Loading...
HomeMy WebLinkAbout2009-018 EDAR Commissioner Tim Roche introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2009 -18 RESOLUTION AUTHORIZING EXECUTION OF A THIRD AMENDMENT TO REAL ESTATE OPTION AGREEMENT (FBI REGIONAL FIELD OFFICE) WHEREAS, the Economic Development Authority of the City of Brooklyn Center, Minnesota (the "Authority and the United States of America, acting by and through the U.S. General Services Administration (the "GSA have heretofore entered into a Real Estate Option Agreement (the "Option Agreement providing for the Authority's conveyance of certain real property to GSA for the purpose of constructing office space containing approximately 162,000 square feet of rentable space with a future onsite parking facility structure having a minimum of 200 spaces (the "Project within the City of Brooklyn Center, Minnesota (the "City and WHEREAS, a proposed form of Development Agreement in connection with the Project is attached as an exhibit to the Option Agreement (the "Development Agreement and WHEREAS, by that certain Assignment of Option Agreement dated effective as of June 19, 2009, the GSA assigned its rights under Option Agreement to Barry Minneapolis, LLC (the "Developer and WHEREAS, the Authority and the Developer previously entered into that certain First Amendment to Real Estate Option Agreement dated effective as of June 19, 2009 for the purpose of extending the term of the option granted in the Option Agreement; and WHEREAS, the Authority and GSA previously entered into that certain Second Amendment to Real Estate Option Agreement dated effective as of September 17, 2009 for the purpose of further extending the term of the option granted in the Option Agreement; and WHEREAS, the Authority and GSA desire to further amend the Option Agreement, and the form of Development Agreement attached thereto, pursuant to a Third Amendment to Real Estate Option Agreement (the "Amendment to revise the timing and manner of the exercise of the option and related title and survey review and to make certain amendments to the form of Development Agreement to be entered into by the parties upon exercise of the option contained in the Option Agreement. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Authority of Brooklyn Center, Minnesota, as follows: 1. The Board of Commissioners hereby approves the Amendment in substantially the form submitted, and the Executive Director is hereby authorized and directed to execute the Amendment on behalf of the Authority. EDA RESOLUTION NO. 2009 -18 2. The approval hereby given to the Amendment includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the Authority officials authorized by this resolution to execute the Amendment. The execution of the Amendment by the appropriate officer or officers of the Authority shall be conclusive evidence of the approval of the Amendment in accordance with the terms hereof. October 26, 2009 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: Tim Willson, Kay Lasman, Tim Roche, Dan Ryan, and Mark Yelich; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted.