HomeMy WebLinkAbout19-10 - ADMIN Resolution - Economic Development Authority - 2019/09/03EDA Resolution No. 19-10
Resolution approving an Assignment and Assumption of Redevelopment
Contract between OP4 SLP, LLC and 10 West End, LLC
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 is currently administering 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 Authority, the City of St. Louis Park (“City”), and Duke Realty Limited
Partnership (the “Redeveloper”) entered into an Amended and Restated Contract for Private
Redevelopment Dated as of May 17, 2010, as amended (the “Contract”), regarding
redevelopment of the property within the TIF District, which Contract has been assigned in part
to OP4 SLP, LLC (“OP4”) as to the Redeveloper’s obligation to construct a class A office facility
(“Central Park West Phase IV”) on a portion of the property (the “Subject Property”).
1.03. OP4 has now determined that it is in the best interest of the Project and TIF
District to convey the Subject Property to 10 West End, LLC (the “Assignee”). The Assignee
intends to construct Central Park West Phase IV on the Subject Property. In connection with
such conveyance, OP4 seeks to assign its obligations related to the Subject Property to the
Assignee, and the Assignee agrees to accept such obligations, all pursuant to an Assignment
and Assumption of Redevelopment Contract between OP4 and Assignee (the “Assignment”).
1.04. The Board has reviewed the Assignment and finds that the approval and
execution of the Authority’s consent thereto are in the best interest of the Authority, the City,
and its residents.
Section 2. Authority Approval; Other Proceedings .
2.01. The Assignment, including the attached Consent of the Authority related
thereto, 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 consent to 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 Consent attached to 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. 19-10 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
DocuSign Envelope ID: E964BABE-8026-4F38-9571-0D528B8570DB