HomeMy WebLinkAbout26-04 - ADMIN Resolution - Economic Development Authority - 2026/01/20EDA Resolution No. 26-04
Approving an amendment to the amended and restated contract for
private development and a reimbursement agreement with Beltline
Mixed Use LLC
Whereas, the St. Louis Park Economic Development Authority (the “authority”) and
Beltline Mixed Use LLC, a Delaware limited liability company (the “developer”), previously
entered into an Amended and Restated Contract for Private Development, dated May 19, 2025
(the “original development agreement”), pursuant to which the developer agreed to construct
a multi-phase mixed-use development on certain property in the City of St. Louis Park,
Minnesota (the “city”), including an approximately 571-space parking ramp with approximately
1,850 square feet of commercial space (the “parking ramp”) including 269 spaces to be
dedicated as public transit park and ride spaces and a driver restroom (the “public parking”);
and
Whereas, pursuant to the original development agreement, the authority agreed to
provide certain funds for the public parking subject to the satisfaction of certain conditions set
forth therein including a grant from the Metropolitan Council in an amount not to exceed
$3,484,167 (the “Met Council grant”) and a federal congestion mitigation and air quality grant
in an amount not to exceed $6,453,054 (the “CMAQ grant”); and
Whereas, the authority and the Metropolitan Council entered into a Subrecipient
Agreement – between the Metropolitan Council and the authority - Beltline Boulevard Station
Park & Ride Project – METRO Green Line Light Rail Transit Extension - Federal Congestion
Mitigation and Air Quality (CMAQ) Funding, effective as of Oct. 1, 2019, as amended by the First
Amendment to Subrecipient Agreement, between the Metropolitan Council and the authority,
effective as of July 24, 2023, and the Second Amendment to Subrecipient Agreement between
the Metropolitan Council and the authority, effective as of Feb. 1, 2025 (collectively, the
“CMAQ grant agreement”), and a Cooperative Construction Agreement between the
Metropolitan Council and the authority, dated as of Dec. 15, 2020, as amended by the
Amendment Number One to Metropolitan Council Contract No. 20I052 Cooperative
Construction Agreement dated as of March 31, 2021, the Amendment Number Two
Metropolitan Council Contract No. 20I052 Cooperative Construction Agreement, effective as of
July 24, 2023, and the Amendment Number Three Metropolitan Council Contract No. 20I052
Cooperative Construction Agreement, effective as of June 13, 2025 (collectively, the
“cooperative construction agreement”); and
Whereas, there have been presented to the board of commissioners of the authority
(the “board”) forms of (a) a first amendment to amended and restated contract for private
development (the “amendment to development agreement”) between the authority and the
developer, which amends the original development agreement to modify the grant
disbursement provisions set forth in the original development agreement; and (b) a
reimbursement agreement (the “reimbursement agreement”) between the authority and the
developer, incorporating provisions related to disbursement of the CMAQ grant; and
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Now therefore be it resolved by the board of commissioners of the St. Louis Park
Economic Development Authority as follows:
1. The board approves the amendment to development agreement and the
reimbursement agreement in substantially the forms 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 grant
agreement (the “documents”).
2. 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
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.
3. 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.
4. This resolution shall be effective upon approval.
Reviewed for administration: Adopted by the Economic Development
Authority January 20, 2026:
Karen Barton, executive director Yolanda Farris, president
Attest:
Melissa Kennedy, secretary
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