Loading...
HomeMy WebLinkAbout2003-004 EDAR1 1 1 adoption: Member Kay Lasman introduced the following resolution and moved its EDA RESOLUTION NO. 2003 -04 RESOLUTION APPROVING 2 AMENDED AND RESTATED DEVELOPMENT AGREEMENT AND ASSIGNMENT OF THE SAME WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota (the "EDA has heretofore entered into An Amended and Restated Development Agreement dated January 22, 2001(the "Amended and Restated Development Agreement by and between the EDA and Talisman Brookdale, LLC, a Delaware limited liability company (the "Developer with respect to the renovation of the Brookdale Mall (the "Project and WHEREAS, the Developer has requested certain changes to the Amended and Restated Development Agreement, which changes do not reduce or diminish the Developer's obligations to construct the minimum improvements; and WHEREAS, the Developer's requested changes would either clarify existing obligations or change the date by when the minimum market value for tax assessment purposes must be met in order to receive tax increment proceeds, while not extending the period during which the Developer would be eligible to receive tax increment proceeds; and WHEREAS, the EDA has previously authorized the assignment of Developer's interest in the Amended and Restated Development Agreement to Talisman Brookdale Associates, LLC, a Delaware limited liability company (the "New Developer (the "Developer Assignment and the New Developer's assignment of its interest in the Restated Development Agreement to Fleet National Bank, (the "Lender which is making a mortgage loan to finance the Project (the "Lender Assignment and WHEREAS, authorizing a 2 Amended and Restated Development Agreement that provides for a change in the date by which the required market value will be achieved does not materially impact the Developer's obligations and would be appropriate NOW THEREFORE, BE IT RESOLVED by the EDA in and for the City of Brooklyn Center as follows: 1. The President and Executive Director are hereby authorized to execute a 2 Amended and Restated Development Agreement which incorporates all the terms of the Amended and Restated Development Agreement dated January 22, 2001 with the following changes: 1 1 RESOLUTION NO. 2003 -04 May 12, 2003 a. Article IV shall be amended to reflect an assessed value as of January 2, 2005 b. Article III.5 shall be amended to substitute the date of January 2, 2005 for the date of January 2, 2004 c. Exhibit "H" shall be conformed to the amended dates reflected in the 2nd Amended and Restated Development Agreement d. Article VI.1 shall be amended to substitute August 1, 2004 for the date of August 1, 2003 e. Article IV.1 shall be amended to correct the typographical error of December 31, 2007 and replace that date with December 31, 2008 to conform to the definition in Article I of Final Payment Date of calendar year 2009 f. Any other changes necessary to reflect the changes in the Developer's obligations relative to assessed market valuation as of January 2, 2005 or August 1, 2004 as provided in the foregoing amendments in a. through e. of this Resolution, but retaining the Final Payment Date of calendar year 2009 and conforming the document to that date for final payment. Date President The motion for the adoption of the foregoing resolution was duly seconded by member Diane Niesen and upon vote be taken thereon, the following voted in favor thereof: Myrna Kragness, Kathleen Carmody, Kay Lasman, Diane Niesen, and Bob Peppe; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted. 1 1 RESOLUTION NO. 2003 -04 STATE OF MINNESOTA COUNTY OF HENNEPIN CERTIFICATE I, the undersigned, being the duly qualified Secretary of the Economic Development Authority of Brooklyn Center, Minnesota, hereby certify that the above resolution is a true and correct copy of the resolution as adopted by the Board of Commissioners of the Economic Development Authority of the City of Brooklyn Center on May 12, 2003. WITNESS my hand officially as the Secretary of the Economic Development Authority of Brooklyn Center this 13 day of May, 2003.