HomeMy WebLinkAbout21-02 - ADMIN Resolution - Economic Development Authority - 2021/02/16EDA Resolution No. 21-02
EDA Resolution approving a preliminary development agreement between the
St. Louis Park Economic Development Authority and Wooddale Station LLC
Whereas, pursuant to its authority under Minnesota Statutes, Sections 469.090 to
469.1082, as amended, the St. Louis Park Economic Development Authority (the “Authority”)
administers its Redevelopment Project No. 1 (the “Project”), for the purpose of facilitating the
redevelopment of certain substandard property within the Project; and
Whereas, the Authority owns certain property within the Project (the “Authority
Parcel”), and Wooddale Station LLC (the “Developer”) has entered negotiations with a third
party to acquire certain other property adjacent to the Authority Parcel within the Project (the
“Third-Party Parcel” and together with the Authority Parcel, the “Development Property”), all
located on the south side of the proposed Southwest LRT Wooddale Station; and
Whereas, the Development Property has been the subject of certain preliminary
negotiations between the parties for purposes of constructing a mixed-use (multi-family
residential and commercial) development on the Development Property, together with related
parking (the “Development”); and
Whereas, the Authority and the Developer have negotiated a Preliminary Development
Agreement (the “Agreement”), providing for the performance of certain activities on the part of
the parties in preparation for the negotiation of a definitive Purchase and Redevelopment
Contract in connection with the Development Property, as presented for the Authority’s
consideration; and
Whereas, the Board has reviewed the Agreement and finds that the approval and
execution of the Agreement are in the best interest of the City and its residents. and will spur
redevelopment of underutilized and blighted property, encourage commerce and alternative
transportation, and enhance the City’s tax base.
Now therefore be it resolved by the St. Louis Park Economic Development Authority
that the Agreement as presented to the Board of Commissioners 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.
It is further resolved that the President and Executive Director are hereby authorized to
execute on behalf of the Authority the Agreement, and any documents referenced therein
requiring execution by the Authority, and to carry out, on behalf of the Authority, its obligations
thereunder.
It is further resolved that Authority staff and consultants are authorized to take any
actions necessary to carry out the intent of this resolution.
DocuSign Envelope ID: AA66C092-9C17-40F6-94FC-8647D0BA46AB
EDA Resolution No. 21-02 2
Reviewed for Administration: Adopted by the Economic Development
Authority February 16, 2021
Thomas K. Harmening, executive director Tim Brausen, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: AA66C092-9C17-40F6-94FC-8647D0BA46AB