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HomeMy WebLinkAbout2017-019 EDARCommissioner Dan Ryan introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2017-19 RESOLUTION APPROVING PURCHASE AGREEMENT AND CONVEYANCE OF APPROXIMATELY 2.5 ACRE PORTION OF LOT 1, BLOCK 1, NORTHBROOK CENTER 2ND ADDITION TO E&R INVESTMENTS LOCATED IN, BROOKLYN CENTER, MN BE IT RESOLVED by the Board of Commissioners ("Board") of the Economic Development Authority of Brooklyn Center, Minnesota ("Authority") as follows: Section 1. Recitals. 1.01. The Authority 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. 1.02. To facilitate development of certain property in the City of Brooklyn Center, Minnesota (the "City"), the Authority proposes to enter into a Purchase Agreement (the "Contract") between the Authority and E & R Investments, LLC (the "Buyer"), under which, among other things, the Authority will plat property located in the City and legally described as: Lot 1, Block 1, NORTHBROOK CENTER 2ND ADDITION ("Parcel 1") and convey to Buyer an approximately 2.5 acres of the northern portion of Lot 1, Block 1, NORTHBROOK CENTER 2ND ADDITION (the "Property" or "Parcel 2") to the Buyer to construct a storage facility. 1.03. The Authority has on this date conducted a duly noticed public hearing regarding the sale of the Property to Buyer, at which all interested persons were given an opportunity to be heard. 1.04. The Authority finds and determines that conveyance of the Property to the Buyer is in the public interest and will further the objectives of its general plan of economic development, because it will promote business within the City, increase tax base, and serve as an impetus for further development. Section 2. Authority Approval; Further Proceedings. 2.01. The Board hereby approves the Contract in substantially the form presented to the Board, including conveyance of the Property to Buyer, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the Contract by those officials shall be conclusive evidence of their approval. RESOLUTION NO. 2017-19 2.02. Authority staff and officials are authorized to take all actions necessary to perform the Authority's obligations under the Contract as a whole, including without limitation execution of any documents to which the Authority is a party referenced in or attached to the Contract, and any deed, mortgage or other documents necessary to convey the Property to Buyer, all as described in the Contract. November 13, 2017 Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Marguita Butler and upon vote being taken thereon, the following voted in favor thereof: Tim Willson, Marguita Butler, April Graves, DAn Ryan and the following voted against the same: whereupon said resolution was declared duly passed and adopted.