HomeMy WebLinkAbout14-173 - ADMIN Resolution - City Council - 2014/12/15RESOLUTION NO. 14-173
RESOLUTION APPROVING A SECOND AMENDMENT TO AMENDED AND
41111 RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT AMONG THE
CITY OF ST. LOUIS PARK, THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY, DUKE REALTY LIMITED PARTNERSHIP,
AND CENTRAL PARK WEST, LLC
BE IT RESOLVED By the City Council ("Council") of the City of St. Louis Park ("City")
as follows:
Section 1. Recitals.
1.01. The St. Louis Park Economic Development Authonty (the "Authonty") 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 Distnct").
1.02. The Authority, the City, and Duke Realty Limited Partnership ("Duke") entered into
an Amended and Restated Contract for Private Redevelopment dated as of May 17, 2010, regarding
redevelopment of a portion of the property within the TIF Distnct, and entered into a First
Amendment thereto dated as of November 21, 2011 (as so amended, the "Contract").
1.03. In connection with an Assignment and Assumption of Contract pursuant to which
Duke will assign certain of its obligations under the Contract to Central Park West, LLC ("CPW"),
the parties to the Contract have determined to a need to revise the Contract in certain respects, and
to that end have prepared a Second Amendment to Amended and Restated Contract for Pnvate
Redevelopment (the "Second Amendment"), by and among the Authority, the City, Duke, and
CPW.
1.04. The Council has reviewed the Second 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 Second 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 authonzed to execute on behalf of the City
the Second Amendment and any documents referenced therein requiring execution by the City, and
to carry out, on behalf of the City, its obligations thereunder.
..1 3 City staff and consultants are authorized to take any actions necessary to carry out
the intent f this resolution.
Revie
dministration:
dopte
th
ity Council December 15, 2014
City
Attest
City Clerk
May