HomeMy WebLinkAbout07-13 - ADMIN Resolution - Economic Development Authority - 2007/10/15ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 07-13
RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT
BETWEEN ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND
ANDERSON BUILDERS
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. The Authority and Anderson Builders, or permitted assigns propose to enter into a
Contract for Private Redevelopment (the "Contract"), setting forth the terns and conditions of
redevelopment of certain property within the Redevelopment Project, generally described as the
Oak Hill II site.
1.03. The Board has reviewed 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.
Section 2. Authority Approval; Further 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.
Approved by the Board of Commissioners
Authority this 15`h day of October, 2007.
ATTEST:
Secretary
Louis Park Economic Development
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