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HomeMy WebLinkAbout03-078 - ADMIN Resolution - City Council - 2003/07/07RESOLUTION NO. 03-078 RESOLUTION APPROVING A CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND BELT LINE INDUSTRIAL PARK INC. 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 admimstenng 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 the Wolfe Lake Professional Center (the "Wolfe Lake Project"). 1 03. There has been presented before the Council a Contract for Pnvate Redevelopment (the "Contract") between the Authonty and Belt Line Industrial Park Inc. (the "Redeveloper"), setting forth the terms and conditions of development of the Wolfe Lake 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 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 3.5 of the Contract, and the City (on behalf of both the City and Authority) 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 business subsidy agreement is in the best interest of the City and its residents Section 2. Authonty 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 any documents needed to carry out the Contract or the business subsidy agreement requinng execution by the City Resolution No. 03-078 -2- 2003. Approved by the City Council of the City of St. Louis Park, Minnesota this 7thth day of July, 0 Reviewed for Administration: City Manager ATTEST: •Dep0441 City Clerk 9. %43153)4...