HomeMy WebLinkAbout18-03 - ADMIN Resolution - Economic Development Authority - 2018/04/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 18-03
RESOLUTION APPROVING A MODIFICATION OF
ASSESSMENT AGREEMENT BETWEEN THE ST. LOUIS
PARK ECONOMIC DEVELOPMENT AUTHORITY AND
CENTRAL PARK WEST PHASE II LAND, LLC
BE IT RESOLVED BY the Board of Commissioners ('Board") of the St. Louis Park Economic
Development Authority, St. Louis Park, Minnesota (the "Authority") as follows:
Recitals.
1.01. Pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1082
and 469.174 to 469.1794, as amended, the Authority created the West End Tax Increment
Financing District within its Redevelopment Project No. 1 (the "Project'), for the purpose of
facilitating the redevelopment of certain substandard property within the Project.
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 (the "Redeveloper") as to the phase of development described in the Contract as CPW
Phase II.
1.04. The Authority and CPW further executed an Assessment Agreement dated as of May
8, 2015 in connection with the construction of CPW Phase II (the "Assessment Agreement'), which
established a minimum market value for the portion of the Redevelopment Property comprising CPW
Phase II and the improvements constructed thereon, which has been assigned to the Redeveloper.
1.05. The parties have negotiated and propose to execute a Fifth Amendment to the
Contract (the "Fifth Amendment') to allow for a delay in the required dates of Commencement
and Completion of Construction for CPW Phase II.
1.06. In connection with the Fifth Amendment, the Redeveloper has requested a
Modification of Assessment Agreement (the "Modification") to revise the effective dates for full
valuation of the CPW Phase II Property and improvements constructed thereon.
1.07. The proposed Modification must be approved by the Board of Commissioners of
Hennepin County (the "County") and by the Board of Education of Independent School District
No. 283 (the "School District'), because the estimated market value for the CPW Phase II Property
for taxes payable in 2018 is less than the minimum market value established by the Modification
for such year.
EDA Resolution No. 18-03 2
Section 2. Modification Approved.
2.01. The Modification as presented to the Board is hereby in all respects approved,
subject to approval of the Modification by the County and School District and 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 document by such officials shall be conclusive
evidence of approval. The President and Executive Director are hereby authorized to execute, on
behalf of the Authority, the Modification.
2.02. Authority staff and consultants are hereby authorized and directed to take all actions
necessary to give effect to this resolution, including without limitation obtaining approval of the
County and School District and arranging for the filing of the Modification with the Hennepin
County Registrar of Titles.
Adopted by the Economic Development