HomeMy WebLinkAbout06-22 - ADMIN Resolution - Economic Development Authority - 2006/09/18ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 06-22
RESOLUTION APPROVING NONDISTURBANCE AGREEMENT
BY AND BETWEEN THE ST. LOUIS PARK
ECONOMIC DEVELOPMENT AUTHORITY,
HIGHWAY 7 BUSINESS CENTER,
AND METHODIST HOSPITAL
WHEREAS, the St. Louis Park Economic Development Authority (the "Authority") and
the City of St. Louis Park ("City") have entered into a Contract for Private Redevelopment with
Highway 7 Business Center LLC ("Redeveloper") dated as of June 29, 2006, as amended by a First
Amendment thereto dated as of September 18, 2006 (the "Contract"), setting forth the parties'
respective responsibilities in the redevelopment of certain property (the "Redevelopment Property")
in the City;
WHEREAS, the Contract provides for the execution of a lease (the "Lease") of certain of
the Redevelopment Property known as the Parking Property (as defined in the Contract) to the
Redeveloper, and subsequent sublease (the "Sublease") of the Parking Property to Methodist
Hospital (the "Hospital");
WHEREAS, the Hospital has requested that the Authority and the Redeveloper enter into a
Nondisturbance Agreement (the "Agreement") with regard to the Parking Property to ensure the
Hospital's peaceful possession of the Parking Property during the term of the Sublease.
NOW, THEREFORE, be it resolved by the Board of Commissioners of the St. Louis Park
Economic Development Authority as follows:
1. The Authority finds that execution of the Agreement is in the public interest because
it will further the objectives of the Contract relating to redevelopment of the Redevelopment
Property.
2. The Authority approves the execution of the Agreement, and authorizes and
directs the President and Executive Director to execute the Agreement in substantially the form
or7Fe with the Authority, subject to modifications approved by those officials that do not alter the
s bsta ce of the transaction, which approval shall be conclusively evidenced by the execution
for Administration: Adopted by the Economic Development
Authority September 18, 2006
A496�--
tor President
Attest
44, -
Secretary