HomeMy WebLinkAbout21-087 - ADMIN Resolution - City Council - 2021/08/16Resolution No. 21-087
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 City Council (the “Council”) of the City has reviewed the Assignment and
finds that the approval and execution of the City’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
City related thereto, as presented to the 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 consent to the Assignment 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 Consent attached to the Assignment and any other documents requiring
execution by the City in order to carry out the transaction described in the Assignment.
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: B92D92C8-6420-458A-92BD-CCB73CC6D1B1
Resolution No. 21-087 2
Reviewed for Administration: Adopted by the City Council August 16, 2021
Kim Keller, city manager Jake Spano, mayor
Attest:
Melissa Kennedy, city clerk
DocuSign Envelope ID: B92D92C8-6420-458A-92BD-CCB73CC6D1B1