HomeMy WebLinkAbout21-38 - ADMIN Resolution - Economic Development Authority - 2021/12/06EDA Resolution No. 21-38
Resolution approving a seventh amendment to
purchase and redevelopment contract between the Authority and
PLACE E-Generation One LLC
Whereas, the Authority and the City of St. Louis Park have heretofore approved the
establishment of the Wooddale Station Tax Increment Financing District (the “TIF District”) within
Redevelopment Project No. 1 (the “Project”), and have adopted a tax increment financing plan for
the purpose of financing certain improvements within the Project; and
Whereas, to facilitate the redevelopment of certain property within the Project and TIF
District, the Authority and PLACE E-Generation One LLC (the “Redeveloper”) have previously
negotiated a Purchase and Redevelopment Contract (as subsequently amended, the
“Agreement”) which provides for the conveyance of certain property (the “Property”) to the
Redeveloper, the construction by the Redeveloper of a mixed -use, mixed-income, transit-
oriented development, including rental housing, and associated parking on the Property (the
“Minimum Improvements”), and the issuance of a Tax Increment Revenue Note to the
Redeveloper; and
Whereas, in order to allow the Redeveloper adequate time to obtain financing for
construction of the Minimum Improvements (as defined in the Agreement), the Redeveloper
has requested and the Authority has consented to six prior amendments and a partial
termination of the Agreement, extending the date for completion of construction of the
Minimum Improvements on the Property and amending various other provisions; and
Whereas, the Redeveloper has notified the Authority of its inability to complete
construction of the Minimum Improvements by the date currently required within the Agreement,
and accordingly the parties have negotiated a Seventh Amendment to the Agreement (the
“Seventh Amendment”), extending the required date of completion of the Minimum
Improvements; and
Whereas, the Board has reviewed the Seventh Amendment and finds that the execution
thereof and performance of the Authority’s obligations thereunder, including extension of the
date of completion of construction of the Minimum Improvements, are in the best interest of the
City and its residents.
Now therefore be it resolved that the Seventh 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 Seventh Amendment by such officials shall be conclusive evidence of approval.
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EDA Resolution No. 21-38 2
It is further resolved that Authority staff and officials are authorized to take all actions
necessary to perform the Authority’s obligations under the Agreement as amended, including
without limitation execution of any documents to which the Authority is a party referenced in or
attached to the Agreement, all as described in the Agreement as amended by the Seventh
Amendment.
It is further resolved that this resolution shall be effective upon approval.
Reviewed for Administration: Adopted by the Economic Development
Authority December 6, 2021
Karen Barton, executive director Tim Brausen, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: A4D2F26F-F50B-4E02-9622-E87131045F59