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HomeMy WebLinkAbout2011-017 EDAR Commissioner Kay Lasman introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2011 -17 RESOLUTION APPROVING DEVELOPMENT AGREEMENTWITH REAL ESTATE RECYCLING, LLC (ENVIRONMENTAL TESTING LOAN) 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 established Tax Increment Financing District No. 2 (the "TIF District "), therein, pursuant to Minnesota Statutes, Sections 469.174 to 469.1799, as amended within the Development District. 1.02. The Authority has adopted a spending plan for the TIF District (the "Spending Plan") in accordance with Minnesota Statutes, Section 469.176 Subd. 4m, as amended, (the "Temporary TIF Authority Act ") to utilize existing tax increment revenues from the TIF District in order to stimulate construction or rehabilitation of private development in a way that will also create or retain jobs. 1.03. Real Estate Recycling, LLC (the "Developer ") has requested that the Authority assist the Developer with the financing of certain real estate acquisition, soil remediation and demolition costs in connection with the development of an approximately 60,000 square foot office warehouse facility (the "Project ") pursuant to a Development Agreement by and between the Authority and the Developer (or an affiliate) (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. 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 by the President and the Executive Director shall be conclusive evidence of approval. EDA RESOLUTION NO. 2011 -17 2.02. The President and the Executive Director are hereby authorized to execute the Agreement on behalf of the Authority and to carry out on behalf of the Authority's obligations thereunder. Approved by the Economic Development Authority in and for the City of Brooklyn Center this 25th day of July, 2011. r July 25, 2011 L Date President motion for the adoption of the foregoing resolution was duly seconded b Commissioner Th e p g g y y Dan Ryan 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.