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HomeMy WebLinkAbout2002-004 EDAR1 Commissioner Ed Nelson introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2002 -04 RESOLUTION APPROVING DEVELOPMENT AGREEMENT INCLUDING A BUSINESS SUBSIDY AGREEMENT BETWEEN THE BROOKLYN CENTER ECONOMIC DEVELOPMENT AUTHORITY AND JOHNCO LLC FOR THE SALE OF THE EDA OWNED PROPERTY LOCATED AT THE NORTHEAST QUADRANT OF 69 AVENUE NORTH AND BROOKLYN BOULEVARD AND AUTHORIZING THE EDA EXECUTIVE DIRECTOR TO EXECUTE THE DEVELOPMENT AGREEMENT WHEREAS, EDA Resolution No. 2002 -02 called for a public hearing on the sale of EDA owned property located at the northeast quadrant of 69 Avenue North and Brooklyn Boulevard, legally described in Exhibit A attached to this Resolution (the Property), to Johnco LLC and was approved by the EDA on January 14, 2002; and WHEREAS, EDA Resolution No. 2002 -03 called for a public hearing on the granting of a Business Subsidy for the 69 and Brooklyn Boulevard Retail Development Project and was approved by the EDA on January 14, 2002; and WHEREAS, after conducting a public hearing on the sale of the property, the EDA considered the terms and conditions of the proposed sale of the property to Johnco LLC as contained in the Development Agreement prepared for the sale of the property; and WHEREAS, after conducting a public hearing on the Business Subsidy Agreement contained in the Development Agreement, the EDA considered the terms of the Business Subsidy Agreement; and WHEREAS, the Brooklyn Center EDA has determined it is in the best interests of the Economic Development Authority and the City of Brooklyn Center to sell the property to Johnco LLC, pursuant to the terms and conditions of the Development Agreement including a Business Subsidy Agreement, reviewed at their February 11, 2002 meeting. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of Brooklyn Center, Minnesota as follows: 1. The EDA hereby approves the terms and conditions of the sale of the property to Johnco LLC pursuant to a Development Agreement between the Economic Development Authority and Johnco LLC, which approval also includes approval of the Business Subsidy Agreement contained in and made part of the Development Agreement. 1 EDA RESOLUTION NO. 2002 -04 2. The EDA Executive Director is hereby authorized and directed to execute the Development Agreement including the Business Subsidy Agreement between the Economic Development Authority and Johnco LLC for the sale of the property. 3. The EDA Executive Director is hereby authorized and directed to execute the necessary documents relative to the conveyance of the property to Johnco LLC pursuant to the terms and conditions of the Development Agreement. February 11, 200 2,a.- Date Presided 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, Kay Lasman, Ed Nelson, Bob Peppe, and Tim Ricker; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted. RESOLUTION NO. 2002 -04 EXHIBIT A Lots 8 14, Block 1; Lots 1 5, 9 14, 16 18, parts of lots 6 8, and part of Lot 15, Block 2, Lane's Brooklyn Center Addition, Hennepin County, Minnesota and That part of June Avenue North as platted in Lanes Brooklyn Center addition lying south of the south line of the 70 Avenue right -of -way and lying north of the following described line is hereby vacated for street purposes: Commencing at the southeast corner of Lot 6, Block 2, thence northerly along the westerly right -of -way of June Avenue North a distance of 39 feet to the point of beginning, thence easterly at a right angle to the easterly right -of -way of June Avenue North there terminating. This property is more commonly described as the northeast quadrant of 69 Avenue North and Brooklyn Boulevard.