HomeMy WebLinkAbout17-041 - ADMIN Resolution - City Council - 2017/02/21RESOLUTION NO. 17-041
RESOLUTION APPROVING A THIRD 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, as amended by a First Amendment thereto
dated as of February 16, 2016 and a Second Amendment thereto dated as of June 20, 2016 (as so
amended, the "Agreement'), providing for the performance of certain activities on the part of the
parties in preparation for the negotiation of a definitive Purchase and Redevelopment Contract in
connection with the Property.
1.04. The parties have negotiated and propose to execute a Third Amendment to the
Agreement (the "Third Amendment') in order to extend the deadline for the completion of these
preliminary activities for an additional period of six months, to allow sufficient time to complete
the negotiations necessary to finalize the Purchase and Redevelopment Contract.
Section 2. Third Amendment Approved.
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 Third 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 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. 17-041
Attest:
Me i*aenneldy, ity Clerk
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Adopted by the City Council February 21, 2017