HomeMy WebLinkAbout25-30 - ADMIN Resolution - Economic Development Authority - 2025/11/03
EDA Resolution No. 25-30
Approving an assignment of TIF note and redevelopment agreement
Be it resolved by the board of commissioners (the “board”) of the St. Louis Park Economic
Development Authority (the “authority”) as follows:
Section 1. Recitals; authorization.
1.01. The authority and developer-9920 Wayzata, LLC (the “developer”) entered into a
purchase and redevelopment agreement, dated March 21, 2022, as amended by first amendment
to purchase and redevelopment agreement, dated as of June 6, 2022 (the “redevelopment
agreement”). The authority issued a Tax Increment Revenue Note, Series 2024 (Bigos
Development project) in the original principal amount of $6,045,000.00 (the “TIF note”) in
accordance with the redevelopment agreement.
1.02. JLL Real Estate Capital, LLC, a Delaware limited liability company (the “lender”),
has agreed to provide a mortgage loan (the “loan”) to developer in the approximate principal
amount of $53,235,000 pursuant to a multifamily loan and security agreement between the
lender and developer. As a condition to providing the loan, the lender requires that the
developer assign certain rights under the redevelopment agreement and the TIF note to the
lender.
1.03. There has been presented to the board a form of collateral assignment of tax
increment revenue note and redevelopment agreement between the developer and the lender
along with a consent thereto (the “assignment”) pursuant to which developer will assign certain
rights under the redevelopment agreement and the TIF note to the lender.
Section 2. Approval of documents.
2.01. The board approves the assignment in substantially the form presented to the
board, together with any related documents necessary in connection therewith, including
without limitation the authority’s agreement and consent to the assignment and all other
documents, exhibits, certifications, or consents referenced in or attached to the assignment or
the subordination agreement (the “documents”).
2.02. The board hereby authorizes the president and executive director, in their
discretion and at such time, if any, as they may deem appropriate, to execute the documents
on behalf of the authority, and to carry out, on behalf of the authority, the authority’s
obligations thereunder when all conditions precedent thereto have been satisfied. The
documents shall be in substantially the form on file with the authority and the approval hereby
given to the 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
Docusign Envelope ID: 6FBC4B56-A81A-4195-8F84-E30E6F422223
be conclusive evidence of the approval of such document in accordance with the terms hereof.
This resolution shall not constitute an offer and the documents shall not be effective until the
date of execution thereof as provided herein.
2.03. 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 documents, the officers and employees of the board are hereby
authorized and directed to take or cause to be taken such actions as may be necessary on
behalf of the board to implement the documents.
Section 3. Effective Date. This resolution shall be effective upon approval.
Reviewed for administration: Adopted by the Economic Development
Authority November 3, 2025:
Karen Barton, executive director Sue Budd, president
Attest:
Melissa Kennedy, secretary
Docusign Envelope ID: 6FBC4B56-A81A-4195-8F84-E30E6F422223