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HomeMy WebLinkAbout17-14 - ADMIN Resolution - Economic Development Authority - 2017/05/01ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY EDA RESOLUTION NO, 17-14 RESOLUTION APPROVING A PURCHASE AND REDEVELOPMENT CONTRACT, INCLUDING PROVISIONS FOR THE CONVEYANCE OF REAL PROPERTY, AND AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR THE ISSUANCE OF ITS TAX INCREMENT REVENUE NOTE TO PLACE E -GENE RATION ONE LLC BE IT RESOLVED BY the Board of Commissioners (the "Board") of the St. Louis Park Economic Development Authority (the "Authority") as follows: Section 1. Recitals;, Approval and Authorization; Award of Sale. 1.01. Recitals. (a) The Authority and the City of St. Louis Park have heretofore approved the establishment of the Wooddale Station Tax Increment Financing District (the "TIF District") within Redevelopment Project No. 1 (the "Project"), and have adopted a tax increment financing plan for the purpose of financing certain improvements within the Project. (b) To facilitate the redevelopment of certain property within the Project and TIF District, the Authority and PLACE E -Generation One LLC (the "Owner") have negotiated a Purchase and Redevelopment Contract (the "Agreement") which provides for the conveyance of certain property described in Exhibit A hereto (the "Property") to the Owner, the construction by the Owner of a mixed-use, mixed -income, transit -oriented development, including rental housing, and associated parking on the Property, and the issuance of the Authority's Tax Increment Revenue Note (the "Note") to the Owner. (c) On April 19, 2017, the Planning Commission of the City reviewed the proposed conveyance of the Property and found that such conveyance is consistent with the City's comprehensive plan. (d) The Authority has on this date conducted a duly noticed public hearing regarding the conveyance of the Property to the Redeveloper, at which all interested parties were given an opportunity to be heard. (e) The Board has reviewed the Agreement and finds that the execution thereof and performance of the Authority's obligations thereunder, including the conveyance of the Property to the Redeveloper, are in the best interest of the City and its residents. 1.02. Approval of Agreement. (a) The Agreement 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, and subject to approval by the City Council of the conveyance of the City Parcels (as defined in the Agreement) to the Authority, provided that execution of the Agreement by such officials shall be conclusive evidence of approval. EDA Resolution No. 17-14 2 (b) Authority staff and officials are authorized to take all actions necessary to perform the Authority's obligations under the Agreement as a whole, including without limitation execution of any documents to which the Authority is a party referenced in or attached to the Agreement, and any deed or other documents necessary to acquire the City Parcels from the City and the County Parcels from the Hennepin County Housing and Redevelopment Authority, and to convey the Property to Redeveloper, all as described in the Agreement. 1.03. Authorization of Note. Pursuant to Minnesota Statutes, Section 469.178, the Authority is authorized to issue and sell its bonds for the purpose of financing a portion of the public development costs of the Project. Such bonds are payable from all or any portion of revenues derived from the TIF District and pledged to the payment of the bonds. The Authority hereby finds and determines that it is in the best interests of the Authority that it issue and sell the Note to the Owner for the purpose of financing certain Public Redevelopment Costs of the Project, subject to all terms and conditions of the Agreement. 1.04. Issuance, Sale, and Terms of the Note. (a) The Authority hereby authorizes the President and Executive Director to issue the Note in accordance with the Agreement. All capitalized terms in this resolution have the meaning provided in the Agreement unless the context requires otherwise. (b) The Note shall be issued in the maximum aggregate principal amount of $5,660,000 to the Owner in consideration of certain eligible costs incurred by the Owner under the Agreement, shall be dated the date of delivery thereof, and shall bear interest at the rate of 5.0% per annum from the date of issue to the earlier of maturity or prepayment. The Note will be issued in the principal amount of Public Redevelopment Costs submitted and approved in accordance with Section 3.8 of the Agreement. The Note is secured by Available Tax Increment, as further described in the form of the Note herein. The Authority hereby delegates to the Executive Director the determination of the date on which the Note is to be delivered, in accordance with the Agreement. Section 2. Form of Note, The Note shall be in substantially the following form, with the blanks to be properly filled in and the principal amount adjusted as of the date of issue: EDA Resolution No. 17-14 3 UNITED STATE OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY No. R-1 TAX INCREMENT REVENUE NOTE SERIES 20_ Rate 5.0% Date of Original Issue The St. Louis Park Economic Development Authority (the "Authority") for value received, certifies that it is indebted and hereby promises to pay to PLACE E -Generation One LLC, or registered assigns (the "Owner"), the principal sum of $ and to pay interest thereon at the rate of 5.0% per annum, solely from the sources and to the extent set forth herein. Capitalized terms shall have the meanings provided in the Purchase and Redevelopment Contract between the Authority and the Owner, dated , 2017 (the "Agreement"), unless the context requires otherwise. 