HomeMy WebLinkAbout22-124 - ADMIN Resolution - City Council - 2022/08/15Resolution No. 22-124
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 City.
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 ma y 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
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Resolution No. 22-124 2
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 document s
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, including without limitation the payment of
tax increments to the Lender as provided therein.
4. The City Council 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 City Council August 15, 2022
Kim Keller, city manager Jake Spano, mayor
Attest:
Melissa Kennedy, city clerk
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