HomeMy WebLinkAbout17-25 - ADMIN Resolution - Economic Development Authority - 2017/12/18(
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ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 17-25
RESOLUTION APPROVING A SECOND 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:
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 owns certain property (the "Property") within the Project, which the
Authority proposes to convey to PLACE E-GENERA TION ONE LLC (the "Redeveloper") for
purposes of constrncting 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, as amended by a First Amendment dated as of November 6,
2017 (as so amended, the "Contract"). The Property is described on Exhibit A attached hereto.
1.03. The parties have negotiated and propose to execute a Second Amendment to the
Agreement (the "Second Amendment"), pursuant to which the Redeveloper may proceed with
construction of ce1tain Alternative Affordable Apaitments under certain circumstances as provided
in the Second Amendment.
Section 2. Second Amendment Approved.
2.01. The Second 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 Second
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 Second 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.
2. 03. Authority staff and consultants are authorized to take any actions necessary to carry
intent of this resolution.
Adopted by the Economic Development
Authority December 18, 2017
Anne Mavity, President