HomeMy WebLinkAbout16-03 - ADMIN Resolution - Economic Development Authority - 2016/02/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 16-03
RESOLUTION APPROVING A FIRST AMENDMENT TO THE PRELIMINARY
DEVELOPMENT AGREEMENT BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY, THE CITY OF ST. LOUIS PARK, AND PLACE
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 and the City of St. Louis Park (the "City") own certain property (the
"Property") within the Project, which Property has been the subject of certain preliminary
negotiations with PLACE (the "Developer") 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').
1.03. The Authority, the City, and the Developer executed a Preliminary Development
Agreement, dated as of May 18, 2015 (the "Agreement'), providing for the performance of certain
activities on the part of the parties in preparation for the negotiation of a definitive Contract for Private
Redevelopment in connection with the Property.
1.04. The parties have negotiated and propose to execute a First Amendment to the
Agreement (the "First Amendment") to extend the deadline for the completion of these preliminary
activities for a period of twelve months.
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, 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 the i ent of this resolution.
Adopted by the Economic Development
Authority February 16, 2016
Anne Mavity, President
Director
Attest:
41JLt
li sa Kennedy, Secretary