HomeMy WebLinkAbout17-030 - ADMIN Resolution - City Council - 2017/02/06RESOLUTION NO. 17-030
RESOLUTION APPROVING COLLATERAL ASSIGNMENT AND SUBORDINATION
AGREEMENTS BETWEEN
PLACE AND LOCAL INITIATIVES SUPPORT CORPORATION
BE IT RESOLVED by the City Council of the City of St. Louis Park as follows:
WHEREAS, The City of St. Louis Park ("City") on behalf of PLACE entered into a
Metropolitan Council Livable Communities Transit Oriented Development Grant agreement Dated
January 13, 2016 (the "LCA-TOD Agreement"), regarding redevelopment of property at the
southeast corner of Hwy 7 and Wooddale Ave.
WHEREAS, The City of St. Louis Park ("City") and PLACE ("Redeveloper") entered into a
LCA-TOD development Sub -grant agreement Dated November, 16, 2016 (the "Sub -grant
agreement"), regarding redevelopment of property at the southeast corner of Hwy 7 and Wooddale
Ave.
WHEREAS, The City of St. Louis Park ("City") on behalf of PLACE (the "Redeveloper")
entered into a Hennepin County Transit Oriented Development Grant agreement Dated May 3, 2016
(the "TOD Agreement"), regarding redevelopment of property at the southeast corner of Hwy 7 and
Wooddale Ave.
WHEREAS, PLACE is pursuing a predevelopment loan from the non-profit-LISC for up-
front expenditures to perform grant -eligible activities.
WHEREAS, as a requirement of such loan, PLACE seeks to assign the rights of PLACE
under the LCA-TOD Contract, Sub -grant agreement and TOD Contract to LISC, pursuant to an
Assignment and Security Agreement ("Assignment") between PLACE and LISC.
WHEREAS, The City has reviewed the Assignment and finds that the approval and
execution of the City's consent thereto are in the best interest of the City and its residents.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of St. Louis
Park�Aiesota, approves the Collateral Assignment and Security Agreement for the LCA-TOD
and ub- ant Agreement and the TOD agreements.
inistration: do ted b� the City Council February 6, 2017
g, City Manager AakeS, ayor
Attest: /
Meliss-4 Kennedy, I City Clerk