HomeMy WebLinkAbout00-039 - ADMIN Resolution - City Council - 2000/03/06RESOLUTION NO. 00-039
RESOLUTION APPROVING A CONTRACT FOR PRIVATE REDEVELOPMENT
III AMONG THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY,
THE CITY OF ST. LOUIS PARK AND MSP SLP APARTMENTS, LLC
BE IT RESOLVED By the City Council of the City of St Louis Park ("City") as follows
Section 1 Recitals
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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 a 200 -unit market rate
apartment building (the "Mill City Project")
1 03 There has been presented before the Authority and the City a Contract for Private
Redevelopment (the "Contract") among the Authority, the City and MSP SLP Apartments, LLC
(the "Redeveloper"), setting forth the terms and conditions of development of the Mill City
Project and the City and Authority participation in that effort
1 04 The Contract provides, among other things, for the sale of certain property owned
by the City to the Redeveloper
1 05 The City Council has reviewed the Contract and finds that the execution thereof
and performance of the City's obligations thereunder are in the best interest of the City and its
residents
Section 2 Authority Approval, Further Proceedings
2 01 The Contract as presented to the City Council is hereby in all respects approved,
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 such officials shall
be conclusive evidence of approval
2 02 The Mayor and City Manager are hereby authorized to execute on behalf of the City
the Contract and any documents referenced therein requiring execution by the City, and to carry
out, on behalf of the City its obligations thereunder, including without limitation preparation of
an ordinance for City Council approval relating to sale of the City Parcel to the Redeveloper in
accordance with the Contract
Revie ed for Administration
City Manager
Attest
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Adopt
the,C
Council March 6, 2000