HomeMy WebLinkAbout2002-010 EDAR1
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its adoption:
Commissioner Ed Nelson
introduced the following resolution and moved
EDA RESOLUTION NO. 2002 -10
RESOLUTION DETERMINING SUBSTANTIAL COMPLETION OF MINIMUM
IMPROVEMENTS TO MALL FOR PURPOSES OF AMENDED AND
RESTATED DEVELOPMENT AGREEMENT WITH TALISMAN BROOKDALE
ASSOCIATES, L.L.C.
WHEREAS, the Economic Development Authority (EDA) and Talisman Brookdale
Associates, L.L.C. entered into an Amended and Restated Development Agreement; and
WHEREAS, Section III.3 of the Amended and Restated Development Agreement
requires substantial completion of the minimum improvements to the mall by August 15, 2002; and
WHEREAS, substantial completion of the improvements to the interior of the mall
has occurred; and
WHEREAS, the Amended and Restated Development Agreement does not require
full completion of all of the construction and other required activities by Talisman Brookdale
Associates, L.L.C. until August of 2003; and
WHEREAS, Talisman Brookdale Associates, L.L.C. has requested a determination
that it is in compliance with the requirements of Section III.3 with respect to the completion of
minimum improvements to the mall by August 15, 2002; and
costs; and
WHEREAS, Section II.2 (11) requires the expenditure of $50,000,000 in capital
WHEREAS, by letter dated March 27, 2001, Talisman Companies L.L.C. clearly
requested inclusion of certain architectural fees, engineering fees, legal costs related to leasing,
construction management, and construction engineering; and
WHEREAS, the total $50,000,000 placed in the Amended and Restated Development
Agreement was based on the March 27, 2001, letter from Talisman Companies L.L.C., provided such
fees were paid to third parties as required by Section II.2 (11).
NOW, THEREFORE, BE IT RESOLVED by the EDA in and for the City of
Brooklyn Center that the Executive Director be and hereby is authorized to make written
confirmation on behalf of the EDA that Talisman Brookdale Associates, L.L.C. is in compliance
with Section III.3 of the Amended and Restated Development Agreement by virtue of substantial
completion of the minimum improvements, while clearly indicating that additional expenditures and
improvements both inside the mall and for landscaping and parking lot improvements remain yet to
be completed.
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EDA RESOLUTION NO. 2002 -10
AND, BE IT FURTHER RESOLVED that the Executive Director be and hereby is
authorized to acknowledge that the $50,000,000 minimum expenditure required by Section II.2 (11)
does include architectural fees, engineering fees, legal costs related to leasing, construction
management, and construction engineering for purposes of the $50,000,000 minimum expenditure
requirement, provided any such fees are paid to unrelated third parties.
June 24,
2002
Date Presid nt
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Tim Ricker
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.