HomeMy WebLinkAbout15-073 - ADMIN Resolution - City Council - 2015/05/18RESOLUTION NO. 15-073
RESOLUTION APPROVING PRELIMINARY DEVELOPMENT AGREEMENT
10 BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY, THE
CITY OF ST. LOUIS PARK, AND PLACE
BE IT RESOLVED by the City Council (the "Council") of the City of St Louis Park (the
"City") as follows:
1. Background.
1.01. The City and the St. Louis Park Economic Development Authonty (the "Authonty")
own certain property (the "Property") in the City, which Property has been the subject of certain
preliminary negotiations with PLACE (the "Developer") for purposes of constructing a mixed-use
(multi -family residential and commercial), mixed-mcome development on the Property and related
parking, incorporating renewable energy sources including an anaerobic digester (the
"Development").
1.02. The City, the Authority and the Developer have determined to enter into a
preliminary development agreement (the "PDA"), providing for negotiation of a definitive
development contract that will address (among other things) terms under which the Developer will
construct the Development on the Property, and the City or Authority may provide certain financial
assistance if warranted to make development by the Developer financially feasible
1.03. The Council has reviewed the PDA, and has determined that it is in the best interests
of the City to approve and execute the PDA.
2. Approval of PDA
2 01 The City approves the PDA, and authonzes and directs the Mayor and City Manager
to execute same in substantially the form on file, subject to modifications that do not alter the
substance of the transaction and are approved by the Mayor and City Manager, provided that
execution of the PDA by such officials will be conclusive evidence of their approval.
City officials and consultants are authonzed to take any other actions necessary to
carry o t th City's obligations under the PDA, and to bring a proposed definitive development
contract efo - the City.
Reviewed f
d nistration:
Ado . by th ity Council May 18, 2015
City Mana
Mayor