HomeMy WebLinkAbout2012-012 EDAR Commissioner Dan Ryan introduced the following resolution and moved
its adoption:
EDA RESOLUTION NO. 2012-12
RESOLUTION APPROVING CONSENT TO ASSIGNMENT OFITIF NOTE(TWIN
LAKES BUSINESS PARK)
BE IT RESOLVED By the Economic Development Authority ("Authority") of
Brooklyn Center("City") as follows:
Section 1. Recitals.
1.01. The Authority entered into a Development Agreement dated April 27, 11999,as
amended by a First Amendment to Development Agreement dated May 28, 2002 (collectively, the
"Agreement") with Twin Lakes Business Park, LLC, a Minnesota limited liability company
("Developer"), concerning the property described in the Agreement.
1.02. The Authority issued a Tax Increment Revenue Note (Twin Lakes Business
Park)to the Developer on December 17, 1999,as amended on June 12,2002,pursuant to Amended
Tax Increment Revenue Note (Twin Lakes Business Park) (collectively, the "TIF Note"), and the
Developer assigned its interests in the TIF Note to Joslyn Manufacturing Company ("Joslyn")
pursuant to a Pledge Agreement dated as of June 15, 1999, as amended, an Assignment dated
December 17, 1999, as amended (the "Assignment"), and Amended Irrevocable Instructions for
Delivery of Notes dated as of June 12, 2002.
1.03. Joslyn has agreed to assign the TIF Note to the Developer effective July 6,2012,
pursuant to a Purchase Agreement dated April 3, 2012 and an Assignment dated as of July 6,2012
(collectively,the"Reassignment").
1.04. The TIF Note has been lost or misplaced and Joslyn has provided the Authority
an Affidavit of Lost Tax Increment Financing Note and Indemnity Agreement.
1.05. The Developer and Joslyn have requested that the Authority consent to
Reassignment of the TIF Note pursuant to and in compliance with the terms of the Agreement and
issue a replacement TIF Note.
Section 2. Authority Approval;Further Proceedings.
2.01. The recitals set forth in the preamble to this Resolution are incorporated into this
Resolution as if fully set forth herein.
2.02. The Authority hereby consents to the Reassignment of the TIF Note.
EDA RESOLUTION NO. 2012-12
2.03. The President and the Executive Director are hereby authorized to execute a
consent to the Reassignment of the TIF Note and a replacement TIF Note on behalf of the Authority
and Authority staff and consultants are authorized to create all required agreements and take all
necessary actions in furtherance of this Resolution and the Agreement.
2.04. The Authority has received written direction from the Developer to apply
$76,252 of the August, 2012 payment of the TIF Note to the repayment in full of the Environmental
Testing Loan Promissory Note, dated July 27, 2011, issued to the Authority by MBC II, LLC, an
affiliate of the Developer. The Authority authorizes the Finance Director to reduce the August,2012
payment of the TIF Note to the Developer by$76,252 and apply such amount as directed above. Such
$76,252 amount is credited to and deemed paid pursuant to the TIF Note the same as if such amount
had been paid directly to the Developer.
2.05 The approvals and actions contemplated by this Resolution are subject to the
condition that Developer pay all costs associated with this Resolution,the Agreement, documents
and actions set forth herein.
Approved by the Economic Development Authority of Brooklyn Center.
August 13, 2013 ,
Date President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Lin Myszkowski
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Carol Kleven, Kay Lasman, Lin Myszkowski, and Dan Ryan;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.