HomeMy WebLinkAbout22-01 - ADMIN Resolution - Economic Development Authority - 2022/01/03EDA Resolution No. 22-01
Resolution Approving LCDA Sub-Grantee Agreement
between the St. Louis Park Economic Development
Authority and CommonBond Communities
Whereas, pursuant to its authority under Minnesota Statutes, Sections 469.090 to
469.1081, as amended, the St. Louis Park Economic Development Authority (the “Authority”)
administers its Redevelopment Project No. 1 (the “Project”), for the purpose of facilitating the
redevelopment of certain substandard property within the Project; and
Whereas, CommonBond Communities (the “Redeveloper”) has proposed to construct a
mixed-use (multi-family residential and commercial), mixed-income development (the
“Development”) on certain property within the Project (the “Redevelopment Property”), and is
pursuing certain financial assistance in connection with the Development, including housing
bond allocation, tax increment financing, and grant assistance; and
Whereas, the Authority has applied for and received a Livable Communities
Demonstration Account Development Grant (the “Grant”) from the Metropolitan Council in
connection with the Development, for the benefit of the Redeveloper; and
Whereas, the Redeveloper has requested disbursement of proceeds of the Grant to
reimburse the Redeveloper for the costs of land acquisition for the Development, and the
Redeveloper and Authority have negotiated and propose to execute a LCDA Development Sub -
Grantee Agreement (the “Agreement”) in the form presented to the Board of Commissioners of
the Authority, providing the terms and conditions of such Grant disbursement.
Now therefore be it resolved, that the Agreement 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 Agreement 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 Agreement 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: 6F0612E7-A0DB-4B5C-9CF7-DE19098362AA
EDA Resolution No. 22-01 2
Reviewed for Administration: Adopted by the Economic Development
Authority January 3, 2022
Karen Barton, executive director Margaret Rog, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: 6F0612E7-A0DB-4B5C-9CF7-DE19098362AA