HomeMy WebLinkAbout17-21 - ADMIN Resolution - Economic Development Authority - 2017/11/06ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 17-21
RESOLUTION APPROVING A FIRST AMENDMENT TO
PURCHASE AND REDEVELOPMENT CONTRACT
BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY AND PLACE E -
GENERATION ONE, LLC
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:
Recitals.
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.
The Authority owns certain property (the "Property") within the Project, which the
Authority proposes to convey to PLACE E -GENERATION ONE LLC (the "Redeveloper") 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"), pursuant to a Purchase and Redevelopment
Contract dated as of May 1, 2017 (the "Contract").
1.03. The parties have negotiated and propose to execute a First Amendment to the
Agreement (the "First Amendment"), pursuant to which the Authority will convey the Property to
the Redeveloper in two separate phases, in order to meet certain requirements for the disbursement
of grant proceeds related to the Development.
Section 2. First Amendment Approved.
2.01. The First 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 First 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 First Amendment and any documents referenced therein requiring execution by
the Authority, including without limitation any deed, and to carry out, on behalf of the Authority,
its obligations thereunder.
03. Authority staff and consultants are authorized to take any actions necessary to carry
out he i tent of Ibis resolution.
for
Executive Director
Adopted by the Economic Development
Authority November 6, 2017
Anne Mavity, President