HomeMy WebLinkAbout2016 11-14 EDAPEDA MEETING
City of Brooklyn Center
November 14, 2016 AGENDA
1. Call to Order
—The EDA requests that attendees turn off cell phones and pagers during the meeting. A
copy of the full City Council packet, including EDA (Economic Development Authority),
is available to the public. The packet ring binder is located at the front of the Council
Chambers by the Secretary.
2. Roll Call
3. Approval of Agenda and Consent Agenda
—The following items are considered to be routine by the Economic Development
Authority (EDA) and will be enacted by one motion. There will be no separate
discussion of these items unless a Commissioner so requests, in which event the item will
be removed from the consent agenda and considered at the end of Commission
Consideration Items.
a. Approval of Minutes
1. September 26, 2016 — Regular Session
b. Resolution Authorizing an Interfund Loan to Pay the Purchase Price of the Land
for The Sanctuary at Brooklyn Center Project
C. Resolution Authorizing Execution of Tax Increments Pledge Agreement
4. Public Hearings
a. Resolution Approving Conveyance of Certain Property Located at 6250 Earle
Brown Drive
Notice was published in the official newspaper on November 3, 2016.
Requested Commission Action:
—Motion to open Public Hearing.
—Take public input.
—Motion to close Public Hearing.
—Motion to adopt resolution.
5. Commission Consideration Items
None.
6. Adjournment
EDA Agenda Item No_ 3a
MINUTES OF THE PROCEEDINGS OF THE
ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF BROOKLYN CENTER
IN THE COUNTY OF HENNEPIN AND THE
STATE OF MINNESOTA
REGULAR SESSION
SEPTEMBER 26, 2016
CITY HALL — COUNCIL CHAMBERS
1. CALL TO ORDER
The Brooklyn Center Economic Development Authority (EDA) met in Regular Session called to
order by President Tim Willson at 9:08 p.m.
2. ROLL CALL
President Tim Willson and Commissioners April Graves, Kris Lawrence -Anderson, Lin
Myszkowski, and Dan Ryan. Also present were Executive Director Curt Boganey, Interim
Assistant to the City Manager Reggie Edwards, Director of Business and Development Gary
Eitel, City Attorney Troy Gilchrist, and Michaela Kujawa-Daniels, TimeSaver Off Site
Secretarial, Inc.
3. APPROVAL OF AGENDA AND CONSENT AGENDA
Commissioner Ryan moved and Commissioner Graves seconded to approve the Agenda and
Consent Agenda, and the following items were approved:
3a. APPROVAL OF MINUTES
1. September 12, 2016 — Regular Session
3b. RESOLUTION NO. 2016-20 APPROVING AND AUTHORIZING THE
EXECUTION OF A HENNEPIN COUNTY ENVIRONMENTAL
RESPONSE FUND GRANT NO. A165669 AND A SUB GRANT
AGREEMENT BETWEEN THE EDA AND MBC II, LLC (HYDE
DEVELOPMENT) IN CONJUNCTION WITH THE FORMER HOWE
FERTILIZER SITE CLEAN-UP (3101— 49TH AVENUE NORTH)
Motion passed unanimously.
4. PUBLIC HEARINGS
4a. RESOLUTION NO. 2016-21 APPROVING CONVEYENCE OF CERTAIN
PROPERTY LOCATED AT 6250 EARLE BROWN DRIVE
09/26/16 -1- DRAFT
Mr. Eitel provided background and a presentation .on this item. He noted this is simply a
formality. He stated notice was published in the official newspaper on September 8, 2016.
Commissioner Ryan asked if the tax abatement expires for the Embassy Suites. Mr. Eitel stated
he believes the abatement will expire in 2021. Commissioner Ryan clarified that the City will
still reap the benefits from the hotel. Mr. Eitel stated that is correct.
Commissioner Ryan moved and Commissioner Graves seconded to open the Public Hearing.
