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HomeMy WebLinkAbout2019-03 EDARCommissioner Ryan I introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2019-03 RESOLUTION TERMINATING A PRELIMINARY DEVELOPMENT AGREEMENT WITH THOR LIVING, LLC AND APPROVING A PRELIMINARY DEVELOPMENT AGREEMENT WITH COALITION DEVELOPMENT, LLC WHEREAS, on November 26, 2018, the Economic Development Authority of Brooklyn Center, Minnesota (the "Authority") received a proposal from Thor Living, LLC, a Minnesota limited liability company (the "Former Developer") regarding the development of land owned by the Authority for the creation of a multifamily workforce housing apartment building, which proposal contemplated the Authority's conveyance of the Authority Property to the Former Developer; and WHEREAS, the Authority's Board of Commissioners reviewed the Former Developer's development concept and on December 10, 2018, entered into a Preliminary Development Agreement to allow the Former Developer to negotiate the purchase of the Authority Property, conduct due diligence, obtain the necessary financing and commitments to construct the development, apply for and gain approval from the City for the development and any necessary public subsidy; and WHEREAS, on January 21, 2019, the Authority received a letter from the owners of the Former Developer firm, requesting that the Preliminary Development Agreement be cancelled and further indicating that the Former Developer was transferring any ongoing development projects to Coalition Development, LLC, a Minnesota limited liability company ("Developer"); and WHEREAS, the Developer has requested to enter into a Preliminary Development Agreement with the Authority under the same terms and conditions as the Former Developer, and for the same development concept; and NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority of Brooklyn Center, Minnesota (the "Board), as follows: 1. 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 Authority, and to carry out, on behalf of the Authority, the Authority's obligations thereunder. 2. 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 Authority and by the officers authorized herein to Resolution No. 2019-03 execute said documents prior to their execution; and said officers are hereby authorized to approve said changes on behalf of the Authority. The execution of any instrument by the appropriate officers of the Authority herein authorized shall 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. 3. Upon execution and delivery of the Preliminary Development Documents, the officers and employees of the Authority are hereby authorized and directed to take or cause to be taken such actions as may be necessary on behalf of the Authority to implement the Preliminary Development Documents. 4. The Board hereby determines that the execution and performance of the Preliminary Development Documents will help realize the public purposes of the Act. February 11, 2019 Date T " President/Mayor r ATTEST: t/r Cit Jerk The motion for the adoption of the foregoing resolution was duly seconded by commissioner Lawrence -Anderson and upon vote being taken thereon, the following voted in favor thereof: Butler, Elliott, Graves, Lawrence -Anderson, Ryan and the following voted against the same: None whereupon said resolution was declared duly passed and adopted.