HomeMy WebLinkAbout1986 09-15 HRAP i
HRA AGENDA
CITY OF BROOKLYN CENTER
SEPTEMBER 15, 1986
7:00 p.m.
1. Call to Order
2. Roll Call
3 Resolution:
a. Authorizing the Execution of Subordination Agreement for
the Earle Brown Commons Development Contract
4. Adjournment
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HRA RESOLUTION NO.
RESOLUTION AUTHORIZING EXECUTION OF
SUBORDINATION AGREEMENT AND CONSENT AND
ESTOPPEL AGREEMENT AND APPROVING ASSIGNMENT
OF DEVELOPMENT CONTRACT
WHEREAS, the Housing and Redevelopment Authority in and for
the City of Brooklyn Center (HRA) has entered into an agreement
with Earle Brown Commons Partnership, dated July 1, 1986, and
entitled "Contract for Private Development" providing for the
development of certain real property within the Earle Brown Farm
Redevelopment District; and
WHEREAS, in furtherance of such agreement and consistent
therewith, Earle Brown Commons Partnership wishes to assign its
interests and obligations under the agreement to Earle Brown
Commons Limited Partnership; and
WHEREAS, the HRA finds that such assignment is appropriate
and in furtherance of the Earle Brown Farm Redevelopment
District; and
WHEREAS, representatives of the HRA have presented to the
HRA a proposed agreement entitled "Subordination Agreement" by
• and between the HRA, the City of Brooklyn Center (City) and
National City Bank of Minneapolis and a proposed agreement
entitled "Consent and Estoppel Agreement" by and between the HRA,
the City, Earle Brown Commons Limited Partnership, and Miller
Securities Incorporated; and
WHEREAS, the HRA has reviewed such agreements and finds that
the same are appropriate and in furtherance of the Earle Brown
Farm Redevelopment District;
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Brooklyn Center as
follows:
1. The assignment of the interests and obligations of
Earle Brown Commons Partnership to Earle Brown Commons
Limiter, Partnership under the Contract for Private
Development is hereby approved.
2. The proposed Subordination Agreement and Consent and
Estoppel Agreement are hereby approved
3. The Commission Chairman and Executive Director are
hereby authorized to execute such agreements in the
name of and on behalf of the HRA and are hereby
authorized to take such steps as are necessary to carry
out the objectives of the HRA thereunder.
DATED:
Chairman
ATTEST:
Executive Director
0007REO1.C41
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