, as follows:
1. The Amendment to Purchase Agreement is hereby approved.
2. The President and Executive Director are authorized and directed to execute
the Amendment to Purchase Agreement and take all steps necessary to effect
conveyance of the property in accordance with the terms of the Purchase
Agreement, as amended.
April 10, 2006
Date
Pr sident
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Kathleen Carmody
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kathleen Carmody, Kay Tasman, Diane Niesen, and Mary O'Connor;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
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