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HomeMy WebLinkAbout05-05 - ADMIN Resolution - Economic Development Authority - 2005/04/18ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY EDA RESOLUTION NO. 05-05 RESOLUTION APPROVING PURCHASE AND REDEVELOPMENT CONTRACT BEWTEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND MENDOTA HOMES, INC. OR RELATED ENTITY WHEREAS, the St. Louis Park Economic Development Authority (the "Authority") administers Redevelopment Project No. 1 (the "Project') pursuant to Minnesota Statutes, Sections 469.001 to 460.047 (the "HRA Act'); and WHEREAS, the Authority owns certain property within the Project described as Lot 1, block 9, Oak Park Village, according to the recorded plat thereof, Hennepin County, Minnesota (the "Property"); and WHEREAS, Mendota Homes, Inc, or a related entity ("Redeveloper") has proposed to acquire the Property from the Authority, and in connection with that proposal the Authority has caused to be prepared a Purchase and Redevelopment Contract between the Authority and Redeveloper (the "Contract'); and WHEREAS, the Authority has on this date held a public hearing regarding conveyance of the Property to the Redeveloper in accordance with the Contract 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 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 Contract in substantially the form on file in City Hall. The President and Executive Director are authorized and directed to execute the Contract, subject to modifications that do not change the substance of the transaction and are approved by those officials, provided that execution of the Contract by those officials will be conclusive evidence of their approval. 3. The Authority approves conveyance of the Property to the Redeveloper, subject to satisfaction of all terns and conditions of the Contract and the approval by the St. Louis Park City Council of a conditional use permit and plat for a condominium project for the Property and an adjacent site, and authorizes and directs the President and Executive Director to execute the deed and related documents necessary to carry out such real estate transaction. Approved by the Board of Commissioners of the St. Louis Park Economic Development Authority this 18th day of April, 2005. EDA Resolution No. 05-05 -2- Attest: cretary for Administration Adopted by the; he Eco mic Develo ent Authority April 18, 2005 Director resident EXHIBIT A Description of Property Lot 1, Block 9, OAK PARK VILLAGE, Hennepin County, Minnesota.