HomeMy WebLinkAbout15-059 - ADMIN Resolution - City Council - 2015/05/04RESOLUTION NO. 15-059
RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION OF
REDEVELOPMENT CONTRACT BETWEEN
CENTRAL PARK WEST, LLC AND RISLP, 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 ("Authonty") 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 Distnct").
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 Distnct, which has been assigned in part to Central Park West, LLC ("CPW").
1.03. CPW previously proposed to convey a portion of the property that is the subject of
the Contract (the "Subject Property") to Regalia Suites of Minneapolis, LLC and received the City's
consent to such conveyance, but has now determined that it is in the best interest of the Project and
TIF District to convey the Subject Property to RISLP, LLC (the "Assignee") 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 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 authonzed to execute on behalf of the City,
the Consent attached to the Assignment and any other documents requinng execution by the City in
order to carry out the transaction descnbed in the Assignment.
2 03. The City's pnor consent to the Assignment and Assumption of Redevelopment
Contract between CPW and Regalia Suites of Minneapolis, LLC is hereby revoked.
2.04. City staff and consultants are authorized to take any actions necessary to carry out
the intent of this resolution.
esolu on No. 15-059 -2-
Revie et; fo Administration:
City 71I, W
Attest
CitC -rk
Adopt db the , ty Council May 4, 2015
Mayor
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