HomeMy WebLinkAbout00-01 - ADMIN Resolution - Economic Development Authority - 2000/02/07ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 00-01
RESOLUTION APPROVING A CONTRACT FOR PRIVATE REDEVELOPMENT
BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT
AUTHORITY AND CSM HOSPITALITY, INC.
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. I ("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
redevelopment of certain underutilized property in the City for two hotel facilities (the "CSM
Project").
1.03. There has been presented before the Board a Contract for Private Redevelopment (the
"Contract") between the Authority, and CSM Hospitality, Inc. (the "Redeveloper"), setting forth the
terms and conditions of development of the CSM Project and the Authority's participation in that
effort.
1.04. The Contract provides for certain financial assistance that constitutes a "business
subsidy" exceeding $100,000 within the meaning of Minnesota Statutes, Section 116J.993 to
116J.995 (the "Business Subsidy Act").
1.05. The "business subsidy agreement" as required under the Business Subsidy Act is
included as Section 3.6 of the Contract, and the Authority has on this date conducted a duly noticed
public hearing regarding the business subsidy agreement at which all interested persons were given
an opportunity to be heard.
1.06. 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, including without limitation the business
subsidy agreement, 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.
EDA Resolution No. 00-01 -2-
Approved by the Board of Commissioners of the St. Louis Park Economic Development
Authority this 7lh day of February, 2000.
Reviewed for Administration:
xecutive Director xPresident
Attest:
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Sd6retary