HomeMy WebLinkAbout25-09 - ADMIN Resolution - Economic Development Authority - 2025/03/03
EDA Resolution No. 25-09
Approving termination of certain agreements
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) To facilitate the construction of a multi-phase mixed-use development consisting of
rental housing and commercial space (the “development”) located in the city of St. Louis Park ,
Minnesota (the “city”), the authority created the Ellipse on Excelsior TIF District (the “TIF district”)
and entered into the following agreements (the “agreements”) in connection therewith, including:
(i) a contract for private development, dated February 2, 2009 (the “contract for private
development”), with Ellipse on Excelsior LLC, a Minnesota limited liability company, as amended
and assigned to MFREVF III-Ellipse, LLC, a Delaware limited liability company (“Ellipse on
Excelsior”); and (ii) a purchase and redevelopment contract, dated February 6, 2012 (the
“purchase and redevelopment contract” and together with the contract for private
development, the “contracts”) with Ellipse II LLC, a Minnesota limited liability company, as
assigned to MFREVF III-Ellipse, LLC, a Delaware limited liability company (“Ellipse II” and
together with Ellipse on Excelsior, the “developer”).
(b) Pursuant to the contracts, the authority provided certain tax increment financing
assistance to the developer in the form of two tax increment revenue notes (the “TIF notes”).
(c) The TIF district has been decertified and the TIF notes have been fully paid.
(d) The developer has requested that the authority execute and deliver terminations of
the contracts.
(e) Because the parties’ obligations under the contracts have been completed, the
authority finds that the termination of the contracts is appropriate.
Section 2. Approval of documents.
(a) The board approves the termination of the contracts, together with any related
documents necessary in connection therewith, including without limitation all documents,
exhibits, certifications, or consents necessary to effectuate the termination of the contracts
(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
Docusign Envelope ID: DABE8D8D-8126-46DA-936D-7036A9C43A60
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.
(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 March 3, 2025:
Karen Barton, executive director Sue Budd, president
Attest
Melissa Kennedy, secretary
Docusign Envelope ID: DABE8D8D-8126-46DA-936D-7036A9C43A60