HomeMy WebLinkAbout2019-17 EDARCommissioner Ryan
adoption:
introduced the following resolution and moved its
EDA RESOLUTION NO. 2019- 17
RESOLUTION APPROVING THE OPTION AGREEMENT AND ACQUISTION OF CERTAIN
PROPERTY LOCATED AT: 6100 SHINGLE CREEK PARKWAY, BROOKLYN CENTER, MN
BE IT RESOLVED by the Board of Commissioners ("Board") of the Economic
Development Authority 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. To facilitate development of certain property in the City of Brooklyn Center,
Minnesota (the "City"), the Authority proposes to enter into an Option Agreement (the
"Agreement") between the Authority and Target Corporation (the "Seller"), under which, among
other things, the Authority has the exclusive right and option to purchase the property located in the
City at: 6100 Shingle Creels Parkway, situated in the State of Minnesota, County of Hennepin, and
which is legally described as follows:
Lot 2, Block 1, Shingle Creels Center, according to the recorded plat thereof on file and of
record in the office of the Registrar of Titles
(the "Property") to the Authority.
1.03. The Authority finds and determines that the acquisition of the Property is in the
public interest and will further the objectives of its general plan of economic development.
Section 2. Authority Approval; Further Proceedings.
2.01. The Board hereby approves the Agreement in substantially the form presented to the
Board, including the acquisition of the Property by the Authority, 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 Agreement 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 Agreement as a whole, including without limitation execution
of any documents to which the Authority is a party referenced in or attached to the Agreement, and
other documents necessary to convey the Property to the Authority, all as described in the
Agreement.
594428v n3R30.5-159
J'I� ZZ, 0/61
Date
President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Graves
and upon vote being taken thereon, the following voted in favor thereof: Butler, Lawrence -Anderson,
Graves, Ryan, and Elliott
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
594428vn3R305-159 2