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HomeMy WebLinkAbout13-083 - ADMIN Resolution - City Council - 2013/05/20• RESOLUTION NO. 13-083 RESOLUTION APPROVING A CONTRACT FOR PRIVATE REDEVELOPMENT WITH ELIOT PARK APARTMENTS, LLC BE IT RESOLVED by the City Council ("Council") of the City of St. Louis Park, Minnesota ("City") as follows: Section 1. Recitals. 1.01. On May 6, 2013, the City and the St. Louis Park Economic Development Authority (the "Authority") approved the establishment of the Eliot Park Tax Increment Financing District (the "TIF District") within Redevelopment Project No. 1 (the "Project") and adopted a tax increment financing plan for the purpose of financing certain improvements within the Project, all pursuant to Minnesota Statutes, Sections 469.001 to 469.047, Sections 469.090 to 469.1082, and Sections 469.174 to 469.1799, as amended. 1.02. To facilitate the redevelopment of certain property within the Project and TIF District, the Authority, the City, and Eliot Park Apartments, LLC (the "Redeveloper") have proposed to enter into a Contract for Private Redevelopment (the "Contract"), setting forth the terms and conditions of redevelopment of certain property within the Project and the TIF District, including tax increment financing assistance to the Redeveloper. 1.03. The Council has reviewed the Contract and finds that the execution thereof and performance of the City's obligations thereunder are in the best interest of the City and its residents. • Section 2. City Approval; Further Proceedings. • 2.01. The Council hereby approves the Contract in substantially the form presented to the Council, subject to modifications that do not materially alter the substance of the transaction and that are approved by the Mayor and City Manager, provided that execution of the Contract by those officials shall be conclusive evidence of their approval. 2.02. City staff and officials are authorized to take all actions necessary to perform the City's obligations under the Contract as a whole or reasonably necessary to implement the Contract, in • , . without limitation execution of any documents to which the City is a party referenced in or : • to the Contract. Revi ministration: City Attest Clerk Adopted Mayor ty ncil May 20, 2013