HomeMy WebLinkAbout89-10 - ADMIN Resolution - Economic Development Authority - 1989/07/31RESOLUTION NO. . EDA -10 '„'i= i i;lki
RESOLUTION APPROVING CONTRACT FOR
PRIVATE REDEVELOPMENT WITH
CITYSCAPE APARTMENTS LIbIITED PARTNERSHIP;
AUTHORIZING ITS EXECUTION;
AUTHORIZING SIGNATORS ON THE
DEED OF CONVEYANCE
WHEREAS, the St. Louis Park Economic Development Authority (EDA) is
responsible for the development program for the Highway 7 Corridor that was established
pursuant to Tax Increment Financing District 85-1; and
WHEREAS, the development program includes demolition and site improvements
and interest costs related to the demolition of existing grain silos and construction of a 156
unit multi -family rental housing project; and
WHEREAS, a proposed Contract for Private Redevelopment by and between the
Economic Development Authority of the City of St. Louis Park and Cityscape
Apartment Limited Partnership (Redeveloper), wherein the EDA would acquire
the site contemplated for redevelopment and convey it to the redeveloper has
been reviewed by the EDA; and
WHEREAS, a public hearing on the proposed sale of land was held at 7:00 p.m. July
10, 1989 pursuant to published notice of the hearing in the St. Louis Park Sailor, a
newspaper of general circulation in Hennepin County and the city of St. Louis Park, at least
10 but not more than 20 days before the hearing, pursuant to Minnesota Statute Chapter
469.105 Subd. 2, which public hearing was continued to 6:00 p.m. July 17, 1989 and to 8:00
p.m. July 24, 1989, and
WHEREAS, proposed construction plans for the minimum improvements under the
Contract for Private Redevelopment have been reviewed by the EDA;
NOW, THEREFORE be it resolved by the Board of Commissioners of the Economic
Development Authority of the City of St. Louis Park as follows:
1. That the Contract for Private Redevelopment referred to above is hereby
approved.
2. That the execution of the Contract for Private Redevelopment by the
President and Executive Director of the EDA is hereby authorized.
3. That the President and the Executive Director of the EDA are hereby
authorized to execute a deed of Conveyance and other documents for the
property related to the conveyance of the property under the terms and
conditions contained in the referred to Contract for Private Redevelopment.
4. That the construction plans for the minimum improvements under the
Contract for Private Redevelopment are hereby approved.
5. That the force and effect of this Resolution is expressly conditioned on the
EDA's receipt of or copy of a fully executed purchase agreement between the
redeveloper and the fee holder of the land.
Adopted by the Economic Development Authority on July 31, 1989
M10
Attest:
Gr/ l 101JCS? -1
William C. Dixon, Executive Director