HomeMy WebLinkAbout1999 03-22 EDAP Regular Session EDA MEETING
• City of Brooklyn Center
March 22, 1999 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 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
on the minutes.
1. Regular Session - March 8, 1999
4. Commission Consideration Items
a. Resolution Authorizing Execution of Certain Closing Documents Relative to the Sale
of Homes in Bellvue Lane Addition
-Requested Commission Action:
- Motion to adopt resolution.
b. Report on 69th and Brooklyn Boulevard
-Requested Commission Action:
- Receive Report.
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
MARCH 8, 1999
CITY HALL
1. CALL TO ORDER
The Brooklyn Center Economic Development Authority (EDA) met in regular session and was
called to order by President Myrna Kragness at 8:19 p.m.
2. ROLL CALL
President Myrna Kragness, Commission Members Kay Lasman, Ed Nelson, and Robert Peppe.
Commission Member Debra Hilstrom was absent and excused. Also present: Executive Director
Michael J. McCauley, Assistant City Manager/HR Director Jane Chambers, City Attorney Charlie
LeFevere, and Recording Secretary Maria Rosenbaum.
• 3. APPROVAL OF AGENDA AND CONSENT AGENDA
A motion by Commissioner Lasman, seconded by Commissioner Nelson to approve the agenda and
consent agenda. Motion passed unanimously.
3a. APPROVAL OF MINUTES
A motion by Commissioner Lasman, seconded by Commissioner Nelson to approve the minutes
from the regular session on February 22, 1999. Motion passed unanimously.
4. PUBLIC HEARINGS
4a. CONTINUATION OF PUBLIC HEARING ON CREATION OF TAX
INCREMENT FINANCING DISTRICT FOR JOSLYN SITE
- RESOLUTION APPROVING THE ESTABLISHMENT OF TAX
INCREMENT FINANCING (SOILS CONDITION) DISTRICT NO. 4 AND
THE ADOPTION OF A TAX INCREMENT FINANCING PLAN THEREFOR
Executive Director Michael J. McCauley discussed this resolution was adopted by the City Council
and that the EDA must also approve the district and adopt the plan.
i 03/08/99 -1- DRAFT
A motion by Commissioner Lasman, seconded by Commissioner Nelson to open the Public Hearing. •
Motion passed unanimously.
No one wished to address the Commission.
A motion by Commissioner Lasman, seconded by Commissioner Peppe to close the Public Hearing.
Motion passed unanimously.
RESOLUTION NO. 99 -08
Commissioner Peppe introduced the following resolution and moved its adoption:
RESOLUTION APPROVING THE ESTABLISHMENT OF TAX INCREMENT FINANCING
(SOILS CONDITION) DISTRICT NO. 4 AND THE ADOPTION OF A TAX INCREMENT
FINANCING PLAN THEREFOR
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Nelson. Motion passed unanimously.
5. COMMISSION CONSIDERATION ITEMS
5a. RESOLUTION APPROVING THE ACQUISITION OF REAL PROPERTY .
LOCATED AT 6912, 6932, AND 6935 JUNE AVENUE NORTH AND
ACCEPTING SALES CONTRACTS FOR SAID PROPERTIES
Mr. McCauley advised this resolution would authorize and approve the purchase agreement for the
remaining three properties at 6918, 6932, and 6935 June Avenue North. The purchase agreement
for each property is $105,000 with the EDA paying closing costs. The purchase price includes any
and all relocation benefits to which the owners might be entitled.
RESOLUTION NO. 99 -09
Commissioner Nelson introduced the following resolution and moved its adoption:
RESOLUTION APPROVING THE ACQUISITION OF REAL PROPERTY LOCATED AT 6912,
6932, AND 6935 JUNE AVENUE NORTH AND ACCEPTING SALES CONTRACTS FOR SAID
PROPERTIES
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Peppe.
Motion passed unanimously.
03/08/99 -2- DRAFT
• 6. ADJOURNMENT
A motion by Commissioner Peppe, seconded by Commissioner Nelson to adjourn the meeting at
8:25 p.m. Motion passed unanimously.
