HomeMy WebLinkAbout15-058 - ADMIN Resolution - City Council - 2015/04/20RESOLUTION NO. 15-058
RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION
OF REDEVELOPMENT CONTRACT BETWEEN
CENTRAL PARK WEST, LLC AND OP4 SLP, 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
admimstenng 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, 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 OP4 SLP, LLC (the "Assignee"), and the Assignee intends to
construct the office phases of development, defined in the Contract as Central Park West Phase IV
and Central Park West Phase V, 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 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 in 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 Consent attached to the Assignment and any other documents requinng execution by the City in
ord carry out the transaction described in the Assignment.
2.
the intent o
Review
ity staff and consultants are authonzed to take any actions necessary to carry out
esolution.
inistration.
pte, b he City Council April 20, 2015
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City Manag