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Home My WebLink About2003 12-08 EDAP • EDA MEETING City of Brooklyn Center December 8, 2003 AGENDA 1. Call to Order 2. Roll Call 3. Approval of Agenda and Consent Agenda -The following items are considered to be routine by the Economic Development Authority (EDA) and will be enacted by one motion. There will be no separate discussion of these items unless a Commissioner so requests, in which event the item will be removed from the consent agenda and considered at the end of Commission Consideration Items. a. Approval of Minutes - Commissioners not present at meetings will be recorded as abstaining from the vote s on the minutes. 1. November 10, 2003 - Regular Session 4. Commission Consideration Item • a. Resolution Approving the Final Budget for the City of Brooklyn Center Economic Development Authority - Requested Commission Action: - Motion to adopt resolution. b. Resolution Amending Tax Increment Pledge Agreement - Requested Commission Action: - Motion to adopt resolution. C. Resolution Approving a Preliminary Development Agreement for 7000 Brooklyn Boulevard with Anderson Builders - Requested Commission Action: - Motion to adopt resolution. 5. Adjournment EDA Agenda Item No. 3a MINUTES OF THE PROCEEDINGS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF BROOKLYN CENTER IN THE COUNTY OF HENNEPIN AND THE STATE OF MINNESOTA REGULAR SESSION NOVEMBER 10, 2003 CITY HALL - CITY COUNCIL 1. CALL TO ORDER The Brooklyn Center Economic Development Authority (EDA) met in Regular Session and was called to order at 8:26 .m. b President Myrna Kra P Y yrn ness. g 2. ROLL CALL President Myrna Kragness, Commissioners Kay Lasman, Diane Niesen, and Bob Peppe. Commissioner Kathleen Carmody was absent and excused. Also present: Executive Director Michael McCauley, Community Development Director Brad Hoffinan, City Attorney Charlie LeFevere, and Deputy City Clerk Maria Rosenbaum. • 3. APPROVAL OF AGENDA AND CONSENT AGENDA A motion by Commissioner Lasman, seconded by Commissioner Peppe to approve the agenda and consent agenda. Motion passed unanimously. 3a. APPROVAL OF MINUTES A motion by Commissioner Lasman seconded b Commissioner Peppe to approve the September y pp pp p 22, 2003, regular session minutes. Motion passed unanimously. 4. COMMISSION CONSIDERATION ITEMS 4a. RESOLUTION AUTHORIZING SUBMISSION OF AN APPLICATION TO THE HENNEPIN COUNTY ENVIRONMENTAL RESPONSE FUND Executive Director Michael McCauley discussed in connection with the approval by the City Council at its meeting this evening to continue with assessment of the Hmong Shopping Center this resolution would authorize the application to the Hennepin County Environmental Response Fund. RESOLUTION NO. 2003 -11 • Commissioner Lasman introduced the following resolution and moved its adoption: 11/10/03 -1- DRAFT i RESOLUTION AUTHORIZING SUBMISSION OF AN APPLICATION TO THE HENNEPIN COUNTY ENVIRONMENTAL RESPONSE FUND • The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Peppe. Motion passed unanimously. 5. ADJOURNMENT A motion by Commissioner Lasman, seconded by Commissioner Peppe to adjourn the meeting at 8:26 p.m. Motion passed unanimously. President • 11/10/03 -2- DRAFT i • EDA Agenda Item No. 4a Member introduced the following resolution and moved its • adoption: EDA RESOLUTION NO. RESOLUTION APPROVING THE FINAL BUDGET FOR THE CITY OF BROOKLYN CENTER ECONOMIC DEVELOPMENT AUTHORITY WHEREAS, the Economic Development Authority of City of Brooklyn Center has considered the final budget for Fiscal Year 2004. