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HomeMy WebLinkAbout2016-014 EDARCommissioner Dan Ryan moved its adoption: introduced the following resolution and EDA RESOLUTION NO.2016-14 RESOLUTION APPROVING A CONTRACT FOR PRIVATE DEVELOPMENT (BROOKLYN CENTER HOTEL GROUP, LLC, EMBAS SAY SUITES PHASE II) WHEREAS, the EDA has received a proposal from Brooklyn Center Hotel Group, LLC, (the "Developer") that the EDA assist the Developer with certain public costs associated with the construction of a hotel facility containing at least 82 rooms (the "Project"); WHEREAS, the EDA has caused to be prepared a Private Development Agreement by and between the EDA and the Developer (the "Development Agreement") setting forth the terms setting forth the terms of the sale of the Property to the Developer and conditions under which the Developer will construct the Project and the EDA will provide a business subsidy in connection therewith; WHEREAS, the EDA the Development Agreement sets forth the terms of the sale, in connection with the Project, of property located in the City of Brooklyn Center, Hennepin County, Minnesota legally described as (the "Property"); WHEREAS, the conveyance of the Property remains contingent upon approval by the EDA following a duly noticed public hearing regarding the sale of the Property to Developer; WHEREAS, the EDA believes that the development of the Project pursuant to the Development Agreement, and fulfillment generally of the Development Agreement, are in the vital and best interests of the EDA and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable State and local laws and requirements under which the development has been undertaken and is being assisted. NOW, THEREFORE, BE IT RESOLVED By the Board of Commissioners (the "Board") of the Economic Development Authority of City of Brooklyn Center, Minnesota as follows: The EDA hereby approves the Development Agreement (provided however that the conveyance of the Property is subject to approval by the EDA following a duly noticed public hearing) and the Development Agreement in substantially the forms presented to the Board, together with any related documents necessary in connection therewith, including without limitation all documents referenced in or attached to the Development Agreement, and any deed or other documents necessary to convey the Property to Developer, all as described in the Development Agreement (collectively, the "Development Documents") and the President and the Executive Director are hereby authorized and directed to execute the Development Documents on behalf of the EDA and to carry out, on behalf of the EDA, the EDA's obligations thereunder. EDA RESOLUTION NO. 2016-14 2. The approval hereby given to the Development Documents includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to the EDA and by the officers authorized herein to execute said documents prior to their execution; and said officers are hereby authorized to approve said changes on behalf of the EDA. The execution of any instrument by the appropriate officers of the EDA herein authorized shall be conclusive evidence of the approval of such document in accordance with the terms hereof. In the event of absence or disability of the officers, any of the documents authorized by this Resolution to be executed may be executed without further act or authorization of the Board by any duly designated acting official, or by such other officer or officers of the Board as, in the opinion of the City Attorney, may act in their behalf. 23_2016 2 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, Lin Myszkowski, Dan Ryanand the following voted against the same: whereupon said resolution was declared duly passed and adopted.