HomeMy WebLinkAbout08-07 - ADMIN Resolution - Economic Development Authority - 2008/06/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 08-07
RESOLUTION APPROVING THIRD AMENDMENT OF
LEASE BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY AND ST. LOUIS PARK STEP
WHEREAS, the St. Louis Park Economic Development Authority (the "Authority") and St.
Louis Park STEP ("STEP") have executed that certain lease dated December 6, 2004 (the "Lease");
and
WHEREAS, the original term of the Lease was December 1, 2004 through June 30, 2005,
which date was extended through operation of the Lease to December 31, 2005, further extended
through March 31, 2007, by operation of the First Amendment, and further extended through June
30, 2008 by operation of the Second Amendment; and
WHEREAS, Tenant has submitted a request to the Landlord seeking a six month extension
of the term of the Lease as amended because Tenant has been unable to relocate to a new facility that
meets its needs and budget by the time the Lease terminates on June 30, 2008;
WHEREAS, the Authority has caused to be prepared the Third Amendment to Lease between
the Authority and St. Louis Park STEP (the "Third Amendment"); and
NOW, THEREFORE, be it resolved by the Board of Commissioners of the St. Louis Park
Economic Development Authority as follows:
1. The Authority finds that the approval of the Third Amendment is in the public interest
because the EDA does not have immediate need of the building until January 2009 subject to the Lease
between the Authority and St. Louis Park STEP, and that permitting the extension of the term of the
Lease as provided in the Third Amendment will provide St. Louis Park STEP additional time within
which to seek or construct an appropriate facility for providing its services.
Attest
2. The Authority approves the Third Amendment in substantially the form on file in City
The President and Executive Director are authorized and directed to execute the Third
ent, subject to modifications that do not the alter the substance of the transaction and are
I
those officials, provide that execution of the Third Amendment by those officials will be
v evidence of their approval.
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Adopted by the Economic Development Authority
June 16, 2008
Prewent
ent