HomeMy WebLinkAbout2006-012 EDAR1
1
Commissioner Kathleen Carmody introduced the following resolution
and moved its adoption:
EDA RESOLUTION NO. 2006 -12
EDA RESOLUTION DELETING PROPERTY FROM TAX INCREMENT
FINANCING DISTRICT NO. 2 AND APPROVING AND AUTHORIZING
EXECUTION OF A DEVELOPMENT AGREEMENT
A. WHEREAS, the Economic Development Authority of Brooklyn Center,
Minnesota (the "Authority has caused to be prepared a Development Agreement (the
"Development Agreement between the Authority, the City of Brooklyn Center (the "City and
Brooklyn Hotel Partners, LLC, a Minnesota limited liability company (the "Developer in
connection with the Developer's proposed development of hotels and related facilities in the City
(the "Project and
B. WHEREAS, based on the representations and covenants made by the Developer
in the Development Agreement, the Authority has agreed to sell the real property on which the
Project will be constructed, which property is legally described on Exhibit A attached hereto (the
"Premises to the Developer, and the City has agreed to abate to the Developer the increased
real property taxes derived from the construction of the Project; and
C. WHEREAS, the Premises are located within Tax Increment Financing District
No. 2 (the "TIF District and, under Minnesota law, the Premises must be removed from the
TIF District in order for the City to abate the real property taxes; and
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of
Brooklyn Center as follows:
Section 1. The Board of Commissioners hereby removes the Premises from the TIF
District. The Authority elects to use the provisions of Section 469.175, Sub. 4(e)(2)(B) if the
current tax capacity of the Property is less than the original tax capacity. The staff of the
Authority is directed to file a copy of this Resolution with the Hennepin County Auditor and take
any other action necessary to remove the Premises from the TIF District.
Section 2. The Board of Commissioners hereby approves the Development Agreement in
substantially the form submitted, and the Executive Director is hereby authorized and directed to
execute the Development Agreement on behalf of the Authority.
October
23, 2006
Date Presi ent
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Kay Lasman
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kathleen Carmody, Kay Lasman, and Diane Niesen;
and the following voted against the same: Mary O'Connor;
whereupon said resolution was declared duly passed and adopted.
EDA RESOLUTION NO. 2006-12
LEGAL DESCRIPTION AND PID NUMBER OF DEVELOPMENT PROPERTY
1912113v7
Legal Description: Lot 1, Block 1, Brooklyn Farm Addition
PID Number: 35119 21 430016
EXHIBIT A
A -1