HomeMy WebLinkAbout19-101 - ADMIN Resolution - City Council - 2019/09/03Resolution No. 19-101
Resolution approving an Assignment and Subordination of Amended and
Restated Contract for Private Redevelopment between the City, the Economic
Development Authority, 10 West End, LLC, AND Acore Capital Mortgage, LP
Be it resolved by the City Council ("Council") of the City of St. Louis Park ("City") as
follows:
Section 1. Recitals.
1.01. The St. Louis Park Economic Development Authority (the “Authority”) currently
administers Redevelopment Project No. 1 ("Project") within the City, 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, Authority and 10 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 Con tract, 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 City and Authority
approve an Assignment and Subordination of Amended and Restated Contract for Privat e
Redevelopment (the “Assignment”) as authorized pursuant to Section 7.2 of the Contract.
1.04. The Council 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 Council is hereby in all respects approved,
subject to modifications that do not alter the substance of the transaction and that are
approved by the Mayor and City Manager, provided that execution of the Assignment by such
officials shall be conclusive evidence of approval.
2.02. The Mayor and City Manager are hereby authorized to execute on behalf of the
City the Assignment and any other documents requiring execution by the City in order to carry
out the transaction described in the Assignment.
2.03. City staff and consultants are authorized to take any actions necessary to carry
out the intent of this resolution.
DocuSign Envelope ID: 582A2592-4D57-444D-A183-E83E916670C9
Resolution No. 19-101 2
Reviewed for Administration: Adopted by the City Council September 3, 2019
Thomas K. Harmening, city manager Jake Spano, mayor
Attest
Melissa Kennedy, city clerk
DocuSign Envelope ID: 582A2592-4D57-444D-A183-E83E916670C9