HomeMy WebLinkAbout08-05 - ADMIN Resolution - Economic Development Authority - 2008/04/28EDA RESOLUTION NO. 08-05
RESOLUTION APPROVING A THIRD AMENDMENT OF
A CONTRACT FOR PRIVATE REDEVELOPMENT BY AND
BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY AND UNION LAND II 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
469.179, 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 and a Second Amendment thereto dated as of March 5, 2007 (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, a need to clarify certain maintenance responsibilities, and certain
extraordinary costs associated with redevelopment of the Redevelopment Property, the parties
propose to execute a Third Amendment to the Agreement (the "Third Amendment") to modify
certain provisions of the Agreement.
Section 2. Third Amendment Approved.
2.01, The Third 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
s e conclusive evidence of approval. The President and Executive Director are hereby
uthori d to execute on behalf of the Authority the Third Amendment.
Administration: Adopted by the Economic Development Authority
April 28, 2008
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sector President
Attest