HomeMy WebLinkAbout22-41 - ADMIN Resolution - Economic Development Authority - 2022/10/03EDA Resolution No. 22-41
Resolution approving a termination of reciprocal ingress and egress
easement with Sela Investments, Ltd., LLP
Be it resolved by the Board of Commissioners (the “Board”) of the St. Louis Park Economic
Development Authority (the “Authority”) as follows:
Section 1. Recitals; Authorization.
1.01. The Authority and Sela Investments, Ltd., LLP, a Minnesota limited liability
partnership, or an entity related thereto or affiliated therewith (“Sela”), entered into a Reciprocal
Ingress and Egress Easement, dated December 18, 2013 (the “Agreement”), relating to certain
property owned by the Authority and certain property owned by Sela.
1.02. The Authority and Sela have determined to terminate the Agreement.
1.03. There has been presented to the Board a form of Termination of Reciprocal
Ingress and Egress Easement (the “Termination”) between the Authority and Sela, pursuant to
which the Agreement will be terminated upon the conditions set forth therein.
Section 2. Approval of Termination.
2.01. The Board approves the Termination in substantially the form presented to the
Board, together with any related documents necessary in connection therewith.
2.02. The Board hereby authorizes the President and Executive Director to execute the
Termination on behalf of the Authority, and to carry out, on behalf of the Authority, the
Authority’s obligations thereunder when all conditions precedent thereto have been satisfied.
The Termination shall be in substantially the form on file with the Authority and the approval
hereby given to the Termination 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 conclusive evidence of the approval of such document in accordance with the terms hereof.
This resolution shall not constitute an offer and the Termination shall not be effective until the
date of execution thereof as provided herein.
2.03. 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. Upon
execution and delivery of the Termination, 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 Termination.
DocuSign Envelope ID: 1A3BE712-5DD9-4A92-A82C-1E52DA906A63
EDA Resolution No. 22-41 2
Section 3. Effective Date. This resolution shall be effective upon approval.
Reviewed for Administration: Adopted by the Economic Development
Authority October 3, 2022
Karen Barton, executive director Margaret Rog, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: 1A3BE712-5DD9-4A92-A82C-1E52DA906A63