HomeMy WebLinkAbout12-114 - ADMIN Resolution - City Council - 2012/08/20RESOLUTION NO. 12-114
APPROVING A FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
IN CONNECTION WITH HOUSING IMPROVEMENTS
WITHIN THE GREENSBORO CONDOMINIUM OWNERS ASSOCIATION
HOUSING IMPROVEMENT AREA
BE IT RESOLVED by the City Council ("Council") of the City of St. Louis Park (the
"City") as follows:
Section 1. Recitals.
1.01. The City is authorized under Minnesota Statutes, Sections 428A.11 to 428.21 (the
"Housing Improvement Act") to establish by ordinance a housing improvement area within
which housing improvements are made or constructed and the costs of the improvements are
paid in whole or in part from fees imposed within the area. The Council adopted a Housing
Improvement Area policy on July 16, 2001.
1.02. In order to facilitate Housing Improvements to property known as the
"Greensboro Condominium Owners Association" the Council on December 5, 2011, established
the Greensboro Condominium Owners Association Housing Improvement Area by Ordinance
No. 2406-11 (the "Enabling Ordinance") and approved a Housing Improvement Fee (the "Fee")
by Resolution 11-134.
1.03. Pursuant to the Enabling Ordinance, the City entered into a Development
Agreement (the "Agreement") between the City and the Greensboro Condominium Owners
Association (the "Association"), dated as of April 12, 2012, under which the City agreed to make
a loan of funds legally available for such purpose (the "Loan") to the Association to finance the
Housing Improvements as described in the Agreement. The Agreement provides that the Loan
will be funded both from the proceeds of an internal loan from the EDA Development Fund (the
"Internal Loan"), as provided in the Internal Loan Resolution adopted by the EDA on May 7,
2012, and from the proceeds of the City's taxable general obligation housing improvement area
bonds, to be issued in September of 2012.
1.04. .The City and the Association have agreed that it is necessary to modify certain
terms of the Agreement to reflect the final terms of the Internal Loan and final project costs
related to the Housing Improvements, and have proposed to enter into a First Amendment to
Development Agreement (the "First Amendment") in the form presented to the Council.
Section 2. First Amendment approved.
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 Deputy City Manager, provided that execution of the document by
such officials shall be conclusive evidence of approval. The Mayor and Deputy City Manager
are hereby authorized to execute, on behalf of the City, the First Amendment.
Resolution No. 12-114
Reviewed for Administration:
DeputCity Manager
Attest
.art. 0;CleP6".
City Clerk
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Adopted by the City Council