HomeMy WebLinkAbout18-13 - ADMIN Resolution - Economic Development Authority - 2018/08/20St. Louis Park Economic Development Authority
EDA Resolution No. 18-13
Resolution approving an assignment and assumption of
redevelopment contract between Central Park West Phase ll Land, LLC
and Elan West End Apartments Owner, 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 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 Board has reviewed the Assignment and finds that the approval and execution
of the Authority's consent thereto are in the best interest of the Authority, the City, and its
residents.
Section 2. Authority approval; other proceedings.
2.01. The Assignment, including the attached Consent of the Authority related thereto,
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 consent to 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 Consent attached to the Assignment and any other documents requiring
execution by the Authority in order to carry out the transaction described in the Assignment.
EDA Resolution No. 18-13
2.03. Authority staff and consultants are authorized to take any actions necessary to
out the intent of this resolution.
Thomas IC.'Harmening, Executive Director
533947v1 MNI SA285-84
Adopted by the Economic Development Authority