HomeMy WebLinkAbout16-04 - ADMIN Resolution - Economic Development Authority - 2016/03/21ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 16-04
RESOLUTION ESTABLISHING A REVOLVING LOAN FUND
APPROVING GUIDELINES FOR ADMINISTRATION OF THE
FUND, AND APPROVING A REVOLVING LOAN FUND
MANAGEMENT AGREEMENT WITH CENTRAL MINNESOTA
DEVELOPMENT COMPANY
BE IT RESOLVED BY the Board of Commissioners ('Board") of the St. Louis Park
Economic Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority has proposed the establishment of a Revolving Loan Fund (the "Fund")
to be capitalized through the Development Fund of the City of St. Louis Park for the purposes of
promoting the economic development and enhancement of the community for its residents by offering
supplemental financing to qualified projects.
1.02. The Authority has authorized the preparation of guidelines (the "Guidelines") for
administration of the Fund, which Guidelines have been presented to the Board for review and are
on file at City Hall.
1.03. To oversee day-to-day administration of the Fund, the Authority has negotiated a
Revolving Loan Fund Management Agreement with Central Minnesota Development Company
(the "Management Agreement") in the form presented to the Board.
Section 2. Approval of Revolving Loan Fund and Guidelines.
2.01. The Authority hereby approves the establislu-hent of the Fund, and authorizes an
annual allocation of up to $400,000 from the Development Fund to capitalize the Fund.
2.02. The Authority approves the Guidelines as presented to the Board, and delegates to
Authority staff and consultants the implementation of the Fund pursuant to the Guidelines.
Section 3. Approval of Mana ement Agreement.
3.01. The Authority hereby approves the Management Agreement in the form presented to
the Board, 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 Management
Agreement 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 Management 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.
Section 4. Effective Date. This resolution shall be effective upon approval.
EDA Resolution No. 16-04
Attest
Melis k Kenn y, ecretary
Adopted by the Economic Development Authority
March 21, 2016
Anne Mavity, President