HomeMy WebLinkAbout22-19 - ADMIN Resolution - Economic Development Authority - 2022/06/06EDA Resolution No. 22-19
Resolution Approving a First Amendment to the
Purchase and Redevelopment Contract between the St.
Louis Park Economic Development Authority and Bigos-
9920 Wayzata, LLC
Whereas, the Authority and the City of St. Louis Park, Minnesota have heretofore
approved the establishment of the 9920 Wayzata Blvd Tax Increment Financing District (Bigos
Development), a housing 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, the Authority owns certain property (the “Property”) within the Project,
which it plans to convey to Bigos-9920 Wayzata, LLC (the “Redeveloper”) and the Authority has
agreed to provide certain tax increment financing assistance for purposes of constructing
approximately 233 units of multifamily affordable rental housing and approximately 203
structured parking stalls (the “Minimum Improvements”), pursuant to a Purchase and
Redevelopment Contract, dated as of March 21, 2022 (the “Contract”); and
Whereas, the Authority and the Redeveloper have negotiated and propose to execute a
First Amendment to the Purchase and Redevelopment Contract (the “First Amendment”),
pursuant to which the deadline for closing on the sale of the Property and the commencement
of construction of the Minimum Improvements are extended; and
Whereas, the Board has reviewed the First Amendment and finds that the execution
thereof and performance of the Authority’s obligations thereunder are in the best interest of the
City and its residents.
Now therefore be it resolved by the St. Louis Park Economic Development Authority
that the First 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 First Amendment 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 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.
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EDA Resolution No. 22-19 2
Reviewed for Administration: Adopted by the Economic Development
Authority June 6, 2022
Karen Barton, executive director
Margaret Rog, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: 2FEDDF4B-154A-4EA5-94B5-7C6A4AAEF4B5