1. Payments. Principal and interest ("Payments") shall be paid on August 1, 2020 and each February 1 and August 1 thereafter to and including February 1, 2035 (the "Payment Dates") in the amounts and from the sources set forth in Section 3 herein. Payments shall be applied first to accrued interest, and then to unpaid principal. Interest accruing from the date of issue through and including February 1, 2020 shall be compounded semiannually on February 1 and August I of each year and added to principal. Payments are payable by mail to the address of the Owner or such other address as the Owner may designate upon thirty (30) days' written notice to the Authority. Payments on this Note are payable in any coin or currency of the United States of America which, on the Payment Date, is legal tender for the payment of public and private debts. 2. Interest. Interest at the rate stated herein shall accrue on the unpaid principal, commencing on the date of original issue. Interest shall be computed on the basis of a year of 360 days and charged for actual days principal is unpaid. Available Tax Increment. (a) Payments on this Note are payable on each Payment Date solely from and in the amount of Available Talc Increment, which shall mean ninety-five percent (95%) of the Tax Increment attributable to the Minimum Improvements and Redevelopment Property that is paid to the Authority by Hennepin County in the six months preceding each Payment Date on the Note. (b) The Authority shall have no obligation to pay principal of and interest on this Note on each Payment Date from any source other than Available Tax Increment and the failure of the Authority to pay principal or interest on this Note on any Payment Date shall not constitute a default EDA Resolution No. 17-14 4 hereunder as long as the Authority pays principal and interest hereon to the extent of Available Tax Increment. The Authority shall have no obligation to pay any unpaid balance of principal or accrued interest that may remain after the final Payment on February 1, 2035. 4. Default. If on any Payment Date there has occurred and is continuing any Event of Default under the Agreement, the Authority may withhold from payments hereunder under all Available Tax Increment. If the Event of Default is thereafter cured in accordance with the Agreement, the Available Tax Increment withheld under this Section shall be deferred and paid, without interest thereon, within thirty (30) days after the Event of Default is cured. If the Event of Default is not cured in a timely manner, the Authority may terminate this Note by written notice to the Owner in accordance with the Agreement. Prepay. (a) The principal sum and all accrued interest payable under this Note is prepay able in whole or in part at any time by the Authority without premium or penalty. No partial prepayment shall affect the amount or timing of any other regular Payment otherwise required to be made under this Note. (b) Upon receipt by Redeveloper of the Authority's written statement of the Participation Amount as described in Section 3.9 of the Agreement, one hundred percent (100%) of such Participation Amount will be deemed to constitute, and will be applied to, prepayment of the principal amount of this Note. Such deemed prepayment is effective as of the date of delivery of such statement to the Owner, and will be recorded by the Registrar in its records for the Note. Upon request of the Owner, the Authority will deliver to the Owner a statement of the outstanding principal balance of the Note after application of the deemed prepayment under this paragraph. 6. Nature of Obligation. This Note is one of an issue in the total principal amount of $ , issued to aid in financing certain public redevelopment costs and administrative costs of a Project undertaken by the Authority pursuant to Minnesota Statutes, Sections 469.001 through 469.047, and is issued pursuant to an authorizing resolution (the "Resolution") duly adopted by the Authority on , 2017, and pursuant to and in full confonnity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.174 through 469.1794, as amended. This Note is a limited obligation of the Authority which is payable solely from Available Tax Increment pledged to the payment hereof under the Resolution. This Note and the interest hereon shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, including, without limitation, the Authority. