HomeMy WebLinkAbout16-20 - ADMIN Resolution - Economic Development Authority - 2016/10/17ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 16-20
RESOLUTION APPROVING AN ASSIGNMENT AND SUBORDINATION
OF AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT
BETWEEN THE ECONOMIC DEVELOPMENT AUTHORITY,
THE CITY OF ST. LOUIS PARK, ACSLP, LLC, AND JOHNSON BANK
BE IT RESOLVED By the Board of Commissioners ('Board") of the St. Louis Park
Economic Development Authority ("Authority") as follows:
Section I. Recitals.
1.01. The Authority currently administers 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 City of St. Louis Park (the "City"), Authority and ACSLP, LLC (the
"Redeveloper," as Assignee pursuant to an Assignment and Assumption of Redevelopment
Contract dated May 8, 2015) are parties to that Amended and Restated Contract for Private
Redevelopment dated as of May 17, 2010, as amended by a First Amendment to Amended and
Restated Contract for Private Redevelopment dated as of November 21, 2011, a Second
Amendment to Amended and Restated Contract for Private Redevelopment dated as of May 8,
2015, and a Third Amendment to Amended and Restated Contract for Private Redevelopment
dated as of May 2, 2016 (as so amended, the "Contract"), Pursuant to the Contract, the
Redeveloper is obligated to construct a hotel ("CPW Phase 111") on certain property within the TIF
District (the "Redevelopment Property"),
1.03. The Redeveloper proposes to enter into a loan agreement with Johnson Bank (the
"Lender") for certain mortgage financing related to CPW Phase III to be constructed on the
Redevelopment Property, and has requested that the Authority and City approve an Assignment and
Subordination of Contract for Private Redevelopment (the "Assignment") as authorized pursuant to
Section 7.2 of the Contract.
1.04. The Board has reviewed the Assignment and finds that the approval and execution of
the Assignment are in the best interest of the City and its residents.
Section 2. Authority Approval, Other Proceedings.
2.01. The Assignment 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 Assignment 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 Assignment and any other documents requiring execution by the Authority in order to
carry out the transaction described in the Assignment.
2.03. Authority staff and consultants are authorized to take any actions necessary to carry
out the intent of this resolution.
Attest
Me is a Kenned , ,Secretary
Adopted by the Economic Development
Authority October 17, 2016
Anne Mavity, President