HomeMy WebLinkAbout2007 12-27 CCP Special Session i� C
SPECIAL CITY COUNCIL MEETING
City of Brooklyn Center
December 27, 2007 AGENDA
1. Call to Order (immediately following EDA Special Meeting)
—The City Council requests that attendees turn off cell phones and pagers during the meeting.
A copy of the full City Council packet is available to the public. The packet ring binder is
located at the front of the Council Chambers by the Secretary.
2. Roll Call
3. Council Consideration Item
a. Resolution Approving a Third Amendment to a Development Agreement and Certain
Lender Consents/Subordinations
•Requested Council Action:
—Motion to adopt resolution.
4. Adjournment
COUNCIL ITEM MEMOR.ANDUM
TO: Curt Boganey, City Manager
FROM: Tom Bublitz, Community Development Specialist �k'
DATE: December 21, 2007
SUBJECT: Resolution Approving a Third Amendment to a Development Agreement and
Certain Lender Consents/Subordinations
Recommendation:
Recommend approval of Resolution Approving a Third Amendment to a Development
Agreement and Certain Lender Consents/Subordinations
Background:
Background for this resolution is outlined in the EDA memorandum dated December 21, 2007,
for Resolution titled Resolution Approving a Third Amendment to a Development Agreement
and Certain Lender Consents/Subordinations and Authorizing the EDA Executive Director to
Execute Certain Documents
Budget Issues: There are no budget issues.
Commissioner introduced the following resolution and moved its
adoption:
I RESOLUTION NO.
RESOLUTION APPROVING A THIRD AMENDMENT TO A DEVELOPMENT
AGREEMENT AND CERTAIN LENDER CONSENTS/SUBORDINATIONS
WHEREAS, the Economic Development Authority of Brooklyn Center (the
"Authority") and the City of Brooklyn Center (the "City") have heretofore entered into a
Development Agreement dated October 23, 2006, as amended (the "Development Agreement")
between the Authority, the City and Brooklyn Hotel Partners, LLC, a Minnesota limited liability
company (the "Developer") in connection with two hotel developments to be constructed by the
Developer.
WHEREAS, the Authority, the City and the Developer desire to further amend the
Development Agreement and the City desires to confirm its joinder in all prior amendments to
the Development Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brookl Center as follows:
Yn
1. The City Council hereby approves the Third Amendment to the Development
Agreement in the form on file with the City Clerk, with such changes thereto as may
hereafter be approved by the Executive Director of the Authority.
2. The City Council hereby approves (a) the Assignment and Subordination of
Development Agreement in favar of The Prudential Insurance Company of America,
and (b) the Consent in favor of Hurlbut-Zeppa Charitable Trust AR, in the forms on
file with the City Clerk, with such changes thereto as may hereafter be approved by
the Executive Director of the Authority.
Date President
The motion for the adoption of the foregoing resolution was duly seconded by member
and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.