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Brooklyn Center, Minnesota that revenues and appropriations for the Economic Development Authority are hereby adopted as follows: Economic Development Authority_ Revenues Miscellaneous Revenues $12,000 Other Financing Sources $225,423 Total Economic Development Authority $237,423 Aimromiations • EDA Operations $237,423 Total Economic Development Authority $237,423 Date Chair The motion for adoption of the forgoing resolution was duly seconded by member and upon vote being taken thereon, the following voted in favor thereof: and the following voted against same: whereupon said resolution was declared duly passed and adopted. • CITY OF BROOKLYN CENTER Budget Report • 2001 2002 2003 11/30/2003 2004 2004 Actual Actual Final YTD Requested Recommended Object Code / Description Amount Amount Budget Actual Budget Budget 20300 EDA FUND 46310 DEVELOPMENT /RE- DEVELOPMENT 4000 REVENUES AND EXPENSES 4001 REVENUES 4050 TAXES 4100 AD VALOREM TAXES 4101 CURRENT AD VALOREM TAXES 206,736- 4120 DELINQUENT AD VALOREM TAXES 1,042 5,974- 146 4100 AD VALOREM TAXES 205,694- 5,974- 146 4050 TAXES 205,694- 5,974- 146 4300 INTERGOVERNMENTAL REVENUE 4340 STATE REVENUE 4359 OTHER STATE GRANTS /AID 929,379- 31,608- 10,022- 4340 STATE REVENUE 929,379- 31,608- 10,022 - 4360 COUNTY GRANTS 4370 OTHER GRANTS /AID 4373 OTHER GRANTS /AID 187,463- 22,015- 4370 OTHER GRANTS /AID 187,463- 22,015- 4300 INTERGOVERNMENTAL REVENUE 1,116,842- 53,623- 10,022- 0599 MISCELLANEOUS REVENUE 1 4600 MISCELLANEOUS REVENUE 4603 INTEREST EARNINGS 39,312- 30,280- 26,250- 4605 UNREALIZED INVESTMENT GAIN/LOS 100,203- 840 4606 OTHER REVENUE 51,188- 17,188- 363 12,000- 12,000- 4600 MISCELLANEOUS REVENUE 190,702- 46,628- 26,250- 363 12,000- 12,000- 4599 MISCELLANEOUS REVENUE 190,702- 46,628- 26,250- 363 12,000- 12,000- 1 4900 OTHER FINANCING SOURCES 4911 SALE OF PROPERTY 572,266- 474,648- 207,155- 73,175- 4915.3 TRANSFERS IN FROM HRA FUND 166,807- 194,766- 97,678- 225,423- 225,423- 4915.6 TRANSFERS IN FROM CDBG FUND 13,500- 4921 REFUNDS & REIMBURSEMENTS 6,676- 31,812- 4900 OTHER FINANCING SOURCES 745,749- 714,726- 207,155- 170,853- 225,423- 225,423- 4001 REVENUES 2,258,986- 820,951- 233,405- 180,367- 237,423- 237,423- 6001 EXPENDITURES /EXPENSES 6099 PERSONAL SERVICES 6100 WAGES AND SALARIES 6101 WAGES & SALARIES -FT EMPLOYEES 159,631 143,845 161,085 85,111 134,878 134,878 6103 WAGES -PART TIME EMPLOYEES 3,558 126 1,134 6100 WAGES AND SALARIES 163,189 143,971 161,085 86,244 134,878 134,878 6120 RETIREMENT CONTRIBUTIONS j 6122 PERA COORDINATED PLAN 7,993 7,916 8,908 4,706 7,909 7,909 0 6125 FICA 12,048 10,194 12,323 5,379 8,867 8,867 6 MEDICARE CONTRIBUTIONS 1,004 1,258 2,074 2,074 6120 RETIREMENT CONTRIBUTIONS 20,041 19,114 21,231 11,343 18,850 18,850 6130 INSURANCE BENEFITS CITY OF BROOKLYN CENTER Budget Report • 2001 2002 2003 11/30/2003 2004 2004 Actual Actual Final YTD Requested Recommended Object Code / Description Amount Amount Budget Actual Budget Budget 6131 CAFETERIA PLAN CONTRIBUTIONS 13,858 12,884 15,000 8,875 12,360 12,360 6130 INSURANCE BENEFITS 13,858 12,884 15,000 8,875 12,360 12,360 6150 WORKER'S COMPENSATION 6151 WORKER'S COMP INSURANCE 599 539 1,724 432 729 729 6150 WORKER'S COMPENSATION 599 539 1,724 432 729 729 6099 PERSONAL SERVICES 197,686 176,508 199,040 106,895 166,817 166,817 6199 SUPPLIES 6200 OFFICE SUPPLIES 6201 OFFICE SUPPLIES 250 26 250 250 6203 BOOKS /REFERENCE MATERIALS 10 22 500 500 500 6200 OFFICE SUPPLIES 10 22 750 26 750 750 6210 OPERATING SUPPLIES 6219 GENERAL OPERATING SUPPLIES 33 558 600 600 600 6210 OPERATING SUPPLIES 33 558 600 600 600 6220 REPAIR & MAINT SUPPLIES 6223 BUILDINGS & FACILITIES 200 200 200 6220 REPAIR & MAINT SUPPLIES 200 200 200 6240 SMALL TOOLS & MINOR EQUIPMENT 6241 SMALL TOOLS 200 6240 SMALL TOOLS & MINOR EQUIPMENT 200 .199 SUPPLIES 43 580 1,750 26 1,550 1,550 6299 OTHER CHARGES & SERVICES 6300 PROFESSIONAL SERVICES 6301 ACCTG, AUDIT & FIN'L SERVICES 8,866 4,562 2,500 2,500 6302 ARCH, ENG & PLANNING 3,379 21,900 6303 LEGAL SERVICES 2,750 2,182 15,000 244 15,000 15,000 6307 PROFESSIONAL SERVICES 11,045 10,000 1,100 11,500 11,500 6319 OTHER PROFESSIONAL SERVICES 6,622 6300 PROFESSIONAL SERVICES 9,372 25,473 46,900 5,906 29,000 29,000 6320 COMMUNICATIONS 6321 TELEPHONE /PAGERS 668 669 800 638 800 800 6322 POSTAGE 1,000 500 500 6320 COMMUNICATIONS 668 669 1,800 638 1,300 1,300 6330 TRANSPORTATION 6331 TRAVEL EXPENSE /MILEAGE 180 212 300 115 300 300 6333 FREIGHT /DRAYAGE 173 141 300 55 300 300 6339 OTHER