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HomeMy WebLinkAbout1996-001 HRARMember Debra Hilstrom introduced the following resolution and moved its adoption: HRA RESOLUTION NO. 96-01 RESOLUTION APPROVING A SUPPLEMENTAL DEVELOPMENT AGREEMENT BY AND AMONG THE CITY OF BROOKLYN CENTER, THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF BROOKLYN CENTER, THE ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF BROOKLYN CENTER, AND PRESBYTERIAN HOMES HOUSING AND ASSISTED LIVING. INC. 1 WHEREAS, the City of Brooklyn Center ("City"), the Housing and Redevelopment Authority in and for the City of Brooklyn Center ("HRA") and Earle Brown Commons Partnership (the "Original Developer") entered into a Contract for Private Development dated as of July 16, 1986 (the "Redevelopment Contract"), providing for development of a multifamily rental housing facility on certain property in the City (the "Property"); and WHEREAS, the Property is located in the Earle Brown Farm Redevelopment District (the "Project Area"; now part of a project area known as Housing Development and Redevelopment Project No. 1) and a tax increment financing district (the "TIF District"), all created under Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 469.178 and predecessor statutes (collectively, the "Act"); and WHEREAS, the HRA and the Original Developer entered into an Assessment Agreement dated as of September 1, 1986 (the "Assessment Agreement"), which agreement was modified by Modification No. 1 to Assessment Agreement and Certification of Assessor dated as of June 29, 1995 (the "First Modification") between the HRA and Earle Brown Commons Limited Partnership II (the "Successor Developer") as successor to the Original Developer; and WHEREAS, the HRA and the Original Developer entered into a Deficiency Agreement dated as of September 1, 1986 (the "Deficiency Agreement"), specifying certain minimum tax increments payable in connection with the Property; and WHEREAS, by Resolution No. 87-170, the City has transferred control and authority regarding the Project Area and the TIF District from the HRA to the Economic Development Authority in and for the City of Brooklyn Center ("EDA"); and WHEREAS, Presbyterian Homes Housing and Assisted Living, Inc. ("Presbyterian Homes"), proposes to acquire the Property from the Successor Developer, which acquisition will be financed through issuance by the City of its $4,700,000 Elderly Housing Revenue Bonds (Presbyterian Homes Housing and Assisted Living, Inc. Project), Series 1996 (the "Housing Bonds"); and WHEREAS, in connection with such acquisition and issuance of the Housing Bonds, the City has determined a need to enter into a Supplemental Development Agreement by and among HRA RESOLUTION NO. 96-01 the City, the ERA, the EDA and Presbyterian Homes (the "Supplemental Agreement"), which agreement is intended to supersede the Redevelopment Contract and the Deficiency Agreement; and WHEREAS, the BRA has reviewed the Supplemental Agreement and finds that the execution of the same and the HIW s performance of its obligations thereunder are in the best interest of the City and its residents. NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority for the City of Brooklyn Center as follows: The Supplemental Agreement as presented to the City Council is approved subject to modifications that do not alter the substance of the transaction and that are approved by the Chair and Executive Director, provided that execution of the Supplemental Agreement by such officials shall be conclusive evidence of their approval. 2. The Chair and Executive Director are hereby authorized to execute the Supplemental Agreement on behalf of the HRA and to carry out, on behalf of the ERA, the HRA's obligations thereunder. Februarv 12. 1996 A e~~ Date T~ihair The motion for the adoption of the foregoing resolution was duly seconded by member Kathleen Carmody and upon vote being taken thereon, the following voted in favor thereof: Myrna Kragness, Debra Hilstrom, and Kathleen Carmody; and the following voted against the same: Kristen Mann, whereupon said resolution was declared duly passed and adopted.