President
•
03/08/99 -3- DRAFT
•
EDA Agenda Item No. 4a
•
•
MEMORANDUM
TO: Michael J. McCauley, City Manager
FROM: Tom Bublitz, Community Development Specialist
I�
DATE: March 16, 1999
SUBJECT: Resolution Authorizing Execution of Certain Closing Documents Relative to the Sale
of Homes in Bellvue Lane Addition
Resolution No. 98 -19 passed by the Economic Development Authority in and for the City of
Brooklyn Center (EDA) on November 8, 1998, approved the purchase agreement to be used in the
sale of properties in the Bellvue Lane Addition. All lots/homes have been sold in Bellvue Lane
Addition and closings on the two model homes at 621 and 701 Bellvue Lane are scheduled for
March 26, 1999.
Certain closing documents must be signed by the seller for all closings. In order to facilitate the
closings, a resolution has been prepared which authorizes the Executive Director to execute the
required closing documents. The documents include: Affidavit Regarding Corporation, Warranty
Deed, Sale/Purchase Acknowledgement and Indemnity and Mechanic's Lien Indemnity Agreement.
Copies of the closing forms are attached to this memorandum. The forms would be pre- signed by
the EDA Executive Director prior to the closings. The only staff person present at the closings would
be the Community Development Specialist. Additionally, the resolution would authorize the
Community Development Specialist to sign the settlement statement and supplemental forms to the
settlement statement which cannot be pre - signed. The settlement statement is the document which
stipulates the settlement costs including purchase price, prorated taxes, recording fees etc. This
document is often revised at closing and cannot be pre- signed.
Commissioner introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO.
RESOLUTION SO UTION AUTHORIIZINNG EXECUTION OF CERTAIN CLOSING DOCUMENTS
RELATIVE TO THE SALE OF HOMES IN BELLVUE LANE ADDI'T'ION
WHEREAS, EDA Resolution No. 98 -19 approved the terms and conditions of the
sale of properties in the Bellvue Lane Addition as set forth in a purchase agreement form and
pursuant to Minnesota Statutes Section 469.012, subdivision 1 clause (7) and Section 469.029; and
W
HEREAS, ro erties in Bellvue Lane Addition have been sold pursuant to the terms
P P P
and conditions set forth in the purchase agreement approved by Resolution No. 98 -19; and
WHEREAS, certain documents relative to the closing of the sale of homes in Bellvue
Lane Addition require a signature on behalf of the Economic Development Authority in and for the
City of Brooklyn Center.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority
in and for the City of Brooklyn Center, Minnesota as follows:
1. The EDA Executive Director is hereby authorized to execute the necessary
closing documents relative to the sale of properties in Bellvue Lane Addition
including Affidavit Regarding Corporation, Warranty Deed, Sale /Purchase
Acknowledgment and Indemnity and Mechanic's Lien Indemnity Agreement.
2. The unit t ' he authorized t g
Comm i y Development Specialist is hereby auth d o sign the
settlement statement and supplementary forms to the settlement statement
relative to the sale of properties in Bellvue Lane Addition.
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 P assed and adopted.
Minnesota Uniform Convenancing Blanks (1978)
Form No. 117 -M
' Cocpcxanrn
State of Minnesota,
} SS. Affidavit Regarding Corporation
County of
being first duly sworn, on oath say(s) that:
1. (They are) (he is) the Executive Director and the
respectively, of Economic Development Authority in and for the City of Brooklyn Center
a public bodv corporate and, < _ corporation, the corporation
named as qrantor (s) t is in the document
dated 19_, and filed for record 19_
as Document No. (or in Book of
Page ) in the Office of the (County Recorder) (Registrar of Titles) of
Hennepin County, Minnesota.
2. Said corporation's principal place of business is at 6301 Shingle Creek Parkway, Brooklyn
Center, Minnesota and said corporation's
previous principal place(s) of business during the past ten years (has) (have) been at:
same
3. There have been no:
a. Bankruptcy, divorce or dissolution proceedings involving said corporation during the time said corporation
has had any interest in the premises described in the above document ( "Premises ");
b. Unsatisfied judgments of record against said corporation nor any actions pending in any courts, which affect
the Premises;
c. Tax liens filed against said corporation;
except as herein stated:
4. Any bankruptcy, divorce or dissolution proceedings of record against corporations with the same or similar
names, during the time period in which the above named corporation had any interest in the Premises, are not
against the above named corporation.
