HomeMy WebLinkAbout26-17 - ADMIN Resolution - Economic Development Authority - 2026/08/17
EDA Resolution No. 26-17
Approving an amendment to cooperative construction agreement with
Metropolitan Council and an amendment to amended and restated
contract for private development 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,
as amended by the first amendment to amended and restated contract for private
development, dated Jan. 20, 2026 (collectively, 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 268 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
Whereas, the authority and the Metropolitan Council entered into a cooperative
construction agreement, dated Dec. 15, 2020, as amended by the amendment number one to
Metropolitan Council contract no. 20I052 cooperative construction agreement, dated 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 9, 2025 (collectively, the “original cooperative construction agreement”); and
Whereas, the authority and the developer have received proposals for the fabrication
and installation of Metro Transit signage within the parking ramp, and the authority and the
Metropolitan Council have determined the need to further amend the original cooperative
construction agreement to include the installation of such signage and to increase the ramp
contribution (as defined in the cooperative construction agreement) by an amount equal to the
actual cost of fabricating and installing the signage (from an amount not to exceed $3,484,167
to an amount not to exceed $3,664,827); and
Whereas, such amendment to the original cooperative construction agreement
necessitates a corresponding change to the amount of the Met Council grant described in the
amendment of the original development agreement; and
Whereas, there have been presented to the board of commissioners of the authority
(the “board”) forms of (i) the amendment number four Metropolitan Council contract no.
20I052 cooperative construction agreement (the “amended cooperative construction
agreement”) between the Metropolitan Council and the authority, which further amends the
original cooperative construction agreement for the purposes described herein; and (ii) the
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second amendment to amended and restated contract for private development (the “amended
development agreement”) between the authority and the developer, which further amends the
original development agreement for the purposes described herein; 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 amended cooperative construction agreement and the
amended development 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 original
cooperative construction agreement, the original development agreement, the amended
cooperative construction agreement, and the amended development 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.
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Reviewed for administration: Adopted by the Economic Development
Authority August 17, 2026:
Karen Barton, executive director Yolanda Farris, president
Attest:
Melissa Kennedy, secretary
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