HomeMy WebLinkAbout99-14 - ADMIN Resolution - Economic Development Authority - 1999/09/21EDA RESOLUTION NO. 99-14
ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION APPROVING CONVEYANCE OF LAND BY THE ST. LOUIS
PARK ECONOMIC DEVELOPMENT AUTHORITY TO DRF -L7 LLC
WHEREAS, the St. Louis Park Economic Development Authority (the
"Authority") and the City of St. Louis Park ("City") have entered into a Contract for
Private Redevelopment with. DRF L-7 LLC ("Developer") dated July 30, 1999
("Contract") setting forth the parties' respective responsibilities in undertaking certain
development at Highway 7 and Louisiana Avenue in the City; and
WHEREAS, the development described in the Contract is consistent with the
Authority's Redevelopment Project No. 1 ("Project"), administered by the Authority
under Minnesota Statutes, Section 469.001 to 469.047; and
WHEREAS, under the Contract the City agreed to convey to the Authority and
the Authority agreed to convey to the Developer certain property defined as the "City
Parcel" subject to certain terms and conditions; and
WHEREAS, the Authority has on this date held a public hearing regarding
conveyance of the City Parcel to the Developer at which all interested persons were given
an opportunity to be heard.
NOW, THEREFORE, be it resolved by the Board of Commissioners of the St.
Louis Park Economic Development Authority as follows:
1. The Authority finds that conveyance of the City Parcel to the Developer is in the
public interest because it will further the objectives of the redevelopment plan for the
Project and promote the public benefits described in City Resolution No. 98-172
regarding property tax abatements granted to the Developer.
2. The Authority approves the conveyance of the City Parcel to the Developer,
subject to satisfaction of all terms and conditions of the Contract, and authorizes and
directs the President and Executive Director to execute the deed and related documents
necessary to carry out such real estate transaction.
Approved by the Board of Commissioners of the St. Louis Park Economic
Development Authority this 21st day of September 1999.
Reviewed for Administration:
xecutive Director
Attest:
E A Secretary
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President