HomeMy WebLinkAbout01-064 - ADMIN Resolution - City Council - 2001/07/23RESOLUTION NO. 01-064
RESOLUTION APPROVING AN AMENDED AND RESTATED 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 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 Authonty in the Redevelopment Project is
redevelopment of the area in the City known as Park Commons East (the "Park Commons Project").
1.03 The City, Authonty and Mendian Properties Real Estate Development LLC (the
"Redeveloper") entered into a Contract for Pnvate Redevelopment dated January 16, 2001 (the
"Onginal Contract"), setting forth the terms and conditions of development of the Park Commons
Project and the Authority's and City's participation in that effort.
1 04 To address changes in timing and other development details for the Park Commons
Project, the parties have determined to enter into an Amended and Restated Contract (the
"Amended Contract")
1 05 The Council has reviewed the Amended 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 Amended Contract as presented to the 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 Amended Contract and any documents referenced therein requinng execution by the City, and
to carry out, on behalf of the City its obligations the - . ider
Reviei-d for Administration: Approv d b th ty Council July 23, 2001
Attest
5CClerk