HomeMy WebLinkAbout08-048 - ADMIN Resolution - City Council - 2008/04/07CITY OF ST. LOUIS PARK
RESOLUTION NO. 08-048
® RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT
WITH THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
AND LAKE STREET OFFICE CENTER LLC
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 "Authority") have heretofore approved the establishment of the
Victoria Ponds Tax Increment Financing District (the "TIF District") within Redevelopment
Project No. 1 (the "Project") and have adopted a tax increment financing plan for the purpose of
financing certain improvements within the Project, 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 within the Project, the City proposes
to enter into a Contract for Private Redevelopment (the "Contract") between the Authority, the
City, and Lake Street Office Center LLC (the "Redeveloper").
1.03. Pursuant to the Contract, the Authority will issue its Tax Increment Revenue Note
(the "Note") to the Redeveloper as reimbursement for certain costs of land acquisition, and will
pledge Available Tax Increment (as defined in the Contract) as security for the Note.
III1.04. Pursuant to the Contract, the City will pledge City Revenues Derived from Excess
Increment (as defined in the Contract) as additional security for the Note.
Section 2. Contract Approved.
2.01. The Council hereby approves the Contract as presented to the Council, including its
pledge of City Revenues Derived from Excess Increment as security for the Note, 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
a d a ions necessary or convenient in order to accomplish the intent of this Resolution, including
ithou limitation execution of any documents to which the City is a party referenced in or attached
to the •. ntract, , all as described in the Contract.
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Attest:
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City Clerk
Adopted .y the,City Council April 7, 2008.
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