HomeMy WebLinkAbout07-095 - ADMIN Resolution - City Council - 2007/09/04RESOLUTION NO. 07-095
RESOLUTION APPROVING A FIRST AMENDMENT TO
PRELIMINARY DEVELOPMENT AGREEMENT BETWEEN AND
AMONG THE CITY OF ST. LOUIS PARK, THE ST. LOUIS PARK
ECONOMIC DEVELOPMENT AUTHORITY AND DUKE REALTY
LIMITED PARTNERSHIP
BE IT RESOLVED By the City Council (the "Council") of the City of St. Louis Park
("City") as follows:
Section 1. Recitals.
1.01 The St. Louis Park Economic Development Authonty (the "Authority") is currently
administering its Redevelopment Project No. 1 ("Project") pursuant to Minnesota Statutes, Sections
469.001 to 469.047 ("HRA Act"), and within the Project has caused to be prepared documents in
anticipation of the creation of the Duke Redevelopment Tax Increment Financing District ("Duke
TIF Distract").
1.02. The City and the Authority have entered into a Preliminary Development Agreement
with Duke Realty Limited Partnership, an Indiana limited partnership ("Developer") dated as of
May 21, 2007 (Preliminary Agreement"), regarding redevelopment of a portion of the property
within the proposed Duke TIF Distract.
1.03. In accordance with the Preliminary Agreement, the Developer is undertaking certain
activities in furtherance of its proposed development. In addition, the Developer wishes to conduct
certain demolition, site grading and related pre -construction activities prior to approval of the Duke
TIF District by the City. These proposed additional actions require an amendment to the
Preliminary Agreement.
1.04. The Council has reviewed a First Amendment to the Preliminary Agreement and
finds that the approval and execution thereof and performance of the City's obligations thereunder
are in the best interest of the City and its residents.
Section 2. City Approval; Other Proceedings.
2.01. The First Amendment to the Preliminary Agreement 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 First Amendment to the Preliminary Agreement, and any documents referenced therein
requiring execution by the City, and to carry out, on behalf of the City its obligations thereunder.
Resolution No. 07-095
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2.03. City staff and consultants are authorized to take any actions necessary to carry out
the intent of this resolution.
proved by the City Council of the City of St. Louis Park, this 4th day of September, 2007.
Rev,1iffik
' Administration: Ad by, the Cit Council: September 4, 2007
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City T',' g ,i May
Attest:
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City Clerk