HomeMy WebLinkAbout2007-023 EDAR1
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adoption:
Commissioner Dan Ryan introduced the following resolution and moved its
EDA RESOLUTION NO. 2007 -23
RESOLUTION APPROVING A THIRD AMENDMENT TO A
DEVELOPMENT AGREEMENT AND CERTAIN LENDER
CONSENTS /SUBORDINATIONS AND AUTHORIZING THE EDA
EXECUTIVE DIRECTOR TO EXECUTE CERTAIN DOCUMENTS
WHEREAS, the Economic Development Authority of Brooklyn Center (the
"Authority and the City of Brooklyn Center (the "City have heretofore entered into a
Development Agreement dated October 23, 2006, as amended (the "Development Agreement
between the Authority, the City and Brooklyn Hotel Partners, LLC, a Minnesota limited liability
company (the "Developer in connection with two hotel developments to be constructed by the
Developer; and
WHEREAS, the City, the Authority and the Developer desire to further amend the
Development Agreement and the City desires to confirm its joinder in all prior amendments to
the Development Agreement.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development
Authority in and for the City of Brooklyn Center, Minnesota as follows:
1. The Authority hereby approves the Third Amendment to the Development
Agreement in the form on file with the City Clerk, with such changes
thereto as may hereafter be approved by the Executive Director of the
Authority.
2. The Authority hereby approves (a) the Assignment and Subordination of
Development Agreement in favor of The Prudential Insurance Company
of America, and (b) the Consent in favor of Hurlbut -Zeppa Charitable
Trust AR, in the forms on file with the City Clerk, with such changes
thereto as may hereafter be approved by the Executive Director of the
Authority.
3. The EDA Executive Director is hereby authorized and directed to execute
the necessary documents relative to the conveyance of the Phase 1 hotel
property to the Developer pursuant to the terms and conditions of the
Development Agreement.
EDA RESOLUTION NO. 2007 -23
December 27, 2007
Date President
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:
Tim Willson, Kay Lasman, Dan Ryan, and Mark Yelich:
and the following voted against the same: Mary O'Connor;
whereupon said resolution was declared duly passed and adopted.
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