5. Any judgments, or tax liens of record against corporations with the same or similar names are not against the
above named corporation.
6. There has been no labor or materials furnished to the Premises for which payment has not been made.
7. There are no unrecorded contracts, leases, easements, or other agreements or interests relating to the Premises
except as stated herein:
8. There are no persons in possession of any portion of the Premises other than pursuant to a recorded document
except as stated herein:
9. There are no encroachments or boundary line questions affecting the Premises of which Affiant(s) (has) (have)
knowledge.
Affiant(s) know(s) the matters herein stated are true and make(s) this Affidavit for the purpose of inducing the
passing of title to the Premises.
E. D. A. of Brooklyn Center
Michael J. McCauley
Subscribed and sworn to before me
- this day of 19 This Instrument was dratted by (name and address):
BURNET TITLE
7100 NORTHLAND CI.
signature of Notary Public or other official BROOKLYN PARK, MN 55428
5428
• - Notarial stamp or seal (or other title or rank)
99 -02737
46901526
Minnesota Uniform Conveyancing Blanks (1978)
Fornt No. 11 -M - WARRANTY DURD
Corporation or Partnership
to Joint Tenants
No delinquent taxes and transfer entered; Certificate of
Real Estate Value ( )filed ( )not required Certificate
of Real Estate Value No. —
19
County Auditor
by
•, Deputy
STATE DEED TAX DUE HEREON: $
Date: ' 19 99
(reserved for recording data)
I
FOR VALUABLE CONSIDERATION, Economic Development Authority in and for the Citv of
Brooklyn Center apublic body under the laws of
Minnesota Grantor, hereby conveys and warrants to corporate and politic
Grantees
as joint tenants, real property in Hennepin County, Minnesota, described as follows:
r
(if more space is needed, continue on back)
together with all hereditanients and appurtenances belonging thereto, subject to the following exceptions:
Affix Deed Tax Stan:p Here
By
Its Executive Director
By
Its
STATE OF MINNESOTA
} ss.
COUNTY OF
The foregoing was acknowledged before me this day of 19 99 ,
by and
the and
of a
under the laws of on behalf of the
.. Notarial stamp or seal (or other title or rank)
Signature of person taking acknowledgment
Tax Statements for the real properly described in this instrument should be
sent to (Include name and address of Grantee):
.. This Instrument was drafted by (name and address)
BURNET TITLE
' 7100 NORTHLAND CI. 9103
BROOKLYN PARK, MN 55428
99 -02737
46901526
170818H
Page 1 of 2
SALE /PURCHASE
ACKNOWLEDGMENT AND INDEMNITY
PROPERTY 701 Bellvue Lane MORTGAGE CO. Norwest Mortgage
Brooklyn Center, MN 55430
SELLER(S) E. D. A. of Brooklyn Center BUYER(S)
FILE #S 99 -02737 CLOSING DATE 03/26/99
170818H
A. The undersigned acknowledge that Burnet Title is handling part or all of
the closing and that Burnet Title and its employees can not give any legal
advice in connection with this transaction or any other matter.
B. The undersigned agrees to cooperate and adjust for clerical errors or
oversights on any of the closing documentation, if requested by the mortgage
company or Burnet Title. This includes, but is not limited to:
typographical errors, omissions, missed or incorrect fees or expenses,
verifications, etc.
C. As a requirement of closing, Burnet Title may be requested to pay
off a mortgage, lien or debt.
The creditor's acceptance of the pay off figure as shown on the Settlement
statement is not guaranteed by Burnet Title. The seller(s) agree to
immediately pay to Burnet Title any additional funds necessary to satisfy
the debt
including but not limited to; additional interest, escrow account
.: shortages, late fees, foreclosure fees, legal fees, or bookkeeping errors by the
holder of the debt, or its servicing agent.
If the seller(s) dispute the accuracy of any additional funds needed to payoff
or release the mortgage, li
_ en or debt the seller(s) agree
( ) to a the additional
.. sllpay
funds to Burnet Title immediately and settle the dispute between the
appropriate parties after the debt has been paid and released.
The seller(s) is responsible for canceling any automatic withdrawal
arrangements with their lender.
