HomeMy WebLinkAbout22-31 - ADMIN Resolution - Economic Development Authority - 2022/06/20EDA Resolution No. 22-31
Resolution approving a loan to
St. Louis Park Emergency Program, Inc. (“STEP”) and loan documents therefor
Whereas, the St. Louis Park Economic Development Authority (the “Authority”) is
currently administering its Redevelopment Project No. 1 ("Project") pursuant to Minnesota
Statutes, Sections 469.001 to 469.047, as amended, and Minnesota Statutes, Section 469.091
through 469.1080, as amended; and
Whereas, the Authority has received a request from St. Louis Park Emergency Program,
Inc. (“STEP”) for a loan in the maximum principal amount of $1,000,000 (“Loan”) to help finance
a portion of the acquisition, renovation, construction, and equipping of an approximately 7,000
square foot expansion to STEP’s community services facility located at 6812 Lake Street West in
the City of St. Louis Park, Minnesota (the “City”) to provide increased services and support for
City residents (the “Project”); and
Whereas, STEP is a nonprofit, volunteer-based organization that provides critical
support and services to City residents, including, but not limited to, access to food, housing,
transportation, school supplies, and clothing; and
Whereas, in connection with the expansion, STEP is acquiring property and existing
buildings thereon adjacent to its current facility located at 6800 and 6804 Lake Street West in
the City; and
Whereas, the Project will allow STEP to increase the services they provide to residents
of the City, promote the redevelopment of underutilized land and buildings within the City,
create jobs, and help renovate and redevelop existing buildings in the City; and
Whereas, the Loan will be made to STEP in accordance with the terms set forth in a
certain Loan Agreement between STEP and Authority (the “Loan Agreement”) and STEP’s
obligations to repay the Loan will be evidenced by a Promissory Note (the “Note”) and will be
secured by a Mortgage on the Project (the “Mortgage” and together with the Loan Agreement
and the Note, the “Loan Documents”); and
Whereas, the Authority has determined that the provision of the Loan and the
execution of the Loan Documents is in the best interests of the City and its residents.
Now, therefore, be it resolved by the Board of Commissioners (the “Board”) of the St.
Louis Park Economic Development Authority as follows:
1. The Authority hereby approves making the Loan to STEP in accordance with the
terms of the Loan Documents and approves the Loan Documents, in substantially the forms
presented to the Board, together with any related documents necessary in connection
therewith, including without limitation all documents or certifications referenced in or attached
to the Loan Documents and hereby authorizes the Executive Director and the President to
execute the Development Documents on behalf of the Authority, and to carry out, on behalf of
DocuSign Envelope ID: F6785B6E-5055-4B21-ACEB-F4AB45FD7006
EDA Resolution No. 22-31 2
the Authority, the Authority’s obligations thereunder when all conditions precedent thereto
have been satisfied.
2. The approval hereby given to the Loan Documents includes approval of such
additional details therein as may be necessary and appropriate and such modifications thereof,
deletions therefrom and additions thereto as may be necessary and appropriate and approved
by legal counsel to the Authority and by the officers authorized herein to execute said
documents prior to their execution; and said officers are hereby authorized to approve said
changes on behalf of the Authority. The execution of any instrument by the appropriate
officers of the Authority herein authorized shall be conclu sive evidence of the approval of such
document in accordance with the terms hereof. This resolution shall not constitute an offer
and the Loan Documents shall not be effective until the date of execution thereof as provided
herein. In the event of absence or disability of the authorized officers, any of the documents
authorized by this resolution to be executed may be executed without further act or
authorization of the Board by any duly designated acting official, or by such other officer or
officers of the Board as, in the opinion of legal counsel to the Authority, may act in their behalf.
Reviewed for Administration: Adopted by the Economic Development
Authority June 20, 2022
Karen Barton, executive director Margaret Rog, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: F6785B6E-5055-4B21-ACEB-F4AB45FD7006