TRANSPORTATION EXPENSE 9 8 6330 TRANSPORTATION 361 361 600 170 600 600 6340 ADVERTISING 6342 LEGAL NOTICES 347 1,000 60 1,000 1,000 6340 ADVERTISING 347 1,000 60 1,000 1,000 1& 50 PRINTING AND DUPLICATING 351 PRINTING 324 135 1,500 52 6350 PRINTING AND DUPLICATING 324 135 1,500 52 6360 INSURANCE CITY OF BROOKLYN CENTER Budget Report • 2001 2002 2003 11/30/2003 2004 2004 Actual Actual Final YTD Requested Recommended Object Code / Description Amount Amount Budget Actual Budget Budget 6361 GENERAL LIABILITY INSURANCE 8,311 4,483 4,800 3,055 3,095 3,095 6360 INSURANCE 8,311 4,483 4,800 3,055 3,095 3,095 6380 UTILITY SERVICES 6381 ELECTRIC 62 33 6382 GAS 1 6385 SEWER 83 6386 STORM SEWER 43 36 6389 STREET LIGHTS 12 9 6380 UTILITY SERVICES 63 171 45 6400 REPAIR & MAINT SERVICES 6402 EQUIPMENT SERVICES 300 300 300 6405 PARK & LANDSCAPE SERVICES 551 415 6409 OTHER REPAIR & MAINT SVCS 2,100 1,758 2,500 2,500 6400 REPAIR & MAINT SERVICES 551 2,400 2,174 2,800 2,800 6420 IS SERVICES /LICENSES /FEES 6423 LOGIS CHARGES 1,432 2,574 800 904 784 784 6420 IS SERVICES /LICENSES /FEES 1,432 2,574 800 904 784 784 6430 MISCELLANEOUS 6432 CONFERENCES AND SCHOOLS 991 935 5,500 1,381 5,500 5,500 6433 MEETING EXPENSES 10 40 2,500 2,152 600 600 0 6434 DUES & SUBSCRIPTIONS 18,516 18,559 21,751 21,197 21,302 21,302 430 MISCELLANEOUS 19,516 19,534 29,751 24,730 27,402 27,402 6440 OTHER EXPENSES 6441 LICENSES, TAXES & FEES 48,410 1,913 6449 OTHER CONTRACTUAL SERVICE 1,155,341 82,444 5,105 6440 OTHER EXPENSES 1,203,752 84,357 5,105 6460 CENTRAL GARAGE CHARGES 6461 FUEL CHARGES 140 230 90 368 368 6462 FIXED CHARGES 1,658 1,792 1,693 1,847 1,847 6463 REPAIR & MAINT CHARGES 81 400 502 860 860 6460 CENTRAL GARAGE CHARGES 1,879 2,422 2,285 3,075 3,075 6470 TRANSFERS AND OTHER USES 6471 ADMINISTRATIVE SERVICE TRANSFE 3,107 13,321 12,211 6470 TRANSFERS AND OTHER USES 3,107 13,321 12,211 6299 OTHER CHARGES & SERVICES 1,249,132 154,052 89,551 57,335 69,056 69,056 6500 CAPITAL OUTLAY 6501 CAPITAL OUTLAY 6510 LAND 1,069,125 6520 BUILDINGS & FACILITIES 3,595 6580 INFORMATION SYSTEMS 4,000 6501 CAPITAL OUTLAY 1,076,721 &0 CAPITAL OUTLAY 1,076,721 6001 EXPENDITURES /EXPENSES 2,523,582 331,139 290,341 164,257 237,423 237,423 4000 REVENUES AND EXPENSES 264,595 489,812- 56,936 16,110- CITY OF BROOKLYN CENTER Budget Report • 2001 2002 2003 11/30/2003 2004 2004 Actual Actual Final YTD Requested Recommended Object Code / Description Amount Amount Budget Actual Budget Budget 46310 DEVELOPMENT /RE- DEVELOPMENT 264,595 489,812- 56,936 16,110- 1 i I • CITY OF BROOKLYN CENTER Budget Report • 2001 2002 2003 11/30/2003 2004 2004 Actual Actual Final YTD Requested Recommended Object Code / Description Amount Amount Budget Actual Budget Budget 46311 EDA- PROJECTS 4911 SALE OF PROPERTY 20300 EDA FUND 264,595 489,812- 56,936 16,110 - • • EDA Agenda Item No. 4b i • Member introduced the following resolution and moved its adoption: EDA RESOLUTION NO. RESOLUTION AMENDING TAX INCREMENT PLEDGE AGREEMENT A. WHEREAS, the Economic Development Authority in and for the City of Brooklyn Center, Minnesota (the "Authority ") has heretofore established its Tax Increment Financing District No. 3 (the "Tax Increment Financing District ") within Housing Development and Redevelopment Project No. 1; and B. WHEREAS, pursuant to a Tax Increment Pledge Agreement dated as of October 10, 1995 by and between the Authority and the City of Brooklyn Center (the "City ") certain tax increments from the Tax Increment Financing District (the "Tax Increments ") were pledged to the payment of the City's Taxable General Obligation Tax Increment Bonds, Series 1995A, dated November 1, 1995 (the "Prior Bonds "); and C. WHEREAS, the City Council of the City has adopted a resolution awarding the sale of the City's Taxable General Obligation Tax Increment Revenue Bonds, Series 2004B (the "Refunding Bonds "), which will provide funds for a crossover refunding on December 1, 2005 of the Prior Bonds; and • D. WHEREAS, it is necessary and desirable that the Tax Increment Pledge Agreement be amended to pledge Tax Increments to the payment of the Refunding Bonds from and after December 1, 2005. