HomeMy WebLinkAbout23-16 - ADMIN Resolution - Economic Development Authority - 2023/07/17Resolution No. 23-16
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 board of commissioners (the “board”) of the authority has reviewed the
seventh amendment and finds that the approval and execution thereof and performance of the
authority’s obligations thereunder are in the best interest of the city and its residents.
Now therefore be it resolved that the board hereby approves the seventh amendment in
substantially the form on file with the executive director, together with any related documents
necessary in connection therewith (collectively, the “amendment documents”), and hereby
authorizes the president of the authority (the “president”) and executive director, in their
discretion and at such time, if any, as they may deem appropriate, to execute the same on
behalf of the authority, and to carry out, on behalf of the authority, the authority’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 authority and by the officers authorized
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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 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 o r
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 Economic Development
Authority July 17, 2023
Karen Barton, executive director Nadia Mohamed, president
Attest:
Melissa Kennedy, secretary
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