HomeMy WebLinkAbout21-15 - ADMIN Resolution - Economic Development Authority - 2021/08/16EDA Resolution No. 21-15
Resolution approving an Assignment and Assumption of Redevelopment Contract
between Millennium Phase II, LLC and GS-INVREG Wayzata Owner, LLC
Whereas, 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 within the Project has established the West End Tax
Increment Financing District (“TIF District”); and
Whereas, the Authority, the City of St. Louis Park (“City”), and Duke Realty Limited
Partnership (the “Redeveloper”) entered into an Amended and Restated Contract for Private
Redevelopment Dated as of May 17, 2010, as amended (the “Contract”), regarding redevelopment
of the property within the TIF District, which Contract has been assigned in part to Millennium
Phase II, LLC (“Millennium”) as to the Redeveloper’s obligation to construct a multifamily rental
facility (“Central Park West Phase VI”) on a portion of the property (the “Subject Property”); and
Whereas, Millennium has now determined that it is in the best interest of the Project and
TIF District to convey the Subject Property to GS-INVREG Wayzata Owner, LLC (the “Assignee”),
and the Assignee intends to construct Central Park West Phase VI on the Subject Property; and
Whereas, in connection with such conveyance, Millennium seeks to assign its obligations
related to the Subject Property to the Assignee, and the Assignee agrees to accept such
obligations, all pursuant to an Assignment and Assumption of Redevelopment Contract between
Millennium and Assignee (the “Assignment”); and
Whereas, the Board of Commissioners (the “Board”) of the Authority has reviewed the
Assignment and finds that the approval and execution of the Authority’s consent thereto are in the
best interest of the Authority, the City, and its residents.
Now therefore be it resolved that the Assignment, including the attached Consent of the
Authority related thereto, 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 consent to the Assignment 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 Consent attached to the Assignment and any other
documents requiring execution by the Authority in order to carry out the transaction described in
the Assignment.
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: B92D92C8-6420-458A-92BD-CCB73CC6D1B1
EDA Resolution No. 21-15 2
Reviewed for Administration: Adopted by the Economic Development Authority
August 16, 2021
Karen Barton, executive director Tim Brausen, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: B92D92C8-6420-458A-92BD-CCB73CC6D1B1