HomeMy WebLinkAbout00-03 - ADMIN Resolution - Economic Development Authority - 2000/02/07EDA RESOLUTION NO. 00-03
RESOLUTION APPROVING A CONTRACT FOR PRIVATE REDEVELOPMENT
BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT
AUTHORITY AND THE ROTTLUND COMPANY, 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. 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
redevelopment of certain underutilized property in the City for owner -occupied townhouses (the
"Rottlund Project").
1.03. There has been presented before the Board a Contract for Private Redevelopment (the
"Contract") between the Authority, and The Rottlund Company, Inc. (the "Redeveloper"), setting forth
the terms and conditions of development of the Rottlund Project and the Authority's participation in that
effort.
li 1.04. The Board has reviewed the Contract and finds that the execution thereof and performance
l' of the Authority's obligations thereunder are in the best interest of the City and its residents.
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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.
Approved by the Board of Commissioners of the St. Louis Park Economic Development
Authority this 7"' day of February, 2000.
Reviewed for Administration
xecutive 15irector U,,.JPresident
Attest: ,
Secretary