HomeMy WebLinkAbout09-12 - ADMIN Resolution - Economic Development Authority - 2009/08/17EDA RESOLUTION NO. 09-12
RESOLUTION APPROVING A FOURTH AMENDMENT OF A
CONTRACT FOR PRIVATE REDEVELOPMENT BY AND
BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT
AUTHORITY AND UNION LAND II LLC, KAN & ASSOCIATES,
LCC, WEBSTER GROUP, LLC AND CAMERATA 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:
Section 1. Recitals.
1.01. The Authority currently administers Redevelopment Project No. 1 (the "Project"),
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act") within an area
located in the City, and has approved a modified Tax Increment Financing Plan for the Elmwood
Village Tax Increment Financing District pursuant to Minnesota Statutes, Sections 469.174 to
469.1791 (the "TIF Act"), made up of the area to be developed by Union Land II LLC, KAN &
Associates, LLC, Webster Group, LLC, and Camerata, LLC (collectively, the "Redeveloper") and
certain other property within the Project (the "Redevelopment Property").
1.02. The Authority and the Redeveloper executed a certain Contract for Private
Redevelopment, dated as of March 6, 2006, as amended by a First Amendment thereto dated as of July
10, 2006, a Second Amendment thereto dated as of March S, 2007, and a Third Amendment thereto
dated as of April 28, 2008 (the "Agreement"), whereunder the Authority pledged Available Tax
Increment (as defined in the Contract) to pay or reimburse certain costs incurred by Union Land in
connection with the development of four stages of minimum improvements to the Redevelopment
Property (the "Minimum Improvements").
1.03. Due to delays in construction of the Minimum Improvements, changes in the
market for condominium units, and certain changes in the TIF Act relevant to redevelopment of the
Redevelopment Property, the parties propose to execute a Fourth Amendment to the Agreement (the
"Fourth Amendment") to modify certain provisions of the Agreement.
Section 2. Fourth Amendment Approved.
2.01. The Fourth 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 documents by such officials
shall be conclusive evidence of approval. The President and Executive Director are hereby
authorized to execute, on behalf of the Authority, the Fourth Amendment.
Rev ed f r Administration: Adopted by the Economic Development Authority
August 17, 2009
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Exe t v irec President
Attest
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