HomeMy WebLinkAbout00-07 - ADMIN Resolution - Economic Development Authority - 2000/04/03EDA RESOLUTION NO. 00-07
ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION APPROVING A CONTRACT FOR PRIVATE REDEVELOPMENT
AMONG THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY,
THE CITY OF ST. LOUIS PARK AND MSP SLP APARTMENTS, 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
redevelopment of certain underutilized property in the City for a 200 -unit market rate apartment
building (the "Mill City Project").
1.03. There has been presented before the Board a Contract for Private Redevelopment (the
"Contract") among the Authority, the City and MSP SLP Apartments, LLC (the "Redeveloper"),
setting forth the terms and conditions of development of the Mill City Project and the City and
Authority 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.
Approved by the Board of Commissioners of the St. Louis Park Economic Development
Authority this 3rd day of April, 2000.
Revie d for Administration:
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Executive Director/7 Ir President
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