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HomeMy WebLinkAbout11-125 - ADMIN Resolution - City Council - 2011/11/21RESOLUTION NO. 11-125 RESOLUTION APPROVING A FIRST AMENDMENT TO 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 an Amended and Restated Contract for Private Redevelopment Dated as of May 17, 2010 (the "Contract"), regarding redevelopment of a portion of the property within the TIF District. 1.03. The parties have determined to a need to revise the Contract in certain respects, and to that end have prepared a First Amendment to Amended and Restated Contract for Private Redevelopment (the "First Amendment"). 1.04. The Council has reviewed the First Amendment 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 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, 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 intent of this resolution. Resolution No. 11-125 Reviewed or Administration: City Manager Attest Secretary -2- Adopted by-th- ity Council Novem�i r 21, 2111 Mayor