HomeMy WebLinkAbout2012-013 EDAR Commissioner Kay Lasman introduced the following resolution and moved
its adoption:
EDA RESOLUTION NO. 2012-13
RESOLUTION APPROVING THE DEVELOPER AGREEMENT FOR NSP III
WITH THE GREATER MINNESOTA HOUSING CORPORATION AND THE
EXTENSION OF THE DEVELOPER AGREEMENT FOR NSP I WITH THE
GREATER MINNESOTA HOUSING CORPORATION
BE IT RESOLVED By the Board of Commissioners (the "Board") of the Economic
Development Authority of the City of Brooklyn Center("Authority")as follows:
WHEREAS, Greater Metropolitan Housing Corporation ("GMHC") has
heretofore entered into an NSP1 Developer Agreement by and between the Authority and GMHC
dated February 8,2010 (the"NSP 1 Agreement"); and
WHEREAS, the NSP1 Agreement has a term which expired December 31,
2010 and the Authority and GMHC have mutually agreed to continue operating under the NSP 1
Agreement; and
WHEREAS, the Authority and GMHC have proposed to amend the NSP1
Agreement(the "Amendment")to extend the term thereof; and
WHEREAS, GMHC was among the companies that submitted applications to
participate in the Authority's program to utilize funds from the Neighborhood Stabilization
Program III for the purpose of assisting in the acquisition, rehabilitation and resale of foreclosed
homes and was identified by the Authority as the best suited to meet the Authority's policy
objectives and program goals; and
WHEREAS, the Authority proposes to enter into an NSP3 Developer Agreement
with GMHC (the"NSP3 Developer Agreement").
NOW, THEREFORE, BE IT RESOLVED by the Economic Development
Authority in and for the City of Brooklyn Center:
The Amendment and the NSP3 Developer Agreement as presented to the Board are
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 Amendment and the NSP3 Developer Agreement by the President
and the Executive Director shall be conclusive evidence of approval; and
The President and the Executive Director are hereby authorized to execute the
Amendment and the NSP3 Developer Agreement on behalf of the Authority and to carry out on
behalf of the Authority's obligations thereunder.
Approved by the Board of Commissioners of the Economic Development Authority
of the City of Brooklyn Center this 27 day of August,2012.
August 27 2012
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, Carol Kleven, Kay Lasman, Pin Myszkowski, and Dan Ryan;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.