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HomeMy WebLinkAbout10-054 - ADMIN Resolution - City Council - 2010/05/17CITY OF ST. LOUIS PARK RESOLUTION NO. 10-054 RESOLUTION APPROVING AN AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT 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 Authority and the City entered into a Contract for Private Redevelopment Dated as of December 17, 2007 (the "Original Contract"), regarding redevelopment of a portion of the property within the TIF District. 1.03. In light of changing market conditions, the parties have proposed to revise certain terms of the Original Contract, and to that end have prepared an Amended and Restated for Private Redevelopment (the "Amended Contract"). 1.04. The Council has reviewed the Amended 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 Amended 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. Resolution No. 10-054 -2- 2.02. The Mayor and City Manager are hereby authorized to execute on behalf of the City the Amended Contract, and any documents referenced therein requiring execution by the City, and to carry out, on behalf of the City its obligations thereunder. 2.03. City staff and consultants are authorized to take any actions necessary to carry out the inte ' t of this resolution. Revie ed for Administration: ik Citya aver Attest Secretary Q Adopted by the City Council of the City of St. Louis Park, 1 Iayy 17, 2010 Mayor