13-044 - Laserfiche WebLink

Home Browse Search

CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 13 -044 A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A TERM SHEET WITH APi GROUP, INC. BE IT RESOLVED by the City Council ( "Council ") of the City of New Brighton, ,ota ( "City ") as follows: Section 1. Recitals. 1.01 The City and APi Group, Inc. ( "Redeveloper ") previously entered into a Contract for Private Redevelopment dated May 10, 2007, which among other things, incld ed the development of a 9,000 SF building ( "2007 Expansion Project ") on a portion of Red veloper's current corporate headquarters site located at 1100 Old Highway 8. 1.02 Redeveloper requested and was granted by Council several extensions to the deadline for completion of the 2007 Expansion Project. 1.03 Redeveloper has concluded that it is in their best interests to abandon the 200 Expansion Project and pursue a larger office building project ( "Current Project ") in New Brighton Exchange on approximately 4 acres of land referred to as Block G ("Property"). 1.02 Redeveloper presented their Current Project proposal to the Economic Development Commission ( "EDC ") in the fall of 2012 and the Council in December 2012 for initial feedback. Both the EDC and Council expressed interest in the Redeveloper's Current Project proposal. 1.03 Since December 2012, the City and Redeveloper have been negotiating the vari6bs business terms and conditions and have mutually agreed that it is appropriate to enter into a Term Sheet ( "Term Sheet ") to formalize the details of the Current Project. The Term Sheet shall become the framework for a future contract to be executed at a later date. 1.04. On May 21, 2013 the EDC reviewed the proposed Term Sheet for the Current Project and unanimously recommended support to the Council. Section 2. Findings. 2.01 The Council hereby finds that the Current Project promotes the objectives