HomeMy WebLinkAbout24-10 - ADMIN Resolution - Economic Development Authority - 2024/06/03
EDA Resolution No. 24 – 10
Approving a modification to the authority’s two percent loan
program and an amended and restated professional services
agreement with the Metropolitan Consortium of Community
Developers to administer loans under said program
Whereas, the St. Louis Park Economic Development Authority (the “authority”)
established the two percent loan program (the “program”) and adopted program guidelines on
March 25, 2019 (the “guidelines”) pursuant to which the authority provides low interest loans
to businesses and property owners improving, renovating, or expanding their buildings and
purchasing property within the City of St. Louis Park, Minnesota (the “city”) to further enhance
the city’s economic success, vibrancy and historic character; and
Whereas, the program is administered by the Metropolitan Consortium of Community
Developers, a Minnesota nonprofit corporation (“MCCD”), pursuant to a professional services
agreement between the authority and MCCD, dated August 8, 2023 (the “service agreement”);
and
Whereas, pursuant to Minnesota Rules, Part 4714 of the Minnesota Plumbing Code,
restaurants in the city need to install and operate fat, oil, and/or grease interceptor systems
(“grease traps”) to prevent blockages and obstructions to the sewer system, and to facilitate
these installations, the authority wishes to amend the program (the “amended program”) to
allow for applicants to apply for loans to pay for the installation of grease traps and make other
changes to the program; and
Whereas, there have been prepared amended guidelines (the “amended guidelines”)
and an amended and restated service agreement with MCCD (the “amended and restated
service agreement”); and
Whereas, the amended guidelines and the amended and restated service agreement
have been presented to the board of commissioners of the authority; and
Now therefore be it resolved by the board of commissioners (the “board”) of the authority
as follows:
1. The board approves the amended guidelines and the amended and restated service
agreement in substantially the forms 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 amended guidelines and the
amended and restated service agreement (the “documents”).
2. 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
DocuSign Envelope ID: 80594589-69E9-4351-B8B8-FB460B5058E9
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
shall not constitute an offer and the documents shall not be effective until the date of execution
thereof as provided herein.
3. 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.
4. The board hereby delegates to the executive director and authority staff the
authority to administer the amended program in accordance with the amended guidelines,
including without limitation processing and approving applications and executing loan
documents.
Reviewed for administration: Adopted by the Economic Development
Authority June 3, 2024
Karen Barton, executive director Lynette Dumalag, president
Attest
Melissa Kennedy, secretary
DocuSign Envelope ID: 80594589-69E9-4351-B8B8-FB460B5058E9