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HomeMy WebLinkAbout2026-04 EDAR4935-0028-3544.2 Commissioner Graves introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2026-04 RESOLUTION APPROVING A NOTIFICATION OF TERMINATION (OPPORTUNITY SITE PROJECT) WHEREAS, to allow time for exploration of development feasibility within the area generally referred to as the Opportunity Site, the Economic Development Authority of Brooklyn Center, Minnesota (the “EDA”) and Alatus Brooklyn Center MD LLC (the “Developer”) entered into a Preliminary Development Agreement, dated April 8, 2018, which expired on April 1, 2019 and was replaced with a Preliminary Development Agreement, dated April 8, 2019, which expired on April 8, 2020 (collectively, the “PDA”); WHEREAS, the PDA was not extended in writing by the parties after its expiration; and WHEREAS, on September 26, 2022, the EDA approved a proposed “Term Sheet” for a definitive agreement for development of the Opportunity Site as contemplated by the PDA under which the proposed dates for development have passed without proceeding to a definitive development agreement and neither the PDA nor the Term Sheet were binding obligations of the EDA; and WHEREAS, the EDA has reviewed a draft of a letter notifying the Developer of the expiration and termination of the PDA and Term Sheet (the “Termination Letter”) and setting forth its intent not to extend the PDA; and WHEREAS, the Termination Letter is intended to provide a written record for both the Developer and the EDA that the PDA and the Term Sheet have expired and terminated; NOW, THEREFORE, BE IT RESOLVED BY the Board of Commissioners of the Economic Development Authority of Brooklyn Center, Minnesota that the EDA hereby approves the Termination Letter in substantially the form on file with staff, and hereby authorizes the Executive Director to execute the Termination Letter on behalf of the EDA, and to carry out, on behalf of the EDA, the EDA’s intent thereunder. March 23, 2026 Date President ATTEST: Secretary EDA RESOLUTION NO. 2026-04 4935-0028-3544.2 The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Moore and upon vote being taken thereon, the following voted in favor thereof: Graves, Jerzak, Kragness, Lawrence-Anderson, Moore and the following voted against the same: none whereupon said resolution was declared duly passed and adopted.