HomeMy WebLinkAbout01-01 - ADMIN Resolution - Economic Development Authority - 2001/01/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 01-01
RESOLUTION APPROVING A CONTRACT FOR PRIVATE
REDEVELOPMENT BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY, THE CITY OF ST. LOUIS PARK AND
MERIDIAN PROPERTIES REAL ESTATE DEVELOPMENT 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 the area in the City known as Park Commons East (the "Park Commons Project").
1.03. There has been presented before the Board a Contract for Private Redevelopment (the
"Contract") between the Authority, the City and Meridian Properties Real Estate Development LLC
(the "Redeveloper"), setting forth the terms and conditions of development of the Park Commons
Project and the Authority's and City's participation in that effort.
1.04. The Contract provides for certain financial assistance by the City and the Authority
that constitutes a "business subsidy" exceeding $100,000 within the meaning of Minnesota Statutes,
Section 1167.993 to 1167.995 (the "Business Subsidy Act").
1.05. The "business subsidy agreement" as required under the Business Subsidy Act is
included as Section 6.4 of the Contract, and the City (on behalf of both the Authority and the City)
has on this date conducted a duly noticed public hearing regarding the business subsidy agreement
at which all interested persons were give 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. 01-01 -2-
Approved by the Board of Commissioners of the St. Louis Park Economic Development
Authority this 16"' day of January 2001.
for Administration: Adopted on
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