HomeMy WebLinkAbout20-05 - ADMIN Resolution - Economic Development Authority - 2020/04/20EDA Resolution No. 20-05
Resolution approving a Sixth Amendment to and Partial Termination of
Purchase and Redevelopment Contract between
the Authority and Place E-Generation One LLC
Whereas, the Authority and the City of St. Louis Park have heretofore approved the
establishment of the Wooddale Station Tax Increment Financing District (the “TIF District”) within
Redevelopment Project No. 1 (the “Project”), and have adopted a tax increment financing plan for
the purpose of financing certain improvements within the Project; and
Whereas, to facilitate the redevelopment of certain property within the Project and TIF
District, the Authority and PLACE E-Generation One LLC (the “Redeveloper”) have previously
negotiated a Purchase and Redevelopment Contract (as subsequently amended, the
“Agreement”) which provides for the conveyance of certain property (the “Property”) to the
Redeveloper, the construction by the Redeveloper of a mixed -use, mixed-income, transit-
oriented development, including rental housing, and associated parking on the Property, and
the issuance of one or more Tax Increment Revenue Notes to the Redeveloper; and
Whereas, in order to allow the Redeveloper adequate time to obtain financing for
construction of the Minimum Improvements (as defined in the Agreement), the Redeveloper
has requested and the Authority has consented to five prior amendments of the Agreement,
extending the dates for closing of the Property and amending various other provisions; and
Whereas, the Redeveloper has notified the Authority of its inability to move forward with
the acquisition of the South Parcels and construction of the South Components of the Minimum
Improvements, and the parties have negotiated a Sixth Amendment to and Partial Termination of
the Agreement (the “Sixth Amendment”), terminating all rights and obligations of the parties with
regard to the South Parcel and South Components and modifying certain other provisions of the
Agreement; and
Whereas, the Board has reviewed the Sixth Amendment and finds that the execution
thereof and performance of the Authority’s obligations thereunder, including extension of the
date of completion of construction of the Minimum Improvements, are in the best interest of the
City and its residents.
Now therefore be it resolved that the Sixth Amendment as presented to the Board,
including the termination of provisions for the conveyance of the South Parcels, 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 Sixth
Amendment by such officials shall be conclusive evidence of approval.
It is further resolved that Authority staff and officials are authorized to take all actions
necessary to perform the Authority’s obligations under the Agreement as amended, including
without limitation execution of any documents to which the Authority is a party referenced in or
attached to the Agreement, all as described in the Agreement as amended by the Sixth Amendment.
It is further resolved that this resolution shall be effective upon approval.
DocuSign Envelope ID: D2397C4E-4C86-439A-B144-EF8B211E500C
EDA Resolution No. 20-05 2
Reviewed for Administration: Adopted by the Economic Development
Authority April 20, 2020
Thomas K. Harmening, executive director Rachel Harris, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: D2397C4E-4C86-439A-B144-EF8B211E500C