HomeMy WebLinkAbout2019-16 EDARCommissioner Ryan
moved its adoption:
introduced the following resolution and
EDA RESOLUTION NO. 2019- 16
RESOLUTION APPROVING A PURCHASE AGREEMENT AND
CONVEYANCE OF CERTAIN PROPERTY TO COALITION DEVELOPMENT
LLC AND AUTHORIZING AN EXTENSION OF THE TERM OF THE
PRELIMINARY DEVELOPMENT AGREEMENT WITH COALITION
DEVELOPMENT LLC
BE IT RESOLVED by the Board of Commissioners ("Board") of the Economic
Development Authority of the City of Brooklyn Center, Minnesota ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority is authorized pursuant to Minnesota Statutes, Sections 469.090 to
469.1081 (the "EDA Act"), to acquire and convey real property and to undertake certain
activities to facilitate the development of real property by private enterprise.
1.02. On February 11, 2019, the Authority entered into that certain Preliminary
Development Agreement with Coalition Development LLC ("Coalition") to allow Coalition to
explore the possibility of acquiring the property owned by the Authority that is legally described on
the attached Exhibit A (the "Property") together with adjoining private property to combine for
development of an approximately 80-110 unit multi -family workforce housing apartment building
(the "Preliminary Development Agreement").
1.03. To facilitate development of the Property in accordance with the Preliminary
Development Agreement, the Authority proposes to enter into a Purchase Agreement (the
"Contract") between the Authority and Coalition under which, among other things, the Authority
will convey the Property to Coalition.
1.04. The Authority has on this date conducted a duly noticed public hearing regarding the
sale of the Property to Coalition, at which all interested persons were given an opportunity to be
heard.
1.05. The Authority finds and determines that conveyance of the Property to Coalition 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 housing opportunities in the City and serve as
an impetus for further development.
2019.
1.06. In addition, the term of the Preliminary Development Agreement expires on July 30,
1.07. Coalition and the Authority wish to extend the term of the Preliminary Development
Agreement to August 30, 2019.
Section 2. Authority Approval, Further Proceedings.
2.01. The Board hereby approves the Contract in substantially the form presented to the
Board, including conveyance of the Property to Coalition, subject to modifications that do not alter
the substance of the transaction and that are approved by the President and Executive Director,
provided that execution of the Contract by those officials shall be conclusive evidence of their
approval.
2.02. Authority staff and officials are authorized to take all actions necessary to perform
the Authority's obligations under the Contract as a whole, including without limitation execution of
any documents to which the Authority is a party referenced in or attached to the Contract, and any
deed or other documents necessary to convey the Property to Coalition, all as described in the
Contract.
2.03. The Board hereby approves an extension of the term of the Preliminary
Development Agreement to August 30, 2019. Authority staff and officials are authorized to execute
an amendment to the Preliminary Development Agreement to this effect.
M 2-016)
Date
President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Butler
and upon vote being taken thereon, the following voted in favor thereof: Butler, Elliott, Graves,
Lawrenc-Anderson, and Ryan
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
EXHIBIT A
Legal Description of the Property
PARCEL 1: 6101 Brooklyn Blvd — PID 34-119-21-43-0050
Torrens Certificate of Title No. 1354789
Lot 2 except that part thereof which lies Northeasterly of a line run parallel with and
distant 42 feet Southwesterly of the following described line: From a point on the North
line of Section 3, Township 118 North Range 21 West, distant 1741.08 feet West of the
Northeast corner thereof, run Southeasterly at an angle of 68 degrees, 01 minutes, 52.3
seconds, with said North Section line for 104.54 feet; thence deflect to the right at an
angle of 17 degrees, 20 minutes, 35.2 seconds for 536.92 feet to the point of beginning
of the line to be described; thence run Northwesterly along the last described course for
100 feet; thence deflect to the left on a 2 degree, 00 minute curve (delta angle 17
degrees, 20 minutes, 35.2 seconds) for 867.16 feet and there terminating, also except a
triangular piece of the above described part of Lot 2 lying Southeasterly of the following
described line: Beginning at a point on the Northeasterly line of the above described part
of Lot 2, distant 30 feet Northwesterly of its intersection with the Southerly boundary of
said Lot 2; thence run Southwesterly to a point on said Southerly boundary, distant 30
feet Westerly of said intersection, Block 6, Wangstad's Brooklyn Terrace, Hennepin
County, Minnesota.
Parcel 2: 6107 Brooldyn Blvd — PID 34-119-21-43-0049
Torrens Certificate of Title No. 1379591
Lot 1, except that part thereof which lies Northeasterly of a line run parallel with and distant 42
feet Southwesterly of the following described line:
From a point on the North line of Section 3, Township 118 North, Range 21 West, distant
1741.08 feet West of the Northeast corner thereof, run Southeasterly at an angle of 68 degrees
01 minutes and 52.3 seconds with said North Section line for 104.54 feet; thence deflect to the
right at an angle of 17 degrees 20 minutes 35.2 seconds for 536.92 feet to the point of beginning
of the line to be described; thence run Northwesterly along the last described course for 100
feet; thence deflect to the left on a 2 degree curve (delta angle 17 degrees 20 minutes 35.2
seconds) for 867.16 feet and there terminating.
Block 6, Wangstad's Brooklyn Terrace, Hennepin County, Minnesota.
Parcel 3: 3600 61s' Ave N — PID 34-119-21-43-0051
Torrens Certificate of Title No. 1419669
Lot 3, Block 6 Wangstad's Brooklyn Terrace, Hennepin County, Minnesota.
Parcel 4: 3606 61" Ave N — PID 34-119-21-43-0052
Torrens Certificate of Title No. 1483364
Lot 4, Block 6, Wangstad's Brooklyn Terrace