HomeMy WebLinkAbout14-172 - ADMIN Resolution - City Council - 2014/12/15•
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RESOLUTION NO. 14-172
RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION OF
REDEVELOPMENT CONTRACT BETWEEN DUKE REALTY LIMITED
PARTNERSHIP AND CENTRAL PARK WEST, LLC
BE IT RESOLVED By the City Council ("Council") of the City of St. Louis, Minnesota
("City") as follows.
Section 1. Recitals.
1.01. The St. Louis Park Economic Development Authority ("Authority") is currently
administering its Redevelopment Project No. 1 ("Project") pursuant to Minnesota Statutes, Sections
469.001 to 469.047, and within the Project has established The West End Tax Increment Financing
District ("TIF District").
1.02. The Authority, the City and Duke Realty Limited Partnership (the "Redeveloper")
entered into an Amended and Restated Contract for Private Redevelopment Dated as of May 17,
2010, as amended (the "Contract"), regarding redevelopment of a portion of the property within the
TIF District.
1.03. The Redeveloper proposes to convey a portion of the property that is the subject of
the Contract (the "Subject Property") to Central Park West, LLC (the "Assignee"), and the Assignee
intends to construct several future phases of development on the Subject Property. In connection
with such conveyance, Redeveloper seeks to assign certain obligations of Redeveloper related to the
Subject Property to the Assignee, and the Assignee agrees to accept such obligations, all pursuant to
an Assignment and Assumption of Redevelopment Contract between Redeveloper and Assignee
(the "Assignment"). Assignee's obligation to construct the future phases of development will be
memonalized in a Second Amendment to Amended and Restated Contract for Pnvate
Redevelopment, to be executed contemporaneously with the Assignment.
1.04. The Council has reviewed the Assignment and finds that the approval and execution
of the City's consent thereto are in the best interest of the City and its residents.
Section 2. City Approval; Other Proceedings.
2.01. The Assignment, including the attached Consent, Estoppel and Agreement of the City
related thereto, 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 consent to the Assignment 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 Consent, Estoppel and Agreement attached to the Assignment and any other documents
requiring execution by the City in order to carry out the transaction described in the Assignment.
2.03. City staff and consultants are authonzed to take any actions necessary to carry out
the intent of this resolution.
Resoluti n , . 14-172 -2-
Reviewed -
City Mana
Attest
istration:
mac.( 4d}.>k40*.
City Clerk
CI December 15, 2014
)Counc11
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