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority in and for the City of Brooklyn Center, as follows: 1. Amendment of Tax Increment Pledge Agreement. The Tax Increment Pledge Agreement is hereby amended in paragraphs 3 through 6 to provide that from and after February 1, 2005, the term "Bonds" shall mean the "Refunding Bonds ". 2. Filing The Secretary is directed to file a fully executed copy of the Tax Increment Pledge Agreement with the County Auditor of Hennepin County pursuant to Minnesota Statutes, Section 469.178, Subdivision 2. Date Mayor ATTEST: City Clerk 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. EDA RESOLUTION NO. • STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF BROOKLYN CENTER I, the undersigned, being the duly qualified and acting Secretary of the Economic Development Authority in and for the City of Brooklyn Center, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes of a meeting of the Board of Commissioners of said Authority held on the date indicated therein with the original thereof on file in my office, and the same is a full, true and complete transcript therefrom insofar as the same relates to a resolution authorizing the amendment of a Tax Increment Pledge Agreement. WITNESS my hand as Secretary this day of , 200_. • Secretary • • MEMO DATE: December 4, 2003 TO: Michael McCauley City Manager FROM: Curt Bog Assistant Manager /Director of Operations SUBJECT: Tax Increment Pledge Agreement Attached is a copy of a resolution to be considered by the Board of Commissioners of the EDA. This resolution is necessary to accommodate the sale of refunding bonds 2004B. IT amends the TIF Pledge Agreement adopted in October 10, 1995 by changing the term "Bonds" to "Refunding Bonds ". - • • i EDA Agenda Item No. 4c • Commissioner introduced the following resolution and • moved its adoption: EDA RESOLUTION NO. RESOLUTION APPROVING A PRELIMINARY DEVELOPMENT AGREEMENT FOR 7000 BROOKLYN BOULEVARD WITH ANDERSON BUILDERS WHEREAS, the Economic Development Authority in and for the City of Brooklyn Center (Authority), owns the property located at 7000 Brooklyn Boulevard; and WHEREAS, it is in the interest of the Authority and the City of Brooklyn Center to develop the subject property; and WHEREAS, the Authority has received a development proposal from Anderson Builders. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of Brooklyn Center, Minnesota that: 1. The attached relim' roar agreement is P Y g approved; • 2. The President and Executive Director are authorized to execute said agreement. Date President The motion for the adoption of the foregoing resolution was duly seconded by commissioner 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. • MEMORANDUM TO: Michael McCauley, City Manager FROM: Brad Hoffman, Community Development Director DATE: December 3, 2003 SUBJECT: Preliminary Development Agreement The agreement before the EDA would give Anderson Builders the exclusive right to develop the property located at 7000 Brooklyn Boulevard. The site is currently owned by the EDA. Greg Anderson, President of Anderson Builders, is proposing to build a professional office building with a minimum of 15,000 square feet. Mr. Anderson has indicated that he has an interested medical user for the site. Under the terms of the agreement, Anderson Builders will have 180 calendar days to enter into a development agreement with the EDA. The developer has 60 days to meet with staff • to determine what, if any, zoning approvals or variances might be required. He also has to g q deposit with the EDA p $5,000 for EDA out of ocket expenses incurred during the 180 da P p g Y period. The agreement automatically terminates June 7, 2003. During the 180 day period, the EDA will negotiate with the developer the terms and conditions of the project acceptable to the EDA. The items of discussion will include but not limited to the size and architecture of the