HomeMy WebLinkAbout1986-015 HRARMember Bill Hawes introduced the following
resolution and moved its adoption:
HRA RESOLUTION NO. 86-15
RESOLUTION AUTHORIZING EXECUTION OF SUBORDINATION
AGREEMENT AND CONSENT AND ESTOPPEL AGREEMENT AND
APPROVING ASSIGNMENT OF DEVELOPMENT CONTRACT
. WHEREAS, the Housing and Redevelopment Authority in and for
the City of Brooklyn Center (HRA) has entered into an agreement
with Earle Brown Commons Partnership, dated July 1, 1986, and
entitled "Contract for Private Development" providing for the
development of certain real property within the Earle Brown Farm
Redevelopment District; and
WHEREAS, in furtherance of such agreement and consistent
therewith, Earle Brown Commons Partnership wishes to assign its
interests and obligations under the agreement to Earle Brown
Commons Limited Partnership; and
WHEREAS, the HRA finds that such assignment is appropriate
and in furtherance of the Earle Brown Farm Redevelopment
District; and
WHEREAS, representatives of the HRA have presented to the
HRA a proposed agreement entitled "Subordination Agreement" by
and between the HRA, the City of Brooklyn Center (City) and
National City Bank of Minneapolis and a proposed agreement
entitled "Consent and Estoppel Agreement" by and between the HRA,
the City, Earle Brown Commons Limited Partnership, and Miller
Securities Incorporated; and
WHEREAS, the HRA has reviewed such agreements and finds that
the same are appropriate and in furtherance of the Earle Brown
Farm Redevelopment District;
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Brooklyn Center as
follows:
1. The assignment of the interests and obligations of
Earle Brown Commons Partnership to Earle Brown Commons
Limited Partnership under the Contract for Private
Development is hereby approved.
2. The proposed Subordination Agreement and Consent and
Estoppel Agreement are hereby approved.
3. The Commission Chairman and Executive Director are
hereby authorized to execute such agreements in the
name of and on behalf of the HRA and are hereby
'a
RESOLUTION NO. 86-15
authorized to take such steps as are necessary to
carry out the objectives of the HRA thereunder.
September 15, 1986
Date Chair
The motion for the adoption of the foregoing resolution was duly
seconded by member Rich Theis , and upon vote being taken
thereon, the following voted in favor thereof: Dean Nyquist,
Bill Hawes, and Rich Theis;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
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