HomeMy WebLinkAbout2002-006 EDAR1
1
Commissioner Nelson introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO. 2002 -06
RESOLUTION AUTHORIZING AND CONSENTING TO THE ASSIGNMENT OF
THE TWIN LAKES BUSINESS PARK'S INTEREST IN A CERTAIN TAX
INCREMENT NOTE TO TWIN LAKES II, LLC
WHEREAS, Twin Lakes Business Park, LLC has requested that the Brooklyn
Center Economic Development Authority consent to the assignment of the Twin Lakes Business
Park's interest in a certain Tax Increment Note to Twin Lakes II, LLC; and
WHEREAS, the Tax Increment Note and Development Agreement between Twin
Lake Business Park, LLC and the Brooklyn Center Economic Development Authority provide
that the note is assignable with the prior written consent of the Brooklyn Center Economic
Development Authority; and
WHEREAS, Twin Lakes II, LLC incurred extraordinary costs in the development
of the improvements on the underlying parcel.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development
Authority in and for the City of Brooklyn Center, Minnesota that the Economic Development
Authority approves, authorizes and consents to the assignment of the Tax Increment Note dated
January 25, 2002, in the amount of Five Hundred Sixty -nine Thousand Nine Hundred and
Thirty -eight dollars ($569,938) made by the Brooklyn Center Economic Development Authority
in favor of Twin Lakes Business Park, LLC (Assignor), to Twin Lakes II, LLC (Assignee).
May 13, 2002
Date
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
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:
whereupon said resolution was declared duly passed and adopted.