HomeMy WebLinkAbout21-11 - ADMIN Resolution - Economic Development Authority - 2021/07/06EDA Resolution No. 21-11
Resolution approving a preliminary development
agreement between the
St. Louis Park Economic Development Authority and
Greater Metropolitan Housing Corporation
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 wit hin the Project; and
Whereas, the Authority owns certain property within the Project (the “Authority
Parcel”), which Property has been the subject of certain preliminary negotiations with Greater
Metropolitan Housing Corporation (the “Developer”); and
Whereas, the Development Property has been the subject of certain preliminary
negotiations between the parties for purposes of constructing a medium density housing
development on the Development Property; 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, expand ownership opportunities, 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: FEB98609-CA28-471E-8D03-1A03F8E742BD
EDA Resolution No. 21-11 2
Reviewed for Administration: Adopted by the Economic Development
Authority July 6, 2021
Thomas K. Harmening, executive director Tim Brausen, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: FEB98609-CA28-471E-8D03-1A03F8E742BD