HomeMy WebLinkAbout2019-15 EDARCommissioner Lawrence -Anderson introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO. 2019-15
RESOLUTION APPROVING A TIF DEVELOPMENT AGREEMENT
(REE XERXES AVENUE WORKFORCE HOUSING PROJECT)
WHEREAS, the EDA has received a proposal from Brooklyn Center AH I, LLLP (the
"Developer") that the EDA assist the Developer in the construction of an approximately 127 unit
workforce rental housing facility and related amenities (the "Project") to be located on the
southern portion of the property at 5801 Xerxes Avenue North in the City, within Tax Increment
Financing District No. 8: Real Estate Equities (a housing district) (the "TIF District"); and
WHEREAS, the EDA has caused to be prepared the TIF Assistance Agreement for the
Project 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 including
without limitation the TIF Note as defined therein (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 when all conditions precedent thereto have been satisfied.
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.
This Resolution shall not constitute an offer and the Development Documents shall not be effective
until the date of execution thereof as provided herein. 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.
590021v2BR291-400
EDA RESOLUTION NO. 2019-15
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 parnent 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.
July 22, 2019
Date
President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Ryan
and upon vote being taken thereon, the following voted in favor thereof. Ryan, Butler, Graves, Elliott,
and Lawrence -Anderson
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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590021v2BR291-400