HomeMy WebLinkAbout23-085 - ADMIN Resolution - City Council - 2023/07/17Resolution No. 23-085
Resolution approving a seventh amendment to amended and restated
contract for private redevelopment among the City of St. Louis Park,
the St. Louis Park Economic Development Authority, Central Park
West, LLC, and related redeveloper entities
Whereas, the St. Louis Park Economic Development Authority (the “authority”) is currently
administering its Redevelopment Project No. 1 ("project") within the City of St. Louis Park (the
“city”) 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”); and
Whereas, the authority, the city, and Duke Realty Limited Partnership (“Duke”) entered
into an amended and restated contract for private redevelopment dated as of May 17, 2010,
regarding redevelopment of a portion of the property within the TIF district, as subsequently
amended (as so amended, the “contract”); and
Whereas, Duke has assigned its obligations under the contract to Central Park West, LLC
(“CPW”), and certain obligations under the contract have been further assigned to other entities,
currently including Elan West End Apartments Owner, LLC; OP4 SLP, LLC (“OP4”); 10 West End,
LLC; and GS-INVREG Wayzata Owner, LLC (“Wayzata”), all pursuant to various assignment and
assumption instruments approved by the authority (such entities collectively the “redeveloper
entities”); and
Whereas, the parties to the contract have determined a need to amend the contract in
order to extend the required construction timeline for Central Park West Phase V (as defined in
the contract) and to that end have prepared a seventh amendment to amended and restated
contract for private redevelopment (the “seventh amendment”), by and among the authority, the
city, OP4 and Wayzata; and
Whereas, the city council of the city (the “council”) has reviewed the seventh amendment
and finds that the approval and execution thereof and performance of the city’s obligations
thereunder are in the best interest of the city and its residents.
Now therefore be it resolved that the council hereby approves the seventh amendment as
presented to the council, together with any related documents necessary in connection
therewith (collectively, the “amendment documents”), and hereby authorizes the mayor and
the city manager in their discretion and at such time, if any, as they may deem appropriate, to
execute the same on behalf of the city, and to carry out, on behalf of the city, the city’s
obligations thereunder when all conditions precedent thereto have been satisfied.
It is further resolved that the approval hereby given to the amendment 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 city and by the officers authorized herein to
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execute said documents prior to their execution; and said officers are hereby authorized to
approve said changes on behalf of the city. The execution of any instrument by the appropriate
officers of the city 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 amendment documents shall not be effective until the date of execution thereof as
provided therein.
It is further resolved that 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 amendment 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 amendment documents.
Reviewed for administration: Adopted by the city council July 17, 2023
Kim Keller, city manager Jacob Spano, mayor
Attest:
Melissa Kennedy, city clerk
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