HomeMy WebLinkAbout23-13 - ADMIN Resolution - Economic Development Authority - 2023/06/05EDA Resolution No. 23-13
Resolution approving a revision to the contract for private
development with PPL Union Park Community Limited Partnership
and taking other actions in connection therewith
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. To facilitate the development of certain property within the City of St. Louis Park,
Minnesota (“city”), the authority, the city, PPL Union Park Community Limited Partnership, a
Minnesota limited partnership, or another entity affiliated with or related to Project for Pride in
Living, a Minnesota nonprofit corporation (“developer”), and PPL SLP LLC, a Minnesota limited
liability company and the general partner of the developer (“general partner”), approved by
resolution on May 1, 2023, a contract for private development (“agreement”) which provides
for the construction by the developer of 60 units of multifamily rental housing, approximately
70 underground parking stalls, and approximately 9 surface parking stalls (“minimum
improvements”) on certain property legally described therein (“development property”).
1.02. Pursuant to the agreement, the authority and the city have agreed that the city
shall make a deferred loan from the city’s Affordable Housing Trust Fund to the developer in the
principal amount of $450,000 (“AHTF deferred loan”) to assist with the costs of the minimum
improvements.
1.03. The developer has requested that the maturity date of the AHTF deferred loan be
revised to be 42 years from the date of closing on their senior financing (anticipated to be no later
than December 31, 2065) (“maturity date”).
1.04. The authority will agree to subordinate the AHTF deferred loan and other loans as
detailed in the agreement pursuant to the terms and conditions set forth in a subordination
agreement to be considered by the board on a future date.
Section 2. Agreement.
2.01. The board hereby approves the agreement with the revised maturity date in
substantially the form presented to the board, together with any related documents necessary in
connection therewith, including without limitation a disbursing agreement and all documents,
exhibits, certifications, or consents referenced in or attached to the agreement including without
limitation the declaration of restrictive covenants (collectively, “development documents”).
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2.02. 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 development
documents 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. The
development documents shall be in substantially the forms on file with the authority and the
approval hereby given to the development 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 development documents shall not be effective until
the date of execution thereof as provided herein.
2.03. 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
development 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 development documents.
Section 3. Effective date. This resolution shall be effective upon approval.
Reviewed for administration: Adopted by the Economic Development
Authority June 5, 2023
Karen Barton, executive director Nadia Mohamed, president
Attest
Melissa Kennedy, secretary
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