Burnet Title does not guarantee that the creditor will provide an
acceptable and recordable satisfaction of the mortgage or lien.
D. The undersigned agree to pay all special assessments, real estate taxes
liens and utilities associated with the property as agreed upon in the
Purchase Agreement and /or required by the mortgage company and Burnet
Title, and to indemnify and hold Burnet Title harmless from the same.
E. Prorating taxes, non - homestead taxes and tax escrows, as agreed upon in
the Purchase Agreement and /or required by the mortgage company, are based on
the current years taxes or an estimate of next years' taxes. In the event
that the current year's taxes are not available and no tax estimate is
available, the taxes will be based on the prior year. Burnet Title
receives the tax figures in writing or verbally from the county, city
or vendors who supply the information. Burnet Title does not guarantee the
accuracy of the tax information received. The undersigned(s) hereby release
Burnet Title from any obligation or liablity should the actual tax figures
differ in any way.
NOTE: If the buyer(s) is not escrowing for the payment of real estate taxes, the
taxes are due in two yearly installments, one on May 15th, the other on October
15th. If a tax statement is not received prior to the due date, please contact
the Treasurer's Office to request a duplicate copy.
F. The undersigned acknowledge that Burnet Title receives written or
verbal information on assessments from the City, County and vendors who supply
the information. Burnet Title does not guarantee the accuracy of the
assessment information we received. If the assessment information received is
inaccurate, the undersigned agree to cooperate with all parties and pay all
assessments as agreed upon in the Purchase Agreement.
Page 2 of 2
G. The seller(s) certify that the current tax status of the property is
HOMESTEAD / NON - HOMESTEAD
(Seller(s) Initials)
Buyer(s) acknowledge their responsiblity to re -apply for homestead
to be changed to their name(s).
( Buyer(s) Initials)
The undersigned acknowledge that Burnet Title does not guarantee the
accuracy of the seller certification regarding homestead and any discrepancy's
in the homestead tax credit must to be resolved between the Seller(S) and the
Buyer(s) through options allowed by law.
H. The undersigned agree that it is the seller's responsibility to order and
promptly pay the final water /sewer bill. The undersigned acknowledge that
Burnet Title has made no representations regarding the amount of the Water /Sewer
bill currently owed or future water /sewer bills and has no responsibility for the
payment of the same. All disputes, discrepancies, unpaid bills, shortages, or other
matters involving the water /sewer bill are to be resolved between the undersigned
buyer(s) and seller(s) without assistance from Burnet Title.
I. If there is more than one buyer, the buyers have instructed Burnet Title
to establish title as: TENANTS IN COMMON or JOINT TENANTS
(circle one).
J. The undersigned acknowledge that they have all received a copy of the deed and
the buyer(s) has received verbal instructions for filing for homestead tax credit.
NOTE: If you change your primary residence, state law requires you to notify the
Assessor's Department within 30 days.
Hm Phone: Wk Phone:
Hm Phone: Wk Phone:
E. D. A. of Brooklyn Center Hm Phone: Wk Phone: 612 -569 -3300
Hm Phone: Wk Phone:
Sellers Forwarding Address: 6301 Shinqle Creek Parkwav
Brooklvn Center, MN 55430
E. D. A. of Brooklyn Center
PERSONS ATTENDING CLOSING
NAME COMPANY /FIRM PHONE#
E. D. A. Of Brooklyn Center
MECHANIC'S LIEN INDEMNITY AGREEMENT
This indemnity agreement is made by Economic Development, Authority in and for the
City of Brooklyn Center a public body corporate and politic
(partnership) hereinafter referred to as " indemnitor s) for the benefit and protection of
Lawyers Title Insurance Corporation and of Burnet Title, hereinafter referred
to as "The Company ".
WHEREAS, The Company is being requested to issue its policy(ies) of title insurance
insuring and interest in or title to the real property described as follows:
and
WHEREAS, certain works of improvement have been, or will be commenced on the above
described land, and
WHEREAS, The Company is unwilling to issue said policy(ies) without an exception(s)
as to the liens of mechanics which affect or may affect the title hereto; and
WHEREAS, The Indemnitor recognizes that the Company, in the normal course of its
` business, would not issue its policy(ies) insuring over mechanic's liens unless
the indemnitor indemnifies The Company as hereafter agreed.
