HomeMy WebLinkAbout19-100 - ADMIN Resolution - City Council - 2019/09/03Resolution No. 19-100
Resolution approving an Assignment and Assumption of Redevelopment
Contract between OP4 SLP, LLC and 10 West End, LLC
Be it resolved by the City Council ("Council") of the City of St. Louis Park, Minnesota
("City") as follows:
Section 1. Recitals.
1.01. The St. Louis Park Economic Development Authority (“Authority”) is currently
administering its Redevelopment Project No. 1 ("Project") pursuant to Minnesota Statutes,
Sections 469.001 to 469.047, and within the Project has established The West End Tax
Increment Financing District (“TIF District”).
1.02. The Authority, the 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 Council has reviewed the Assignment and finds that the approval and
execution of the City’s consent thereto are in the best interest of the Cit y and its residents.
Section 2. Authority Approval; Other Proceedings .
2.01. The Assignment, including the attached Consent thereto, 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 Consent to 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 Consent attached to 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. 19-100 2
Reviewed for Administration: Adopted by the city council September 3, 2019
Thomas K. Harmening, city manager Jacob Spano, mayor
Attest
Melissa Kennedy, city clerk
DocuSign Envelope ID: 582A2592-4D57-444D-A183-E83E916670C9