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HomeMy WebLinkAbout2008-002 EDAR1 1 1 Commissioner Kay Lasman introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2008 -02 RESOLUTION AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT ANDREAL ESTATE OPTION AGREEMENT WHEREAS, the United States of America, acting by and through the U.S. General Services Administration "GSA desires to locate certain Federal facilities for office space to be leased to the Federal Bureau of Investigation containing approximately 162,000 square feet of rentable space with future expansion capabilities in conjunction with an onsite structured parking facility having a minimum of 200 spaces within the City of Brooklyn Center, Minnesota (the "Project and WHEREAS, the Authority and GSA have determined to enter into a Real Estate Option Agreement providing for the Authority's conveyance of certain real property to GSA for the purpose of constructing the Project (the "Option Agreement and WHEREAS, the Option Agreement provides that it may be assigned to a developer selected by the GSA to design and build the Project (the "Developer and that upon exercise of the option under the Option Agreement, the Authority and the Developer will enter into a Development Agreement providing for the Authority's assistance with the Project (the "Development Agreement NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City Brooklyn Center, Minnesota, as follows: 1. The Board of Commissioners hereby approves the Development Agreement and the Option Agreement in substantially the forms submitted, and the Executive Director is hereby authorized and directed to execute the Option Agreement on behalf of the Authority and, upon exercise of the option in accordance with the Option Agreement, the Executive Director is hereby authorized and directed to execute the Development Agreement on behalf of the Authority. 2. The Authority and the GSA intend the Development Agreement to be a binding obligation of the parties thereto immediately upon exercise of the option in accordance with the Option Agreement regardless of any delays in the execution and delivery of the Development Agreement by either party. 3. The approval hereby given to the Development Agreement and Option Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the Authority officials authorized by this resolution to execute the Development Agreement and Option Agreement. The execution of the Development Agreement and Option Agreement by the appropriate officer or officers of the Authority shall be conclusive evidence of the approval of the Development Agreement and Option Agreement in accordance with the terms hereof. 1 EDA RESOLUTION NO. 2008 -02 February 25, 2008 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: Tit' Willson, Kay I tsman, and Dan Ryan; and the following voted against the same: Mary 0' Connor, and Mark Yelich; whereupon said resolution was declared duly passed and adopted.