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HomeMy WebLinkAbout2018-004 EDARCommissioner introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2018-04 RESOLUTION APPROVING A PRELIMINARY DEVELOPMENT AGREEMENT (ALATUS/OPPORTUNITy SITE) WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota (the "EDA") has received a proposal from Alatus, LLC, a Minnesota limited liability company (the "Developer") that the EDA consider entering into an agreement to assist the Developer in connection with the acquisition of land from the EDA and construction of a mixed use apartment/hotel/commercial/single-family development together with related improvements including a centralized park area, new roads and storm water ponding to be located in the area bounded by Shingle Creek Parkway, John Martin Drive, Highway 100 and Bass Lake Road in the City of Brooklyn Center, Minnesota (the "Project"); and WHEREAS, the EDA has caused to be prepared a Preliminary Development Agreement by and between the EDA and the Developer (the "Preliminary Development Agreement") setting forth the tasks the Developer will undertake in determining whether to proceed with the Project and the EDA will undertake in considering a definitive agreement pursuant to which it would provide assistance for the Project. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority of Brooklyn Center, Minnesota (the "Board"), as follows: Section 1. EDA Approval Further Proceedings. 1.01. The EDA hereby approves the Preliminary 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 (collectively, the "Preliminary 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 Preliminary 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 Preliminary 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 EDA RESOLUTION NO. 2018-04 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 Preliminary 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 Preliminary Development Documents. 1.04. The Board hereby determines that the execution and performance of the Preliminary Development Documents will help realize the public purposes of the Act. March 26, 2018 Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Kris Ite-PnrBn and upon vote being taken thereon, the following voted in favor thereof- nm WiThn, Ybnnta atler, PjM1 Gr, Kris La -ler, In Ryan and the following voted against the same: whereupon said resolution was declared duly passed and adopted.