HomeMy WebLinkAbout18-064 - ADMIN Resolution - City Council - 2018/04/16ISO Y�J11�[�],i,[��[iE�ILSI
RESOLUTION APPROVING A FIFTH 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 City Council ("Council') of the City of St. Louis Park ("City")
as follows:
Section 1. Recitals.
1.01. The St. Louis Park Economic Development Authority (the "Authority") is currently
administering its Redevelopment Project No. 1 ('Project') within the City 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, and Duke Realty Limited Partnership ("Duke") entered into an
Amended and Restated Contract for Private Redevelopment dated as of May 17, 2010, regarding
redevelopment of a portion of the property within the TIF District, as subsequently amended (as so
amended, the "Contract").
1.03. Duke has assigned its obligations under the Contract to Central Park West, LLC
("CPW"), and CPW has assigned certain of its obligations under the Contract to Central Park West
Phase II Land, LLC, Millenium Phase II, LLC, OP4 SLP, LLC, and ACSLP, 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 a need to revise the Contract in order to
extend the required construction timeline for CPW Phase II, CPW Phase IV, and CPW Phase V (as
defined in the Contract), and to that end have prepared a Fifth Amendment to Amended and Restated
Contract for Private Redevelopment (the "Fifth Amendment"), by and among the Authority, the City,
and the Redeveloper Entities.
1.05. The Council has reviewed the Fifth Amendment and finds that the approval and
execution thereof and performance of the City's obligations thereunder are in the best interest of the
City and its residents.
Section 2. City Approval; Other Proceedings.
2.01. The Fifth Amendment as presented to the Council is hereby in all respects approved,
subject to modifications that do not alter the substance of the transaction and that are approved by the
Mayor and City Manager, provided that execution of the documents by such officials shall be
conclusive evidence of approval.
Resolution No. 18-064
2.02. The Mayor and City Manager are hereby authorized to execute on behalf of the City
the Fifth Amendment and any documents referenced therein requiring execution by the City, and to
carry out, on behalf of the City, its obligations thereunder.
2.03. City staff and consultants are authorized to take any actions necessary to carry out the
intent of this resolution.
for Administration: Adopted by The City Council April 16, 2018
City Manager
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