Motion passed unanimously.
No one wished to address the Commission.
Commissioner Ryan moved and Commissioner Lawrence -Anderson seconded to close the Public
Hearing.
Motion passed unanimously.
Commissioner Ryan moved and Commissioner Lawrence -Anderson seconded to adopt
RESOLUTION NO. 2016-21 Approving Conveyance of Certain Property Located at 6250 Earle
Brown Drive.
Motion passed unanimously.
5. COMMISSION CONSIDERATION ITEMS
None at this time.
6. ADJOURNMENT
Commissioner Myszkowski moved and Commissioner Graves seconded adjournment of the
Economic Development Authority meeting at 9:21 p.m.
Motion passed unanimously.
09/26/16 -2- DRAFT
EDA Agenda Item No. 3b
EDA ITEM MEMORANDUM
DATE: November 8, 2016
TO: � Curt Boganey, City Mana�f
FROM: Qary Eitel, Director of Business ,& Development �i�.-
SLJBIECT: Resolution Authorizing anInter-fund Loan to Pay the Purchase Price of the Land
for the Sanctuary at Brooklyn Center Project.
Recommendation:
It is recommended that the Economic Development Authority consider approval/adoption o£ a
Resolution Authorizing an Inter -fund Loan to Pay the Purchase Price of the Land for the
Sanctuary at Brooklyn Center Project.
Background.
On February 8, 2016, the EDA adopted Resolution No. 2016-04 authorizing execution of a
development agreement with the SCA Properties LLC (original developer) to provide tax
increment fmancing assistance for the Sanctuary at Brooklyn Center Project, the development of
a 158 unit affordable senior housing apartment at 6121 Brooklyn Boulevard.
Additionally, on February 8, 2016, the EDA adopted Resolution No. 2016-05, A Resolution
Approving an Administrative Amendment to Budget for Tax Increment Financing Plan for Tax
Increment Financing District Na. 4 in Connection with Pooling for Affordable Housing.
The Sanctuary at Brooklyn Center, an affordable senior housing project met the statutory
requirements established by the Minnesota State Legislature and qualified as an eligible project
for the use of tax increment funds from Tax Increment Financing District No. 4 for the
repayment of the 2013 Bonds used to acquire 6121 Brooklyn Boulevard.
Attached for your reference is a copy of EDA Resolution No.2016-OS and the supporting staff
memorandum.
Inter -fund Loan (TIF 4 to TIF 3 Housing Fund):
The City Attorney has prepared the attached resolution which sets forth the terms and conditions
of an inter -fund loan between Tax Increment District No. 4 and Tax Increment District No. 3 in
the amount of $1,500,000 (the purchase price of the and acquired by the EDA and conveyed for
the development of the Sanctuary at Brooklyn Center Senior Housing Project.
Budget Issues:
Tax Increment District has the budget authority and sufficient annual tax increment revenue
during the remaining life of this District to cover the debt service of the 2013 TIF Bonds used to
acquire this property.
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Strategic Priorities:
Targeted Redevelopment
Mission: Ensuring an attractive, clean, safe, laclusive community that enhances the duality of life
for all people and preserves the public trust
Commissioner introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO.