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to pay the principal of or interest on this Note or other costs incident hereto except out of Available Tax Increment, and neither the full faith and credit nor the taxing power of the State of Minnesota or any political subdivision thereof is pledged to the payment of the principal of or interest on this Note or other costs incident hereto. 7. Registration and Transfer. This Note is issuable only as a fully registered note without coupons. As provided tri the Resolution, and subject to certain limitations set forth therein, this Note is transferable upon the books of the Authority kept for that purpose at the principal office of the Chief Financial Officer of the City, by the Owner hereof in person or by such Owner's attorney duly authorized in writing, upon surrender of this Note together with a written instrument of transfer satisfactory to the Authority, duly executed by the Owner. Upon such transfer or exchange and the payment by the Owner of any tax, fee, or governmental charge required to be paid by the Authority with respect to such transfer or exchange, there will be issued in the name of the transferee a new EDA Resolution No. 17-14 5 Note of the same aggregate principal amount, bearing interest at the same rate and maturing on the same dates. Except as otherwise provided in Section 3.8(d) of the Agreement, this Note shall not be transferred to any person or entity, unless the Authority has provided written consent to such transfer. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen, and to be performed in order to make this Note a valid and binding limited obligation of the Authority according to its terms, have been done, do exist, have happened, and have been performed in due form, time and manner as so required. IN WITNESS WHEREOF, the Board of Commissioners of the St. Louis Park Economic Development Authority have caused this Note to be executed with the manual signatures of its President and Executive Director, all as of the Date of Original Issue specified above. ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY Thomas K Harmening, Executive Director Anne Mavity, President EDA Resolution No, 17-14 6 REGISTRATION PROVISIONS The ownership of the unpaid balance of the within Note is registered in the bond register of the Chief Financial Officer, in the name of the person last listed below. Date of Signature of Registration Registered Owner Chief Financial Officer PLACE E -Generation One LLC Federal Tax I.D. No, [End of Form of Note] Section 3. Terms Execution and Deliver . 3.01. Denomination, Payment. The Note shall be issued as a single typewritten note numbered R-1. The Note shall be issuable only in fully registered form. Principal of and interest on the Note shall be payable by check or draft issued by the Registrar described herein. 3.02. Dates; Interest Payment Dates. Principal of and interest on the Note shall be payable by mail to the owner of record thereof as of the close of business on the fifteenth day of the month preceding the Payment Date, whether or not such day is a business day. 3.03. Registration. The Authority hereby appoints the Chief Financial Officer to perform the functions of registrar, transfer agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of the Authority and the Registrar with respect thereto shall be as follows: (a) Re inter. The Registrar shall keep at its office a bond register in which the Registrar shall provide for the registration of ownership of the Note and the registration of transfers and exchanges of the Note. (b) Transfer of Note. Upon surrender for transfer of the Note duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form reasonably satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, a new Note of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may close the books for registration of any transfer after the fifteenth day of the month preceding each Payment Date and until such Payment Date. (c) Cancellation. The Note surrendered upon any transfer shall be promptly cancelled by the Registrar and thereafter disposed of as directed by the Authority. (d) Improper or Unauthorized Transfer. When the Note is presented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Note or separate instrument of transfer is legally authorized. The Registrar shall incur no liability for its refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. EDA Resolution No. 17-14 7 (e) Persons Deemed Owners. The Authority and the Registrar may treat the person in whose name the Note is at any time registered in the bond register as the absolute owner of the Note, whether the Note shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on such Note and for all other purposes, and all such payments so made to any such registered owner or upon the owner's order shall be valid and effectual to satisfy and