HomeMy WebLinkAbout21-01 - ADMIN Resolution - Economic Development Authority - 2021/02/01EDA Resolution No. 21-01
Resolution approving an assignment and assumption of
redevelopment contract between Sidal Crossroads Co., LLC and CP4
7201 Walker, LLC and a related collateral assignment of development
agreement and TIF note
Whereas, the Board of Commissioners (the “Board”) of the St. Louis Park Economic
Development Authority (the “Authority”) is currently administering its Redevelopment Project
No. 1 ("Project") pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act"), and
previously established its Mill City Tax Increment Financing District (“TIF District”) within the
Project; and
Whereas, the Authority, the City of St. Louis Park (“City”) and MSP SLP Apartments, LLC
(the “Original Redeveloper”) entered into a Contract for Private Redevelopment dated as of
April 3, 2000 (the “Contract”), regarding redevelopment of a portion of the property within the
TIF District (the “Property”); and
Whereas, the Original Redeveloper conveyed the Property to Sidal Crossroads Co., LLC
(the “Assignor”), and in connection with such conveyance, Original Redeveloper assigned its
rights and obligations under the Contract, including assignment of the Tax Increment Revenue
Note, Series 2000A, dated November 20, 2000, issued to Original Redeveloper by the Authority
(the “Note”), to the Assignor, and the Assignor accepted such rights and obligations, all pursuant
to an Assignment and Assumption of Contract for Private Redevelopment between Original
Redeveloper and Assignor (the “Prior Assignment”); and
Whereas, Assignor now seeks to convey the Property and to assign its rights and
obligations under the Contract and its right to the Note to CP4 7201 Walker, LLC (the “Assignee”),
and Assignor and Assignee propose to enter into an Assignment and Assumption of Contract for
Private Redevelopment (the “Assignment”) in substantially the form presented to the Authority;
and
Whereas, in connection with the Assignment, the Assignee also proposes to collaterally
assign its interest in the Note to Berkadia Commercial Mortgage LLC pursuant to a Collateral
Assignment of Development Agreement and TIF Note (the “Collateral Assignment”) in
substantially the form presented to the Authority; and
Whereas, pursuant to the Contract, the Assignor must seek approval from the Authority
prior to making any assignment of the Contract or Note; and
Whereas, the Board has reviewed the Assignment and Collateral Assignment and finds
that the approval and execution of the Authority’s consent thereto are in the best interest of the
City and its residents.
Now, therefore, be it resolved by the Board of Commissioners of the St. Louis Park
Economic Development Authority as follows:
A. The Assignment and the Collateral Assignment, including the consent of the
Authority related thereto, as presented to the Board are hereby in all respects approved, subject
to modifications that do not alter the substance of the transaction and that are approved by the
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EDA Resolution No. 21-01 2
President and Executive Director, provided that execution of the consents to the Assignment and
Collateral Assignment by such officials shall be conclusive evidence of approval.
B. The President and Executive Director are hereby authorized to execute on behalf
of the Authority the consents attached to the Assignment and Collateral Assignment and any
other documents requiring execution by the Authority in order to carry out the transaction
described in such assignments.
C. Authority staff and consultants are authorized to take any actions necessary to
carry out the intent of this resolution.
Reviewed for Administration: Adopted by the Economic Development
Authority February 1, 2021
Thomas K. Harmening, executive director Tim Brausen, president
Attest:
Melissa Kennedy, secretary
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