HomeMy WebLinkAbout2011-013 EDAR Commissioner Tim Roche introduced the following . resolution and
moved its adoption:
EDA RESOLUTION NO. 2011 -13
RESOLUTION APPROVING DEVELOPMENT AGREEMENT (SHINGLE
CREEK CROSSING)
BE IT RESOLVED By the Board of Commissioners (the "Board ") of the Economic
Development Authority of the City of Brooklyn Center ( "Authority ") as follows:
Section 1. Recitals
1.01 The Authority has created Housing Development and Redevelopment Project No.
1 (the "Development District ") pursuant to Minnesota Statutes, Sections 469.090 through
469.1081 and Sections 469.001 to 469.047, as amended, and Tax Increment Financing District
No. 5 (A Renewal and Renovation District) (the "TIF District "), therein, pursuant to Minnesota
Statutes, Sections 469.174 to 469.1799, as amended within the Development District.
1.02. Gatlin Development Company, Inc. (the "Developer ") has requested that the
Authority assist the Developer with the financing of certain costs of the development and the
renovation of a portion of the existing Brookdale Mall, excluding the Sears department store,
demolishing the three anchors and all but 123,242 square feet of the mall space. Once complete
the development is expected to include a Walmart Supercenter three junior anchors
(approximately 120,735 square feet), four restaurants (approximately 36,065 square feet), six
retail stores (approximately 93,645 square feet), plus 123,242 square feet of renovated mall space
to be located in the TIF District (the "Project ") pursuant to a Development Agreement by and
among the City of Brooklyn Center (the "City"), the Authority and the Developer (the
"Agreement ").
1.03. The Authority believes that the development of the Project pursuant to the
Agreement, and fulfillment generally of the Agreement, are in the vital and best interests of the
Authority and the health, safety, morals, and welfare of its residents, and in accord with the
public purposes and provisions of the applicable State and local laws and requirements under
which the development has been undertaken and is being assisted.
1.04 In connection with the sale of land for the Project, the Developer has requested
that the Authority enter into an Agreement of Purchase and Sale (the "Purchase Agreement ").
Section 2. AuthorityApproval; Further Proceedings
2.01. The Agreement as presented to the Board is hereby in all respects approved, subject
to modifications that do not alter the substance of the transaction and that are approved by the City
Attorney and the Executive Director of the Authority; provided that execution of the Agreement and
the Purchase Agreement by the President and the Authority Executive Director shall be conclusive
evidence of approval.
EDA RESOLUTION NO. 2011 - 13
2.02. The President and the Authority Executive Director are hereby authorized to execute
the Agreement and the Purchase Agreement on behalf of the Authority and to carry out on behalf of
the Authority's obligations thereunder.
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May 23, 2011 -yyI (.�/ 1
Date President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Kay Lasman
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Carol Kleven, Kay Lasman, Tim Roche, and Dan Ryan;
and the following voted against the same:
none;
whereupon said resolution was declared duly passed and adopted.