HomeMy WebLinkAbout17-02 - ADMIN Resolution - Economic Development Authority - 2017/02/21ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 17-02
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 Board of Commissioners (`Board") of the St. Louis Park Economic
Development Authority, St. Louis Park, Minnesota (the "Authority") as follows:
Section 1. Recitals.
1.01. Pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1082,
as amended, 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 Authority and the City of St. Louis Park (the "City") 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 Authority, the City, 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 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 termination date of the Agreement, to
allow sufficient time to negotiate and finalize the definitive Purchase and Redevelopment Contract.
Section 2. Third Amendment Approved.
2.01. The Third Amendment as presented to the Board is hereby in all respects approved,
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 Third Amendment 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 Third Amendment and any documents referenced therein requiring execution by
the Authority, and to carry out, on behalf of the Authority, its obligations thereunder.
2.03. Authority staff and consultants are authorized to take any actions necessary to carry
out the intent of this resolution.
lotion No. 17-02 2
Administration: Adopted by the Economic Development
Authority February 21, 2017
i ning, xecutive Director Anne Mavity, President
Attest:
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Melis a Kenn y, ecretazy