HomeMy WebLinkAbout15-178 - ADMIN Resolution - City Council - 2015/11/16RESOLUTION NO. 15-178
RESOLUTION APPROVING A PARTIAL
ASSIGNMENT AND ASSUMPTION OF REDEVELOPMENT CONTRACT
BETWEEN CEDAR LAKE ROAD APARTMENTS, LLC AND
LAKE WEST DEVELOPMENT CO., LLC
BE IT RESOLVED By the City Council (the "Council") of the City of St. Louis Park,
Minnesota (the "City") as follows:
Section 1. Recitals.
1.01. The St. Louis Park Economic Development Authonty (the "Authonty") is currently
administering its Redevelopment Project No. 1 ("Project") pursuant to Minnesota Statutes, Sections
469.001 to 469.047 ("HRA Act"), and within the Project has established the Eliot Park Tax
Increment Financing District ("TIF Distnct"), with the approval of the City.
1.02. The Authority, the City, and Cedar Lake Road Apartments LLC (the "Redeveloper")
entered into a Contract for Private Redevelopment dated as of July 1, 2014, as amended (the
"Contract"), regarding the construction on the Redevelopment Property within the TIF Distnct of
certain Minimum Improvements consisting of an Apartments component and a Single -Family
Homes component, as such terms are defined in the Contract.
1.03. The Redeveloper has now determined that it is in the best interest of the Project and
TIF District to assign its obligations under the Contract solely as to the Single -Family Homes
component to Lake West Development Co., LLC (the "Assignee"), and the Assignee intends to
construct the Single -Family Homes on the Redevelopment Property in accordance with the terms of
the Contract, all pursuant to an Assignment and Assumption of Redevelopment Contract between
the Redeveloper and the 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 Consent of the City related 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 related to the Assignment and any other documents requiring execution by the City in
order t • . out the transaction described in the Assignment.
2.03. City staff and consultants are authorized to take any actions necessary to carry out
the in ent of s resolution.
Reviewed 'Lr ' d Ministration:
City Mana'Irr NOW
Attest
ity Council November 16, 2015