HomeMy WebLinkAbout19-11 - ADMIN Resolution - Economic Development Authority - 2019/09/03EDA Resolution No. 19-11
Resolution approving an Assignment and Subordination of Amended and
Restated Contract for Private Redevelopment between the Economic
Development Authority, the City of St. Louis Park, 10 West End, LLC, AND Acore
Capital Mortgage, LP
Be it resolved by the Board of Commissioners ("Board") of the St. Louis Park Economic
Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority currently administers its Redevelopment Project No. 1 ("Project")
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act"), and within the
Project has established the West End Tax Increment Financing District (“TIF District”).
1.02. The City of St. Louis Park (the “City”), Authority and 1 0 West End, LLC (the
“Redeveloper,” as Assignee pursuant to an Assignment and Assumption of Redevelopment
Contract dated as of the date hereof) are parties to that Amended and Restated Contract for
Private Redevelopment dated as of May 17, 2010, as amended (the “Contract”). Pursuant to
the Contract, the Redeveloper is obligated to construct a class A office facility (“CPW Phase IV”)
on certain property within the TIF District (the “Redevelopment Property”).
1.03. The Redeveloper proposes to enter into a loan agreement with Acore Capital
Mortgage, LP (the “Lender”) for certain mortgage financing related to CPW Phase IV to be
constructed on the Redevelopment Property, and has requested that the Authority and City
approve an Assignment and Subordination of Amended and Restated Contract for Private
Redevelopment (the “Assignment”) as authorized pursuant to Section 7.2 of the Contract.
1.04. The Board has reviewed the Assignment and finds that the approval and
execution of the Assignment are in the best interest of the City and its residents.
Section 2. Authority Approval; Other Proceedings .
2.01. The Assignment as presented to the Board is hereby in all respects approved,
subject to modifications that do not alter the substance of the transaction and th at are
approved by the President and Executive Director, provided that execution of the Assignment
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 Assignment and any other documents requiring execution by the Authority
in order to carry out the transaction described in the Assignment.
2.03. Authority staff and consultants are authorized to take any actions necessary to
carry out the intent of this resolution.
DocuSign Envelope ID: E964BABE-8026-4F38-9571-0D528B8570DB
EDA Resolution No. 19-11 2
Reviewed for Administration: Adopted by the Economic Development
Authority September 3, 2019
Thomas K. Harmening, executive director Steve Hallfin, president
Attest
Melissa Kennedy, secretary
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