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HomeMy WebLinkAbout2017-022 EDARCommissioner Dan Ryan introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 201 7-22 RESOLUTION APPROVING ASSIGNMENT OF PURCHASE AGREEMENT TO RIDGECREST INVESTORS LLC (DIBIA TOLD DEVELOPMENT COMPANY) WHEREAS, pursuant to Minnesota Statutes, Sections 469.090 to 469.1081 (the "EDA Act"), the EDA is authorized to acquire and convey real property and to undertake certain activities to facilitate the development of real property by private enterprise; and WHEREAS, to facilitate development of certain property in the City of Brooklyn Center, Minnesota (the "City"), the EDA has heretofore entered into an Agreement of Purchase and Sale (the "Contract") between the EDA and Shingle Creek, LLC (the "Developer"), under which, among other things, the EDA conveyed certain property legally described as Lot 1, Block 2, SHINGLE CREEK CROSSING, Hennepin County, Minnesota, according to the recorded plat thereof, formerly described as Tract A Registered Land Survey Number 1430, Hennepin County, Minnesota, (the "EDA Parcel") to Developer for construction of an at least 8,000 square foot commercial or retail facility or an at least 4,000 square foot dine-in restaurant project consistent with the Planned Unit Development for the EDA Parcel; and WHEREAS, the Developer proposes to assign all of its right, title and interest in and to EDA Parcel pursuant to an Agreement for Assignment and Assumption of Agreement of Purchase and Sale (the "Assignment") between the Developer and Ridgecrest Investors LLC, a Minnesota limited liability company (d/b/a TOLD Development Company) ("TOLD Development") subject to the consent of the EDA; and WHEREAS, the EDA has on this date conducted a duly noticed public hearing regarding the sale of the EDA Parcel to TOLD Development, at which all interested persons were give an opportunity to be heard; and WHEREAS, the EDA finds and determines that conveyance of the EDA Parcel to the TOLD Development, for the purpose of constructing a commercial facility consistent with the Planned Unit Development for the EDA Parcel is in the public interest and will further the objectives of its general plan of economic development, because it will provide an opportunity for increased employment opportunities in the City and serve as an impetus for further development. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners ("Board") of the Economic Development Authority of Brooklyn Center, Minnesota (the "EDA") as follows: EDA RESOLUTION NO. 2017-22 Section 1. EDA Approval Further Proceedings. 1.01. The Board hereby approves the Assignment in substantially the form presented to the Board, together with any related documents necessary in connection therewith, including without limitation any necessary amendments to the Contract in connection with the Assignment and a deed and all documents, exhibits, certifications or consents referenced in or attached to the Contract or the Assignment (collectively, the "Development Documents") and hereby authorizes the President and Executive Director to negotiate the final terms thereof and, in their discretion and at such time as they may deem appropriate, to execute the Development Documents on behalf of the EDA, and to carry out, on behalf of the EDA, the EDA's obligations thereunder, including conveyance of the EDA Parcel to TOLD Development. 1.02. 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. 1.03. Upon execution and delivery of the Development Documents, the officers and employees of the EDA are hereby authorized and directed to take or cause to be taken such actions as may be necessary on behalf of the EDA to implement the Development Documents. 1.04. The Board hereby determines that the execution and performance of the Development Documents will help realize the public purposes of the EDA Act. December 11, 2017 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, MArguita Butler, Kris Lawrence-Anderson, Dan Ryan and the following voted against the same: whereupon said resolution was declared duly passed and adopted.