HomeMy WebLinkAbout16-062 - ADMIN Resolution - City Council - 2016/05/02RESOLUTION NO. 16-062
RESOLUTION APPROVING A THIRD AMENDMENT TO
AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT
AMONG THE CITY OF ST. LOUIS PARK, THE ST. LOUIS PARK
ECONOMIC DEVELOPMENT AUTHORITY, CENTRAL PARK WEST, LLC
AND RELATED REDEVELOPER ENTITIES
BE IT RESOLVED By the City Council ("Council") of the City of St. Louis Park ("City")
as follows:
Section 1. Recitals.
1.01. The St. Louis Park Economic Development Authority (the "Authority") is currently
administering its Redevelopment Project No. 1 ("Project") pursuant to Minnesota Statutes, Sections
469.001 to 469.047 ("HRA Act"), and within the Project has established The West End Tax Increment
Financing District ("TIF District").
1.02. The Authority, the City, and Duke Realty Limited Partnership ("Duke") entered into an
Amended and Restated Contract for Private Redevelopment dated as of May 17, 2010, regarding
redevelopment, of a portion of the property within the TIF District, and entered into a First
Amendment thereto dated as of November 21, 2011 (as so amended, the "Contract").
1.03. Duke assigned its obligations under the Contract to Central Park West, LLC ("CPW"),
and CPW has assigned certain of its obligations under the Contract to Millenium Phase II, LLC, OP4
SLP, LLC, and RISLP, LLC, all pursuant to various Assignment and Assumption instruments
approved by the City (such entities collectively the "Redeveloper Entities").
1.04. The parties to the Contract have detennined to a need to revise the Contract in certain
respects, and to that end have prepared a Third Amendment to Amended and Restated Contract for
Private Redevelopment (the "Third Amendment"), by and among the Authority, the City, and the
Redeveloper Entities.
1.05. The Council has reviewed the Third Amendment and finds that the approval and
execution thereof and performance of the City's obligations thereunder are in the best interest of the
City and its residents.
Section 2. City Approval; Other Proceedings.
2.01. The Third 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 documents 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 Third 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.
Resolution No. 16-062 -2-
Attest:
Melfi sa K dy, City Clerk
City Council May 2, 2016