HomeMy WebLinkAbout21-061 - ADMIN Resolution - City Council - 2021/06/21Resolution No. 21-061
Resolution approving a third amendment to the
preliminary development agreement between the
St. Louis Park Economic Development Authority,
the City of St. Louis Park, and Beltline Development 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 City of St. Louis Park, Minnesota (the “City”) and the Authority own
certain property (the “Property”) within the Project, which Property has been the subject of
certain preliminary negotiations with Beltline Development LLC (the “Developer”) for purposes
of constructing a mixed-use (multi-family residential and commercial) development on the
Property and related parking, including a parking ramp serving in part as a park and ride facilit y
for Metro Transit’s proposed Southwest Light Rail Transit Beltline station (the “Development”);
and
Whereas, the City, the Authority, and the Developer executed a Preliminary Development
Agreement, dated as of February 5, 2018 (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 Property, and executed a First
Amendment to the Agreement dated as of June 17, 2019 and a Second Amendment dated as of
June 15, 2020, each extending the dates of performance of each party’s activities under the
Agreement; and
Whereas, the parties have negotiated and now propose to execute a Third Amendment
to the Agreement (the “Third Amendment”) to further extend the deadline for the completion
of these preliminary activities for a period of up to twelve months.
Now therefore be it resolved by the City of St. Louis Park that the Third Amendment as
presented to the City 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 Third Amendment by such officials shall be conclusive
evidence of approval.
It is further resolved that the Mayor and City Manager are hereby authorized to execute
on behalf of the City the Third Amendment and any documents referenced therein requiring
execution by the City, and to carry out, on behalf of the City, its obligations thereunder.
It is further resolved that City staff and consultants are authorized to take any actions
necessary to carry out the intent of this resolution.
DocuSign Envelope ID: 08032C6E-D4A9-4949-A9C4-9F196E313C90
Resolution No. 21-061 2
Reviewed for Administration: Adopted by the City Council June 21, 2021
Thomas K. Harmening, city manager Jake Spano, mayor
Attest:
Melissa Kennedy, city clerk
DocuSign Envelope ID: 08032C6E-D4A9-4949-A9C4-9F196E313C90