HomeMy WebLinkAbout22-123 - ADMIN Resolution - City Council - 2022/08/15Resolution No. 22-123
Resolution approving a Collateral Assignment of a
Planning Development Contract
(Beltline Residences Project)
Whereas, the City of St. Louis Park, Minnesota (the “City”) previously entered into a
Planning Development Contract (“Agreement”) with Beltline Residences, L.L.C., a Delaware
limited liability company (“Developer”). The Agreement is dated September 20, 2021 and allows
for the construction of approximately 250 units of multifamily rental 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
Whereas, in connection with its financing of the Project, the Developer has requested
that the City consent to a Collateral Assignment of the Agreement.
Now, therefore, be it resolved by the City Council (the “City Council”) of the City as
follows:
1. The City Council hereby approves the Assignment and the Consent in substantially
the forms presented to the City Council, together with any related documents necessary in
connection therewith, including but not limited to any agreements referred to therein,
(collectively, the “Assignment Documents”) and hereby authorizes the Mayor and City Manager
to execute any such Assignment Documents to which the City is a party, on behalf of the City,
and to carry out, on behalf of the City, the obligations of the City 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 modifications
thereof, deletions therefrom and additions thereto as may be necessary and appropriate and
approved by legal counsel to the City and by the officers authorized herein or by the City to
execute said documents prior to their execution; and said officers are hereby authorized to
approve said changes on behalf of the City. The execution of any instrument by the appropriate
officers of the City shall be conclusive evidence of the approval of such 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 City Council by any duly designated acting official, or by such other officer or
officers of the City Council 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 City are hereby authorized and directed to take or cause to be taken such
actions as may be necessary on behalf of the City to implement the Assignment Documents, when
all conditions precedent thereto have been satisfied.
DocuSign Envelope ID: 9FEFB53E-EC7A-4087-926C-2ECA474EE0EA
Resolution No. 22-123 2
Reviewed for administration: Adopted by the City Council August 15, 2022
Kim Keller, city manager Jake Spano, mayor
Attest:
Melissa Kennedy, city clerk
DocuSign Envelope ID: 9FEFB53E-EC7A-4087-926C-2ECA474EE0EA