HomeMy WebLinkAbout2001-014 EDARCommissioner
moved its adoption:
RESOLUTION APPROVING AMENDMENT(S) TO DEVELOPMENT AGREEMENT
BY AND BETWEEN ECONOMIC DEVELOPMENT AUTHORITY OF BROOKLYN
CENTER, MINNESOTA AND BRI -MAR COMPANY, INC. AND TRI- FORTUNE
PROPERTIES, INC. AND COUNTY OF HENNEPIN.
WHEREAS, EDA Resolution 2001 -11 Authorizing Execution of a Development
Agreement was approved by the EDA Board of Commissioners on May 29, 2001; and
WHEREAS, the Development Agreement, dated May 1, 2001, provides for the
acquisition and conveyance of various parcels of property by and among the parties to the
Development Agreement, which obligations to acquire and convey property are contingent upon
the satisfaction of those contingencies as set forth in Section 3.1(b) of the Development
Agreement; and
WHEREAS, the parties to the Development Agreement desire to (a) amend and
extend the Contingency Date, as defined in Section 1.1 of the Development Agreement, for the
satisfaction or fulfillment of the unsatisfied contingencies, and (b) amend and extend the date for
the acquisition and conveyance of said parcels by the EDA.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development
Authority in and for the City of Brooklyn Center, Minnesota as follows:
July 23, 2001
1. The Executive Director may from time to time, in his discretion, extend
the Contingency Date (now stated to be July 1, 2001), as defined in the
Development Agreement and/or the date by which the Development
Property is to be acquired (now stated to be December 1, 2001) for such
periods of time as the Executive Director deems necessary or desirable,
provided that the authority granted herein shall be limited to extensions of
said dates for periods which expire no later than nine months from the
initial dates, respectively, as established in the Development Agreement.
2. The Executive Director is hereby authorized and empowered to execute
any and all amendments, extensions and supplements to the Development
Agreement as may be necessary and/or appropriate to so extend said dates.
Date
Fd Nelson
EDA RESOLUTION NO. 2001 14
introduced the following resolution and
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.