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HomeMy WebLinkAbout17-052 - ADMIN Resolution - City Council - 2017/03/20RESOLUTION NO. 17-052 RESOLUTION APPROVING A FOURTH 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 ACSLP, 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 determined to a need to revise the Contract in order to extend the required construction timeline for CPW Phase IV and CPW Phase V (the office phases), and to that end have prepared a Fourth Amendment to Amended and Restated Contract for Private Redevelopment (the "Fourth Amendment"), by and among the Authority, the City, and the Redeveloper Entities. 1.05. The Council has reviewed the Fourth 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 Fourth 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 Fourth 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. 17-052 -2- Administration: Manager Attest: IQ Me i sa Keraledy, City Clerk by the City Council March 20, 2017