HomeMy WebLinkAbout21-088 - ADMIN Resolution - City Council - 2021/08/16Resolution No. 21-088
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 Council has reviewed the Sixth Amendment and finds that the approval and
execution thereof and performance of the City’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 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
documents 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 Sixth 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: B92D92C8-6420-458A-92BD-CCB73CC6D1B1
Resolution No. 21-088 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