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HomeMy WebLinkAbout2017-015 EDARCommissioner April Graves introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2017-15 RESOLUTION APPROVING A FOURTH AMENDMENT TO DEVELOPMENT AGREEMENT (SHINGLE CREEK CROSSING PROJECT) WHEREAS, Shingle Creek, LLC (the "Developer") has previously entered into a Development Agreement by and between the Economic Development Authority in and for the City of Brooklyn Center (the "EDA") and the Developer dated June 17, 2011 (the "Original Development Agreement"), as amended by a First Amendment to Development Agreement dated November 13, 2012 (the "First Amendment"), a Second Amendment to Development Agreement dated April 8, 2014 (the "Second Amendment") and a Third Amendment to Development Agreement dated March 10, 2015 (the "Third Amendment" and, together with the Original Development Agreement, the First Amendment, and the Second Amendment, the "Development Agreement"); and WHEREAS, the EDA and the Developer have proposed to further amend the Development Agreement to, among other things, provide additional tax increment financing assistance in the amount of approximately $210,000 from the EDA's Tax Increment Financing District No. 5 (A Renewal and Renovation District) (the "TIF District") for additional improvements in the TIF District including without limitation driveway, pedestrian walkway, landscaping, and street lighting improvements and construction of an approximately 8 foot high wooden fence to screen the back of the buildings constructed on Lots 1 and 6, Block 1, Shingle Creek Crossing 5th Addition, Hennepin County, Minnesota (the "Development Agreement Amendment"); and NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority in and for the City of Brooklyn Center as follows: The Development Agreement Amendment as presented to the Board is hereby in all respects approved, in substantially the form submitted, together with any related documents necessary in connection therewith, including without limitation applicable deeds, restrictive covenants, consents to approved plat amendments and all other documents referenced in or attached to such agreements (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 EDA RESOLUTION NO. 2017-15 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. September 11, 2017 Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Dan Ryan and upon vote being taken thereon, the following voted in favor thereof: Tim Willson, Marquita Butler, April Graves, and Dan Ryan and the following voted against the same: none whereupon said resolution was declared duly passed and adopted.