HomeMy WebLinkAbout21-16 - ADMIN Resolution - Economic Development Authority - 2021/08/16EDA Resolution No. 21-16
Resolution approving a sixth amendment to amended and restated contract
for private redevelopment among the City of St. Louis Park,
the St. Louis Park Economic Development Authority, Central Park West, LLC, and
Related Redeveloper Entities
Whereas, the St. Louis Park Economic Development Authority (the “Authority”) is currently
administering its Redevelopment Project No. 1 ("Project") within the City of St. Louis Park (the
“City”) 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, and Duke Realty Limited Partnership (“Duke”) entered
into an Amended and Restated Contract for Private Redevelopment dated as of May 17, 2010,
regarding redevelopment of a portion of the property within the TIF District, as subsequently
amended (as so amended, the “Contract”); and
Whereas, Duke has assigned its obligations under the Contract to Central Park West, LLC
(“CPW”), and certain obligations under the Contract have been further assigned to other entities,
currently including Elan West End Apartments Owner, LLC; OP4 SLP, LLC; 10 West End, LLC; and
GS-INVREG Wayzata Owner, LLC, all pursuant to various Assignment and Assumption instruments
approved by the Authority (such entities collectively the “Redeveloper Entities”); and
Whereas, the parties to the Contract have determined a need to amend the Contract in
order to extend the required construction timeline for CPW Phase VI (as defined in the Contract)
and to more clearly define the scope of construction of such CPW Phase VI, and to that end have
prepared a Sixth Amendment to Amended and Restated Contract for Private Redevelopment (the
“Sixth Amendment”), by and among the Authority, the City, and the Redeveloper Entities; and
Whereas, the Board of Commissioners (the “Board”) of the Authority has reviewed the
Sixth Amendment and finds that the approval and execution thereof and performance of the
Authority’s obligations thereunder are in the best interest of the City and its residents.
Now therefore be it resolved that the Sixth Amendment 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 documents 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 Sixth Amendment 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: B92D92C8-6420-458A-92BD-CCB73CC6D1B1
EDA Resolution No. 21-16 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