HomeMy WebLinkAbout07-18 - ADMIN Resolution - Economic Development Authority - 2007/12/17ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 07-18
RESOLUTION APPROVING A CONTRACT FOR PRIVATE
REDEVELOPMENT AMONG THE CITY OF ST. LOUIS PARK, THE ST.
LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND DUKE
REALTY LIMITED PARTNERSHIP
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 within the Project
has established The West End Tax Increment Financing District ("TIF District").
1.02. The Authority and the City of St. Louis Park ("City") entered into a Preliminary
Development Agreement with Duke Realty Limited Partnership, an Indiana limited partnership,
("Developer") dated as of May 21, 2007 as amended by a First Amendment thereto dated
September 4, 2007 (Preliminary Agreement'), regarding redevelopment of a portion of the property
within the TIF District.
1.03. As contemplated in the Preliminary Agreement, the parties have negotiated the terms
of a definitive Contract for Private Redevelopment (the "Contract"), describing their respective
responsibilities in construction and financing related to redevelopment of property within the TIF
District.
1.04. The Board has reviewed the Contract 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 Approval; Other Proceedings.
2.01. The Contract 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 Contract and any documents referenced therein requiring execution by the
Authority, and to carry out, on behalf of the Authority its obligations thereunder.
2.03. Authority staff and consultants are authorized to take any actions necessary to carry
out the intent of this resolution.
EDA Resolution No. 07-18 -2-
Approved by the Board of Commissioners of the St. Louis Park Economic Development
ity this 17h day of December, 2007.
for Administration: Adopted by the Economic Development Authority
December 17, 2007
President
Attest: