HomeMy WebLinkAbout26-14 - ADMIN Resolution - Economic Development Authority - 2026/06/01EDA Resolution No. 26-14
Relating to the St. Louis Park Economic Development Authority’s
Two Percent Loan Program and approving modified guidelines and
a professional services agreement with NextStage to administer
loans under such program
Whereas, the St. Louis Park Economic Development Authority (the “authority”)
established the Two Percent Loan Program (the “program”) and adopted program guidelines on
March 25, 2019, as amended on May 20, 2024 (collectively, the “existing guidelines”), pursuant
to which the authority provides low interest loans to businesses and property owners
improving, renovating, or expanding their buildings (including the installation of grease traps)
and purchasing property within the city of St. Louis Park, Minnesota (the “city”) to further
enhance the city’s economic success, vibrancy and historic character; and
Whereas, the program has been administered by the Metropolitan Consortium of
Community Developers, a Minnesota nonprofit corporation (“MCCD”), pursuant to an amended
and restated professional services agreement, dated June 4, 2024 (the “MCCD services
agreement”), between the authority and MCCD; and
Whereas, the authority has determined to terminate the MCCD services agreement;
and
Whereas, NextStage, a Minnesota nonprofit corporation (“NextStage”) has submitted a
proposal to the authority to perform the services of consultant to administer the program; and
Whereas, the authority has determined to modify the existing guidelines for the
program; and
Whereas, there have been prepared and presented to the board of commissioners of
the authority (the “board”) forms of the updated guidelines for the program (the “guidelines”)
and a professional services agreement (the “NextStage services agreement”) between the
authority and NextStage setting forth the terms and understanding of the authority and
NextStage with respect to the administration of the program; and
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 guidelines and the NextStage services 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 guidelines and the NextStage services agreement
(collectively, the “documents”).
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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. The board hereby delegates to the executive director and authority staff the
authority to administer the program in accordance with the guidelines, including without
limitation processing and approving applications and executing loan documents.
5. The board hereby authorizes staff of the authority to take actions to terminate
the MCCD services agreement under the terms of the MCCD services agreement.
Reviewed for administration: Adopted by the Economic Development
Authority June 1, 2026:
Karen Barton, executive director Yolanda Farris, president
Attest:
Melissa Kennedy, secretary
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