building, the site plan, the terms of the sale of the property, site plans a well as other related development topics. • • AGREEMENT THIS AGREEMENT, dated as of this 9th day of December, 2003 (the "Effective Date ") is entered into by and between the Brooklyn Center Economic Development Authority (the "Authority), a body corporate and politic and Anderson Builders, a Minnesota corporation (the "Tentative Developer "): WITNESSETH: WHEREAS, the Authority currently owns certain property, which property is described on Exhibit A hereto (the "Property "); and WHEREAS, the Authority desires to promote redevelopment of the Property, which is within the Housing Development and Redevelopment Project No. 1 in the City of Brooklyn Center (the "City "); and WHEREAS, Anderson Builders has submitted a proposal to the Authority pursuant to which the Tentative Developer would acquire the Property from the Authority and develop a 15,000 square foot professional building on such Property (the "Project "); and WHEREAS, if undertaken and completed, the Project would help meet the Authority's goal of increasing the tax base and providing increased employment opportunities in the City. • NOW THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations set forth herein, the parties agree as follows: A. Obligations of Tentative Develop_ er. The Tentative Developer will, at its own cost, complete the following: 1. Within 60 days from the Effective Date, have a preliminary meeting with appropriate Authority staff to discuss the Project, including determining what, if any, zoning approval and variances would be needed if the Project were to proceed. 2. Within 90 days from the Effective Date, provide to the Authority the following: (i) a draft of a site plan and elevations depicting the design and architectural style of the Project, including exterior treatments /materials and interior schematics suitable for submission to the Planning Commission for review, (ii) a draft of architectural /engineering plans and specifications for the Project, and (iii) a draft of sewer, water and utility plans. Finalize all the aforementioned plans within 150 days from the Effective Date of this Agreement. 3. Finalize a detailed development budget, including sources and use of funds, a sworn construction cost statement, a sworn statement setting forth the total development costs together with copies of any other documentation reasonably required by the Authority to confirm such costs, names of the proposed tenants for • Project and proposed square footage to be used by each such tenant and submit all 15873780 1 the aforementioned information to the Authority within 120 days from the • Effective Date of this Agreement. 4. Within 120 days from the Effective Date of this Agreement, submit to the Authority a preliminary financing plan for the Project, including costs to be incurred and financial resources to be used to complete the development, acceptable to Authority staff and approved by the Authority. 5. Within 180 days from the Effective Date of this Agreement, the Tentative Developer will negotiate in good faith with the Authority in an attempt to reach agreement on the terms and conditions of a Development Agreement for the Project and it will execute such Development Agreement. B. Costs and Expenses. (i) Except as otherwise provided herein, each party is responsible for paying its own costs and expenses. (ii) The Tentative Developer is responsible for all of the Authority's out-of- pocket costs and expenses including, but not limited to, any and all expenses and costs already incurred by the City and the Authority, if any, for bond counsel, outside legal counsel, financial advisors, appraisers, and other consultants and all other out -of- pocket expenses and costs in connection with the Project during the 180 day term of this • Agreement (the "Term "). Contemporaneously with the execution of this Agreement, the Tentative Developer will pay a refundable deposit of $5,000.00 to the Authority (the "Developer Deposit "). The