discharge the liability of the Authority upon such Note to the extent of the sum or sums so paid. (f) Taxes, Fees and Charges. For every transfer or exchange of the Note, the Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee, or other governmental charge required to be paid with respect to such transfer or exchange. (g) Mutilated Lost Stolen or Destro ed Note. In case any Note shall become mutilated or be lost, stolen, or destroyed, the Registrar shall deliver a new Note of like amount, maturity dates and tenor in exchange and substitution for and upon cancellation of such mutilated Note or in lieu of and in substitution for such Note lost, stolen, or destroyed, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case the Note lost, stolen, or destroyed, upon filing with the Registrar of evidence satisfactory to it that such Note was lost, stolen, or destroyed, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance, and amount satisfactory to it, in which both the Authority and the Registrar shall be named as obligees. The Note so surrendered to the Registrar shall be cancelled by it and evidence of such cancellation shall be given to the Authority. If the mutilated, lost, stolen, or destroyed Note has already matured or been called for redemption in accordance with its terms, it shall not be necessary to issue a new Note prior to payment. 3.04. Preparation and Delivery. The Note shall be prepared under the direction of the Executive Director and shall be executed on behalf of the Authority by the signatures of its President and Executive Director. In case any officer whose signature shall appear on the Note shall cease to be such officer before the delivery ofthe Note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. When the Note has been so executed, it shall be delivered by the Executive Director to the Owner thereof in accordance with the Agreement. Section 4. Security Provisions. 4.01. Pledge. The Authority hereby pledges to the payment of the principal of and interest on the Note all Available Tax Increment as defined in the Note. Available Tax Increment shall be applied to payment of the principal of and interest on the Note in accordance with the terms of the form of Note set forth in Section 2 of this resolution. 4.02. Bond Fund. Until the date the Note is no longer outstanding and no principal thereof or interest thereon (to the extent required to be paid pursuant to this resolution) remains unpaid, the Authority shall maintain a separate and special "Bond Fund" to be used for no purpose other than the payment of the principal of and interest on the Note. The Authority irrevocably agrees to appropriate to the Bond Fund on or before each Payment Date the Available Tax Increment in an amount equal to the Payment then due, or the actual Available Tax Increment, whichever is less. Any Available Tax Increment remaining in the Bond Fund shall be transferred to the Authority's account for the TIF District upon the termination of the Note in accordance with its terms. EDA Resolution No. 17-14 8 4.03. Additional Obligations. The Authority will issue no other obligations secured in whole or in part by Available Tax Increment unless such pledge is on a subordinate basis to the pledge on the Note. Section 5. Certification of Proceedings. The officers of the Authority are hereby authorized and directed to prepare and furnish to the Owner of the Note certified copies of all proceedings and records of the Authority, and such other affidavits, certificates, and information as may be required to show the facts relating to the legality and marketability of the Note as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates, and affidavits, including any heretofore furnished, shall be deemed representations of the Authority as to the facts recited therein. ection 6. Effective Date. This resolution shall be effective upon approval. for Administration: Adopted by the Economic Development . -1 Authority May 1, 2017 Executive Director Anne Mavity, President Attest AMes a Kenned ecr tary EDA Resolution No. 17-14 9 EXHIBIT A Property Authority Parcels: That part of Lot 6, Block 23, St. Louis Park; also of Lots 11 to 15 inclusive, Block 23, Lots 19 to 28 inclusive, Block 23, Lot 5, Block 24 and of Block 20 vacated in "Rearrangement Of St. Louis Park" and also of Zarthan Avenue (formerly Earle Street), Walker Street (formerly Broadway), St. Louis Avenue and of alley in Block 23, said Rearrangement and of any vacated portion of said Rearrangement included in the following described lines: Beginning at a point on Northerly right of way line of The Minneapolis & St. Louis Railway Company (which right of way line is parallel with and distant 50 feet at right angles from the center line of the Southbound main track of said Railway Company as there now located), said point being 600 feet Southwesterly from intersection of said right of way with Southwesterly boundary line of Auditor's Subdivision No. 249, Hennepin County, Minnesota; thence Northwesterly