HomeMy WebLinkAbout18-024 - ADMIN Resolution - City Council - 2018/02/05RESOLUTION NO. 18-024
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 City Council (the "Council") of the City of St. Louis Park (the
"City") as follows:
1. Background.
1.01. The City and the St. Louis Park Economic Development Authority (the "Authority")
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/office), 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 City, the Authority 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 City or Authority may provide certain financial assistance if
warranted to make development by the Developer financially feasible.
1.03. The Council has reviewed the PDA, and has determined that it is in the best interests
of the City to approve and execute the PDA.
Approval of PDA.
2.01. The City approves the PDA, and authorizes and directs the Mayor and City Manager
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 Mayor and City Manager, provided that
execution of the PDA by such officials will be conclusive evidence of their approval.
2.02. City officials and consultants are authorized to take any other actions necessary to
tIt the City's obligations under the PDA, and to bring a proposed definitive development
fore the City.
by the City Council February 5, 2018
City Manager
Attest