HomeMy WebLinkAbout1996-020 EDARCommissioner Kathleen Carmody
and moved its adoption:
EDA RESOLUTION NO. 96 -20
introduced the following resolution
RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT
WITH TGI FRIDAY'S. INC.
WHEREAS, the Economic Development Authority in and for the City of Brooklyn
Center (the "Authority is administering its Housing Development and Redevelopment Project
No. 1 (the "Project pursuant to Minnesota Statu ems, Sections 469.001 to 469.047, in an effort
to encourage the development of certain designated areas within the City; and
WHEREAS, among the activities proposed to be assisted by the Authority in the
Project is the development of a motel and restaurant, commonly referred to as the TGI Fridays
Project; and
WHEREAS, there has been presented before the Authority a form of Contract for
Private Redevelopment "Contract between the Authority and TGI Friday's, Inc., setting forth
the parties' respective responsibilities in developing the TGI Friday's Project; and
WHEREAS, the Authority has reviewed the Contract and finds that the execution
of the same and the Authority's performance of its obligations thereunder are in the best interest
of the City and its residents.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Economic Development Authority in and for the City of Brooklyn Center as follows:
1. The Contract, as presented to the Authority, is hereby in all respects approved,
subject to modifications that do not alter the substance of the transaction and that are
approved by the President and Executive Director, provided that execution of the
Contract by such officials shall be conclusive evidence of their approval.
2. The President and Executive Director are hereby authorized to execute the Contract
on behalf of the Authority and to carry out, on behalf of the Authority, the
Authority's obligations thereunder.
August 12, 1996
Date Presid t
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Kristen Mann and upon vote being taken thereon, the following voted in
favor thereof:
Myrna Kragness, Kathleen Carmody, Debra Hilstrom, Kristen Mann, and Charles Nichols;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.