NOW, THEREFORE, it is agreed that the Indemnitor, in consideration of the issuance
of a mortgage policy of title insurance without showing therein any exception for
mechanic's liens arising out of the certain works of improvements which have been,
harmelss protect and
or will be, commenced on the above described land,
will hold p
losses damage,
a ainst an and all
liabilities, g
an from and Y
indemnify f
The Company 5
i e y P Y
me 's fees and ex enses of
expenses and charges, including, but
not limited to, attorney P
litigation, which may be sustained or incurred by The Company under, or arising
J.
directly or indirectly out of the issuance of any policy(ies) covering said land;
• or under, or arising directly or indirectly out of the issuance of any policy(ies)
of title insurance of title report or reports covering said land or any portion
thereof, which The Company or its agents may at any time thereafter issue, and
resulting directly or indirectly from any of the mechanic's liens indemnified
against, or from any claim, action, proceeding, judgment, order or process arising
from or based upon or growing out of any of said mechanic's liens or the omission
to show any of the same in any policy of title insurance of title report.
AND IT IS FURTHER AGREED that Indemnitor will diligently provide for the defense
of any action based upon any mechanic's liens and will promptly do all things
necessary or appropriate to cause the title to said land to be cleared of the effect
of said mechanic's liens and any other matters based thereon, or arising directly or
indirectly therefrom, and of any cloud on title created by or growing out of any of
the foregoing; all of which shall be done at the sole expense of Indemnitor. If
Indemnitor shall fail so to do, then The Company may do the same, and may pay,
compromise or settle any such mechanic's liens or any claim or demand based
thereon if The Company deems such action necessary for the protection of any of
t
1
its insured under any policy or of itself; the Indemnitor shall promptly reimburse
The Company for any payment, expense or expenditure made or incurred in so doing.
If The Company holds any funds or security for the obligations of Indemnitor
hereunder, it shall not be obligated to resort to such funds or security before
enforcing the obligations of Indemnitor, but may enforce such obligations by any
lawful means in the same manner and to the same extent as if no such funds or
security were held.
AND IT IS FURTHER AGREED that in the event that any judgement shall be or shall have
been rendered or any process shall be or shall have been issued, based upon
mechanic's liens or any other matters growing out of any of the same, under which
a sale could be held affecting or purporting to affect said land or any portion
thereof, Indemnitor promises and agrees that it will satisfy the same and cause the
same to be satisfied and discharged of record prior to the occurrence of any such
sale.
AND IT IS FURTHER AGREED The Company is hereby granted the right from time to time,
to examine the books, accounts and records of Indemnitor, pertaining to any works of
improvement upon the land, and Indemnitor will, upon request, promptly furnish The
Company with copies of all receipted bills or other evidence of payment or set -off
for works of improvement upon the land and such other and further assurances and
security as may be reasonably requested by The Company for its protection from
liability.
AND IT IS FURTHER AGREED that, if suit shall be brought to enforce this agreement,
Indemnitor will pay the attorneys fees of The Company.
AND IT IS FURTHER AGREED that all of the obligations of Indemnitor hereunder shall
. be several as well as joint. All the provisions of the Agreement shall insure to the
benefit of and bind the parties hereto and their legal representative and successors
in interest.
---------------------------------------------------------------
THIS INDEMNITY AGREEMENT is executed by the undersigned this day of
1999.
as individual as individual
- - - --- AND -- -- - - --
s a officer/ artner of a (Corporation) (Partnership) (Limited Partnership) Economic
I�eve 0pment Au in in and for the City of Brooklyn Center a public body corporate and politic
By: By:
Its: Executive Director Its
STATE OF MINNESOTA
COUNTY OF Hennepin
The foregoing instrument was acknowledged before me this day of
1499 by as (an) individual person(s) and
b }' the
under laws of
of a
on behalf of the
Notarial Seal or Seal (or other title /rank)
Signature of Person Taking Acknowledgment
-----------------
------------------------------------------------------------
THIS INSTRUMENT WAS DRAFTED BY:
" BURNET TITLE
7100 NORTHLAND CI. #103
BROOKLYN PARK, MN 55428
99 -02737
170818H
46901526
indem Rev. 9/98
A.SETTLEMENT STATEMENT U.S. DEPARTMENT OF HOUSING /•'�
AND URBAN DEVELOPMENT - i r OMB No. 2502-0265
B. TYPE OF LOAN
1. O FHA 2.0 FmHA 3.0 CoNv.uN1Ns. 6. Fito Number; 7. Loan Number: a. Mortgage Insurance Case Number:
4.0 VA 5,0 CoNv,INs, g/A ]70819 99 -00661 7569128
C . NOTE This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the
settlement agent are shown. Items marked (p"o.c) were poid outside the closing; they are shown here
for informational purposes and are not inclluded In the totals.
