HomeMy WebLinkAbout96-11 - ADMIN Resolution - Economic Development Authority - 1996/12/16RESOLUTION NO. EDA - 96-11
RESOLUTION APPROVING
REDEVELOPMENT AGREEMENT FOR ASSISTED LIVING FACILITY
AND CONSTRUCTION PLANS RELATED THERETO
WHEREAS, the St. Louis Park Economic Development Authority (EDA) has received a
request for Tax Increment Financing from G & P Properties, Inc. (Developer) to assist in
redeveloping an acre site within the Park Center Boulevard Housing Tax Increment
Financing District; and
WHEREAS, the Developer is seeking Tax Increment Financing in the amount of up to
$500,000 to cover costs associated with site acquisition and site preparation; and
WHEREAS, on October 7, 1996, the EDA modified Redevelopment Project No. 1
establishing the Park Center Boulevard Housing Tax Increment Financing District and approved
and adopted the Redevelopment Plan and Tax Increment Financing Plan related thereto by
Resolution No. 96-09, which directed Staff to prepare and present an agreement for this purpose;
and
WHEREAS, the attached Redevelopment Agreement provides the financing necessary to
redevelop the site using a financial structure which minimizes risk to the EDA.
NOW THEREFORE BE IT RESOLVED that the EDA approve the Redevelopment
Agreement substantially in the form attached hereto and the Executive Director and President of
the Authority are authorized to execute the Agreement on behalf of the Authority.
BE IT FURTHER RESOLVED, that the construction plans for the purpose of Section 4.2
of the Redevelopment Agreement are hereby approved.
Approved by St. Louis Park Economic Development Authority
December 16, 1996
Its President
ATTEST:
Its Executive Direct r
9055:RES10