HomeMy WebLinkAbout03-11 - ADMIN Resolution - Economic Development Authority - 2003/09/15ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 03-11
RESOLUTION APPROVING CONVEYANCE OF LAND
BY THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
TO EXCELSIOR & GRAND LLC
WHEREAS, the St. Louis Park Economic Development Authority (the "Authority") and the
City of St. Louis Park ("City") have entered in an Amended and Restated Contract for Private
Redevelopment with Meridian Properties Real Estate Development LLC ("Meridian") dated July
23, 2001, as amended by a First Amendment thereto dated March 3, 2003 and a Second
Amendment thereto dated September 15, 2003 (the "Contracf) setting forth the parties' respective
responsibilities in the redevelopment of certain property in the City; and
WHEREAS, the development described in the Contract is consistent with the Authority's
Redevelopment Project No. 1 ("Project"), administered by the Authority under Minnesota Statutes,
Section 469.001 to 469.047; and
WHERREAS, Meridian has assigned certain of its rights and obligations under the Contract
to Excelsior & Grand LLC ("Redeveloper"); and
WHEREAS, under the Contract the Authority agreed to convey to the Redeveloper, as
assignee of Meridian, certain property referred to generally as Phase NE and legally described as
Lot 1, Block 1, Park Commons East 2"d Addition (the "Phase NE Property"), subject to certain
terms and conditions; and
WHEREAS, the Authority has on this date held a public hearing regarding conveyance of
the Phase NE Property to the Redeveloper at which all interested persons were given an opportunity
to be heard.
NOW, THEREFORE, be it resolved by the Board of Commissioners of the St. Louis Park
Economic Development Authority as follows:
1. The Authority finds that conveyance of the Phase NE Property to the Redeveloper is
in the public interest because it will further the objectives of the redevelopment plan for the Project.
2. The Authority approves the conveyance of the Phase NE Property to the
Redeveloper, subject to satisfaction of all terms and conditions of the Contract, and authorizes and
directs the President and Executive Director to execute the deed and related documents necessary to
carry out such real estate transaction.
Approved by the Board of Commissioners of the St. Louis Park Economic Development
Authority this 15`h day of September 2003.
Reviewed for Administration Adopted by the Economic Development Authority
September 15, 2003
xecutive ffirector resident
Attest:
cretary