HomeMy WebLinkAbout07-06 - ADMIN Resolution - Economic Development Authority - 2007/03/05EDA RESOLUTION NO. 07-06
EDA RESOLUTION APPROVING A SECOND 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 Ehnwood
Village Tax Increment Financing District pursuant to Minnesota Statutes, Sections 469.174 to
469.179, made up of the area to be developed by the Redeveloper and certain other property within
the Project.
1.02. The Authority and 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 (the "Agreement"), whereunder the Authority pledged Available Tax Increment (as
defined in the Contract) to pay or reimburse certain costs incurred by the Redeveloper 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, the parties propose
to execute a Second Amendment to the Agreement (the "Second Amendment") to modify the
construction commencement and completion dates for the Minimum Improvements.
Section 2. Second Amendment ADDroved.
1. The Second Amendment as presented to the Board is hereby in all respects
appy ed, d the President and Executive Director are hereby authorized to execute on behalf of
the uthorit the Second Amendment.
Executive
Attest:
Adopted by the Economic Development
Authority March 5, 2007
President