HomeMy WebLinkAbout22-03 - ADMIN Resolution - Economic Development Authority - 2022/03/21EDA Resolution No. 22-03
Resolution approving a First Amendment to the
Preliminary Development Agreement between
the St. Louis Park Economic Development Authority
and Wooddale Station LLC
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 wit hin the Project; and
Whereas, the Authority owns certain property within the Project (the “Authority
Parcel”) and Wooddale Station LLC (the “Developer”) has an executed purchase agreement on
certain other property adjacent to the Authority Parcel within the Project (the “Third-Party
Parcel” and together with the Authority Parcel, the “Development Property”), all located on the
south side of the proposed Southwest LRT Wooddale Station; and
Whereas, the Development Property has been the subject of certain preliminary
negotiations between the parties for purposes of constructing a mixed-use (multi-family
residential and commercial) development on the Development Property, together with related
parking (the “Development”); and
Whereas, the Authority and the Developer executed a Preliminary Development
Agreement, dated as of Feb. 16, 2021 (the “Agreement”), providing for the performance of certain
activities on the part of the parties in preparation for the negotiation of a definitive Purchase and
Redevelopment Contract in connection with the Development Property; and
Whereas, the parties have negotiated and now propose to execute a First Amendment
to the Agreement to extend the deadline for the completion of necessary preliminary activities
and to reflect additional updates relating to the Development.
Now therefore be it resolved by the St. Louis Park Economic Development Authority
that the First Amendment to the Agreement as presented to the Board of Commissioners 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 First Amendment to 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 First Amendment to 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: 0AFF91F9-A64F-4E24-B521-09BC875CC695
EDA Resolution No. 22-03 2
Reviewed for Administration: Adopted by the Economic Development
Authority March 21, 2022
Karen Barton, executive director Margaret Rog, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: 0AFF91F9-A64F-4E24-B521-09BC875CC695