HomeMy WebLinkAbout06-14 - ADMIN Resolution - Economic Development Authority - 2006/05/15ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 06-14
RESOLUTION APPROVING CONTRACT FOR PRIVATE
REDEVELOPMENT WITH, CONVEYANCE OF CERTAIN PROPERTY
TO, AND LEASE AGREEMENT WITH HIGHWAY 7 BUSINESS
CENTER LLC
BE IT RESOLVED by the Board of Commissioners ("Board") of the St. Louis Park
Economic Development Authority, St. Louis Park, Minnesota ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority and the City of St. Louis Park have heretofore approved the
establishment of the Highway 7 Corporate Center Tax Increment Financing District (the "TIF
District") within Redevelopment Project No. 1 (the "Project") and have adopted a tax increment
financing plan for the purpose of financing certain improvements within the Project. The Authority
and City have further approved the establishment of a Hazardous Substance Subdistrict (the
"Subdistrict") within the TIF District, all pursuant to Minnesota Statutes, Sections 469.001 to
469.047, Sections 469.090 to 469.1082, and Sections 469.174 to 469.1799.
1.02. To facilitate redevelopment of certain property in the TIF District, the Authority
proposes to enter into a Contract for Private Redevelopment (the "Contract") between the Authority,
the City, and Highway 7 Business Center LLC (the "Redeveloper"), under which, among other
things, the Authority will convey certain tax -forfeited property described in the Contract as Parcel 1,
legally described as Northerly 25 feet of Lot 3 Auditor's Subdivision No. 348 (the "Tax -Forfeited
Property") to Redeveloper.
1.03. The City currently owns the Tax -Forfeited Property and on May 15, 2006, intends to
approve the conveyance of said property to the Authority in order to promote the redevelopment of
the property subject to redevelopment under the Contract (the "Redevelopment Property"), of which
the Tax -Forfeited Property is a part.
1.04. Pursuant to the Contract, the Authority will also a lease to the Redeveloper certain
property described as Lot 1, Block 1, Louisiana Alignment (the "Parking Property") on the plat
attached as Schedule A, currently owned in part by the Authority and in part by the City, and the
Redeveloper will enter into a sublease of the Parking Property with Methodist Hospital for use as a
remote parking lot.
1.05. In connection with the plat of the Parking Property, the Authority expects that the
City will convey its interest in the Parking Property to the Authority, and the Authority will convey
its interest in Lot 1, Block 2 and Outlots A, B, and C, Louisiana Alignment, to the City.
EDA Resolution No. 06-14 -2-
1.06. The Authority has on this date conducted a duly noticed public hearing regarding
both the sale of the Tax -Forfeited Parcel to Redeveloper and the lease of the Parking Property, at
which all interested persons were give an opportunity to be heard.
Section 2. Authority Approval; Further Proceedings.
2.01. The Authority hereby approves the Contract as presented to the Authority, including
conveyance of the Tax -Forfeited Parcel to Redeveloper and the lease of the Parking Property,
subject to modifications that do not alter the substance of the transaction and that are approved by
the Chair and Executive Director, provided that execution of the Contract by those officials shall be
conclusive evidence of their approval.
2.02. Authority staff and officials are authorized to take all actions necessary to perform
the Authority's obligations under the Contract as a whole, including without limitation execution of
any documents to which the Authority is a party referenced in or attached to the Contract, and any
deed or other documents necessary to acquire any portion of the Redevelopment Property and
Parking Property from the City and to convey such property to Redeveloper and City, respectively,
all as described in the Contract.
)proved by the Board of Commissioners of the St. Louis Park Economic Development
this 15th day of May, 2006.
Executive
ATTEST:
Secretary
_/ / _
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President