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HomeMy WebLinkAbout2020-06 EDAR638314v1BR305-1 Commissioner Graves introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2020-06 RESOLUTION APPROVING A PRELIMINARY DEVELOPMENT AGREEMENT WITH JO COMPANIES, LLC WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota (the “Authority”) has received a proposal from JO Companies, LLC, a Minnesota limited liability company (the “Developer”) regarding the development of land owned by the Authority for the creation of a multifamily affordable housing apartment building, which proposal contemplates the Authority's conveyance of the property located at 6101, 6017 Brooklyn Boulevard and 3600 61st Avenue North (the “Authority Property”) to the Developer; and WHEREAS, the Authority’s Board of Commissioners has reviewed the Developer’s development concept and has caused to be prepared a Preliminary Development Agreement to allow the 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 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 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 be 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 638314v1BR305-1 Resolution No. 2020-06 4. The Board hereby determines that the execution and performance of the Preliminary Development Documents will help realize the public purposes of the Economic Development Authority Act. February 24, 2020 _________________________________ 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: Butler, Elliott, Graves, Lawrence-Anderson, Ryan and the following voted against the same: None whereupon said resolution was declared duly passed and adopted.