HomeMy WebLinkAbout18-02 - ADMIN Resolution - Economic Development Authority - 2018/04/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 18-02
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 Board of Commissioners ("Board") of the St. Louis Park
Economic Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority is currently administering 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 Authority, the City of St. Louis Park ("City"), and Duke Realty Limited Partnership
("Duke") entered into an Amended and Restated Contract for Private Redevelopment Dated as of
May 17, 2010, as amended (the "Contract"), regarding redevelopment of a portion of the property
within the TIF District.
1.03. Duke 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 Board has reviewed the Fifth Amendment and finds that the approval and
execution thereof and performance of the Authority's obligations thereunder are in the best interest of
the City and its residents.
Section 2. Authority pprova% Other Proceedings.
2.01. The Fifth 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 documents 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 Fifth Amendment and any documents referenced therein requiring execution by the
Authority, and to carry out, on behalf of the Authority its obligations thereunder.
EDA Resolution No. 18-02
2.03, Authority staff and consultants are authorized to take any actions necessary to carry
out the intent of this resolution.
Administration:
Thomas
Director
Attest
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Adopted by the Economic Development
Authority April 16, 2018