HomeMy WebLinkAbout22-37 - ADMIN Resolution - Economic Development Authority - 2022/08/15EDA Resolution No. 22-37
Resolution approving a Collateral Assignment of a Contract for
Private Redevelopment and Tax Increment Revenue Note
(Beltline Residences Project)
Whereas, the City of St. Louis Park, Minnesota (the “City”) and the St. Louis Park Economic
Development Authority (the “Authority”) have previously established the Beltline Residences Tax
Increment Financing District (the “TIF District”), a redevelopment district, within Redevelopment
Project No. 1 (the “Redevelopment Project”), pursuant to Minnesota Statutes, Sections 469.001
through 469.047, Sections 469.090 through 469.1081, and Sections 469.174 through 469.1794,
all as amended; and
Whereas, the Authority previously approved providing certain tax increment financial
assistance to Beltline Residences, L.L.C., a Delaware limited liability company (or certain affiliates
thereof, collectively, the “Developer”) pursuant to a Contract for Private Redevelopment, dated
September 20, 2021 (the “Agreement”), between the Developer and the Authority, in order to
facilitate the Developer’s acquisition of property within the TIF District (the “Development
Property”) and construction of approximately 250 units of multifamily ren tal housing including
six live/work units on the ground floor, approximately 7,445 square feet of ground floor
commercial space, and approximately 320 structured and 32 surface parking stalls, and all
associated infrastructure, sidewalks, and landscaping thereon (the “Project”); and
Whereas, in connection with its financing of the Project, the Developer has requested
that the Authority and the City consent to a Collateral Assignment of Tax Increment Revenue
Note and Redevelopment Agreement (the “Assignment”) by and between the Developer and the
Central Bank of St. Louis (the “Lender”) by executing a City Consent to Collateral Assignment of
Tax Increment Revenue Note and Redevelopment Agreement and an Authority Consent to
Collateral Assignment of Tax Increment Revenue Note and Redevelopment Agreement (together,
the “Consents”), the forms of which are on file with the Authority.
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 Assignment and the Consents in substantially the
forms presented to the Board, together with any related documents necessary in connection
therewith, including but not limited to the agreements referred to therein, (col lectively, the
“Assignment Documents”) and hereby authorizes the President and Executive Director to
execute any such Assignment Documents to which the Authority is a party, on behalf of the
Authority, and to carry out, on behalf of the Authority, the obli gations of the Authority
thereunder when all conditions precedent thereto have been satisfied.
2. The approval hereby given to the Assignment Documents includes approval of
such additional details therein as may be necessary and appropriate and such modificat ions
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 or by the
Authority 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 shall be conclusive evidence of the approval of such
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EDA Resolution No. 22-37 2
document in accordance with the terms hereof. 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 in their
behalf.
3. Upon execution and delivery of the Assignment Documents, the officers and
employees of the Authority are hereby authorized and directed to take or cause to be taken such
actions as may be necessary on behalf of the Authority to implement the Assignment Documents,
when all conditions precedent thereto have been satisfied, including without limitation the
payment of tax increments to the Lender as provided therein.
4. The Board hereby determines that the execution and performance of the
Assignment Documents will help realize the public purposes of the Act.
Reviewed for Administration: Adopted by the Economic Development
Authority August 15, 2022
Karen Barton, executive director Margaret Rog, president
Attest:
Melissa Kennedy, secretary
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