HomeMy WebLinkAbout06-01 - ADMIN Resolution - Economic Development Authority - 2006/01/03ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 06-01
RESOLUTION APPROVING CONVEYANCE OF LAND BY
THE ST. LOUIS PARK ECONOMIC DEVELOPMENT
AUTHORITY TO EXCELSIOR & GRAND III LLC
WHEREAS, the St. Louis Park Economic Development Authority (the "Authority") and
the City of St. Louis Park ("City") have entered in an Amended and Restated Contract for Private
Redevelopment with Meridian Properties Real Estate Development LLC ("Meridian") dated July
23, 2001, as amended by a First Amendment thereto dated March 3, 2003, a Second Amendment
thereto dated September 15, 2003, a Third Amendment thereto dated October 7, 2003, and a Fourth
Amendment thereto dated November 1, 2004 (the "Contract") setting forth the parties' respective
responsibilities in the redevelopment of certain property in the City; and
WHEREAS, the development described in the Contract is consistent with the Authority's
Redevelopment Project No. 1 ("Project"), administered by the Authority under Minnesota Statutes,
Section 469.001 to 469.047; and
WHEREAS, Meridian proposes to assign certain of its rights and obligations under the
Contract to Excelsior & Grand III LLC ("Redeveloper"); and
WHEREAS, under the Contract, as modified by the Fourth Amendment, the Authority
agrees to convey to the Redeveloper, as assignee of Meridian, certain property referred to generally
as Phase NW and legally described as Park Commons East 4"' Addition Lot 1, Block 1 (the "Phase
NW Property"), subject to certain terms and conditions; and
WHEREAS, the Authority has on this date held a public hearing regarding conveyance of
the Phase NW Property to the Redeveloper at which all interested persons were given an
opportunity to be heard.
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 conveyance of the Phase NW Property to the Redeveloper
is in the public interest because it will further the objectives of the redevelopment plan for the
Project.
2. The Authority approves the conveyance of the Phase NW Property to the
Redeveloper, subject to satisfaction of all terms and conditions of the Contract, as amended, and
authorizes and directs the President and Executive Director to execute the deed and related
documents necessary to carry out such real estate transaction.
EDA Resolution No. 06-01
-2-
Approved by the Board of Commissioners of the St. Louis Park Economic Development
Authority this 3rd day of January 2006.
Im
STATE OF MINNESOTA )
) SS.
COUNTY OF HENNEPIN )
PARK ECONOMIC DEVELOPMENT
The foregoing instrument was acknowledged before me this 3rd day of January, 2006 by
and Tom Harmening the President and Executive Director respectively of the St. Louis Park
Economic Development Authority, on behalf of the Authority.
./JI�IIJ/!!llJIIlJJ�IfJ_
-irl�rr
CITY OF ST. LOUIS PARK,
MINNESOTA