HomeMy WebLinkAbout24-15 - ADMIN Resolution - Economic Development Authority - 2024/09/09
EDA Resolution No. 24 - 15
Approving a community investment initiative grant agreement with
Hennepin County
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) Hennepin County, Minnesota (the “county”) has created their Community
Investment Initiative (the “program”) to advance economic recovery and increase long-term
economic opportunity in communities in the county most significantly impacted by the COVID-
19 pandemic. The program seeks to create business incubators or long-term affordable
commercial space or support nonprofits providing economic recovery services to
disproportionally impacted communities. Pursuant to Resolution 22-0325, the county board of
commissioners has awarded up to $380,000 from the program to the authority (the “grant”) to
support the acquisition of an approximately 8,300 square foot vacant commercial space located
at 4300 36 ½ Street West (the “property”), in the City of St. Louis Park, Minnesota (the “city”)
for the St. Louis Park affordable commercial space initiative. The property shall be renovated
and converted into a multi-tenant commercial building with at least five (5) tenant spaces to be
leased or sold to qualified small business owners at below market rates.
(b) The county has prepared a program grant agreement for the authority (the “grant
agreement”), by and between the county and the authority, pursuant to which the county shall
give the authority the grant to finance a portion of the acquisition cost of the property.
(c) The board has reviewed the grant agreement 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 grant agreement 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 grant agreement (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
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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.
(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 September 9, 2024:
Karen Barton, executive director Lynette Dumalag, president
Attest:
Melissa Kennedy, secretary
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