HomeMy WebLinkAbout03-15 - ADMIN Resolution - Economic Development Authority - 2003/12/15ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 03-15
RESOLUTION APPROVING PURCHASE AND REDEVELOPMENT CONTRACT
BEWTEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
AND OAK HILL 3501 LLC (ANDERSON BUILDERS)
WHEREAS, the St. Louis Park Economic Development Authority (the "Authority")
administers Redevelopment Project No. 1 (the "Project") pursuant to Minnesota Statutes, Sections
469.001 to 460.047 (the "HRA Act"); and
WHEREAS, the Authority owns certain property within the Project described as follows: A
portion of Lot 1, Block 7; Oak Park Village, according to the recorded plat thereof, Hennepin
County, Minnesota, such portion being further described in the Contract described below (the
"Property"); and
WHEREAS, OAK HILL 3501 LLC ("Redeveloper") has proposed to acquire the Property
from the Authority, and in connection with that proposal the Authority has caused to be prepared a
Purchase and Redevelopment Contract between the Authority and Redeveloper (the "Contract"),-
and
Contract");and
WHEREAS, the Authority has on this date held a public hearing regarding conveyance of
the Property to the Redeveloper in accordance with the Contract 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 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 Contract in substantially the form on file in City Hall.
The President and Executive Director are authorized and directed to execute the
Contract, subject to modifications that do not change the substance of the transaction
and are approved by those officials, provided that execution of the Contract by those
officials will be conclusive evidence of their approval.
3. The Authority approves conveyance of the 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.
proved by the Board of Commissioners of the St. Louis Park Economic Development
this 15th day of December 2003.
Administration:
ATTEST:
S cretary
P esident