HomeMy WebLinkAbout00-017 - ADMIN Resolution - City Council - 2000/02/07RESOLUTION NO. 00-017
RESOLUTION APPROVING A BUSINESS SUBSIDY AGREEMENT
BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT
AUTHORITY AND
CSM HOSPITALITY, INC.
BE IT RESOLVED By the City Council ("Council") of the City of St Louis Park
("City") as follows
Section 1 Recitals
1 01 The St Louis Park Economic Development Authority ("Authority") has
determined a need to exercise the powers of a housing and redevelopment authority,
pursuant to Minnesota Statutes, Sections 469 090 to 469 108 ("EDA Act"), and is currently
administering Redevelopment Project No 1 ("Redevelopment Project") pursuant to
Minnesota Statutes, Sections 469 001 to 469 047 ("HRA Act")
1 02 Among the activities to be assisted by the Authority in the Redevelopment
Project is redevelopment of certain underutilized property in the City for two hotel facilities
(the "CSM Project")
103 There has been presented before the Council a Contract for Private
Redevelopment (the "Contract") between the Authority, and CSM Hospitality, Inc (the
"Redeveloper"), setting forth the terms and conditions of development of the CSM Project
and the Authority's participation in that effort
1 04 The Contract provides for certain financial assistance that constitutes a
"business subsidy" exceeding $100,000 within the meaning of Minnesota Statutes, Section
116J 993 to 116J 995 (the "Business Subsidy Act")
1 05 The "business subsidy agreement" as required under the Business Subsidy Act
is included as Section 3 6 of the Contract, and the Authority has on this date conducted a
duly noticed public hearing regarding the business subsidy agreement at which all interested
persons were given an opportunity to be heard
1 06 Under the Business Subsidy Act this Council is required to approve any
business subsidy agreement
1 07 The Council has reviewed the Contract, including the business subsidy
agreement, and finds that the execution thereof by the Authority and performance of the
Authority's obligations thereunder are in the best interest of the City and its residents
Resolution No 00-017 -2-
Section 2 City Approval, Further Proceedings
2 01 The Council approves the business subsidy agreement within the Contract as
presented to the Council, subject to modifications that do not alter the substance of the
transaction and that are approved by the Mayor and City Manager, provided that execution
of the documents by the proper Authority officials shall be conclusive evidence of approval
by the Mayor and City Manager
2 02 City staff are authorized to take all actions necessary to assist the Authority in
performing its obligations under the business subsidy agreement and the Contract as a
whole
Approved by the City Council of the City of St Louis Park this 7th day of February,
2000
Reviewed for Administration
a
ity anager
Attest
Ci " Clerk