HomeMy WebLinkAbout18-06 - ADMIN Resolution - Economic Development Authority - 2018/08/06St. Louis Park Economic Development Authority
Resolution No. 18-06
Resolution approving an assignment and subordination of contract
for private redevelopment between the Economic Development Authority,
Union Land II, LLC and related entities, and Dougherty Mortgage LLC
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 Elmwood Village Tax Increment Financing District ("TIF District").
1.02. The Authority and Union Land II, LLC and various assigns (together, the
"Redeveloper") entered into a Contract for Private Redevelopment dated as of March 6, 2006, as
amended (the "Contract"), regarding redevelopment of a portion of the property within the TIF
District (the "Redevelopment Property").
1.03. The Redeveloper proposes to refinance certain mortgage financing related to the
improvements constructed on the Redevelopment Property through its lender, Dougherty
Mortgage LLC (the "Lender"), and has requested that the Authority approve an Assignment and
Subordination of Contract for Private Redevelopment (the "Assignment") as authorized pursuant
to Section 7.2 of the Contract.
1.04. The Board has reviewed the Assignment and finds that the approval and execution
of the Assignment are in the best interest of the City and its residents.
Section 2. Authority Approval; Other Proceedings.
2.01. The Assignment 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 Assignment 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 Assignment and any other documents requiring execution by the Authority in
order to carry out the transaction described in the Assignment.
2.03. Authority staff and consultants are authorized to take any actions necessary to
carry out the intent of this resolution.
n No. 18-06
for Administration: Adopted by the Economic Development
Authority August 6, 2018
//ZIC
*karemn�g,Executive Director Ste a alliin, Pr side