HomeMy WebLinkAbout16-030 - ADMIN Resolution - City Council - 2016/02/16RESOLUTION NO. 16-030
RESOLUTION APPROVING A FIRST 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 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.
1.04. The parties have negotiated and propose to execute a First Amendment to the
Agreement (the "First Amendment') to extend the deadline for the completion of these preliminary
activities for a period of twelve months.
Section 2. First Amendment Approved.
2.01. The First 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 First 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 First Amendment and any documents referenced therein requiring execution by the City,
and to carry out, on behalf of the City, its obligations thereunder.
12.1k3. City staff and consultants are authorized to take any actions necessary to carry out
the intent df this resolution.
City Council February 16, 2016
Attest:
Meossa Kenn dy, Clty Clerk