AUTHORIZING AN INTERFUND LOAN TO PAY THE PURCHASE PRICE OF THE
LAND FOR THE SANCTUARY AT BROOKLYN CENTER PROJECT
WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota
("EDA") has previously established Housing Development and Redevelopment Project No. 1
(the "Project Area") and adopted a Redevelopment Plan therefor, as amended (the
"Redevelopment Plan"). The EDA has also established Tax Increment Financing (Soils
Condition) District No. 4 ("TIF District No. 4") within the Project Area, and adopted a Tax
Increment Financing Plan therefor (the "TIF Plan") pursuant to Minnesota Statutes, Sections
469.174 to 469.1794, as amended (the "TIF Act");
WHEREAS, the EDA has authorized certain expenditures from TIF District No. 4 for
affordable housing pursuant to Minnesota Statutes 469.1763, Subdivision 2(d) to assist housing
that meets the requirement for a qualified low-income building, as that term is used in section 42
of the Internal Revenue Code;
WHEREAS, pursuant to a TIF Development Agreement, dated as of November 9, 2016
(as the same may be amended from time to time, the "TIF Development Agreement"), between
the EDA and The Sanctuary At Brooklyn Center, LP (the "Developer") the EDA has agreed to
convey certain real property (the "Development Property") to the Developer to assist in
financing a housing facility that meets the requirement for a qualified low-income building, as
that term is used in section 42 of the Internal Revenue Code, in exchange for a Purchase Price
Promissory Note, dated as of November 9, 2016, in the amount of $1,500,000 (the "Purchase
Price Note") to which will be credited the tax increment received by the EDA from TIF District
No. 4 which is not otherwise pledged to other obligations of TIF District No. 4 (the "TIF 4
Available Tax Increment") unless the Developer is obligated to repay the Purchase Price Note
from Net Sale Proceeds (as defined therein);
WHEREAS, under Section 469.178, Subdivision 7 of the TIF Act, the EDA is authorized
to advance or loan money from any fund from which such advances may be legally made in
order to finance expenditures that are eligible to be paid with tax increments under the TIF Act;
WHEREAS, the EDA has determined that TIF 4 Available Tax Increment is not currently
available to pay the cost of the Development Property and the EDA has further determined to
utilize tax increments from the EDA's Tax Increment Financing District No. 3 ("TIF District No.
3") on a temporary basis to finance the Developer's acquisition of the Development Property as
an interfund loan pursuant to Minnesota Statutes, Section 469.178, Subd. 7;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic
Development Authority of Brooklyn Center, Minnesota ("Board") as follows:
1
489501v2 JSB BR291-353
1. The EDA hereby designates the use of $1,500,000 of tax increments from TIF
District No. 3 to finance the Developer's acquisition of the Development Property as an
interfund loan in accordance with the terms of this resolution and the TIF Act (the "TIF 3
Interfund Loan") and hereby determines to reimburse TIF District No. 3 in the amount of the
$1,500,000 principal amount of the TIF 3 Interfund Loan, together with interest thereon at 3.50%
per annum, which does not exceed the greater of the rates specified under Sections 270C.40 or
549.09, from TIF 4 Available Tax Increment or from Net Sale Proceeds payable under the
Purchase Price Note.
2. Principal of and interest on the Interfund Loan in approximately the amounts set
forth in Exhibit A ("Payments") shall be paid annually on each December 31 (each a "Payment
Date"), commencing on the first Payment Date on which the EDA has TIF 4 Available Tax
Increment or Net Sale Proceeds payable under the Purchase Price Note, or on any other dates
determined by the City Finance Director, until the City Finance Director determines the principal
of and interest on the TIF 3 Interfund Loan have been paid in full or there is no further TIF 4
Available Tax Increment and no further Net Sale Proceeds payable under the Purchase Price
Note.
3. Payments on the TIF 3 Interfund Loan may be subordinated to any outstanding or
future bonds, notes, or contracts secured in whole or in part with available tax increment, and are
on a parity with any other outstanding or future interfund loans secured in whole or in part with
TIF 4 Available Tax Increment.
4. The principal sum and all accrued interest payable under this resolution is pre-
payable in whole or in part at any time by the EDA without premium or penalty.
