HomeMy WebLinkAbout2010-004 EDAR Commissioner Tim Willson introduced the following resolution
and moved its adoption:
EDA RESOLUTION NO. 2010 -04
RESOLUTION AUTHORIZING EXECUTION OF A FIRST AMENDMENT
TO DEVELOPMENT AGREEMENT
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 (as amended, 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 an onsite parking facility
structure having a minimum of 200 spaces (the "Project ") within the City of Brooklyn Center,
Minnesota (the "City "); 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 Developer exercised the option granted in the Option
Agreement by delivering to the Authority, inter alia, that certain Development Agreement dated
October 16, 2009 (the "Development Agreement "); and
WHEREAS, the Authority and the Developer desire to amend the Development
Agreement pursuant to a First Amendment to Development Agreement (the "Amendment ") to
revise the tuning of the Closing Date set forth in the Development Agreement, together with
corresponding revisions to the dates set forth for commencement and completion of the
construction of the Minimum Improvements (as set forth in the Development Agreement).
NOW, THEREFORE, BE IT RESOLVED by the Economic Development
Authority in and for the City of Brooklyn Center 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.
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 there from 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.
EDA RESOLUTION NO. 2010 -04
February 22, 2010
Date President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Tim Roche
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.