HomeMy WebLinkAbout2010-014 EDAR Commissioner Mark Yelich introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO. 2010 -14
RESOLUTION APPROVING A FOURTH AMENDMENT TO A DEVELOPMENT
AGREEMENT AND CERTAIN RELATED AGREEMENTS ATTACHED
THERETO AS EXHIBITS (LICENSE, DEED, AMENDED EASEMENT, LEASE
AMENDMENT AND SUBORDINATION AGREEMENTS)
WHEREAS, the Economic Development Authority of Brooklyn Center (the
"Authority ") and the City of Brooklyn Center (the "City ") have heretofore entered into a
Development Agreement dated October 23, 2006, as amended July 23, 2007, October 8, 2007 and
January 17, 2008 (as amended, the "Development Agreement ") between the Authority, the City and
Brooklyn Hotel Partners, LLC, a Minnesota limited liability company (the "Developer ") in
connection with hotel developments to be constructed by the Developer; and
WHEREAS, the Authority, the City and the Developer desire to further amend the
Development Agreement.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority
of Brooklyn Center as follows:
1. The Authority hereby approves the Fourth Amendment to the Development
Agreement in the form on file with the City Clerk, with such changes thereto
as may hereafter be approved by the Executive Director of the Authority.
2. The Authority hereby approves all of the exhibits to the Fourth Amendment
to the Development Agreement, including without limitation:
(a) License Agreement (Exhibit A to Fourth Amendment to the
Development Agreement),
(b) Quit Claim Deed and Termination of Development Rights (Exhibit
B to the Fourth Amendment to the Development Agreement),
(c) the Amended and Restated Parking, Access and Pedestrian Link
Easement Agreement (Exhibit C to the Fourth Amendment to the
Development Agreement),
(d) the First Amendment to Lease (Exhibit D to the Fourth
Amendment to the Development Agreement),
(e) the Security Interest Subordination Agreement (Exhibit E to the
Fourth Amendment to the Development Agreement), and
EDA RESOLUTION NO. 2010 -14
(f) Subordination by The Prudential Insurance Company of America
(in substance similar to that subordination given by the Hurlbut -
Zeppa Charitable Trust AR (see (e) above),
and approves the execution and delivery of items (c), (d), (e) and, if necessary and appropriate,
(f) above, in the forms on file with the City Clerk, with such changes thereto as may hereafter be
approved by the Executive Director of the Authority.
June 28, 2010
Date President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Dan Ryan
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Dan Ryan, and Mark Yelich;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.