HomeMy WebLinkAbout01-06 - ADMIN Resolution - Economic Development Authority - 2001/07/23ST. LOUIS PARD ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 01-06
RESOLUTION APPROVING AN AMENDED AND RESTATED
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 1T 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. The City, Authority and Meridian Properties Real Estate Development LLC (the
"Redeveloper") entered into a Contract for Private Redevelopment dated January 16, 2001 (the
"Original Contract"), 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. To address changes in timing and other development details for the Park Commons
Project, the parties have determined to enter into an Amended and Restated Contract (the
"Amended Contract").
1.05. The Board has reviewed the Amended 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 pproval; Further Proceedings.
2.01. The Amended 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 Amended Contract and any documents referenced therein requiring execution by
the Authority, and to carry out, on behalf of the Authority its obligations thereunder, including
without limitation any deeds or documents related to real estate transactions described in the
Amended Contract.
EDA Resolution No. 01-06
-2-
Approved by the Board of Commissioners of the St. Louis Park Economic Development Authority
this 23rd day of July, 2001.
Reviewed for Administration:
xecutive Director
Attest:
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cretary
President
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