HomeMy WebLinkAbout2020-04 EDARCommissioner Butler
moved its adoption:
introduced the following resolution and
EDA RESOLUTION NO. 2020-04
RESOLUTION APPROVING A TIF DEVELOPMENT AGREEMENT
(REE XERXES AVENUE SENIOR HOUSING PROJECT)
WHEREAS, the EDA has received a proposal from Brooklyn Center AH II, LLLP (the
"Developer") that the EDA assist the Developer in the construction of an approximately 143-unit
senior rental housing facility and related amenities (the "Project") to be located on the northern
portion of the property at 5803 Xerxes Avenue North in the City (formerly the northern portion of
the property at 5801 Xerxes Avenue North), 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.
633928v2BR291-400
EDA RESOLUTION NO. 2020-04
1.03. 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. 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 note thereunder, when all conditions precedent thereto have been satisfied, and
reserving funds for the payment 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.
February 24, 2020
Date resident
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:
Butler, Elliott, Graves, Lawrence -Anderson, Ryan
and the following voted against the same:
None
whereupon said resolution was declared duly passed and adopted.
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633928v2BR291-400