at right angles to said right of way 29 feet to a Judicial Landmark established in Torrens Case No. 7986; thence continuing Northwesterly on the last described course a distance of 166.5 feet to a Judicial Landmark established in Torrens Case No. 7986, the point of beginning of Line A to be described, thence Southwesterly on an extension of a line drawn between the last described Judicial Landmark and another Judicial Landmark to an intersection of said extended line with the Westerly line of Lot 6, Block 23, St. Louis Park, the termination of said Line A, the second Judicial Landmark above described being located as follows: Commencing at a point in the Southwesterly boundary line of Auditor's Subdivision No. 249, Hennepin County, Minnesota, said point being distant Northwesterly 29 feet, measured at right angles from the Northerly right of way line of the Minneapolis and St. Louis Railway Company (which right of way line is parallel with and distant 50 feet at right angles from the center line of the South -bound main track of said Railway Company as there now located), thence Northwesterly along said Southwesterly line and the same extended 168.4 feet to the Judicial Landmark being described; thence Southerly along said Westerly line of Lot 6, Block 23, St. Louis Park to the Southwest corner of said Lot; thence Southerly to the most Westerly corner of Block 20 vacated, "Rearrangement of St. Louis Park"; thence Southeasterly along Southwesterly line of said vacated Block 20 to the Northwesterly line of said right of way; thence Northeasterly along said right of way line to point of beginning; Except that part of Lot 6, Block 23, St. Louis Park and that part of Lots 19 to 25 inclusive, Block 23, "Rearrangement of St. Louis Park" which lies Northwesterly of a line drawn from a point in the West line of said Lot 6 distant 35 feet South of the termination of said Line "A" to a point in said Line "A" distant 194 feet Northeasterly of the West line of said Lot 6. Hennepin County, Minnesota. Being Registered land as is evidenced by Certificate of Title No. 1132767. AND Those parts of Government Lots 5, 6, 7 and 8 in Section 16, Township 117 North, Range 21 West of the Fifth Principal Meridian, bounded and described as follows: Beginning at a point on the Northeasterly line of Wood Dale (or Pleasant Avenue), distant 50 feet Northwesterly, measured at right angles, fi•om the center line of the main track of the Minneapolis and St. Louis Railway Company (now the Chicago and North Western Transportation Company), as said main track center line was originally located and established across said Section 16; EDA Resolution No. 17-14 10 thence Northeasterly parallel with said original main track center line to a point distant 14 feet Northwesterly, measured at right angles, from the center line of Chicago and North Western Transportation Company (formerly Minneapolis and St. Louis Railway Company) spur track ICC No. 253, as said spur track is now located; thence Southwesterly parallel with said spur track center line to a point distant 30 feet Northwesterly, measured at right angles, from the center line of the main track of the Chicago and North Western Transportation Company (formerly the Minneapolis and St. Louis Railway Company, as said main track is now located; thence Southwesterly parallel with said last described main track center line to a point on the Northeasterly line, or the Southeasterly extension thereof, of said Wood Dale Avenue; thence Northwesterly along said Northeasterly line, or the Southeasterly extension thereof, of Wood Dale Avenue, to the point of beginning. Hennepin County, Minnesota (Abstract Property) That part of Government Lot 5, Section 16, Township 117, Range 21, Hennepin County , Minnesota, described as follows: Commencing at a point in the Southwesterly boundary line of Auditor's Subdivision Two Hundred Forty Nine (249) of Government Lot 5, Section 16, Township 117 North, Range 21 West, according to the duly recorded plat thereof and situate in Hennepin County, Minnesota, said point being distant Northwestwardly 29 feet measured at right angles thereto from the Northerly right of way line of the Minneapolis and St. Louis Railway Company (which right of way Iine is parallel with and distant 50 feet at right angles from the center line of the southbound main track of said railway company as there now located), which point of beginning is marked by a judicial landmark marking the Southeasterly corner of the tract herein described; thence Southwestwardly parallel with said right of way line 600 feet to a judicial landmark marking the Southwesterly coiner of the tract herein described; thence Northwestwardly at right angles 166.5 feet to a judicial landmark marking the Northwesterly corner of the tract herein described; thence Northeastwardly at approximately right angles, 600 feet to a point on the Northwesterly extension of the Southwesterly boundary line of said Auditor's Subdivision Two Hundred Forty Nine (249) to said