HomeMy WebLinkAbout16-081 - ADMIN Resolution - City Council - 2016/06/20RESOLUTION NO. 16-081
RESOLUTION APPROVING A SECOND AMENDMENT
TO THE PRELIMINARY DEVELOPMENT AGREEMENT
BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY, THE CITY OF ST. LOUIS
PARK, AND PLACE
BE IT RESOLVED BY the City Council (the "Council") of the City of St. Louis Park,
Minnesota (the "City") as follows:
Section 1. Recitals.
1.01. Pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1082,
as amended, the St. Louis Park Economic Development Authority (the "Authority") administers
its Redevelopment Project No. 1 (the "Project"), for the purpose of facilitating the redevelopment
of certain substandard property within the Project.
1.02. The City and the Authority own certain property (the "Property") within the Project,
which Property has been the subject of certain preliminary negotiations with PLACE (the
"Developer") for purposes of constructing a mixed-use (multi -family residential and commercial),
mixed -income development on the Property and related parking, incorporating renewable energy
sources including an anaerobic digester (the "Development").
1.03. The City, the Authority, and the Developer previously executed a Preliminary
Development Agreement, dated as of May 18, 2015 (the "Agreement"), providing for the
performance of certain activities on the part of the parties in preparation for the negotiation of a
definitive Contract for Private Redevelopment in connection with the Property; and subsequently
executed a First Amendment to the Agreement dated as of February 16, 2016 (the "First
Amendment") to extend the deadline for the completion of these preliminary activities for a period
of twelve months.
1.04. The parties have negotiated and propose to execute a Second Amendment to the
Agreement (the "Second Amendment") in order to expand the Property to include three additional
parcels owned by the City and two additional parcels owned by the Hennepin County Regional
Rail Authority (the "Additional Parcels").
Section 2. Second Amendment Approved.
2.01. The Second Amendment as presented to the Council is hereby in all respects
approved, subject to modifications that do not alter the substance of the transaction and that are
approved by the Mayor and City Manager, provided that execution of the Second Amendment by
such officials shall be conclusive evidence of approval.
2.02. The Mayor and City Manager are hereby authorized to execute on behalf of the
City the Second Amendment and any documents referenced therein requiring execution by the
City, and to carry out, on behalf of the City, its obligations thereunder.
2.03. City staff and consultants are authorized to take any actions necessary to carry out
the intent of this resolution.
No. 16-081 -2-
City Council June 20, 2016
Manager
Attest:
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Mel ss Kenned , Ci Clerk 9