HomeMy WebLinkAbout2015/04/20 - ADMIN - Minutes - Economic Development Authority - Regularfffst. Louis Park OFFICIAL MINUTES
M I N N E 5 0 T A ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
APRIL 20, 2015
1. Call to Order
President Mavity called the meeting to order at 7:15 p.m.
Commissioners present: President Anne Mavity, Tim Brausen, Steve Hallfin, Gregg Lindberg,
Susan Sanger, and .lake Spano.
Commissioners absent: Jeff Jacobs.
Staff present: Executive Director (Mr. Harmening), Economic Development Coordinator (Mr.
Hunt), and Recording Secretary (Ms. Hughes).
2. Roll Call
3. Approval of Minutes
3a, Economic Development Authority Meeting Minutes April 6, 2015
The minutes were approved as presented.
4. Approval of Agenda
The agenda was approved as presented.
5. Reports - None
6. Old Business - None
7. New Business
7a. Assignment & Assumption of Redevelopment Contract — Central Park West,
LLC, and OP4 SLP, LLC (The Excelsior Group). Resolution No. 15-04.
7b. Assignment & Assumption of Redevelopment Contract — Central Park West,
LLC, and Regalia Suites of Minneapolis, LLC. Resolution No. 15-05.
Mr. Hunt presented the staff reports and explained that the closing on the undeveloped
14 -acre property at The West End between Duke Realty and Central Park West (CPW) is
scheduled to occur in the next week at which time Duke will convey the property to CPW
and CPW will then simultaneously convey the Phase III (hotel) property to Regalia
Suites. He advised that CPW will also simultaneously convey the Phase IV and V
properties to the Excelsior Group under the name of OP4 SLP, LLC, and both parties will
execute Assignments whereby Regalia Suites assumes all the obligations related to Phase
III and OP4 SLP, LLC, assumes all obligations related to Phase IV and Phase V. He
stated that under the terms of the Redevelopment Contract, any time a developer wishes
to sell a portion of the redevelopment property and assign its obligations to another
Economic Development Authority -2- April 20, 2015
unrelated entity, the EDA and City must consent, adding that the EDA's legal counsel has
reviewed the proposed Assignments and recommends approval.
Commissioner Sanger asked if anything would change following all of the proposed
Assignments in terms of liabilities of the new entities.
Mr. Hunt replied that both entities are assuming all the respective obligations CPW had
under the Redevelopment Contract.
It was moved by Commissioner Brausen, seconded by Commissioner Spano, to adopt
Resolution No. 15-04 Approving an Assignment and Assumption of Redevelopment
Contract between Central Park West, LLC, and Regalia Suites of Minneapolis, LLC.
The motion passed 6-0 (Commissioner Jacobs absent).
It was moved by Commissioner Brausen, seconded by Commissioner Spano, to adopt
Resolution No. 15-05 Approving an Assignment and Assumption of Redevelopment
Contract between Central Park West, LLC, and OP4 SLP, LLC.
The motion passed 6-0 (Commissioner Jacobs absent).
8. Communications - None
9. Adjournment
p.m.
President