HomeMy WebLinkAbout19-01 - ADMIN Resolution - Economic Development Authority - 2019/01/22St. Louis Park Economic Development Authority
EDA Resolution No. 19-01
Resolution approving first amendment to contract for private redevelopment
between the St. Louis Park Economic Development Authority and 36th Street,
LLC
Be it resolved by the Board of Commissioners ("Board") of the St. Louis Park Economic
Development Authority, St. Louis Park, Minnesota (the "Authority") as follows:
Recitals.
1.01. Pursuant to its authority under Minnesota Statutes, Sections 469.090 to
469.1081 and 469.174 to 469.1794, as amended, the Authority created the Elmwood
Apartments 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 and 36th Street, LLC (the “Redeveloper”) executed a Contract for
Private Redevelopment, dated as of September 18, 2017 (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. Due to Unavoidable Delays (as defined in the Contract) caused by slower -than-
anticipated utility relocation by a third party, the parties have negotiated and propose to
execute a First Amendment to the Contract (the “First Amendment”) to extend the deadlines
for the commencement and completion of construction of the Minimum Improvements.
Section 2. First Amendment Approved.
2.01. The First Amendment as presented to the Board is hereby in all respects
approved, subject to modifications that do not alter the substance of the transaction and that
are approved by the President and Executive Director, provided that execution of the First
Amendment by such officials shall be conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf
of the Authority the First Amendment and any documents referenced therein requiring
execution by the Authority, and to carry out, on behalf of the Authority, its obligations
thereunder.
2.03. Authority staff and consultants are authorized to take any actions necessary to
carry out the intent of this resolution.
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EDA Resolution No. 19-01 2
Reviewed for Administration: Adopted by the Economic Development
Authority Jan. 22, 2019
Thomas K. Harmening, Executive Director Steve Hallfin, President
Attest:
Melissa Kennedy, Secretary
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