HomeMy WebLinkAbout24-07 - ADMIN Resolution - Economic Development Authority - 2024/05/06
EDA Resolution No. 24-06
Approving a second amendment to preliminary development
agreement
Be it resolved by the board of commissioners (the “board”) of the St. Louis Park economic
development authority (the “authority”) as follows:
Section 1. Recitals; Authorization.
(a) The authority entered into a preliminary development agreement dated July 6,
2021 (the “original agreement”), with the Greater Metropolitan Housing Corporation, a
Minnesota nonprofit corporation, (the “developer”), pursuant to which the developer proposed
to acquire the property and to develop approximately eight twin home units for low to moderate
income individuals thereon (the “development”)
(b) Due to certain delays, the developer requested, and the authority agreed to
adopt a first amendment to the preliminary development agreement (the “first amendment”) to
extend term of the original agreement.
(c) The parties have negotiated and now propose to execute a second amendment
to the original agreement to further extend the term of the original agreement to ensure
completion of necessary preliminary activities.
(d) The board has reviewed the second amendment and finds that the execution
thereof and performance of the authority’s obligations thereunder are in the best interest of the
city and its residents.
Section 2. Approval of documents.
(a) The board approves the second amendment in substantially the form
presented to the board, together with any related documents necessary in connection therewith,
including without limitation all documents, exhibits, certifications, or consents, referenced in or
attached to the first amendment (the “documents”).
(b) 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 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 documents shall be
in substantially the form on file with the authority 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 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
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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 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 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 documents.
Section 3. Effective date. This resolution shall be effective upon approval.
Reviewed for administration: Adopted by the Economic Development
Authority May 6, 2024
Karen Barton, executive director Lynette Dumalag, president
Attest
Melissa Kennedy, secretary
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