iD.NAME AND ADDRESS OF BORROWER: E. NAME AND ADDRESS OF SELLERITAX I.D.: F. NAME AND ADDRESS OF LENDER:
Economic Development
Authority in and for the City Norwest Mortgage
of Brooklyn Center, a public
body corporate and politic 1
6301 Shingle Creek Parkway
I Brooklyn Center, MN 55430
G.PROpERTY LOCATION: H.SETTLEMENT AGENT: (.SETTLEMENT DATE:
BURNET TITLE
PLACE OF SETTLEMENT: 03/26/99
7100 NORTHLAND CI. #103 03/26/99
_ DR00KLY1\7 PARK, MN 55428 612 -533 -1033
J. SUMMARY OF BORROWER'S TRANSACTTCQI - - I K. SUNMARY OF SELLERS TRAINSACTION -
100. GROSS AMOUNT DUE FROM BORROWER: 400. GROSS AMOUNT DUE TO SELLER
101. Contract Sales price 1 159.500.00 401. contract Sales Price
- i 1.59. 500,00(
102. Personal property 402. Personal property '
103. Settlement char
gcs to borrower (line 1400)( j 403. 1
t 0s. 404.
i 1
i
405. i 1
(Adjustment for items paid by setter in advance Adjustments for items paid by seller in advance
I 1106, City /town taxes to 1 1 406. City /town taxes
i 10. County to
taxes to I 1 407. County taxes to
ID Assessments - - to 1 408. Assessments to I 4
1 109. - - - - - 1
1 110, 1 409,
410.
1 111. 411. 1
1 112, 1 412. i
1 113. 413.
1 114. 414.
(120. GROSS AMOUNT DUE 1420. GROSS AMOUNT DUE t
FROM BORROWER 159,500.00 10 S 159,500.00
(200, AMOUNTS PAID BY OR IN BEHALF OF BORROWER; 500, REDUCTIONS IN AMOUNT DUE TO SELLER:
201. Deposit or earnest money f
1 OOO.00i 501. Excess deposit (see instructions) � 1
1202. Principal amount of new loans) 502. Settlement char
gcs to setter (line 1400) I 9.A 2
1203. Existing toan(s) taken subject to __ 1 5G3. Exis N no losn(s) taken subject to
1204. 1 504, Payoff of 1st mtg.
1 206. 505" Payoff of 2nd mtg. j
I X506, i
1207.
208. - - -- - 507, j
j
209. 508.
- - _ I 1 509.
i
Adjustments for items unpaid by seller Adfustments for items unpaid by seller
1210. City /town taxes to 1 510. City /town taxes t 1
X211. County taxes - to 1 511. County taxes t
1212. Assessments to _ I 1 512. Assessments t I t
1 213. 513. I
1 214. 1
1 215. 514. I 1
515. ,
1 217. I 1 516,
218.
- 517.
i 1
219.
518. I
1 519. J
" 220. TOTAL PAID BY /FOR
I 1. 0 0 0. 0 0 52 'IC7I�1L PE=I,, AMOt7Ni'
BORROWER DUE SELLER 9,825.00
300. CASH AT SETILEM= FROM /TO BORROWER 600. CASH AT SEITL' TO /FROM SELLER i
1301. Gross amount due from borrower (line 120) I
1302, Less amounts 15 9.5 0 0.0 0 601. Gross amount due to seller (line 420) 159.500.00)
DOid by /for
borrower line 220)
- 1 000.00 602. LOssreductionsinamountducscl ter( tine5zoa 9.A25 q
303. CASH( m FROM) ( n TO)BORROWE2 - I .
�I have corefutly reviewea the HUD "'1 settlement statement a d h be t of knou( andd bet� it - i j ss a tr and accurate 5_.0 o I
statement of all receipt and disbursements made on my account or by me in this transaction. I further certify that I have
received a copy of the HUD -1 Settlement Statement.
