HomeMy WebLinkAbout17-03 - ADMIN Resolution - Economic Development Authority - 2017/03/20ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 17-03
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 Board of Commissioners ("Board") of the St. Louis Park
Economic Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. 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 of St. Louis Park ("City"), and Duke Realty Limited Partnership
("Duke") entered into an Amended and Restated Contract for Private Redevelopment Dated as of
May 17, 2010, as amended (the "Contract"), regarding redevelopment of a portion of the property
within the TIF District.
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 11, LLC, OP4
SLP, LLC, and ACSLP, LLC, all pursuant to various Assignment and Assumption instruments
approved by the Authority (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 Board has reviewed the Fourth Amendment and finds that the approval and
execution thereof and performance of the Authority's obligations thereunder are in the best interest of
the City and its residents.
Section 2. Authority Approval, Other Proceedings.
2.01. The Fourth 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 documents 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 Fourth Amendment and any docurnents 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.
EDA Resolution No, 17-03
liirector
Attest
Amea Kenne y, Se retary
Adopted by the Economic Development Authority
March 20, 2017
Anne Mavity, President