HomeMy WebLinkAbout07-07 - ADMIN Resolution - Economic Development Authority - 2007/09/04ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 07-07
RESOLUTION APPROVING A FIRST AMENDMENT TO PRELIMINARY
DEVELOPMENT AGREEMENT BETWEEN AND 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 caused to be prepared documents in anticipation of the creation of the Duke Redevelopment Tax
Increment Financing District ("Duke TIF District").
1.02. The Authority and the City of St. Louis Park ("City") have entered into a Preliminary
Development Agreement with Duke Realty Limited Partnership, an Indiana limited partnership,
("Developer") dated as of May 21, 2007 (Preliminary Agreement"), regarding redevelopment of a
portion of the property within the proposed Duke TIF District.
1.03. In accordance with the Preliminary Agreement, the Developer is undertaking certain
activities in furtherance of its proposed development. In addition, the Developer wishes to conduct
certain demolition, site grading and related pre -construction activities prior to approval of the Duke
TIF District by the Authority. These proposed additional actions require an amendment to the
Preliminary Agreement.
1.04. The Board has reviewed a First Amendment to the Preliminary Agreement 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 First Amendment to the Preliminary Agreement 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 Third Amendment to 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. 07-07 -2-
Approved by the Board of Commissioners of the St. Louis Park Economic Development
ty this 0 day of September, 2007.
Administration: Adopted by the Economic Development Authority
September 4, 2007
d. &,
ector President
Attest