5. This resolution is evidence of an internal borrowing by the EDA in accordance
with Section 469.178, subdivision 7 of the TIF Act, and is a special, limited obligation payable
solely from TIF 4 Available Tax Increment or Net Sale Proceeds payable under the Purchase
Price Note pledged to the payment hereof under this resolution. The TIF 3 Interfund Loan shall
not be deemed to constitute a general obligation of the State of Minnesota or any political
subdivision thereof, including, without limitation, the City of Brooklyn Center, Minnesota (the
"City"). Neither the State of Minnesota, nor any political subdivision thereof shall be obligated
to pay the principal of or interest on the TIF 3 Interfimd Loan or other costs incident hereto
except out of TIF 4 Available Tax Increment. The EDA shall have no obligation to pay any
principal amount of the TIF 3 Interfund Loan or accrued interest thereon from any other source,
and such amounts may remain unpaid after the final Payment Date.
6. The EDA may at any time make a determination to forgive the outstanding
principal amount and accrued interest on the TIF 3 Interfund Loan, in whole or in part, on any
date from time to time, to the extent permissible under law.
7. The EDA may from time to time amend the terms of this Resolution to the extent
permitted by law, including without limitation amendment to the payment schedule and the
interest rate; provided that the interest rate may not be increased above the maximum specified in
Section 469.178. subd. 7 of the TIF Act.
2
489501v2 JSB BR291-353
November 14 2016
Date President
ATTEST:
Secretary
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
3
48950M JSB BR291-353
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EDA Agenda Item No. 3c
DATE: November 8, 2016
TO: Curt Boganey, City Manag�
FROM: Gary Eitel, Director of Business � Development %�•
SUBJECT: Resolution Authorizing Execution o£ Tax Increment Pledge Agreement (TIF 5
Tax Increment Refunding Bonds, Series 2016 B and Series C)
Recommendation:
It is recontntended that the Economic Development Authority consider approval adoption of
Resolution Authorizing Execution of Tax Increment Pledge Agreement (TIF 5 Tax Increment
Refunding Bonds, Series 2016 B and Series C).
Ba�u� ound:
On October 10 2016, the City Council adopted Resolution No. 2016-165, setting November 14,
2016 as the date of the sale of $2,095,000 General Obligation Tax Increment Refunding Bonds,
Series 2016B and $1,750,000 Taxable General Obligation Tax Increment Refunding Bonds,
Series 2016 C. The deM issue will be repaid from tax increment revenues from Tax Increment
District No. 5 (Shingle Creek Crossing) and used to partially refund the $2.4 million inter -fund
loan with Tax Increment District No. 2 and refinance the balance of the Shingle Creek Crossing
pay-as-you-go (PAYG) note.
Tax Increment Pledge Agreement:
The Tex Increment Pledge Agreement is a companion document with the Issuance of Tax
Increment Bonds stating the EDA pledges to the payment of these Bonds tax increment revenue
generated by Tax Increment District No. 5 in the amount of 1 OS^/o of the annual debt service and
that these funds shall be segregated into a special debt service account.
The City Attorney has prepared the attached Resolution and Tax Increment Pledge Agreement.
Budget Issues:
The Tax Increment District #5 budget strategy for the use of tax increment to maximize
investment opportunities within the Shingle Creek Crossing Development is proposed to be
structured as follows:
Description
Amount
Comments
Debt Service
$400,000
2018-2029
Admin Expenses
$50,000
10% of annual
increment
TIF #2 Inter -Fund Loan
$50,000
$700,000 balance
M/ss)wa: Ensuring rm rtar¢efive, clenu, arl ,Lac/rts/ve conemun/jr t/ent ¢u/ nnces tha /junQty ojaj
j r n//peop/e mid pr¢serws O�¢ pub//c /rust
Additional Pooling Activities projected from
Estimated at
Bldg. Pads L, N,
additional development (2020-2029)
$100,000
9, 10, E, R, & T.
Additionally, a portion of the tax increment generated in 2016 and 2017, projected to be in the
range of $400,000 - $500,000, is available in Tax Increment District 45 as an additional reserve
for future debt payments.
Strategic Priorities:
® Targeted Redevelopment
Mission: Ensuring an attractive, clean, safe, ineinsive community that enhances the quality of life
for all people and preserves the public trust
Commissioner introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO.