Government Lot 5, which point is marked with a judicial landmark marking the Northeasterly corner of the tract herein described; thence Southeastwardly upon and along said Southwesterly boundary line, as extended, 168.4 feet to the point of beginning. Except that part which lies westerly of the following described line: Commencing at the most northerly corner of the above described property; thence southwesterly along the northwesterly line of said described property a distance of 273.44 feet to the point of beginning of the line to be described; thence southwesterly deflecting to the left 10 degrees 51 minutes 16 seconds, 131.79 feet; thence southerly 122,40 feet along a tangential curve concave to the east having a radius of 120.00 feet and a central angle of 5 8 degrees 26 minutes 30 seconds; thence southerly, tangent to said curve, 30,99 feet; thence southwesterly 218.40 feet along a tangential curve concave to the west having a radius of 180.00 feet and a central angle of 69 degrees 31 minutes 00 seconds and said line there terminating. Hennepin County, Minnesota. Being Registered land as is evidenced by Certificate of Title No. 1355391. City Parcels: That part of Government Lot 5, Section 16, Township 117, Range 21, Hennepin County , EDA Resolution No. 17-14 11 Minnesota, described as follows: Commencing at a point in the Southwesterly boundary line of Aud'itor's Subdivision Two Hundred Forty Nine (249) of Government Lot 5, Section 16, Township 117 North, Range 21 West, according to the duly recorded plat thereof and situate in Hennepin County, Minnesota, said point being distant Northwestwardly 29 feet measured at right angles thereto from the Northerly right of way line of the Minneapolis and St. Louis Railway Company (which right of way line is parallel with and distant 50 feet at right angles from the center line of the southbound main track of said railway company as there now located), which point of beginning is marked by a judicial landmark marking the Southeasterly corner of the tract herein described; thence Southwestwardly parallel with said right of way line 600 feet to a judicial landmark marking the Southwesterly corner of the tract herein described; thence Northwestwardly at right angles 166.5 feet to a judicial landmark marking the Northwesterly corner of the tract herein described; thence Northeastwardly at approximately right angles, 600 feet to a point on the Northwesterly extension of the Southwesterly boundary line of said Auditor's Subdivision Two Hundred Forty Nine (249) to said Government Lot 5, which point is marked with a judicial landmark marking the Northeasterly corner of the tract herein described; thence Southeastwardly upon and along said Southwesterly boundary line, as extended, 168.4 feet to the point of beginning. Which lies westerly of the following described line: Commencing at the most northerly corner of the above described property; thence southwesterly along the northwesterly line of said described property a distance of 273.44 feet to the point of beginning of the line to be described; thence southwesterly deflecting to the left 10 degrees 51 minutes 16 seconds, 131.79 feet; thence southerly 122.40 feet along a tangential curve concave to the east having a radius of 120.00 feet and a central angle of 58 degrees 26 minutes 30 seconds; thence southerly, tangent to said curve, 30.99 feet; thence southwesterly 218.40 feet along a tangential curve concave to the west having a radius of 180.00 feet and a central angle of 69 degrees 31 minutes 00 seconds and said line there terminating. Hennepin County, Minnesota. Being Registered land as is evidenced by Certificate of Title No. 1355392. Tract A: Lots 5, 6, 7, and 8, Block 30, "Rearrangement of St. Louis Park, according to the recorded plat thereof, Hennepin County, Minnesota. Being Registered land as is evidenced by Certificate of Title No, 517068. Together with that part of the West 112 of all that part of vacated Earle St., aka Zarthan Ave., dedicated by the "Plat of St. Louis Park", lying northerly of Highland Ave., aka 36th St., and southerly of the westerly extension of the north line of the alley situated in Block 29, "Plat of St. Louis Park", which would accrue thereto by reason of the vacation thereof. Tract B: Parcel 1: That part of Lot 4, Block 30, "Rearrangement of St. Louis Park", lying South of the following described line: Commencing at a point in the Southwest line of said Lot 4, 26 feet Northwest of the most Southerly corner of said Lot 4, thence Northeast EDA Resolution No. 17-14 12 to a point in the East line of said Lot 4, 29 feet North of the most Southerly corner. Together with that part of the West 112 of all that part of vacated Earle St., aka Zarthan Ave., dedicated by the "Plat of St. Louis Park", lying northerly of Highland Ave., aka 36th St., and southerly of the westerly extension of the north line of the alley situated in Block 29, "Plat of St. Louis Park", which would accrue thereto by reason of the vacation thereof. Parcel 