Economic Development
Borrowers Sellers h , i
The 8UD -1 S'etttement Statement which 1 have prepared is a true and accurate ac ounf Ws. tYransse and for hove cow e� or will
c the funds to be disbursed in accordance with this statement.
Settlement y Agen O'1y2F/99
i varnf a me t cri TITLE s7 Date y similar form.
Penalties upon conviction luon cnvi canuincludeBaefine +andtimprisonmcnttheFor detasls this any n Sect, RES A He 4305. 2
1001 and Section 1010,
Previous edition is obsolete,
_
IL. SETTLEMENT CHARGES
1 700. TOTAL SALES /BROKER'S COMMISSION
based on once Si r) PAID FROM PAID FROM 9.500. 6.00 a 9,570,00 Y.= I BORROWER'S SELLER'S
Otvtsio of commissio (line 700) as follows; FUNDS AT FUNDS AT
,. 701. $ 9. S7Q nn t0rr)1 (iwt, Bankpr At r= t I SETTLEMENT SETTLEMENT
1 702. $ i
1703. Commission paid at Settlement
9 57n on 1
.7 0 4. Ad jtt_ p'pp AIJRNFT TTTT,E i 1nn M
800. ITEMS PAYABLE IN CONNECTION WITH LOAN
1 801. Loan Origination Fee
802, loan Discount
I
1803. Appraisal Fee to I
1804, credit Resort to
1805. Lenders Inr.oectipn Fee 1 I
1806. Mortqaoe insurance Aooliention Fee 1
1 807. Tax Service Fee 1
808. underuritino Fee t
1809. Commitment Fee I I
810. Document Prea Fee
811, Flood Determination Fee 1 I 1
812.
1813. I
1 814.
1 815.
I
1816. I I I
1900, ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE I
1901, interest from to - /day ( 1
1902, Mortaaae Insurance Prcmiun for months to
1903. Hazard insurance Premium for vears to 1 1
1904, Flood Insurance Premium for vears to 1 1
1 905, I �
11000. RESERVES DEPOSITED WITH LENDER
11001, Hazard Insurance months as oar month
11002, Mortaane Insurance months a$ per month j
1 1003, City property taxes months 5$ per month j
1004, CAUnty Drooertv taxes months a3 Per month
11005. Annual assessments months as Der month
1006. Flood insurance months
a3
Per
month
11007. months a$ Der month
11008. Aqqrenate Reserve /Aaaregate Analvsls_A_d__L (_1001.1007) I I
11100. TITLE CHARGES 1
1 11101, Settlement or cln_ina fee to i 1
11102. Abstract or title search to 1
11103, Title exmmination to RT / 195 nn 1
11104. Titte insurance binder to
1
11705. Document nreoaran on to 1
11106, .Assessments to
1107. Attornev's fees to 1
l
(includes above item: numbers: ) I I 1
11108, Title insurance to
I
(includes abov item numbers I I n"i 1 1 n4 and 1 1 1 0 ))
11109, Lender's coverage $ 14'; ;rn.no 72'i 2n
11110, Owner's coverage R S9 S00 011 74 Rn
{1111. Arm /Balloon Endorsem
11112. Plot /lnsoeation Reoort 1
11113. Name Search
I 1114.
Owners Policy (potions U
1 1115,
1200. GOVERNMENT RECORD_IN__G AND TRANSFER CHARGES
1 1201. Recording fees: Deed $ :Mortaaae $ ;Releases S
1 Mortaaae Rcaistretion T_axMortoogo $
1 1203. State Deed Tax. Deed $
1204, Conservation Fee j
11205, Courier Fee
11300, ADDITIONAL SETTLEMENT CHARGER
11301, Rocordinq Service Charge 1 1
11302. Well Discloqure i
(1303, Homebwers Uarrnnty
11304, Assiarment Recordfna Fee I J
�- -S etter Broker Adninirtration FoCOldt P11 Aankpr )Yn 1
131 . 8wer Broker Arknini o_n Frr
1 1307. 1
1 1308. 1
1309. I 1
1310.
