HomeMy WebLinkAbout15-177 - ADMIN Resolution - City Council - 2015/11/16RESOLUTION NO. 15-177
RESOLUTION APPROVING A FIRST AMENDMENT OF
A CONTRACT FOR PRIVATE REDEVELOPMENT
BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY, THE CITY OF ST. LOUIS
PARK, AND CEDAR LAKE ROAD APARTMENTS LLC
BE IT RESOLVED BY the City Council (the "Council") of the City of St. Louis Park,
Minnesota (the "City") as follows:
Recitals.
1.01. Pursuant to its authority under Minnesota Statutes, Sections 469 090 to 469 1082
and 469.174 to 469.1794, as amended, the St. Louis Park Economic Development Authority (the
"Authority"), with the approval of the City, created the Eliot Park Tax Increment Financing
District within its Redevelopment Project No. 1 (the "Project"), for the purpose of facilitating the
redevelopment of certain substandard property within the Project.
1.02. The Authority, the City, and Cedar Lake Road Apartments LLC (the "Redeveloper")
executed a Contract for Private Redevelopment, dated as of July 1, 2014 (the "Contract"),
providing, among other things, for the construction of certain improvements (the "Minimum
Improvements") on the property legally described within the Contract (the "Redevelopment
Property").
1.03. The parties have negotiated and propose to execute a First Amendment to the
Contract (the "First Amendment") to extend the deadline for the completion of construction of a
portion of the Minimum Improvements.
Section 2. First Amendment Approved.
2.01. The First 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 First Amendment 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 First Amendment and any documents referenced therein requinng execution by the City,
and to carry out, on behalf of the City, its obligations thereunder.
the
ntent
03. City staff and consultants are authonzed to take any actions necessary to carry out
f this resolution.
Review
ministration:
City
Attest
May
b th ty Council November 16, 2015
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