HomeMy WebLinkAbout2007-163 CCRMember Kay Lasman introduced the following resolution and moved its adoption:
RESOLUTION NO. 2007-163
RESOLUTION APPROVING A THIRD AMENDMENT TO A
DEVELOPMENT AGREEMENT AND CERTAIN LENDER
CONSENTS/SUBORDINATIONS
WHEREAS, the Economic Development Authority of Brooklyn Center (the
"Authority") and the City of Brooklyn Center (the "City") have heretofore entered into a
Development Agreement dated October 23, 2006, as amended (the "Development Agreement")
between the Authority, the City and Brooklyn Hotel Partners, LLC, a Minnesota limited liability
company (the "Developer") in connection with two hotel developments to be constructed by the
Developer; and
WHEREAS, the Authority, the City and the Developer desire to further amend the
Development Agreement and the City desires to confirm its joinder in all prior amendments to
the Development Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center as follows:
1. The City Council hereby approves the Third Amendment to the
Development Agreement in the form on file with the City Clerk, with such
changes thereto as may hereafter be approved by the Executive Director of
the Authority.
2. The City Council hereby approves (a) the Assignment and Subordination
of Development Agreement in favor of The Prudential Insurance
Company of America, and (b) the Consent in favor of Hurlbut-Zeppa
Charitable Trust AR, in the forms on file with the City Clerk, with such
changes thereto as may hereafter be approved by the Executive Director of
the Authority.
December 27. 2007 ) Date Mayor
ATTEST: U'/6/W-k _
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Kay Lasman
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Kay Lasman, Dan Ryan, and Mark Yelich;
and the following voted against the same: Mary O'Connor;
whereupon said resolution was declared duly passed and adopted.