J31 1. I
140 TOTAL SETTLEME CHARGES(enter on tine �O7,sect J and 502.sect K I 9, 82 15,00 1
EDA Agenda Item No. 4b
3 City of Brooklyn Center
A great place to start. A great place to stay.
•
MEMORANDUM
TO: Mayor Kragness, Councilmembers 1 st om, Lasman, Nelson, and Peppe
FROM: Michael J. McCauley, City Manager`
DATE: March 18, 1999
SUBJECT: 69th and Brooklyn Boulevard
Pursuant to the addendum to contract for private redevelopment between the Economic Development
Authority and Boulevard Shoppes, LLC, the redevelopment agreement automatically terminated at
4:30 p.m. on March 16th. Pursuant to the terms of the addendum, the redeveloper was required to
provide written proof to the Authority prior to 4:30 p.m. on March 16th that all portions of the
redevelopment property had been acquired by the redeveloper, other then those parcels owned by the
Authority. The redeveloper has not provided the Authority with the written documentation
prescribed in the redevelopment agreement and its addendum. Thus, the Authority has certain rights
pursuant to the addendum to acquire property from the redeveloper, if it so chooses. Attached is a
draft notice being sent by the City Attorney to receive information relative to the potential rights that
the EDA has the option to exercise.
6301 Shingle Creek Pkwy, Brooklyn Center, MN 55430 -2199 • City Hall & TDD Number (612) 569 -3300
Recreation and Community Center Phone & TDD Number (612) 569 -3400 • FAX (612) 569 -3494
An Affirmative Action /Equal Opportunities Employer
Michael McCauley
From: Michael McCauley
To: Charlie LeFevere
Subject: FW: Boulevard Shoppes Termination
Date: Thursday, March 18, 1999 11:32AM
March 18, 1999
Boulevard Shoppes LLC
7030 Brooklyn Boulevard
Minneapolis, MN 55429
Attn: David Nelson
RE: Termination of Contract for Private Redevelopment between
Brooklyn Center EDA and Boulevard Shoppes, LLC
Dear Mr. Nelson:
I represent the Economic Development Authority in and for the City of
Brooklyn Center ( "EDA ") as legal counsel. I have been directed to give
you, as Redeveloper, notice that the Contract for Private Redevelopment
by and between Economic Development Authority in and for the City of
• Brooklyn Center and Boulevard Shoppes, LLC, dated as of June 11, 1998
(the "Redevelopment Agreement ") as amended by the Addendum to Contract
for Private Redevelopment dated as of the 25th day of January, 1999
(the "Addendum "), was terminated at 4:30 o'clock p.m. March 16, 1999.
Termination was pursuant to paragraph 11.1 of the Redevelopment
Agreement as amended by the Addendum inasmuch as the EDA was not
provided with written proof prior to that date and time that all
portions of the Redevelopment Property, as defined in the Redevelopment
Agreement, which were not then owned by the EDA had been acquired by the
Redeveloper.
Under Section 6 of the Addendum, in the event of termination, the EDA is
given certain rights with respect to properties in which the Redeveloper
has an interest as of termination of the Redevelopment Agreement.
Accordingly, I am requesting that you provide, on behalf of the
Redeveloper, copies of options or purchase agreements which the
Redeveloper has for any parts of the Redevelopment Properties. I am
also requesting information about any portions of the Redevelopment
Property which were owned by Redeveloper as of the date of termination.
With respect to such property owned by the Redeveloper, please provide a
description of the property and a description of the terms of sale to
the Redeveloper, preferably in the form of copies of deeds and purchase
agreements.
Please provide the information requested above within 10 days of receipt
of this notification so that the EDA will have adequate time to
determine whether to elect to acquire such properties from the
Redeveloper.
Please provide the requested information to me at the above address.
Thank you, in advance, for your anticipated cooperation in this matter.
Very truly yours,
Page 1
• Charles L. LeFevere
CLL:lh
cc: Michael J. McCauley
Brad Hoffman
•
Page 2