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HomeMy WebLinkAbout2013-003 EDAR Commissioner Dan Ryan introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2013-03 RESOLUTION ACCEPTING MINNESOTA HOSPITALITY INC'S LETTER OF INTENT FOR DEVELOPMENT OF LOT 2,BLOCK 1,BROOKLYN FARM 2ND ADDITION AND AUTHORIZING THE PREPARATION OF A DEVELOPMENT AGREEMENT(PHASE II EMBASSY PUD SITE) WHEREAS, on June 27,2005,the City Council adopted Resolution No.2005-97, which approved the rezoning of a 6.2 acre parcel from C 1 A to PUD/C 1 A for the development of a 250 room hotel containing a 100 seat restaurant and a 32,000 sq. ft. water park facility; and WHEREAS, on October 23,2006,the City Council adopted Resolution No.2006- 121,which approved a Property Tax Abatement Plan and Development Agreement with Brooklyn Hotel Partners in connection with two full service hotels and related facilities; and WHEREAS, on October 23, 2006, the EDA adopted Resolution 2006-12, which deleted this 6.2 acre parcel from Tax Increment Financing District No. 2 and Approved and Authorized the Execution of a Development Agreement; and WHEREAS, on May 14,2007,the City Council adopted Resolution 2007-70,which approved an amendment to the PUD/C 1 A Development Plans for the 1St phase of a two building hotel complex,consisting of an eight story, 175 room Embassy Suites Hotel and 100 seat restaurant with a physical connection to the Earle Brown Heritage Center; and WHEREAS, on July 9,2007,the City Council adopted Resolution No. 2007-100, approving the Final Plat of Brooklyn Farm 2nd Addition, which created a 4.02 acre lot for the 1St phase development of an Embassy Suites Hotel and a 2.18 acre lot for the 2nd phased as conceptually illustrated on the approved PUD Development Plans; and WHEREAS, on July 23,2007,October 8,2007,and December 27,2007,the EDA adopted Resolution 2007-12, ResolutionNo.2007- 19,and ResolutionNo.2007-23 which approved minor amendments to the Development Agreement Between the Economic Development Authority and Brooklyn Hotel Partners; and WHEREAS, the Brooklyn Hotel Partners completed the 175 room hotel and 100 seat restaurant in 2009,but were unable to complete the pedestrian link to the Earle Brown Heritage Center and were in default to the terms of Development Agreement; and WHEREAS, on June 28, 2010, the EDA adopted Resolution No. 2010-14, the Fourth Amendment to the Development Agreement and Certain Related Agreement which modified and amended the following: EDA RESOLUTION NO. 2013-03 1. The rights and obligations of the Authority,the City,and the Developers as it related to the construction of the connection and development of the Phase II site, 2. Amended the Parking,Access and Pedestrian Link Agreement relating to the location of the link to be constructed by the EDA, 3. Revised the Lease Agreements for the D-Barn; and WHEREAS, on April 11,2011 the EDA adopted Resolution No. 2011-08,which approved a Spending Plan authorized under the 2010 Minnesota Jobs Act,which enabled$360,000 from Tax Increment District No. 2,to fund the construction of the portion of the link relating to the D-Barn Lease and the EDA advanced the funds projected from the future sales of the Phase II site to complete the pedestrian link to the Earle Brown Heritage Center; and WHEREAS, on October 10,2011,the EDA adopted Resolution No.2011-22,which approved the termination of the Cement Pond/Fountain Easement, accepted a new trail easement from Wings Financial, and conceptualized the future trail, lighting, and placement of a fountain within the pond; and WHEREAS, Minnesota Hospitality Inc. has expressed an interest in the development of the Phase II site for the construction of a 4 story, 81 room extended stay hotel consistent with the conceptual development plans of the approved PUD plans and with similar provisions for a Tax Abatement Plan as approved for the initial Phase II development, and Whereas, Minnesota Hospitality Inc. has provided a letter of intent for the purchase of Lot 2,Block 1,Brooklyn Farm Second Addition,excludes the area of the pond and trail, for the amount of$500,000 with terms and conditions to be formalized in a development agreement. NOW,THEREFORE,BE IT RESOLVED by the Economic Development Authority in and for the City of Brooklyn Center that the Executive Director is hereby authorized to execute the Letter of Intent with Minnesota Hospitality Inc,and to proceed with the negotiations and preparation of the appropriate development agreement and actions necessary for the conveyance and development of Lot 2, Block 1 Brooklyn Farms 2nd Addition. Phase II Embas4y PUD Site) May 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, Kris Lawrence-Anderson, Lin Myszkowski, and Dan Ryan and the following voted against the same: none; whereupon-said'resolution was declared duly passed and adopted.