HomeMy WebLinkAbout25-32 - ADMIN Resolution - Economic Development Authority - 2025/11/17
EDA Resolution No. 25-32
Approving amendment to the contract for private development for
PPL Union Park Community Limited Partnership
Be it resolved by the board of commissioners (the “board of commissioners”) of the
St. Louis Park Economic Development Authority (the “authority”) as follows:
Section 1. Recitals; authorization.
1.01. The City of St. Louis Park, Minnesota (the “city”) has heretofore created an
Affordable Housing Trust Fund, which is funded in part with pooled tax increment derived from
property within certain tax increment financing districts within the city as provided in Laws of
Minnesota 2022, First Special Session, Chapter 14, Article 9, Section 5. The city is authorized to
make loans from its Affordable Housing Trust Fund to provide funding for affordable housing
developments in the city.
1.02. To facilitate the development of certain property within the city, the authority, the
city, PPL Union Park Community Limited Partnership, a Minnesota limited partnership (the
“developer”), and PPL SLP LLC, a Minnesota limited liability company and the general partner of
the developer (the “general partner”), entered into a contract for private development on Oct. 18,
2023 (the “original agreement”) which provides for the construction by the developer of 60 units
of multifamily rental housing, approximately 70 underground parking stalls, and approximately 9
surface parking stalls (the “minimum improvements”) on certain property legally described and
provides a loan from the city in the principal amount of $650,000 (the “AHTF loan”) to the
developer from the city’s Affordable Housing Trust Fund to assist with the costs of the minimum
improvements.
1.03. In addition, to the AHTF loan, the authority also agreed to provide proceeds of
an environmental response fund grant in an amount not to exceed $177,000 (the “grant”)
made by Hennepin County through its Environment and Energy Department to the general
partner; and
1.04. Due to delays in the construction of the minimum improvements, Hennepin
County requested certain changes to its grant agreement (the “grant agreement”) with the
authority which require changes to the original agreement.
1.05. The parties have prepared a first amendment to contract for private
development (the “amendment”) to reflect the updated grant agreement.
Be it further resolved that the president and executive director are hereby authorized to
execute such agreements necessary to receive the grant and implement the project (the grant
agreement”) and to carry out, on behalf of the authority, the authority’s obligations thereunder
when all conditions precedent thereto have been satisfied; and
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Be it further resolved that the authority to approve, execute and deliver future amendments to
the grant agreement entered into by the authority is hereby delegated to the president and
executive director, subject to the following conditions: (a) extend deadlines, amend the project
budget and scope, or do not materially adversely affect the interests of the authority; and (b)
such amendments or consents do not contravene or violate any policy of the authority. The
execution of any instrument by president and executive director shall be conclusive evidence of
the approval of such instruments in accordance with the terms hereof. In the event of absence
or disability of the president and executive director any of the documents authorized by this
resolution to be executed may be executed without further act or authorization of the board by
any member of the board or any duly designated acting official, or by such other officer or
officers of the authority as, in the opinion of the city attorney, may act in their behalf.
Section 2. Development documents.
2.01. The board of commissioners hereby approves the amendment in substantially
the form presented to the board of commissioners, together with any related documents
necessary in connection therewith, including without limitation, all documents, exhibits,
certifications, or consents referenced in or attached to the amendment (collectively, the
“development documents”).
2.02. The board of commissioners hereby authorizes the president and executive
director, in their discretion and at such time, if any, as they may deem appropriate, to execute
the development 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 development documents shall be in substantially the form on file with the
authority and 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 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. This resolution shall not constitute an offer and
the development 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 of commissioners by any duly designated acting official, or by such
other officer or officers of the board of commissioners 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 board of commissioners are hereby authorized and directed to
take or cause to be taken such actions as may be necessary on behalf of the board of
commissioners to implement the development documents.
Section 3. Effective Date. This resolution shall be effective upon approval.
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Reviewed for administration: Adopted by the Economic Development
Authority November 17, 2025:
Karen Barton, executive director Sue Budd, president
Attest:
Melissa Kennedy, city clerk
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