HomeMy WebLinkAbout23-06 - ADMIN Resolution - Economic Development Authority - 2023/03/20EDA Resolution No. 23-06
Resolution approving a first amendment to contract for private
development with the City of St. Louis Park and Beltline Station
Limited Partnership
Be it resolved by the Board of Commissioners (the “Board”) of the St. Louis Park
Economic Development Authority (the “Authority”) as follows:
Section 1. Recitals; Authorization.
(a) The Authority, the City of St. Louis Park, Minnesota (the “City”), and Beltline Station
Limited Partnership, a Minnesota limited partnership (the “Developer”), entered into a Contract
for Private Development, dated July 7, 2022 (the “Original Agreement”), pursuant to which the
Developer agreed to acquire certain property located in the City (the “Development Property”)
and construct thereon approximately 82 units of multifamily rental housing together with
approximately 59 underground parking spaces (the “Minimum Improvements”).
(b) In connection with the execution of the Original Agreement, the Authority and the
Developer executed a Minimum Assessment Agreement, dated July 7, 2022 (the “Original
Assessment Agreement”), setting forth the assessor’s minimum market value for the Development
Property and the Minimum Improvements constructed thereon.
(c) The Authority, the City, and the Developer have negotiated a First Amendment to
Contract for Private Development (the “First Amendment to Agreement”), a form of which is on
file with the Board, which amends the Original Agreement to extend the dates of
commencement and completion of construction of the Minimum Improvements.
(d) Based on the extension of the construction commencement and completion dates,
the Authority and the Developer have also negotiated an Amended and Restated Minimum
Assessment Agreement (the “Amended and Restated Assessment Agreement”), which amends,
restates, and replaces the Original Assessment Agreement.
(e) The Board has reviewed the First Amendment to Agreement, including an
Amended and Restated Assessment Agreement and finds that the execution thereof and
performance of the Authority’s obligations thereunder are in the best interest of the City and its
residents.
Section 2. Approval of Documents.
(a) The Board approves the First Amendment to Agreement in substantially the
form presented to the Board, together with any related documents necessary in connection
therewith, including without limitation all documents, exhibits, certifications, or consents
referenced in or attached to the First Amendment to Agreement, including the Amended and
Restated Assessment Agreement (the “Documents”).
(b) The Board hereby authorizes the President and Executive Director, in their
discretion and at such time, if any, as they may deem appropriate, to execute the Documents
DocuSign Envelope ID: 40686F5C-5A00-40E1-A7F7-56E9CD1A3236
EDA Resolution No. 23-06 2
on behalf of the Authority, and to carry out, on behalf of the Au thority, the Authority’s
obligations thereunder when all conditions precedent thereto have been satisfied. The
Documents shall be in substantially the form on file with the Authority and the approval hereby
given to the 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 officers authorized herein to execute said documents prior to their execution; and
said officers are hereby authorized 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.
This resolution shall not constitute an offer and the Documents shall not be effective until the
date of execution thereof as provided herein.
(c) In the event of absence or disability of the officers, 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 the City Attorney, may act in their behalf. Upon
execution and delivery of the Documents, the officers and employees of the Board are hereby
authorized and directed to take or cause to be taken such actions as may be necessary on
behalf of the Board to implement the Documents.
Section 3. Effective date. This resolution shall be effective upon approval.
Reviewed for Administration: Adopted by the Economic Development
Authority March 20, 2023
Karen Barton, executive director Nadia Mohamed, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: 40686F5C-5A00-40E1-A7F7-56E9CD1A3236