HomeMy WebLinkAbout15-057 - ADMIN Resolution - City Council - 2015/04/20RESOLUTION NO.15-057
RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION OF
ill REDEVELOPMENT CONTRACT BETWEEN CENTRAL PARK WEST, LLC AND
REGALIA SUITES OF MINNEAPOLIS, 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 Authonty ("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 Authonty, the City and Duke Realty Limited Partnership (the "Redeveloper")
entered into an Amended and Restated Contract for Pnvate Redevelopment Dated as of May 17,
2010, as amended (the "Contract"), regarding redevelopment of a portion of the property within the
TIF District, which has been assigned in part to Central Park West, LLC ("CPW")
1.03. CPW now proposes to convey a portion of the property that is the subject of the
Contract (the "Subject Property") to Regalia Suites of Minneapolis, LLC (the "Assignee"), and the
Assignee intends to construct the hotel phase of development, defined in the Contract as Central
Park West Phase III, on the Subject Property. In connection with such conveyance, CPW seeks to
assign certain obligations of CPW 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
0 Contract between CPW and Assignee (the "Assignment").
1.04. The Council has reviewed the Assignment and finds that the approval and execution
of the City's consent thereto are m the best interest of the City and its residents
Section 2. City Approval; Other Proceedings.
2.01. The Assignment, including the attached Consent 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 c sent attached to the Assignment and any other documents requiring execution by the City in
order to any out the transaction described m the Assignment.
2.0 ; . City staff and consultants are authorized to take any actions necessary to cavy out
the intent o this - solution.
Review
ion:
d
pte
y the City Council Apnl 20, 2015
City Ma
Attest
erk