HomeMy WebLinkAbout18-123 - ADMIN Resolution - City Council - 2018/08/20Resolution No. 18-123
Resolution approving an assignment and assumption of
redevelopment contract between
Central Park West Phase II Land, LLC and Elan West End Apartments Owner, LLC
Be it resolved by the City Council ("Council") of the City of St. Louis Park, Minnesota ("City")
as follows:
Section 1. Recitals.
1.01. The St. Louis Park Economic Development Authority ("Authority") is currently
administering its Redevelopment Project No. 1 ("Project") pursuant to Minnesota Statutes,
Sections 469.001 to 469.047, and within the Project has established The West End Tax Increment
Financing District ("TIF District").
1.02. The Authority, the City of St. Louis Park ("City") and Duke Realty Limited Partnership
(the "Redeveloper") 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, which Contract has been assigned in part to Central Park West
Phase II Land, LLC ("CPW") as to the Redeveloper's obligation to construct a 164 -unit multifamily
housing facility ("Central Park West Phase II") on a portion of the property (the "Subject
Property").
1.03. CPW has now determined that it is in the best interest of the Project and TIF
District to convey the Subject Property to Elan West End Apartments Owner, LLC (the "Assignee").
The Assignee intends to construct Central Park West Phase II on the Subject Property. In
connection with such conveyance, CPW seeks to assign certain of its obligations related to the
Subject Property to the Assignee, and the Assignee agrees to accept such obligations, all pursuant
to an Assignment and Assumption of Redevelopment Contract between CPW and Assignee (the
"Assignment").
1.04. The Council has reviewed the Assignment and finds that the approval and execution
of the City's consent thereto are in the best interest of the City and its residents.
Section 2. City approval; other proceedings.
2.01. The Assignment, including the attached Consent thereto, as presented to the
Council is hereby in all respects approved, subject to modifications that do not alter the substance
of the transaction and that are approved by the Mayor and City Manager, provided that execution
of the Consent to the Assignment by such officials shall be conclusive evidence of approval.
2.02. The Mayor and City Manager are hereby authorized to execute on behalf of the City,
the Consent attached to the Assignment and any other documents requiring execution by the City
in order to carry out the transaction described in the Assignment.
2.03. City staff and consultants are authorized to take any actions necessary to carry out
the intent of this resolution.
n No. 18-123
Administration:
Tho&ds lWarmening, City Manager
Attes
City be <
e City Council August 20, 2018