HomeMy WebLinkAbout25-05 - ADMIN Resolution - Economic Development Authority - 2025/01/21
EDA Resolution No. 25-05
Approving a preliminary development agreement
between the St. Louis Park Economic Development Authority
and Roers St. Louis Park Apartments II LLC
Whereas, pursuant to its authority under Minnesota Statutes, Sections 469.090 to
469.1081 and Sections 469.001 through 469.047, both as amended, the St. Louis Park Economic
Development Authority (the “authority”) administers its redevelopment project no. 1 (the
“project”), for the purpose of facilitating the redevelopment of certain substandard property
within the project; and
Whereas, the authority owns certain property within the project (the “authority parcel”)
and Roers St. Louis Park Apartments II LLC, a Delaware limited liability company (the
“developer”) intends to acquire certain other property adjacent to the authority parcel within
the Project (the “third-party parcel” and together with the authority parcel, the “development
property”), all located on the south side of the proposed Southwest LRT Wooddale Station; and
Whereas, the development property has been the subject of certain preliminary
negotiations between the parties for purposes of constructing a 6-story mixed-use, mixed-
income building with approximately 263 residential units (of which 57 would be restricted to
affordable rent levels including 10% at 50% AMI, 10% at 60% AMI, and at least 4 units at 30%
AMI), approximately 7,000 to 9,000 square feet of ground floor commercial, one public plaza,
surface and structured parking, and several rooftop amenity spaces (the “development”); and
Whereas, the authority and the developer have negotiated a preliminary development
agreement (the “agreement”), providing for the performance of certain activities on the part of
the parties in preparation for the negotiation of a definitive purchase and redevelopment contract
in connection with the development property and the development, as presented for the
authority’s consideration; and
Whereas, the board has reviewed the agreement and finds that the approval and
execution of the agreement are in the best interest of the city and its residents. and will spur
redevelopment of underutilized and blighted property, encourage commerce and alternative
transportation, and enhance the city’s tax base.
Now therefore be it resolved by the authority that the agreement as presented to the
board of commissioners is hereby in all respects approved, subject to modifications that do not
alter the substance of the transaction and that are approved by the president and executive
director, provided that execution of the agreement by such officials shall be conclusive
evidence of approval.
It is further resolved that the president and executive director are hereby authorized to
execute on behalf of the authority the Agreement, and any documents referenced therein
requiring execution by the authority, and to carry out, on behalf of the authority, its obligations
thereunder.
Docusign Envelope ID: 258AC7DC-0389-43C3-9DFC-1636512F5CD6
It is further resolved that authority staff and consultants are authorized to take any
actions necessary to carry out the intent of this resolution.
Reviewed for administration: Adopted by the Economic Development
Authority January 21, 2025:
Karen Barton, executive director Sue Budd, president
Attest:
Melissa Kennedy, secretary
Docusign Envelope ID: 258AC7DC-0389-43C3-9DFC-1636512F5CD6