HomeMy WebLinkAbout26-06 - ADMIN Resolution - Economic Development Authority - 2026/03/02
EDA Resolution No. 26-06
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 authority’s consideration; and
Whereas, the board of commissioners of the authority (the “board”) 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 board of commissioners of the St. Louis Park
Economic Development Authority as follows:
Docusign Envelope ID: 5DE82EE6-A960-46B8-8EB6-BDCD9C80149E
1. The board hereby approves the agreement in substantially the form 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 agreement (collectively, 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 March 2, 2026:
Karen Barton, executive director Yolanda Farris, president
Attest:
Melissa Kennedy, secretary
Docusign Envelope ID: 5DE82EE6-A960-46B8-8EB6-BDCD9C80149E