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HomeMy WebLinkAbout22-35 - ADMIN Resolution - Economic Development Authority - 2022/07/18EDA Resolution No. 22-35 Resolution approving purchase agreement and the purchase of property located in the City of St. Louis Park (PID 06-028-24-43-0013) from North Coast Partners, LLP, a Minnesota limited liability partnership 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, to facilitate the redevelopment of certain property in the City of St. Louis Park, Minnesota (the “City”), the Authority proposes to enter into a Purchase Agreement (the “Agreement”) between the Authority and North Coast Partners, LLP, a Minnesota limited liability partnership to purchase the property located at 4300 36 ½ Street West in the City, which is legally described on the attached Exhibit A (the “Property”); and Whereas, the proposed conveyance of the Property has no relation to the comprehensive municipal plan of the City; and Whereas, the Authority finds and determines that the purchase of the Property by the Authority is in the best interests of the City and its residents and will help redevelop underutilized land in the City. Now, therefore, be it resolved by the Board of Commissioners (the “Board”) of the St. Louis Park Economic Development Authority as follows: 1. The Board hereby approves the Agreement in substantially the form presented to the Board, including the purchase of the Property by the Authority, together with any related documents necessary in connection therewith, including without limitation all documents, exhibits, certifications, or consents referenced in or attached to the Agreement including without limitation any documents required by the title company relating to the purchase of the Property (the “Development Documents”). The Board’s approval is subject to modifications that do not alter the substance of the transaction and that are approved by the President and the Executive Director, provided that execution of the Agreement by those officials shall be conclusive evidence of their approval. The Board hereby approves the purchase of the Property in accordance with the terms of the Agreement. 2. The Board hereby authorizes the President and Executive Director in their discretion to execute the Development Documents necessary to perform the Authority’s obligations under the Agreement, on behalf of the Authority. Such documents shall be in substantially the form on file with the Authority and the approval hereby given to the Development 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 DocuSign Envelope ID: 7C603835-5CC2-4A0D-ACD4-0E5DF74E4A3F EDA Resolution No. 22-35 2 execution of any instrument by the appropriate officers of the Authority herein authorized shall be conclusive evidence of the approval of such document in accordance with the terms hereof. This resolution shall not constitute an offer and such documents shall not be effective until the date of execution thereof as provided herein. 3. In the event of absence or disability of the 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 the City Attorney, may act on their behalf. The officers and employees of the Board are hereby authorized and directed to take or cause to be taken such actions as may be necessary on behalf of the Board to implement the acquisition of the Property. 4. This resolution shall be effective upon approval. Reviewed for Administration: Adopted by the Economic Development Authority July 18, 2022 ____________________________________ _________________________________ Karen Barton, executive director Margaret Rog, president Attest: _________________________________ Melissa Kennedy, secretary DocuSign Envelope ID: 7C603835-5CC2-4A0D-ACD4-0E5DF74E4A3F EDA Resolution No. 22-35 3 EXHIBIT A Legal Description of the Property PID 06-028-24-43-0013 The South 177 feet of the North 357 feet of the East 127 feet of the Southwest Quarter of the Southeast Quarter of Section 6, Township 28, Range 24 West of the 4th Principal Meridian DocuSign Envelope ID: 7C603835-5CC2-4A0D-ACD4-0E5DF74E4A3F