Loading...
HomeMy WebLinkAbout2016-009 EDARCommissioner Dan Ryan introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 20 16-09 RESOLUTION ACCEPTING RUDRA MANAGEMENT'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 CiA to PUDIC 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/C1A 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, Resolution No. 2007- 19, and Resolution No. 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. 2016-09 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, on May 13, 2013, the EDA accepted a Letter of Intent with Minnesota Hospitality Inc. for the construction of a 4 story, 81 room extended stay hotel with similar provisions for a Tax Abatement Plan as approved for the initial Phase II development and authorized the preparation of a development agreement; and Whereas, On July 8, 2013, the City Council adopted Resolution 2013-73 which approved an amendment to the 2007 PUD plans for the Embassy Phase II site providing for the reorientation of the hotel pad site, expansion of the hotel size and parking lot, and established architectural standards; and Whereas, the Minnesota Hospitality Inc. did not proceed with their development plans for an 81 room Candlewood Hotel; and Whereas Rudra Management has submitted a Letter of Intent to acquire the Embassy Phase II lot, exclusive of pond and trail, for the development of an 83 room Marriott Fairfield Inn & Suites for the amount of $100,000 without the benefits of a 10 year tax abatement program. 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 Rudra Management, 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 11 Embassy PUD Site) EDA RESOLUTION NO. 20 16-09 March 28, 2016 7 Date President 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: Tim Willson, April Graves, Kris Lawrence-Anderson, Dan Ryan and the following voted against the same: whereupon said resolution was declared duly passed and adopted.