HomeMy WebLinkAbout25-10 - ADMIN Resolution - Economic Development Authority - 2025/04/07
EDA Resolution No. 25-10
Approving amendment to various grant 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) The authority previously received grant funds from the Metropolitan Council’s (the
“council”) Livable Communities Demonstration Account, Tax Base Revitalization Account, and/or
the Local Housing Incentives Account grant programs (the “grant funds”). With the approval of the
Council, the authority used the grants funds to provide loans to the following affordable housing
projects: (i) Union Park Flats; (ii) Rise on 7; and (iii) Arbor Court (previously known as Wooddale
Avenue Apartments).
(b) The council has prepared an Agreement Permitting Redeployment of Repayment
Proceeds for Grant Funds as Loan Proceeds (the “agreement”) between the authority and the
council clarifying the authority’s ability to reuse payments received from developers on the loans
made from grant funds.
(c) The board has reviewed the agreement and finds that the execution thereof is in
the best interest of the city of St. Louis Park and its residents.
Section 2. Approval of documents.
(a) The board approves the 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 prior grant agreements (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 shall not constitute an offer and the documents shall not be effective until the
date of execution thereof as provided herein.
Docusign Envelope ID: 725EB51C-B7AD-4142-A9A8-F80570BF9A1C
(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 April 7, 2025:
Karen Barton, executive director Sue Budd, president
Attest:
Melissa Kennedy, secretary
Docusign Envelope ID: 725EB51C-B7AD-4142-A9A8-F80570BF9A1C