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Home My WebLink About17-01 - ADMIN Resolution - Economic Development Authority - 2017/01/03ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 17-01 RESOLUTION APPROVING A LETTER OF INTENT FOR PARKING STRUCTURE CONSTRUCTION AT BELTLINE BOULEVARD STATION BE IT RESOLVED BY the Board of Commissioners ("Board") of the St. Louis Park Economic Development Authority (the "Authority") as follows: Section 1. Recitals. 1.01. The Authority administers its Redevelopment Project No. 1 (the "Project"), with the goal of furthering economic development and redevelopment within the Project on behalf of the City. 1.02. The Metropolitan Council ("Met Council") has proposed locating a station at Beltline Boulevard for the future Southwest Light Rail Transit ("SWLRT") line, and is acquiring certain property within the Project to be used as a park-and-ride location serving the SWLRT station (the "Parking Property"). 1.03. The Parking Property is located adjacent to other property in the Project that the Authority is assembling for purposes of future redevelopment including housing and office space that requires parking capacity, and to this end, the Authority and Met Council have agreed to negotiate one or more agreements for the construction and operation of shared structured parking on the Parking Property in place of surface parking, subject to certain terms and conditions. 1.04. Met Council has prepared a non-binding Letter of Intent ("LOI") outlining the general terms and conditions of any eventual agreements regarding the Parking Property, attached to this Resolution as Exhibit A, and requests that the Authority approve the LOI to indicate its support of moving forward with negotiation of one or more definitive contracts in connection with the Parking Property. 1.05. The Authority has reviewed the LOI in the form presented, and finds that approval of the LOI is in the best interest of the City and its residents. Section 2. Approval of Letter of Intent. 2.01. The Authority hereby approves the LOI in the form presented to the Board, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the LOI by such officials shall be conclusive evidence of approval. 2.02. The President and Executive Director are hereby authorized to execute on behalf of the Authority the LOI. 2.03. Authority staff and consultants are authorized to undertake further negotiations with Met Council with the goal of one or more definitive agreements governing the construction and operation of shared structured parking on the Parking Property, subject to the terms and conditions set forth in the LOI. Section 3. Effective Date. This resolution shall be effective upon approval. EDA Resolution No. 1701 Administration: Adopted by the Economic Development Authority January 3, 2017 ve Director Anne Mavity, President Attest PAiA J )I /a iv-felis-E Kenne y, " ecretary EDA Resolution No. 17-01 Exhibit A OFFICE OF REGIONAL ADMINISTATOR Writer's Direct: (651) 602-1723 Writer's Email: Wes.Kooistra@metc.state.mn.us December 21, 2016 City of St. Louis Park ATTN: Kevin Locke 5005 Minnetonka Blvd St. Louis Park, MN 55416 Re: Beltline Boulevard Station City -Led Parking Structure Dear Mr. Locke: The purpose of this Letter of Intent ("LOI") is to provide the basis for the preparation of future agreements between the Metropolitan Council (the "Council") and the St. Louis Park Economic Development Authority (the "EDA") regarding the construction of a parking ramp on property the Council is purchasing for the Beltline Boulevard Station (the "Property") for the Southwest Light Rail Transit ('SWLRT") project. This proposal is not a binding contract or commitment by either party, but an outline of the terms to be incorporated into future contracts. The Council is acquiring the Property for a surface park-and-ride lot. The Property will accommodate 268 parking stalls after construction. Rather than a surface parking lot, the EDA desires a parking structure be built on the Property to be used, in part, for the 268 parking stalls (the "Ramp") as reflected in Exhibit A. The Council is supportive of this proposal and outlines the following terms it sees as critical to any such development: EDA CONTRIBUTION: The EDA would fund and be the lead agency in the design and construction of the Ramp. 17D1.y[H�/.tel-1] TIMING: The Ramp must have a minimum of 268 parking spaces specifically designated for the Beltline Boulevard Station (the "Parking Stalls"). The Ramp must be constructed and operational prior to opening day of the SWLRT project. EDA Resolution No. 1701 4 COUNCIL CONTRIBUTION: In addition to purchasing the Property and demolishing the existing building, the Council agrees to pay the EDA $2.5 million for the purchase of permanent rights to the Parking Stalls and permanent rights to use the common elements of the Ramp after the Contingencies have been met and after any other term, if any, in the Property Conveyance, Development and Construction Agreement has been satisfied. TIMING: The Council agrees to coordinate and cooperate with the EDA on planned utility relocations and installations, construction of the Lynn Avenue backage road, and other road improvements necessary in the Beltline Boulevard Station site, as reflected in Exhibit B, to ensure the timely construction of the Ramp in compliance with Council Agreements and Congestion Mitigation Air Quality (CMAQ) grant program requirements. ACCESS: The Council agrees to maintain and for provide road access to the Property and the adjacent EDA Property sufficient for the timely construction of the Ramp and redevelopment on the EDA property as reflected in Exhibit B. Council also agrees to make the Property available for the timely construction of the Ramp. APPROVALS: The Council must approve (1) all elements of the design of the Ramp prior to construction; (2) the terms of any reciprocal easement agreement covering the use of the common elements of the structure; (3) the terms of any operation and maintenance agreements; and (4) final construction of the Ramp (collectively, the "Approvals"). CONTINGENCIES:Agreement will be contingent on (1) The Council receiving a full funding grant agreement from the Federal Transit Administration for its Southwest LRT Project; (2) The Approvals. FORMAI, DOCUMENTATION: This LOI is a statement of the basis for the drafting of two agreements to be entered into between the parties: (1) Property Conveyance, Development and Construction Agreement and (2) Operation and Maintenance Agreement (the "Agreements"). The EDA and the Council intend to promptly commence negotiating and drafting the Agreements. If the EDA and the Council are unable to finalize the Agreements, neither party will have any claim against the other and all costs incurred by either party will be the sole responsibility of the incurring party. EDA Resolution No. 17-01 If the foregoing meets with your approval, please sign both copies of this LOI, and return one fully executed copy to me. Sincerely Jim Alexander, P.E. SWLRT Project Director St. Louis Park EDA M Its: Date: