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HomeMy WebLinkAbout1999-006 EDARCommissioner Ed Nelson introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 99 -06 RESOLUTION APPROVING EXTENSION AGREEMENT WITH BOULEVARD SHOPPES, LLC, AND RESCINDING NOTICE OF TERMINATION OF CONTRACT FOR PRIVATE REDEVELOPMENT WHEREAS, attached hereto and incorporated herein by reference as Exhibit A is a proposed extension agreement with Boulevard Shoppes, LLC; and WHEREAS, the terms and conditions set forth in the attached extension agreement are reasonable and proper; and WHEREAS, the Economic Development Authority had previously authorized and given notice of termination to Boulevard Shoppes, LLC, of the contract for private redevelopment dated as of June 11, 1998; and WHEREAS, execution of the extension agreement with Boulevard Shoppes, LLC, extends the time within which the redeveloper may perform under the contract. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of Brooklyn Center that the extension agreement set forth in Exhibit A be and hereby is approved. BE IT FURTHER RESOLVED by the Economic Development Authority in and for the City of Brooklyn Center that the notice of termination of the contract for private redevelopment that would have been effective January 26, 1999, be and hereby is rescinded. January 25 1999 Date President 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: Myran Kragness, Debra Hilstrom, Kay Lasman, Ed Nelson, and Robert Peppe; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted. 1 1 WITNESSETH: ADDENDUM TO CONTRACT FOR PRIVATE REDEVELOPMENT Exhibit A This Agreement is made on or as of the 25th day of January 1999 by and between the Economic Development Authority in and for the City of Brooklyn Center, a public body corporate and politic (the "Authority and Boulevard Shoppes, LLC, a Minnesota limited liability company (the "Redeveloper WHEREAS, the Authority and the Redeveloper entered into a contract entitled "Contract for Private Redevelopment by and between Economic Development authority in and for the City of Brooklyn Center and Boulevard Shoppes, LLC" dated as of June 11, 1998 (the "Redevelopment Agreement and WHEREAS, Section 11.1 of the Redevelopment Agreement provided generally that the Authority had the right to terminate the Redevelopment Agreement if closing on the Redevelopment Property (as defined therein) had not occurred by December 31, 1998; and WHEREAS, closing on the Redevelopment Property had not occurred prior to December 31, 1998 nor had Redeveloper requested that portions of the Redevelopment Property which it had been unable to acquire be acquired by the Authority pursuant to Sections 3.1 and 3.2 of the Redevelopment Agreement; and WHEREAS, Redeveloper has requested that the Redevelopment Agreement not be terminated, has indicated a desire to continue to pursue redevelopment of the Redevelopment Property and has requested that the Redevelopment Agreement be amended as hereinafter set forth; and WHEREAS, the Authority has determined that it is in the best interests of the public to amend the Redevelopment Agreement in accordance with this Addendum. NOW, THEREFORE, ON THE BASIS OF THE FOREGOING AND THE MUTUAL PROMISES HEREINAFTER SET FORTH, IT IS AGREED AS FOLLOWS: 1. The Redevelopment Agreement is amended as set forth in this Addendum. In all other respects the Redevelopment Agreement shall remain in full force and effect. 2. Section 11.1 of the Redevelopment Agreement is amended to read: "This Agreement shall automatically terminate, without further action or notice by either party, at 4:30 o'clock p.m. March 16, 1999 unless Redeveloper has provided written proof to the Authority prior to said date and time that all portions of the Redevelopment Property which are not then owned by the Authority have been acquired by the Redeveloper, and closing has occurred thereon, or unless the parties agree in writing to a further extension, time being of the absolute essence hereof." CLL- 156791 BR305 -56 1 1 1 3. Section 11.2 of the Redevelopment Agreement is deleted. Exhibit A 4. The Authority may, in its absolute and sole discretion, negotiate with the owners of single family residential houses in the Redevelopment Property which are not owned by, or subject to options or purchase agreements with, the Authority or the Redeveloper, enter into agreements and purchase such properties on such terms and conditions as the Authority deems fair and reasonable. Properties so acquired shall be treated in all respects under the Redevelopment Agreement as though such properties had been acquired prior to the date of the Redevelopment Agreement, and the costs of acquiring such properties shall be included as Land Acquisition Costs (as defined therein). 5. Properties acquired by the Authority will be subject to the terms of the Redevelopment Agreement; provided, however, that Redeveloper shall not be entitled to possession of such properties prior to May 15, 1999. 6. In the event of termination of this Agreement the Authority shall have the following rights with respect to those portions of the Redevelopment Property in which the Redeveloper has an interest: a) In the case of properties for which Redeveloper has a non assignable option or purchase agreement as of the date of termination, Redeveloper will cooperate with the Authority, at the request of the Authority, in attempting to secure permission to assign said option or purchase agreements to the Authority. If Redeveloper acquires any of such properties pursuant to any such option or purchase agreement or amendment or extension thereof, Redeveloper shall immediately give notice of such acquisition to the Authority, and such properties shall be subject to paragraph 6 b) of this Addendum. b) Redeveloper will convey to the authority upon written demand made within thirty (30) days of the date of termination of this Agreement any portions of the Redevelopment Property owned by Redeveloper as of the date of termination. In the case of properties acquired after termination and subject to paragraph 6 a) of this Addendum such written demand shall be made within thirty (30) days of notice of acquisition given by the Redeveloper. Conveyance for each such property shall be by warranty deed, conveying marketable title for a purchase price equal to the amount paid by Redeveloper to the previous owner. Closing shall occur within one hundred twenty (120) days after the Authority's written demand, or sixty (60) days after receipt by the Authority of evidence of marketable title (extended, up to date abstract of title or RPA which shall be provided by Redeveloper at Redeveloper's expense within sixty (60) days of receipt of the Authority's demand), whichever occurs later. c) Redeveloper will assign to the Authority all options or purchase agreements for any CLL- 156791 2 BR305 -56 1 1 portion of the Redevelopment Property in which the Redeveloper has an assignable interest as of the time of termination within fifteen days of receipt of written demand therefor by the Authority (which demand shall be given within thirty (30) days after termination). Upon receipt of assignment, the Authority shall pay to Redeveloper an amount equal to the amount of earnest money or option payment paid by Redeveloper to the owner of the parcel. IN WITNESS WHEREOF, the Authority has caused this Agreement to be duly executed in its name and behalf and its seal to be hereunto duly affixed and the Redeveloper has caused this Agreement to be duly executed in its name and behalf on or as of the date first above written. STATE OF MINNESOTA SS. COUNTY OF HENNEPIN CLL- 156791 BR305 -56 3 ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF BROOKLYN CENTER, MINNESOTA By Its Pre ent Exhibit A By Its Executive Director The foregoing instrument was acknowledged before me this day of ,1999 by and the President and Executive Director of the Economic Development Authority in and for the City of Brooklyn Center, Minnesota, a public body politic and corporate, on behalf of the Authority. Notary Public 1 STATE OF MINNESOTA SS. COUNTY OF The foregoing instrument was acknowledged before me this day of 1999 by the of Boulevard Shoppes, LLC, a Minnesota limited liability company, on behalf of the company. CLL- 156791 BR305 -56 4 BOULEVARD SHOPPES, LLC By Its Notary Public Exhibit A