HomeMy WebLinkAbout08-10 - ADMIN Resolution - Economic Development Authority - 2008/10/06ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 08-10
RESOLUTION APPROVING "ASSIGNMENT, ASSUMPTION AND
CONSENT TO ASSIGNMENT" ("ASSIGNMENT") RELATING TO
THE CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN
THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
AND OAK HILL 3501 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 has determined a need to exercise the powers of a housing and
redevelopment authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ("EDA Act'),
and is currently administering Redevelopment Project No. 1 ("Redevelopment Project") pursuant to
Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act').
1.02. Among the activities to be assisted by the Authority in the Redevelopment Project is
redevelopment of certain underutilized property in the City known as the Oak Hill I site for
office/commercial development (the "Oak Hill I Project").
1.03. There has been presented before the Board an "ASSIGNMENT, ASSUMPTION
AND CONSENT TO ASSIGNMENT ("Assignment") among the Authority, Oak Hill 3501 LLC
(the Assignor") and R and N Real Estate LLC (the "Assignee"), setting forth the terms and conditions
of the Assignment to the Assignee of that certain Contract for Private Redevelopment (the "Contract")
between the Authority and Oak Hill 3501 LLC.
1.04. The Assignment provides for all of the Assignor's interest in the Contract and the Oak
Hill I Project being transferred to the Assignee, which accepts the Assignment and is responsible for
complying with the Contract in the future. The Assignor is being released from future requirements and
liability arising under the Contract, but remains liable for any as yet undiscovered liability accrued to the
date of the Assignment.
1.05. The Board has reviewed the Assignment and the Contract and finds that the execution
thereof and performance of the Authority's obligations thereunder are in the best interest of the City
and its residents.
EDA Resolution No. 08-10 -2-
Section 2. Authority Approval: Further Proceedines.
2.01. The Assignment 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 Assignment, the Contract and any documents referenced therein requiring execution by
theAthority, and to carry out, on behalf of the Authority its obligations thereunder.
Administration: Adopted by the Economic Development Authority
October G, 2008
Executive
Attest
Secretary
_ , , i/ALs_�.�_
—%&- NA-osl.
President