2: Lots 6 and 7, including that part of the adjoining vacated alley lying south of the center line thereof and between the extensions north to said center line of the West line of Lot 6 and the East line of Lot 7, all in Block 29, "St. Louis Park". Together with that part of the East 112 of all that part of vacated Earle St., aka Za-rthan Ave., dedicated by the "Plat of St. Louis Park", lying northerly of Highland Ave., aka 36th St., and southerly of the westerly extension of the north line of the alley situated in Block 29, "Plat of St. Louis Park", which would accrue thereto by reason of the vacation thereof. Hennepin County, Minnesota. Being Registered land as is evidenced by Certificate of Title No. 525746. County Parcels: That part of Government Lot 5, Section 16, Township 117, Range 21, bounded and described as follows: Beginning at a point on the Southwesterly line of Auditor's Subdivision 249, distant 50 feet Northwesterly, measured at right angles, from said original main track center line; thence Southwesterly parallel with said center line a distance of 600 feet; thence Northwesterly at right angles to the last described course a distance of 29 feet; thence Northeasterly parallel with said original main track center line a distance of 600 feet; thence Southeasterly at right angles a distance of 29 feet to the point of beginning. Hennepin County, Minnesota. (Abstract Property) Tract A: That part of the following described property: That part of Lots 20, 21, 22 and 23, Block 29, "Rearrangement Of St. Louis Park" and that part of the adjoining vacated alleys, all described as commencing at a point on the Southwesterly line of Block 30, "Rearrangement Of St. Louis Park" distant 2.4 feet Southerly, measured along said Southwesterly line, from the Northwesterly coiner of said Block 30; thence Northeasterly to a point on the East line of said Block 30 distant 6.67 feet South, measured along said East line from the Northeasterly corner of said Block 30; thence continuing Northeasterly along the last described course a distance of 56.97 feet; thence Southeasterly at a right angle 20.57 feet; thence Northeasterly at a right angle 86.47 feet to the actual point of beginning; thence continuing Northeasterly along the last described course to the center line of the vacated alley adjoining the East line of said Lots 20, 21, 22 and 23; thence South along said center line and its extension EDA Resolution No. 17-14 13 to the center line of the vacated alley adjoining the South line of said Lot 20, thence West along the last described center line to its intersection with the extension South of a line drawn from the actual point of beginning to a point on the South line of said Lot 20 distant 79 feet East from the Southwest corner of said Lot 20; thence North to the actual point of beginning; Which lies Westerly of the East line of Lot 7 of said Block 29, extended Northerly. Tract B: Lots 3, 4, 9, 10 and part of Lots 2 and 11, Block 30, "Rearrangement Of St. Louis Park", and part of Lots 20 to 23, both inclusive, Block 29, "Rearrangement Of St. Louis Park", and that part of vacated Zarthan Avenue, all being described as follows: Beginning at a point on the Southwesterly line of said Block 30 distant 2.4 feet Southerly, measured along said Southwesterly line, from the Northwesterly corner of said Block 30; thence Northeasterly in a straight line to a point on the East line of said Block 30 distant 6.67 feet South, measured along said East line, from the Northeasterly corner of said Block 30; thence continue Northeasterly along said last described course 56.97 feet; thence Southeasterly at right angles 20.57 feet; thence Northeasterly at right angles 86.47 feet; thence Southerly a distance of 89.59 feet, more or less, to the North line of the alley in Block 29, "Rearrangement Of St. Louis Park", said point being 79 feet East of the Southwest corner of Lot 20 in said Block 29; thence Westerly along the North line of said alley and the same extended to the West line of Zarthan Avenue; thence South along the West line of Zarthan Avenue to the Southerly corner of Lot 4, Block 30, "Rearrangement Of St. Louis Park"; thence Northwesterly along the Southwesterly line of said Lot 4 to the Southeasterly corner of Lot 9 in said Block 30; thence Southwesterly along the Southeasterly line of said Lot 9 to the Southwesterly corner of said Lot 9; thence Northwesterly along the Southwesterly line of said Block 30 to the place of beginning; Except that part of said Lot 4, Block 30, lying South of a line described as: Commencing at a point in the Southwest line of said Lot 4, distant 26 feet Northwest of the most Southerly corner of said Lot 4, thence Northeast to a point in the East line of said Lot 4, distant 29 feet North of the most Southerly corner. That part of Zarthan Avenue and that part of the alley in Block 29, "Rearrangement Of St. Louis Park" lying South of the North line of the alley in Block 29, "Rearrangement Of St. Louis Park" and the same extended