HomeMy WebLinkAbout09-04 - ADMIN Resolution - Economic Development Authority - 2009/04/06ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 09-04
RESOLUTION APPROVING A FIRST AMENDMENT TO CONTRACT FOR
PRIVATE REDEVELOPMENT BETWEEN THE ST. LOUIS PARK
ECONOMIC DEVELOPMENT AUTHORITY AND OAK HILL 7100 LLC
BE IT RESOLVED By the Board of Commissioners ("Board") of the St. Louis Park Economic
Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority is currently administering its Redevelopment Project No. 1 ("Project')
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act"), and has approved and executed
that certain Contract for Private Redevelopment dated October 15, 2007 between the Authority and Oak
Hill 7100 LLC (the "Redeveloper"),
1.02. The Redeveloper has requested that the Contract be amended to provide for a completion
date under the Contract of December 31, 2009, which request also affects time sensitive terms of certain
definitions and the terms of the Assessment Agreement authorized by the Contract and requiring
amendment of those terms.
1.03. The Board has reviewed a First Amendment to the Contract for Private Redevelopment and
finds that the approval and execution thereof and performance of the Authority's obligations thereunder are
in the best interest of the City and its residents.
Section 2. Authority Aoaroval: Other Proceedings.
2.01, The First Amendment to the Contract for Private Redevelopment 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.
2.02. The President and Executive Director are hereby authorized to execute on behalf of the
Authority the Third Amendment to the Contract and any documents referenced therein requiring execution
by the Authority, and to carry out, on behalf of the Authority its obligations thereunder.
Attest
).03. Authority staff and consultants are authorized to take any actions necessary to carry out the
of is resolution.
NOW F137
Adopted by the Economic Development Authority
April 6, 2009
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