HomeMy WebLinkAbout07-166 - ADMIN Resolution - City Council - 2007/12/17•
CITY OF ST. LOUIS PARK
RESOLUTION NO: 07-166
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 Authority (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 established The West End Tax
Increment Financing District ("TIF District").
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 as amended by a First Amendment thereto dated September 4, 2007 (Preliminary
Agreement"), regarding redevelopment of a portion of the property within the proposed Duke T1F
District.
1.03. As contemplated in the Preliminary Agreement, the parties have negotiated the terms
of a definitive Contract for Private Redevelopment (the "Contract"), describing their respective
responsibilities in construction and financing related to redevelopment of property within the T1F
District.
1.04. The Council has reviewed the Contract 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 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 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. 07-166
rthe2.03. City staff and consultants are authorized to take any actions necessary to carry out
tent of this resolution.
-2-
R
for Administration
doptedy the City Council December 17, 2007.
C
Attest:
City Clerk
May
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