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HomeMy WebLinkAbout2016-017 EDARCommissioner Dan Ryan introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2016-17 RESOLUTION AMENDING AND SUPPLEMENTING RESOLUTION NO. 2016-04; APPROVING A DEVELOPMENT AGREEMENT (SANCTUARY AT BROOKLYN CENTER PROJECT) WHEREAS, the Economic Development Authority of the City of Brooklyn Center, Minnesota ("EDA") has established Tax Increment Financing (Soils Condition) District No. 4 and Tax Increment Financing District No. 6 (Housing District) (the "TIF Districts") within its Municipal Development District No. 1 (the "Development District"), pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended; WHEREAS, the EDA has received a proposal from SCA Properties, LLC (the "Original Developer") that the EDA assist with certain public costs associated with the construction of an affordable senior assisted living facility (the "Project"); WHEREAS, on February 8, 2016, the EDA adopted Resolution No. 2016-04 authorizing execution of an agreement with the Original Developer to provide tax increment financing assistance for the Project and the Original Developer has subsequently requested that (i) the agreement be executed with The Sanctuary at Brooklyn Center, LP, a Minnesota limited partnership (the "Developer") and (ii) the EDA authorize that the Project be designed and operated so that 80% of the units thereof will be leased to and occupied by only persons age 62 and older and 20% of the units thereof will be leased to and occupied only persons age 50 and older; and WHEREAS, the EDA has determined to amend and supplement Resolution No. 2016-04 as set forth in this resolution to accommodate the changes requested by the Developer and Resolution No. 2016-04 remains in effect except as modified by the changes authorized in this resolution; and WHEREAS, the EDA has caused to be prepared a revised TIF Development Agreement by and between the EDA and the Developer (the "Development Agreement") setting forth the terms and conditions under which the Developer will construct the Project and the EDA will provide tax increment financing assistance from the TIF Districts in connection therewith; 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 EDA RESOLUTION NO. 2016-1 "Board") of the Economic Development Authority of City of Brooklyn Center, Minnesota as follows: 1.The EDA hereby approves the Development Agreement in substantially the form 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, 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. 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. 3. This Resolution shall be in full force and effect from and after its approval, Resolution No. 2016-04 is hereby amended and supplemented as set forth in this Resolution and remains in effect as modified by the changes in this Resolution. / 2 - 2<7June 27, 2016 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 Ryan and the following voted against the same: whereupon said resolution was declared duly passed and adopted.