HomeMy WebLinkAbout23-01 - ADMIN Resolution - Economic Development Authority - 2023/01/17EDA Resolution No. 23-01
Resolution approving Advance, the City of St. Louis Park’s
commercial business assistance program
Whereas, the St. Louis Park Economic Development Authority (the “Authority”) was
created pursuant to Minnesota Statutes, Sections 469.090 through 469.1081, as amended, and
was authorized to transact business and exercise its powers by a resolution adopted by the City
Council of the City of St. Louis Park, Minnesota (the “City”); and
Whereas, the Authority and the City have undertaken a program to promote economic
development and job opportunities, and promote the development and redevelopment of land
which is underutilized within the City; and
Whereas, the Authority acknowledges that thriving commercial streets provide
important goods and services, create a sense of place, increase job opportunities in the City,
and help make communities desirable and productive and that small businesses often provide
niche product and service offerings, create opportunities for personal and family wealth
building as well as further diversify the local economy making it stronger and more vibrant; and
Whereas, there are some commercial spaces in the City that, for a variety of reasons,
have been challenging to fill and are vacant and underutilized or require rehabilitation to serve
as viable locations for small businesses; and
Whereas, the Authority proposes to establish Advance, a commercial business assistance
forgivable loan program (the “Program”) intended to advance prospective entrepreneurs’
business aspirations, create job opportunities in the City, improve the odds of small businesses
successfully opening or expanding in the City, activate challenging commercial properties, help
redevelop and improve existing commercial spaces in the City, and provide an opportunity for
wealth building while simultaneously diversifying and strengthening the City’s economic fabric,
and has prepared the Advance Program Guidelines (the “Guidelines”) and an Advance Program
Application (the “Application”); and
Whereas, in connection with the Program, the Authority has prepared a model Loan
Agreement and Promissory Note (the “Loan Documents”) to be executed in connection with
the provision of each loan provided under the Program.
Now therefore be it resolved by the Board of Commissioners (the “Board”) of the
Authority that the Program and the Guidelines are hereby approved and the Board finds,
determines and declares that it is in the public interest of the residents and businesses of the
City that the Program be adopted.
It is further resolved by the Board that any related documents necessary in connection
with the Program, the Application and the Guidelines, including without limitation the Loan
Documents and all other documents or certifications referenced in or attached to the
Guidelines and the Application (collectively, the “Program Documents”) are hereby approved
and the Executive Director of the Authority is hereby authorized to execute the Program
Documents on behalf of the Authority, and to carry out, on be half of the Authority, the
Authority’s obligations thereunder when all conditions precedent thereto have been satisfied.
The Board hereby delegates to the Executive Director the authority to administer the Program
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EDA Resolution No. 23-01 2
in accordance with the Guidelines including without limitation processing and approving
Program applications and executing Program Documents pursuant to the Guidelines and the
Application.
It is further resolved that the Board authorizes the expenditure of available Authority
general fund dollars for the implementation of the Program in the amount of up to $200,000.
It is further resolved that the approval hereby given to the Program Documents
includes approval of such additional details therein as may be necessary and appropriate and
such modifications thereof, deletions therefrom and additions thereto as may be necessary and
appropriate and approved by legal counsel to the Authority and by the Executive Director of the
Authority prior to their execution; and said Executive Director is hereby a uthorized to approve
said changes on behalf of the Authority. The execution of any instrument by the appropriate
officers of the Authority herein authorized shall be conclusive evidence of the approval of such
document in accordance with the terms hereof. In the event of absence or disability of the
Executive Director of the Authority, any of the documents authorized by this Resolution to be
executed may be executed without further act or authorization of the Board by any duly
designated acting official, or by such other officer or officers of the Board as, in the opinion of
legal counsel to the Authority, may act on the Executive Director’s behalf.
It is further resolved by the Board that the Executive Director and Authority staff are
hereby authorized and directed to undertake and implement the Program and Program
Documents as provided therein and take all actions necessary in connection therewith.
It is further resolved that this resolution shall be effective upon approval.
Reviewed for Administration: Adopted by the Economic Development
Authority January 17, 2023
Karen Barton, executive director Nadia Mohamed, president
Attest:
Melissa Kennedy, secretary
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