HomeMy WebLinkAbout17-18 - ADMIN Resolution - Economic Development Authority - 2017/07/17ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 17-15
RESOLUTION APPROVING AN EARLY START AGREEMENT
IN CONNECTION WITH THE PURCHASE AND REDEVELOPMENT CONTRACT
BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND
PLACE E -GENE RATION ONE LLC
BE IT RESOLVED By the Board of Corrnnissioners ("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 Wooddale Station Tax Increment Financing District ("TIF District").
1.02. The Authority and PLACE E -Generation One LLC ("Redeveloper") have entered into
a Purchase and Redevelopment Contract dated May 1, 2017 (the "Contract"), regarding the
conveyance and redevelopment of certain Authority -owned property within the TIF District (the
"Redevelopment Property").
1.03. Under the Contract, the Authority will transfer title to the Redevelopment Property to
Redeveloper, on which the Redeveloper is obligated to construct certain improvements described in
the Contract as the "Mininum Improvements."
1.04. The conditions for conveyance of the Redevelopment Property to Redeveloper under
Section 3.3 of the Contract have not yet been fully satisfied, but Redeveloper desires to commence
various site preparation activities in preparation for construction of the Minimum Improvements on
the Redevelopment Property prior to the transfer of title of such property to Redeveloper, and has
requested that the parties enter into an early start agreement (the "Early Start Agreement") setting
forth the terms and conditions for performance of such site preparation activities by the Redeveloper.
1.05. The parties have negotiated the Early Start Agreement in the form presented to the
Board, and the Board 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 Early Start 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 Deputy Executive Director, provided that execution of the Early Start
Agreement by such officials shall be conclusive evidence of approval.
2.02. The President and Deputy Executive Director are hereby authorized to execute on
behalf of the Authority the Early Start Agreement 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.
EDA Resolution No. 17-18
Reviewed for Administration:
Nanvk Deno, D4utyyFxecutive Director
Attest
Mel ssa KenrAdy, Secretary
Adopted by the Economic Development
Authority July 17, 2017
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Anne Mavity, President