HomeMy WebLinkAbout16-16 - ADMIN Resolution - Economic Development Authority - 2016/06/20ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 16.16
RESOLUTION APPROVING A SECOND 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:
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 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 previously 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; and subsequently
executed a First Amendment to the Agreement dated as of February 16, 2016 (the "First
Amendment") to extend the deadline for the completion of these preliminary activities for a period
of twelve months.
1.04. The parties have negotiated and propose to execute a Second Amendment to the
Agreement (the "Second Amendment") in order to expand the Property to include three additional
parcels owned by the City and two additional parcels owned by the Hennepin County Regional
Rail Authority (the "Additional Parcels").
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, 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.
Attest:
Mel' sa Kenn dy, gecretary
Adopted by the Economic Development
Authority June 20, 2016
Anne Mavity, President