HomeMy WebLinkAbout18-01 - ADMIN Resolution - Economic Development Authority - 2018/02/05ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 18-01
RESOLUTION APPROVING PRELIMINARY DEVELOPMENT AGREEMENT
BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY, THE
CITY OF ST. LOUIS PARK, AND SHERMAN DEVELOPMENT ASSOCIATES LLC
BE IT RESOLVED by the Board of Commissioners of the St. Louis Park Economic
Development Authority ("Authority") as follows:
1. Background.
1.01. The Authority and the City of St. Louis Park (the "City") own certain property (the
"Property") in the City, which Property has been the subject of certain preliminary negotiations with
Sherman Development Associates LLC (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 (the "Development"), to enhance and complement
a proposed Southwest LRT station adjacent to the Property.
1.02. The Authority, the City and the Developer have determined to enter into a preliminary
development agreement (the "PDA"), providing for negotiation of a definitive development contract
that will address (among other things) terms under which the Developer will construct the
Development on the Property, and the Authority may provide certain financial assistance if warranted
to make development by the Developer financially feasible.
1.03. The Board has reviewed the PDA, and has determined that it is in the best interests of
the Authority to approve and execute the PDA.
2. Approval of PDA.
2.01. The Authority approves the PDA, and authorizes and directs the President and
Executive Director to execute same in substantially the form on file, subject to modifications that do
not alter the substance of the transaction and are approved by the President and Executive Director,
provided that execution of the PDA by such officials will be conclusive evidence of their approval.
2.02. Authority officials and consultants are authorized to take any other actions necessary
to cant' out the Authority's obligations under the PDA, and to bring a proposed definitive
d9relopment contract before the Authority.
Administration:
Attest:
X, I "', A AM I
Melis Kenned , ecretary
Adopted by the Economic Development Authority