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HomeMy WebLinkAbout18-05 - ADMIN Resolution - Economic Development Authority - 2018/05/07EDA RESOLUTION NO. 18-05 RESOLUTION APPROVING A THIRD AMENDMENT TO PURCHASE AND REDEVELOPMENT CONTRACT BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND PLACE E - GENERATION ONE 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. Pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1082, as amended, the Authority administers its Redevelopment Project No. 1 (the "Project'), for the purpose of facilitating the redevelopment of certain substandard property within the Project. The Authority owns certain property (the "Property") within the Project, which the Authority proposes to convey to PLACE E -GENERATION ONE LLC (the "Redeveloper") 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 including an anaerobic digester (the "Development'), pursuant to a Purchase and Redevelopment Contract dated as of May 1, 2017, as amended by a First Amendment dated as of November 6, 2017 and a Second Amendment dated as of December 18, 2017 (as so amended, the "Contract'). The Property is described on Exhibit A attached hereto. 1.03. The parties have negotiated and propose to execute a Third Amendment to the Agreement (the "Third Amendment'), pursuant to which the dates of closing on the North Parcels and South Parcels of the Property are extended to June 15, 2018 and November 21, 2018, respectively, and certain other provisions of the Contract are clarified. Section 2. Third Amendment Approved. 2.01. The Third 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 Third Amendment 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 Third Amendment and any documents referenced therein requiring execution by the Authority, including without limitation any deed, and to carry out, on behalf of the Authority, its obligations thereunder. 2.03. Authority staff and consultants are authorized to take any actions necessary to carry out the intent of this resolution. EDA Resolution No. 18-05 Attest: Melissa Kerity, Se ret Adopted by the Economic Development Authoriy May 7, 2018 q Steve Hallfin, Pr '