HomeMy WebLinkAbout19-06 - ADMIN Resolution - Economic Development Authority - 2019/06/17St. Louis Park Economic Development Authority
EDA Resolution No. 19-06
Resolution approving a Fifth Amendment to Purchase
and Redevelopment Contract between the Authority
and PLACE E-Generation One, LLC
Be it resolved by the Board of Commissioners (the “Board”) of the St. Louis Park Economic
Development Authority (the “Authority”) as follows:
Section 1. Recitals
1.01. The Authority and the City of St. Louis Park have heretofore approved the
establishment of the Wooddale Station 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.
1.02. To facilitate the redevelopment of certain property within the Project and TIF
District, the Authority and PLACE E-Generation One LLC (the “Redeveloper”) have previously
negotiated a Purchase and Redevelopment Contract (as subsequently amended, the
“Agreement”) which provides for the conveyance of certain property described in Exhibit A
hereto (the “Property”) to the Redeveloper, the construction by the Redeveloper of a mixed -
use, mixed-income, transit-oriented development, including rental housing, and associated
parking on the Property, and the issuance of one or more Tax Increment Revenue Notes to the
Redeveloper.
1.03. In order to allow the Redeveloper adequate time to obtain financing for
construction of the Minimum Improvements (as defined in the Agreement), the Redeveloper
has requested and the Authority has consented to four prior amendments of the Agreement,
extending the dates for closing of the Property and amending various other provisions.
1.04. The Redeveloper has requested an additional extension of the dates for closing on
a portion of the Property (the “South Parcels”) and for completion of construction of the Minimum
Improvements, and the parties have negotiated a Fifth Amendment to the Agreement (the “Fifth
Amendment”) in the form presented to the Board.
1.05. The Board has reviewed the Fifth Amendment and finds that the execution thereof
and performance of the Authority’s obligations thereunder, including extension of the dates of
conveyance of the South Parcels to the Redeveloper, are in the best interest of the City and its
residents.
DocuSign Envelope ID: A76916A9-47CA-4311-B498-07DCF4DAF4A1
EDA Resolution No. 19-06 2
Section 2. Approval of Documents.
2.01. The Fifth Amendment as presented to the Board, including the provisions for the
conveyance of the South Parcels, is hereby in all respects approved, subject to modifications that
do not alter the substance of the transaction and that are approved by the President and Executive
Director, provided that execution of the Fifth Amendment by such officials shall be conclusive
evidence of approval.
2.02. Authority staff and officials are authorized to take all actions necessary to perform
the Authority’s obligations under the Agreement as amended, including without limitation
execution of any documents to which the Authority is a party referenced in or attached to the
Agreement, and any deed or other documents necessary to convey the South Parcels to
Redeveloper, all as described in the Agreement as amended by the Fifth Amendment.
Section 3. Effective Date. This resolution shall be effective upon approval.
Reviewed for Administration: Adopted by the Economic Development
Authority June 17, 2019
Thomas K. Harmening, Executive Director Steve Hallfin, President
Attest
Melissa Kennedy, Secretary
DocuSign Envelope ID: A76916A9-47CA-4311-B498-07DCF4DAF4A1
EDA Resolution No. 19-06 3
EXHIBIT A
PROPERTY
North Parcels:
Lot 1, Blocks 1 and 2, PLACE, according to the recorded plat thereof, Hennepin County, Minnesota.
South Parcels:
Lot 1, Block 3, PLACE, according to the recorded plat thereof, Hennepin County, Minnesota.
DocuSign Envelope ID: A76916A9-47CA-4311-B498-07DCF4DAF4A1