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HomeMy WebLinkAbout06-082 - ADMIN Resolution - City Council - 2006/05/15CITY OF ST. LOUIS PARK RESOLUTION NO. 06-082 RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF ST. LOUIS PARK, AND HIGHWAY 7 BUSINESS CENTER LLC, AND AUTHORIZING CONVEYANCE OF CITY PROPERTY TO THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY BE IT RESOLVED by the City Council ("Council") of the City of St. Louis Park as follows: Section 1. Recitals. 1.01. The City of St. Louis Park (the "City") and the St. Louis Park Economic Development Authority (the "Authonty") have heretofore approved the establishment of the Highway 7 Corporate Center Tax Increment Financing District (the "TIF District") within Redevelopment Project No. 1 (the "Project") and have adopted a tax mcrement financing plan for the purpose of financing certain improvements within the Project. The City and Authonty have further approved the establishment of a Hazardous Substance Subdistrict (the "Subdistrict") within the TIF District, all pursuant to Minnesota Statutes, Sections 469.001 to 469.047, Sections 469.090 to 469.1082, and Sections 469.174 to 469.1799. 1.02. To facilitate redevelopment of certain property in the TIF District, the City proposes to enter into a Contract for Pnvate Redevelopment (the "Contract") between the Authonty, the City, and Highway 7 Business Center LLC (the "Redeveloper"). 1.03. Pursuant to the Contract, the City will convey certain tax -forfeited property described in the Agreement as Parcel 1, legally descnbed as Northerly 25 feet of Lot 3 Auditor's Subdivision No. 348 (the "Tax -Forfeited Property") to the Authority, and the Authority will convey the Tax -Forfeited Property to Redeveloper. 1.04. Pursuant to the Contract, the City will also convey its interest in certain property described as Lot 1, Block 1, Louisiana Alignment (the "Parking Property") to the Authority, as described on the plat attached as Schedule A (the "Plat"). The City understands that the Authority will convey its interest in Lot 1, Block 2 and Outlots A, B, and C of the Plat to the City, and that the Authority will lease the' Parking Property to the Redeveloper for sublease to Methodist Hospital for use as a remote parking lot 1.05. The City is authorized to convey real property pursuant to Minnesota Statutes Section 465.035 to any governmental subdivision for a nominal consideration, or pursuant to Minnesota Statutes Section 471.64 to any other political subdivision of the State. 1.06. The City finds and determines that conveyance of the Tax -Forfeited Property to the Authority for reconveyance to the Redeveloper, and that conveyance of its interest in the Parking Property to the Authonty for lease to the Redeveloper, are for a public use within the meaning of Minnesota law and are in the public interest because they will further the objectives of the Project. Resolution No. 06-082 -2- Section 2. Contract Approved. 2.01. The Council hereby approves the Contract as presented to the Council, including conveyance of the Tax -Forfeited Property to the Authority for reconveyance to Redeveloper, and conveyance of its interest in the Parking Property to Authonty for lease to Redeveloper, and authorizes the Mayor and City Manager to execute such Contract in substantially the form on file with the City, subject to modifications that do not alter the substance of the transaction and are approved by such officials, provided that execution of the Contract by such officials is conclusive evidence of their approval. 2.02. City staff and officials are authorized and directed to take any and all additional steps and actions necessary or convenient in order to accomplish the intent of this Resolution, including without limitation execution of any documents to which the City is a party referenced in o attach-' to the Contract, and any deed or other document necessary to convey any portion of the edevelop ent Property or Parking Property to the Authority, all as described in the Contract. Reviewed for Administration: City Attest: (e_A'i .0.—A--,!-ZXP,17 City Clerk Adopted by the City Council May 15, 2006 19(e -e-/-4