West to the West line of said Zarthan Avenue, and Northwesterly of a line drawn fi•om a point on the Easterly line of Lot 4, Block 30, "Rearrangement Of St. Louis Park" distant 38.72 feet Northerly from the most Southerly comer of said Lot 4 to a point on the South line of Lot 20, Block 29, "Rearrangement Of St. Louis Park" distant 6.7 feet East of the Southwest comer of said Lot 20. That part of the vacated East-West alley dedicated in Block 29, "Rearrangement Of St. Louis Park" which lies North of the center line of said alley and between the Southerly extensions of the West line of Lot 20, said Block and Addition, and the following described line: Commencing at a point on the Southwesterly line of said Block 30 distant 2.4 feet Southerly, measured along said Southwesterly line, fiom the Northwesterly comer of said Block 30; thence Northeasterly in a straight line to a point on the East line of said Block 30 distant 6.67 feet South, measured along said East line, from the Northeasterly corner of said Block 30; thence continue Northeasterly along EDA Resolution No. 17-14 14 0i-0 said last described course 56.97 feet; thence Southeasterly at right angles 20.57 feet; thence Northeasterly at a right angle 86.47 feet to the actual point of beginning of the line to be described; thence South to a point on the South line of said Lot 20 distant 79 feet East from Southwest corner of said Lot 20, Being Registered land as is evidenced by Certificate of Title No. 1124712. Tract A: Lot 11; those parts of Lots 12, 13, 14, 21, 22 and 23, Block 29; those parts of Lots 2 and 11, Block 30; that part of the adjoining vacated north -south alley lying in Block 29, and vacated Zarthan Avenue, "Rearrangement of St. Louis Park" described as follows: Commencing at the west quarter coiner of Section 6, Township 28 North, Range 24 West of the 4th Principal Meridian, Hennepin County, Minnesota; thence South 00 degrees 14 minutes 49 seconds East, assumed bearing, along the west line of the Southwest Quarter of said Section 6 a distance of 492.57 feet to the southerly right of way line of the Canadian Pacific Railroad, shown as the Chicago, Milwaukee and St. Paul Railway on said plat of "Rearrangement of St. Louis Park"; thence continuing South 00 degrees 14 minutes 49 seconds East along said west line 80.00 feet; thence South 65 degrees 52 minutes 15 seconds West, 955.17 feet to the east line of said Lot 12 and the point of beginning of the parcel to be described; thence continuing South 65 degrees 52 minutes 15 seconds West, 162.71 feet to the southerly line of said Lot 14; thence North 88 degrees 58 minutes 35 seconds West, 18.23 feet along said southerly line and its westerly extension to the centerline of said alley; thence North 00 degrees 57 minutes 33 seconds East, 4.17 feet along said centerline; thence South 65 degrees 21 minutes 14 seconds West, 183.14 feet; thence North 24 degrees 38 minutes 46 seconds West, 20.57 feet; thence South 65 degrees 21 minutes 14 seconds West, 252,73 feet to the southwesterly line of said Lot 11, Block 30; thence North 39 degrees 00 minutes 57 seconds West, 2.40 feet along said southwesterly line to the said southerly right of way line; thence North 64 degrees 17 minutes 59 seconds East, 451.50 feet along said southerly right of way line; thence North 64 degrees 21 minutes 45 seconds East, 185.28 feet along said southerly right of way line to the east line of said Lot 11, Block 29; thence southerly along the east line of said Lots 11 and 12 to the point of beginning. Tract B: Lot 6 and those parts of Lots 7, 8, and 11 thru 21, Block 25, "Rearrangement of St. Louis Park" described as follows: Commencing at the west quarter corner of Section 6, Township 28 North, Range 24 West of the 4th Principal Meridian, Hennepin County, Minnesota; thence South 00 degrees 14 minutes 49 seconds East, assumed bearing, along the west line of the Southwest Quarter of said Section 6 a distance of 492.57 feet to the southerly right of way line of the Canadian Pacific Railroad shown as the Chicago, Milwaukee and St. Paul Railway in the plat of "Rearrangement of St. Louis Park"; thence continuing South EDA Resolution No. 17-14 15 00 degrees 14 minutes 49 seconds East along said west line 80,00 feet; thence South 65 degrees 52 minutes 15 seconds West, 526.90 feet to the east line of said Lot 7 and 4 the point of beginning of the parcel to be described; thence continuing South 65 degrees 52 minutes 15 seconds West, 361.97 feet to the west line of said Lot 21; thence North 01 degrees 03 minutes 00 seconds East, 54.70 feet along said west lot line to said southerly railroad right of way line; thence North 64 degrees 21 minutes 45 seconds East, 366.58 feet along said southerly right of way line to the east line of said Lot 6; thence southerly along the east line of said Lots 6 and 7 to the point of beginning. (Abstract Property) The Redevelopment Property will be replatted as Lot 1, Blocks 1, 2 and 3, and Outlots A, B, and C, PLACE, Hennepin County, Minnesota.