HomeMy WebLinkAbout2005-083 CCRMember Kay Lasman introduced the following resolution and
moved its adoption:
RESOLUTION NO. 2005-83
RESOLUTION APPROVING A DEVELOPMENT AGREEMENT/BUSINESS
SUBSIDY BETWEEN THE ECONOMIC DEVELOPMENT AUTHORITY
AND BROOKLYN HOTEL PARTNERS LLC
A. WHEREAS, the Economic Development Authority of Brooklyn Center,
Minnesota (the "Authority") has caused to be prepared a Development Agreement (the
"Development Agreement") between the Authority and Brooklyn Hotel Partners, LLC, a
Minnesota limited liability company (the "Developer") in connection with a hotel development
(the "Project") to be constructed by the Developer within a tax increment financing district
heretofore established by the Authority.
B. WHEREAS, based on the representations and covenants made by the Developer
in the Development Agreement, the Authority has agreed to give the Developer certain
assistance, including tax increment assistance, to finance certain public redevelopment costs of
the Project.
C. WHEREAS, Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business
Subsidy Law") requires that certain types of assistance which constitute a "business subsidy" as
defined in the Business Subsidy Law must be approved by the local elected governing body if
the grantor is a local government agency.
D. WHEREAS, the City Council also acts as the Authority and in such capacity has
heretofore approved the Development Agreement, and the City has been advised that the tax
increment assistance and other assistance to be provided to the Developer pursuant to the
Development Agreement constitute a business subsidy and require the approval of the City
Council.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center that the City Council hereby approves the Development Agreement in the form
on file with the City Clerk, and hereby ratifies all prior actions heretofore taken by the Authority
in connection with the Development Agreement and the Project and specifically approves and
ratifies the business subsidy set forth in the Development Agreement.
Mav 23 2005 '
Ji~~ ~ Mayor 0
ATTEST: _
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Diane Niesen
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kay Lasman, and Diane Niesen;
and the following voted against the same: Mary O'Connor;
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 2005-83
STATE OF MINNESOTA
COUNTY OF HENNEPIN
I, the undersigned, being the duly qualified and acting Clerk of the City of Brooklyn
Center, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and
foregoing extract of minutes with the original minutes of a meeting of the City Council of the
City of Brooklyn Center held on the date therein indicated, which are on file and of record in my
office, and the same is a full, true and complete transcript therefrom insofar as the same relates to
a Resolution Approving a Development Agreement.
WITNESS my hand as such Clerk of the City of Brooklyn Center this,93nkday of
~c•-I.- , 2005.
U
City Clerk
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