HomeMy WebLinkAbout26-033 - ADMIN Resolution - City Council - 2026/03/02
Resolution No. 26-033
Approving a preliminary development agreement between the City of St. Louis
Park, the St. Louis Park Economic Development Authority and Sentinel
Management Company, LLC, or an affiliate, successor, or assign thereof
Whereas, pursuant to its authority under Minnesota Statutes, sections 469.090 to
469.1081 and Sections 469.001 through 469.047, both as amended, the St. Louis Park Economic
Development Authority (the “authority”) administers its Redevelopment Project No. 1 (the
“project”), for the purpose of facilitating the redevelopment of certain substandard property
within the project; and
Whereas, the City of St. Louis Park, Minnesota (the “city”) owns certain property within
the project (the “city parcel”) and Sentinel Management Company, LLC, a Minnesota limited
liability company, or an affiliate, successor, or assign thereof (collectively, the “developer”),
intends to acquire certain other property adjacent to the city parcel within the project (the
“third-party parcel,” and together with the city parcel, the “development property”), all located
on the south side of the proposed Southwest LRT Wooddale Station; and
Whereas, the development property has been the subject of certain preliminary
negotiations between the parties for purposes of constructing a 5- and 6-story mixed-use,
mixed-income building with approximately 250 to 280 residential units of which at least 21% of
units would be restricted to affordable rent and income levels (including at least 10% of total
units at 50% of area median income, 10% of total units at 60% of area median income and 5
units at 30% of area median income) spread evenly throughout the building, and comparable in
size, number of bedrooms, amenities, and features, consistent with the requirements of the
city’s inclusionary housing policy; the project should include at least 4 affordable three-
bedroom units, and the project should also include approximately 7,000 to 10,000 square feet
of ground floor commercial space (which shall include two or more commercial uses including
at least one micro storefront), a public plaza, structured parking, and amenity spaces (the
“development”); and
Whereas, the authority, the city, and the developer have negotiated a preliminary
development agreement (the “agreement”), providing for the performance of certain activities on
the part of the parties in preparation for the negotiation of a definitive purchase and
redevelopment contract in connection with the development property and the development, as
presented for the city’s consideration; and
Whereas, the city council of the city (the “city council”) has reviewed the agreement and
finds that the approval and execution of the agreement are in the best interest of the city and
its residents and will spur redevelopment of underutilized and blighted property, encourage
commerce and alternative transportation, and enhance the city’s tax base; and
Now therefore be it resolved by the city council of the City of St. Louis Park, Minnesota
as follows:
1. The city council hereby approves the agreement in substantially the form
presented to the city council, together with any related documents necessary in connection
Docusign Envelope ID: 7CAEBFBF-5D1F-41AB-821D-AF731FAD57E5
therewith, including without limitation, all documents, exhibits, certifications, or consents
referenced in or attached to the agreement (collectively, the “documents”).
2. The city council hereby authorizes the mayor and city manager, in their
discretion and at such time, if any, as they may deem appropriate, to execute the documents
on behalf of the city, and to carry out, on behalf of the city, the city’s obligations thereunder
when all conditions precedent thereto have been satisfied. The documents shall be in
substantially the form on file with the city 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 city 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 city. The execution of any instrument by the appropriate
officers of the city 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 city council by any duly designated acting official, or by such other officer
or officers of the city council 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 city council
are hereby authorized and directed to take or cause to be taken such actions as may be
necessary on behalf of the city council to implement the documents.
4. This resolution shall be effective upon approval.
Reviewed for administration: Adopted by the city council March 2, 2026:
Kim Keller, city manager Nadia Mohamed, mayor
Attest:
Melissa Kennedy, city clerk
Docusign Envelope ID: 7CAEBFBF-5D1F-41AB-821D-AF731FAD57E5