AUTHORIZING EXECUTION
OF TAX INCREMENT PLEDGE AGREEMENT
WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota,
Minnesota ("EDA") has heretofore established its Tax Increment Financing District No. 5 (the
"TIF District") within its Housing Development and Redevelopment Project No. 1; and
WHEREAS, the City Council of the City of Brooklyn Center, Minnesota (the "City") has
adopted a resolution awarding the sale of the City's General Obligation Tax Increment Bonds,
Series 2016B (the "Series B Bonds") to refund the Amended and Restated Tax Increment
Revenue Note (Shingle Creek Crossing Project) (the "Note") issued by the EDA to Shingle
Creek, LLC (the "Developer") and its Taxable General Obligation Tax Increment Refunding
Bonds, Series 2016C (the "Series C Bonds" and, together with the Series B Bonds, the "Bonds")
to refund a portion of the EDA's internal loan from the TIF District No. 2 account which
financed certain costs incurred by the Developer (the "Refunded Obligations").
WHEREAS, it is necessary and desirable that the City and the EDA enter into a tax
increment pledge agreement pursuant to which the tax increments derived from the TIF District
which are not otherwise pledged to other obligations of the TIF District in an amount equal to
105% of the debt service on the Bonds (the "Available Tax Increments") will be pledged to the
Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Economic Development Authority of Brooklyn Center, Minnesota, as follows:
Authorization to Execute. The Tax Increment Pledge Agreement, a form of
which agreement is now on file in the office of the EDA, is hereby approved in substantially the
form submitted to the EDA. The President and Secretary are authorized and directed to execute
the same on behalf of the EDA.
Filing. The Secretary is directed to file a fully executed copy of the Tax
Increment Pledge Agreement with the County Auditor of Hennepin County pursuant to
Minnesota Statutes, Section 469.178, Subdivision 2.
November 14, 2016
Date
ATTEST:
Secretary
President
EDA RESOLUTION NO.
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
TAX INCREMENT PLEDGE AGREEMENT
THIS AGREEMENT, entered into as of the 8th day of December, 2016, by and
between the City of Brooklyn Center, a Minnesota municipal corporation, (the "City") and the
Economic Development Authority of Brooklyn Center, Minnesota, a public body corporate and
politic created and existing under the provisions of Minnesota Statutes, Sections 469.090 to
469.1082, (the "EDA") witnesseth that:
A. WHEREAS, the EDA has heretofore established its Tax Increment
Financing District No. 5 (the "TIF District") within its Housing Development and
Redevelopment Project No. 1; and
B. WHEREAS, the City Council of the City of Brooklyn Center has adopted
a resolution which is attached as Exhibit A hereto (the "Bond Resolution") awarding the sale of
the City's General Obligation Tax Increment Refiinding Bonds, Series 2016B (the "Series B
Bonds") to refund the Amended and Restated Tax Increment Revenue Note (Shingle Creek
Crossing Project) (the "Note") issued by the EDA to Shingle Creek, LLC (the "Developer") and
its $1,750,000 Taxable General Obligation Tax Increment Refunding Bonds, Series 2016C (the
"Series C Bonds" and, together with the Series B Bonds, the "Bonds") to refund a portion of the
FDA's internal loan from the TIF District No. 2 account which financed certain costs incurred
by the Developer (the "Refunded Obligations" and together with the Note the "Project"); and
C. WHEREAS, the Bonds benefit the EDA and are issued by the City at the
request of the EDA; and
D. WHEREAS, it is necessary and desirable that the City and the EDA enter
into a tax increment pledge agreement pursuant to which a portion of the tax increments derived
from the TIF District will be pledged to the Bonds.
