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HomeMy WebLinkAbout2017-023 EDARCommissioner Dan Ryan introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 201 7-23 RESOLUTION APPROVING A TIF DEVELOPMENT AGREEMENT (HOM FURNITURE - REDEVELOPMENT OF KOHLS LOT) WHEREAS, the EDA has received a proposal from KKIMBA Brooklyn Center LLC (the "Developer") that the EDA assist the Developer in the renovation of an existing approximately 75,000 square foot substandard retail building and construction of an approximately 23,600 square foot addition thereto (the "Project"); and WHEREAS, the EDA has caused to be prepared a TIF Development Agreement by and between the EDA and the Developer (the "Development Agreement") setting forth the terms and conditions under which the EDA will provide assistance for the Project. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board") of the Economic Development Authority of Brooklyn Center, Minnesota (the "EDA"), as follows: Section 1. EDA Approval; Further Proceedings. 1.01. The EDA hereby approves the Development Agreement substantially in accordance with the terms set forth in the form presented to the Board, together with any related documents necessary in connection therewith, including without limitation all documents, exhibits, certifications or consents referenced in or attached to the Development Agreement (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. 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. EDA RESOLUTION NO. 2017-23 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, including without limitation the issuance of the pay-as-you-go tax increment revenue notes thereunder when all conditions precedent thereto have been satisfied and reserving funds for the payment thereof in the applicable tax increment accounts. 1.04. The Board hereby determines that the execution and performance of the Development Documents will help realize the public purposes of the 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, MArquita Butler, Kris Lawrence-Anderson, Dan Ryan and the following voted against the same: whereupon said resolution was declared duly passed and adopted.