HomeMy WebLinkAbout01-005 - ADMIN Resolution - City Council - 2001/01/16RESOLUTION NO. 01-005
RESOLUTION APPROVING A CONTRACT FOR PRIVATE
REDEVELOPMENT BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY, THE CITY OF ST. LOUIS PARK AND
MERIDIAN PROPERTIES REAL ESTATE DEVELOPMENT LLC
BE IT RESOLVED By the City Council ("Council") of the City of St. Louis Park,
Minnesota ("City") as follows:
Section 1. Recitals.
1 01. The St. Louis Park Economic Development Authonty ("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 administenng 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 Authonty in the Redevelopment Project is
redevelopment of the area in the City known as Park Commons East (the "Park Commons Project").
1.03. There has been presented before the Council a Contract for Pnvate Redevelopment
(the "Contract") between the Authority, the City and Mendian Properties Real Estate Development
LLC (the "Redeveloper"), setting forth the terms and conditions of development of the Park
Commons Project and the Authonty's and City's participation in that effort.
1.04. The Contract provides for certain financial assistance by the City and the Authority
that constitutes a "business subsidy" exceeding $100,000 within the meaning of Minnesota Statutes,
Section 1161993 to 1161995 (the `Business Subsidy Act").
1.05. The "business subsidy agreement" as required under the Business Subsidy Act is
included as Section 6.4 of the Contract, and the City (on behalf of both the City and Authonty) has
on this date conducted a duly noticed public hearing regarding the business subsidy agreement at
which all interested persons were give an opportunity to be heard.
1.06. The 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 Council, including without limitation the business
subsidy agreement, 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 authonzed 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.
Resolution No. 00-005
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Approved by the City Council of the City of St. Louis Park, Minnesota this 16th day of
January, 2001.
Reviewed for Administration:
Adopte
y the City Council
Attest:
•
y Clerk
Mayor