HomeMy WebLinkAbout99-07 - ADMIN Resolution - Economic Development Authority - 1999/07/26ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTIONNO. 99 - 7
RESOLUTION APPROVING A CONTRACT FOR PRIVATE
REDEVELOPMENT AMONG THE CITY, THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY, AND DRF L-7 LLC.
BE IT RESOLVED By the Board of Commissioners ("Board") of the St. Louis Park
Economic Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority has determined a need to exercise the powers of a housing and
redevelopment authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ("EDA Act"),
and is currently administering Redevelopment Project No. 1 ("Redevelopment Project") pursuant to
Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act").
1.02. Among the activities to be assisted by the Authority in the Redevelopment Project is
development of certain underutilized property in the City located generally at the southwest quadrant
of the intersection of Highway 7 and Louisiana Avenue (the "Project").
1.03. There has been presented before the Board a Contract for Private Redevelopment (the
"Contract") among the City, the Authority, and DRF L-7 LLC (the "Redeveloper"), setting forth the
terms and conditions of development of the Project and the Authority's participation in that effort.
1.04. The Board has reviewed the Contract and finds that the execution thereof and
performance of the Authority's obligations thereunder are in the best interest of the City and its
residents.
Section 2. Authority Approval; Further Proceedings.
2.01. The Contract as presented to the Board is hereby in all respects approved, subject to
modifications that do not alter the substance of the transaction and that are approved by the President
and Executive Director, provided that execution of the documents by such officials shall be conclusive
evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf of the
Authority the Contract and any documents referenced therein requiring execution by the Authority, and
to carry out, on behalf of the Authority its obligations thereunder.
2.03. Approval of conveyance of the City Parcel, as defined in the Contract, by the Authority
to the Redeveloper is conditioned upon holding a public hearing in accordance with law. Staff and
consultants are authorized to take any actions necessary to acquire the City Parcel as defined in the
Contract from the City and arrange a hearing.
EDA Resolution No. 99-7
-2-
ApTroved by the Board of Commissioners of the St. Louis Park Economic Development Authority this
26 of July, 1999.
Reviewed for Administration:
E/cu-ttleADirector
Attest:
S cretary
Qx�
President