HomeMy WebLinkAbout16-15 - ADMIN Resolution - Economic Development Authority - 2016/05/02ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 16-15
RESOLUTION APPROVING A THIRD AMENDMENT TO AMENDED AND RESTATED
CONTRACT FOR PRIVATE REDEVELOPMENT AMONG THE CITY OF ST, LOUIS
PARK, THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY, CENTRAL
PARK WEST, LLC AND RELATED REDEVELOPER ENTITIES
BE IT RESOLVED By the Board of Commissioners ("Board") of the St. Louis Park
Economic Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority is currently administering its Redevelopment Project No. 1 ("Project")
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act"), and within the Project has
established The West End Tax Increment Financing District ("TIF District").
1.02. The Authority, the City of St. Louis Park ("City"), and Duke Realty Limited Partnership
("Duke") entered into an Amended and Restated Contract for Private Redevelopment Dated as of
May 17, 2010, as amended (the "Contract"), regarding redevelopment of a portion of the property
within the TIF District.
1.03. Duke assigned its obligations under the Contract to Central Park West, LLC ("CPW"),
and CPW has assigned certain of its obligations under the Contract to Millenium Phase 11, LLC, OP4
SLP, LLC, and RISLP, LLC, all pursuant to various Assignment and Assumption instruments
approved by the Authority (such entities collectively the "Redeveloper Entities").
1.04. The parties to the Contract have determined to a need to revise the Contract in certain
respects, and to that end have prepared a Third Amendment to Amended and Restated Contract for
Private Redevelopment (the "Third Amendment"), by and among the Authority, the City, and the
Redeveloper Entities,
1.05. The Board has reviewed the Third Amendment and finds that the approval and
execution thereof and performance of the Authority's obligations thereunder are in the best interest of
the City and its residents.
Section 2, Authority Approval; Other Proceedings.
2.01. The Third 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 documents 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 Third Amendment 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 cavy
out the intent of this resolution.
EDA Resolution No. 16-15
Reviewed or Administration: Adopted by the Economic Development
/tI Authority May 2, 2016
Director e Mavity, President
Attest:
Meli sa Kennedy, Secretary