HomeMy WebLinkAbout20-09 - ADMIN Resolution - Economic Development Authority - 2020/05/18EDA Resolution No. 20-09
Resolution approving contract for private
redevelopment with Cedar Partners LLC and awarding
certain Tax Increment Financing Assistance
Whereas, the St. Louis Park Economic Development Authority (the “Authority”) and the
City of St. Louis Park have previously approved the establishment of the Elmwood Apartments
Tax Increment Financing District and the Eliot Park Tax Increment Financing District (together,
the “TIF Districts”) within Redevelopment Project No. 1 (“Project”), and have adopted tax
increment financing plans for the purpose of financing certain improvements within the
Project; and
Whereas, pursuant to Minnesota Statutes, Sections 469.174 to 469.1794 as amended
(the “TIF Act”), the Authority is authorized to enter into agreements for the redevelopment of
property within the Project for the purpose of financing a portion of the public development
costs of the Project. Such assistance is payable from revenues derived from the TIF Districts,
subject to the limitations of Section 469.1763 of the TIF Act; and
Whereas, the Authority hereby finds and determines that it is in the best interests of
the Authority that it provide a grant of tax increment revenues (the “Grant”) for the purpose of
financing certain public redevelopment costs of the Project.
Now therefore be it resolved that the Contract for Private Redevelopment (the
“Agreement”) between the Authority and Cedar Partners LLC (the “Grantee”), 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 Agreement by such officials shall be conclusive evidence of
approval. Authority staff and officials are authorized to take all actions necessary to perform the
Authority’s obligations under the Agreement as a whole, including without limitation execution of
an escrow agreement and any other documents to which the Authority is a party referenced in or
attached to the Agreement, all as described in the Agreement.
It is further resolved that the Authority hereby authorizes Authority staff to disburse
the Grant in accordance with the Agreement. All capitalized terms in this resolution have the
meaning provided in the Agreement unless the context requires otherwise.
It is further resolved that the Grant shall be disbursed into escrow in the amount of
$500,000 and shall be disbursed to the Grantee in consideration of certain eligible costs
incurred by the Grantee under the Agreement, subject to adjustment based on the finalized
actual amount of Public Redevelopment Costs submitted and approved in accordance with
Section 3.3 of the Agreement. The Grant is payable from pooled Tax Increment from the TIF
Districts available for outside-district expenditures, as further described in the Agreement.
It is further resolved that this resolution shall be effective upon approval.
DocuSign Envelope ID: 06B67CF8-0FC9-4A7F-966F-43DDCBD12730
EDA Resolution No. 20-09 2
Reviewed for Administration: Adopted by the Economic Development
Authority May 18, 2020
Thomas K. Harmening, executive director Rachel Harris, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: 06B67CF8-0FC9-4A7F-966F-43DDCBD12730