HomeMy WebLinkAbout13-120 - ADMIN Resolution - City Council - 2013/08/19•
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RESOLUTION NO. 13-120
RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION OF
REDEVELOPMENT CONTRACT BETWEEN DUKE REALTY LIMITED
PARTNERSHIP AND DOLCE LIVING INVESTMENTS, 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
administering 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 District").
1.02. The Authority, the City and Duke Realty Limited Partnership (the "Redeveloper")
entered into an Amended and Restated Contract for Private Redevelopment Dated as of May 17,
2010 (the "Contract"), regarding redevelopment of a portion of the property within the TIF District.
1.03. The Redeveloper proposes to convey a portion of the property that is the subject of
the Contract (the "Subject Property") to Dolce Living Investments, LLC (the "Assignee"), and the
Assignee is seeking to redevelop the Subject Property with housing.
1.04. In connection with such conveyance, Redeveloper seeks to assign certain obligations
of Redeveloper 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 Redeveloper and Assignee (the "Assignment").
1.05. 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, Estoppel and Agreement 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 authorized to execute on behalf of the City,
the Consent, Estoppel and Agreement attached to the Assignment and any other documents
reinnxecution by the City in order to carry out the transaction descnbed in the Assignment.
2.03 City staff and consultants are authorized to take any actions necessary to carry out
the mtent of I's resolution.
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Review
inistration:
City M
411 Attest
City Clerk
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Ad ted . th ity Council August 19, 2013
Mayor