NOW, THEREFORE, the City and the EDA, each in consideration of the mutual
covenants and agreements herein contained, covenant and agree as follows:
1. Pledge of Tax Increments, Coverage Test. The EDA pledges to the
payment of the Bonds, tax increments derived from the TIF District which are not otherwise
pledged to other obligations of the TIF District in an amount equal to 105% of the debt service
on the Bonds (the "Available Tax Increments").
2. Remittance; Segregation; Reservation of Rights. All pledged tax
increments shall be remitted directly to the City and the City, acting as agent of the EDA, shall
segregate all Available Tax Increments so received in a special account on its official books and
records. The EDA reserves the right to alter the pledge of tax increments as set forth in the
Resolution.
3. Filing Computation and Collection. An executed copy of this Agreement
shall be filed with the County Auditor of Hennepin County and shall constitute the request and
authorization of the EDA and the City to the County Auditor and Treasurer to compute and
collect the Tax Increments in accordance with the provisions of this Agreement and Minnesota
489203v1 JSB BR291-366
Statutes, Section 469.178, Subd. 2 and to remit the same to the EDA. The City's Finance
Director is authorized and directed to determine the exact source and amount of pledged
revenues used to make each interest payment, and to maintain accounts evidencing such draws.
2
489203v1 JSB BR291-366
IN WITNESS WHEREOF, the City and the EDA have caused this Agreement to
be duly executed on their behalf, and such signatures and seal to be attested, as of the day and
year first above written.
CITY OF BROOKLYN CENTER, MINNESOTA
By
Mayor
By
Manager
S-1
4892030 JSB BR291-366
ECONOMIC DEVELOPMENT AUTHORITY OF
BROOKLYN CENTER, MINNESOTA
By
Chair
By
Secretary
S-2
439203v1 JSB BR291-366
EXHIBIT A
Bond Resolution
A-1
489203v1 JSB BR291-366
EDA Agenda Item No_ 4a
EDA ITEM MEMORANDUM
DATE: November 8, 2016
TO: � Curt Boganey, City Manag�j
FROM: Gazy Eitel, Director of Business Ec Development Fes`
SUBJECT: Resolution Approving the Conveyance of Certain Property located at 6250 Earle
Brown Drive. (Pond Area to Earle Brown Heritage Center)
Recommendation:
It is recommended that the Economic Development Authority open the Public Hearing, take
public input, close the Public Hearing, and consider adoption of Resolution Approving the
Conveyance o£ Certain Property located at 6250 Earle Brown Drive.
Bacltground:
On October 24, 2016, the City Council adopted Resolution 2016 -179, Resolution Regarding the
a Request by the City of Brooklyn Center, Mn Acflng on Beha1F of the City's Economic
Development Authority (EDA) Authorizing Approval of a Simple Land Division of EDA Owned
Property for the Benefit of the New Fairfield Inn and Suites Hotel (Located at 6250 Earle Brown
Drive).
The land division was consistent with the City Council's September 12+� approval of the Fairfield
Inn and Suites site plan and included the condition that the parcel including the pond must be
attached or joined with the existing City -owned Earle Brown Heritage Center lands to the east.
On September 26, 2016, the Economic Development Authority conducted the required public
hearing to announce the terms and conditions associated with the conveyance of a portion of
6250 Earle Brown Drive to the Brooklyn Center Hotel Group, LLC for the development of a 4 -
Story 82 -Room Fai�eld Inn and Suites Hotel and unanirnously moved to adopt Resolution No.
2016-21.
In preparation of the closing documents, it was discovered that the title for the Earle Brown
Heritage Center was held by the'City's Housing and Redevelopment Authority and to comply
with the conditions of the approved land division, it would be necessary for the City's Economic
Development Authority (EDA) to process a formal conveyance of the parcel containing the pond
to the Housing and Redevelopment Authority (HRA)
Resolution Approving the Conveyance of Certain Property located at 6250 Earle Brown
Drive.
