HomeMy WebLinkAbout2015-012 EDAR Commissioner Lin Myszkowski introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO. 2015-12
RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF
COLLATERAL ASSIGNMENT OF SUB-GRANT AGREEMENTS (HOWE
FERTILIZER SITE)
WHEREAS, the Brooklyn Center Economic Development Authority ("EDA")
has entered into the following agreements providing grants for environmental cleanup on the
Howe Fertilizer Project:
a) Contamination Cleanup Grant Contract CCGP-1`4-0025-Z-FY15, Howe Fertilizer
Project, between DEED and the Authority;
b) Environmental Response Fund Grant Agreement between the Authority and
Hennepin County Department of Environmental Services, Contract No. A140836;
and
C) Metropolitan Livable Communities Act Grant Agreement, MBC II Grant No. SG-
02013 between the Metropolitan Council and the Authority.
(collectively the "Grant Contracts"); and
WHEREAS, MBC II, LLC has entered into the following sub-grant agreements
for each of the Grant Contracts, under which MBC II, LLC, as sub-grantee, assumed the
responsibilities of the EDA under the Grant Contracts:
a) The Sub-Grant Agreement between the EDA and MBC II, LLC, dated May 15,
2015, for $610,000 in grant funds from DEED;
b) The Sub-Grant Agreement between the EDA and MBC II, LLC, dated May 15,
2015, for$400,000 in grant funds from the Metropolitan Council; and
C) The Sub-Grant Agreement between the EDA and MBC II, LLC, dated October
17, 2014, for $440,400 in grant funds from the County of Hennepin by its
Department of Environmental Services.
(collectively the "Sub-Grant Agreements"); and
WHEREAS, MBC II, LLC has obtain mortgage financing from First National
Bank of Omaha ("First National Bank") and MBC II, LLC desires to assign its interests in the
Sub-Grant Agreements to First National Bank to secure its obligations under the loan
documents;and
WHEREAS, the EDA has determined that it is reasonable, appropriate, and in
the best interests of the public that the EDA enter into the proposed Collateral Assignment of
Sub-Grant Agreements to allow the assignment of MBC II, LLC's rights under the Sub-Grant
Agreements.
RESOLUTION NO. 2015-12
NOW, THEREFORE, BE IT RESOLVED, by the Economic Development Authority in
and for the City of Brooklyn Center as follows:
1. That the Collateral Assignment of Sub-Grant Agreements is approved.
2. The President and Executive Director are authorized and directed to execute the
Collateral Assignment of Sub-Grant Agreements.
3. The Executive Director is authorized and directed to take any and all additional
steps necessary or convenient to effect the terms of the Collateral Assignment of
Sub-Grant Agreements.
June 22, 2015 0 6r
Date q6111AJ
Pr ent 6J
A
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Kris Lawrence-Anderson
and upon vote being taken thereon,the following voted in favor thereof:
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.