Authority may use the Developer Deposit to reimburse itself for costs and expenses it incurred in consideration of the proposed Project during the Term. (iii) The Authority may notify the Tentative Developer in writing if the balance of the Developer Deposit falls below $2,000.00. Within ten (10) days of such notification, the Tentative Developer shall submit to the Authority the amount requested in the notification, which shall equal the difference between the original Developer Deposit and the balance of the Developer Deposit at the time of the notification. (iv) If this Agreement is terminated, as provided in Section E herein or as otherwise permitted by this Agreement, and if the balance remaining of the Developer Deposit shall be insufficient to cover the outstanding costs and expenses incurred by the Authority through termination of this Agreement, the Tentative Developer shall remit such deficiency to the Authority within ten (10) days after the date of termination. C. Obligations of the Authority. (i) The Authority agrees it will not negotiate or contract with another party concerning the development of the Property or the sale of the Property during the Term, • unless this Agreement is earlier terminated in accordance with its provisions. 15873780 2 • GO The Authority has no obligation to negotiate in good faith with the Tentative Developer unless and until the Tentative Developer performs all the obligations under Sections A.1- A.5 of this Agreement to the Authority's satisfaction. D. Transfer or Assignment. The Developer shall not assign or transfer its rights under this Agreement in full or in part without the prior written consent of the Authority, which the Authority may grant or withhold in its sole and absolute discretion. E. Default and Termination of Agreement. (i) If Tentative Developer defaults in the performance of one or more of its obligations under Section B of this Agreement ( "Tentative Developer Default "), the Authority may terminate this Agreement. If the Authority terminates this Agreement because of a Tentative Developer Default, the Tentative Developer remains liable for those costs and expenses incurred by the Authority in connection with the Project in excess of the balance remaining of the Developer Deposit at the time of the Tentative Developer Default. (ii) If the Authority fails to perform its obligation under Section C of this _ Agreement ( "Authority Default "), the Tentative Developer may terminate this Agreement. The Tentative Developer may sue the Authority for damages in connection with an Authority Default, but such damages are limited to such out of pocket expenses the Tentative Developer has incurred in connection with the proposed Project. • (iii) Notwithstanding any other provision of this Agreement to the contrary, this Agreement shall automatically terminate after 180 calendar days from the Effective Date of December 9, 2003. F. Notices. Notice or demand or other communication between or among the parties shall be sufficiently given if sent by mail, postage prepaid, return receipt requested or delivered personally: As to the Authority: 6301 Shingle Creek Parkway Brooklyn Center, MN 55430 -2199 Attn: Mike McCauley As to the Tentative Developer: Attn: G. No Final Agreement. This Agreement does not constitute a Development Agreement or Purchase Agreement. The Tentative Developer has no rights in the Property by executing the Agreement. The Authority's obligations under this Agreement are limited to those specifically set for this Section C of this Agreement and has no other implied obligations. 1587378v3 3 • IN WITNESS WHEREOF, the Authority has caused this Agreement to be duly executed in its name and behalf and the Tentative Developer has caused this Agreement to be duly executed as of the day and year first above written. BROOKLYN CENTER ECONOMIC DEVELOPMENT AUTHORITY By: Chair By: Executive Director • • 15873780 4 • ANDERSON BUILDERS By: Its: By: Its: • i • 1587378v3 5 • EXHIBIT A LEGAL DESCRIPTION OF PROPERTY • • 1587378x3 A -1