HomeMy WebLinkAbout09-02 - ADMIN Resolution - Economic Development Authority - 2009/02/02ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO .09-02
RESOLUTION APPROVING CONTRACT FOR PRIVATE
REDEVELOPMENT WITH ELLIPSE ON EXCELSIOR LLC.
BE IT RESOLVED by the Board of Commissioners (`Board") of the St. Louis Park Economic
Development Authority, St. Louis Park, Minnesota ("Authority") as follows:
Section 1. Recitals.
1.01. On this date, the Authority and the City of St. Louis Park have approved the
establishment of the Ellipse on Excelsior Tax Increment Financing District (the "TIF District") within
Redevelopment Project No. 1 (the "Project") and have 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. The Authority and Ellipse on Excelsior 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.
r 1.03. The Board has reviewed the Contract and finds that the execution thereof and
1, performance of the Authority's obligations thereunder are in the best interest of the City and its
residents.
Section 2. Authority Approval; Further Proceedings.
2.01. The Board hereby approves the Contract as presented to the Board, 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 Contract by those officials shall be conclusive
evidence of their approval,
2.02. Authority staff and officials are authorized to take all actions necessary to perform the
Authority's obligations under the Contract as a whole, including without limitation execution of any
documents to which the Authority is a parry referenced in or attached to the Contract.
for Administration: Adopted by the Economic Development Authority
Feb ary 2, 200
ir�eto President
Attest