HomeMy WebLinkAbout23-119 - ADMIN Resolution - City Council - 2023/10/02
Resolution No. 23-119
Resolution approving third amendment to contract for private
development and related documents
Be it resolved by the city council (the “city council”) of the city of St. Louis Park, Minnesota
(the “city”) as follows:
Section 1. Recitals; Authorization.
(a) The St. Louis Park Economic Development Authority (the “authority”) and the city
have heretofore approved the establishment of the Beltline Station Tax Increment Financing
District No. 1 (the “TIF District No. 1”), a housing district, and Beltline Station Tax Increment
Financing District No. 2 (the “TIF District No. 2” and together with TIF District No. 1, the “TIF
districts”), a renewal and renovation district, within Redevelopment Project No. 1 (the “project”).
(b) The authority and Beltline Development LLC, or an entity related thereto or
affiliated therewith, each own portions of certain property within the Project, which has been
the subject of certain preliminary negotiations between the parties for purposes of constructing
a mixed-use development and related parking, including a parking ramp serving in part as a
park and ride facility for Metro Transit’s proposed Southwest Light Rail Transit Beltline station
on certain property in the project (the “development”).
(c) On July 7, 2022, the city, authority and Beltline Station Limited Partnership (the
“developer”) entered into a contract for private development, as amended by the first
amendment to contract for private development, dated March 31, 2023, and the second
amendment to contract for private development, dated June 5, 2023 (collectively, the “original
affordable contract for private development”), relating to a portion of the development consisting
of a portion of construction of approximately 82 units of affordable multifamily rental housing
together with approximately 59 underground parking spaces (the “affordable minimum
improvements”). Pursuant to the original affordable contract for private development, the city
and the authority agreed to provide certain tax increment financing assistance to the developer
and a loan from the city’s affordable housing trust fund in the amount of $618,238.00.
(d) On September 5, 2023, a third amendment to the original affordable contract for
private development was approved by the city council and the board of the authority, however,
before it could be executed, the authority, the city, and the limited partnership negotiated
additional revisions to account for certain delays and other changes and prepared a revised third
amendment to contract for private development which amends the original affordable contract for
private development (the “third amendment to affordable contract for private development” and
together with the original affordable contract for private development, the “affordable contract for
private development”), a form of which is on file with the city, to update the commencement and
completion of construction dates for the affordable minimum improvements, as well as other
changes.
(e) The city council has reviewed the third amendment to affordable contract for
private development and finds that the execution thereof and performance of the city’s
obligations thereunder are in the best interest of the city and its residents.
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Section 2. Approval of documents.
(a) The city council approves the third amendment to affordable contract for private
development in substantially the form presented to the city council, together with any related
documents necessary in connection therewith, including without limitation all documents,
exhibits, certifications, or consents referenced in or attached to the third amendment to
affordable contract for private development (the “documents”).
(b) The city council hereby authorizes the mayor and city manager, in their discretion
and at such time, if any, as they may deem appropriate, to execute the documents 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. The documents shall be in substantially the
form on file with the city and the approval hereby given to the 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 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
documents shall not be effective until the date of execution thereof as provided herein.
(c) 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 city council by any duly designated acting official, or by such other officer or
officers of the city council as, in the opinion of the city attorney, may act in their behalf. Upon
execution and delivery of the documents, the officers and employees of the city council are
hereby authorized and directed to take or cause to be taken such actions as may be necessary
on behalf of the city council to implement the documents.
Section 3. Effective date. This resolution shall be effective upon approval.
Reviewed for administration: Adopted by the city council October 2, 2023
Kim Keller, city manager Jake Spano, mayor
Attest:
Melissa Kennedy, city clerk
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