The City Attorney has prepared the attached resolution which includes confirms the EDA
authorization to -convey the Hotel Parcel to the Brooklyn Center Hotel Group LLC. and authorizes
the conveyance of the eastern parcel including the pond (referred to as the HRA Parcel) to the City's
Housing and Redevelopment AuthoriTy.
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Notice of this public hearing was published in the November 3rd edition of the City's Official
Newspaper.
Budget Issues:
There are no budget issues associated with the EDA's conveyance of this parcel to the HRA.
The sales of the Hotel Parcel will provide the necessary funding for the EDA to undertake the
relocation and restoration of the trail which surrounds the pond, the installation of pedestrian
lighting, landscaping and restoration of the pond consistent with the theme of the Earle Brown
Heritage Center.
Strategic Priorities:
® Targeted Redevelopment
Mission: Ensuring an attractive, clean, safe, inclusive community that enhances the quality of life
for all people andpreserves the public trust
Commissioner
and moved its adoption:
EDA RESOLUTION NO.
introduced the following resolution
RESOLUTION APPROVING CONVEYANCE OF CERTAIN
PROPERTY LOCATED AT 6250 EARLE BROWN DRIVE
WHEREAS, the Economic Development Authority of the City of Brooklyn Center,
Minnesota ("EDA") is authorized pursuant to Minnesota Statutes, Sections 469.090 to 469.1081
(the "EDA Act"), to acquire and convey real property and to undertake certain activities to
facilitate the development of real property by private enterprise;
WHEREAS, the EDA is the owner of the property located in the City at 6250 Earle Brown
Drive and legally described as follows:
Lot 2, Block 1, Brooklyn Farm 2nd Addition, Hennepin County, Minnesota (the "EDA
Property");
WHEREAS, to facilitate development of certain property in the City of Brooklyn Center,
Minnesota (the "City"), the EDA on September 26, 2016, following a duly noticed public hearing
regarding the sale, approved the conveyance of the EDA Property;
WHEREAS, the EDA entered into a Contract for Private Development (the "Agreement")
between the EDA and Brooklyn Center Hotel Group, LLC (or its assigns, the "Buyer"), under
which, among other things, the EDA agreed to convey a portion of the EDA Property to the Buyer
and the Buyer agreed to construct a hotel facility containing at least 82 rooms with 85 parking stalls;
WHEREAS, the Agreement provides that the portion of the EDA Property to be conveyed
to the Buyer is legally described as follows:
That part of Lot 2, Block 1, BROOKLYN FARM 2ND ADDITION, according to the
recorded plat thereof, Hennepin County, Minnesota, lying west of the east 165.00 feet
thereof, as measured at right angles to the east line of said Lot 2. ("Hotel Parcel")
The conveyance of the Hotel Parcel creates a split in a legal description of the EDA
Property, with remainder being legally described as follow:
The East 165.00 feet of Lot 2, Block 1, BROOKLYN FARM 2ND ADDITION, according
to the recorded plat thereof, Hennepin County, Minnesota, as measured at right angles to the
east line of said Lot 2 ("HRA Parcel");
WHEREAS, the EDA desires to convey the HRA Parcel to the Housing and Redevelopment
Authority in and for the City of Brooklyn Center ("HRA"), to be combined with the adjacent parcel
owned by the HRA;
WHEREAS, the EDA has on this date conducted a duly noticed public hearing regarding
EDA RESOLUTION NO.
the sale of the conveyance of the HRA Parcel, at which all interested persons were given an
opportunity to be heard; and
WHEREAS, the EDA finds and determines that conveyance of the Property to the HRA is
in the public interest.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic
Development Authority of Brooklyn Center, Minnesota ("Board") as follows:
1. The Board hereby approves the conveyance of the HRA Parcel to the HRA.
2. EDA staff and officials are authorized to take all actions necessary to perform the
EDA's conveyance and combination with the adjacent parcel.
November 14, 2016
Date President
ATTEST:
Secretary
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
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