HomeMy WebLinkAbout19-05 - ADMIN Resolution - Economic Development Authority - 2019/06/17St. Louis Park Economic Development Authority
EDA Resolution No. 19-05
Resolution approving a First Amendment to the
Preliminary Redevelopment Agreement between the
St. Louis Park Economic Development Authority and,
the City of St. Louis Park and Beltline Development LLC
Be it resolved by the Board of Commissioners ("Board") of the St. Louis Park Economic
Development Authority, St. Louis Park, Minnesota (the "Authority") as follows:
Recitals.
Pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1081, as
amended, the Authority administers its Redevelopment Project No. 1 (the “Project”), for the
purpose of facilitating the redevelopment of certain substandard property within the Project.
The Authority and the City of St. Louis Park (the “City”) own certain property (the
“Property”) within the Project, which Property has been the subject of certain preliminary
negotiations with Beltline Development LLC (the “Developer”) for purposes of constructing a
mixed-use (multi-family residential and commercial) development on the Property and related
parking, including a parking ramp serving in part as a park and ride facility for Metro Transit’s
proposed Southwest Light Rail Transit Beltline station (the “Development”).
1.03. The Authority, the City, and the Developer executed a Preliminary Development
Agreement, dated as of February 5, 2018 (the “Agreement”), providing for the performance of
certain activities on the part of the parties in preparation for the negotiation of a definitive
Purchase and Redevelopment Contract in connection with the Property.
1.04. The parties have negotiated and propose to execute a First Amendment to the
Agreement (the “First Amendment”) to extend the deadline for the completion of these
preliminary activities for a period of up to twelve months.
Section 2. First Amendment Approved.
2.01. The First Amendment as presented to the Board 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 First
Amendment by such officials shall be conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf
of the Authority the First Amendment and any documents referenced therein requiring
execution by the Authority, and to carry out, on behalf of the Authority, its obligations
thereunder.
DocuSign Envelope ID: A76916A9-47CA-4311-B498-07DCF4DAF4A1
EDA Resolution No. 19-05 2
2.03. Authority staff and consultants are authorized to take any act ions necessary to
carry out the intent of this resolution.
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