HomeMy WebLinkAbout93-05 - ADMIN Resolution - Economic Development Authority - 1993/07/19MICROFILMED
RESOLUTION NO. EDA 5-93
RESOLUTION APPROVING CONTRACT FOR
PRIVATE DEVELOPMENT WITH
SPS COMPANIES, INC.
AUTHORIZING ITS EXECUTION;
AUTHORIZING SIGNATORS ON THE
DEED OF CONVEYANCE AND GROUND LEASE ASSIGNMENT
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 (District 85-1); and
WHEREAS, the development program includes site acquisition; and
WHEREAS, the EDA is the owner of a number of parcels of land in District 85-1; and
WHEREAS, a proposed Contract for Private Development by and between the
Economic Development Authority of the City of St. Louis Park and SPS Companies, Inc.
(Redeveloper), wherein the EDA would acquire fee interest in part of the site contemplated
for redevelopment, receive assignment of a ground lease for the entire site contemplated for
redevelopment and convey and assign, respectively, those interests 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
19, 1993 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; and
WHEREAS, proposed Preliminary 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 in
substantially the form presented.
3. That the President and the Executive Director of the EDA are hereby
authorized to executive a deed of conveyance and ground lease assignment
and other documents related to the conveyance of the property under the
terms and conditions contained in the referred to Contract for Private
Redevelopment.
4. That the Preliminary Plans for the Minimum improvements under the
Contract for Private Redevelopment are hereby approved.
Adopted by the Economic Development Authority on July 19, 1993.
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Keith Meland
President
Attest:
alles W. Meyer, Execu a Wector
4235:GEN30