HomeMy WebLinkAbout04-05 - ADMIN Resolution - Economic Development Authority - 2004/06/21ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 04-05
RESOLUTION APPROVING PURCHASE AND REDEVELOPMENT CONTRACT
BEWTEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND
PHILLIPS INVESTMENT CO.
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 in Exhibit A
(the "Property"); and
WHEREAS, Phillips Investment Co. ("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
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.
The Authority directs staff to complete the replat of the Property, as described in
1 of the Contract, by no later than December 31, 2004.
I proved by the Board of Commissioners of the St. Louis Park Economic Development
Autho 't pthis 21st day of June, 2004.
Revie e for dministration:
Executive ire President
ATTEST:
Se etary
EDA Resolution No. 04-05
EXHIBIT A
Description of Property
That part of Lot 1, Block 7, OAK PARK VILLAGE, according to the record plat thereof, Hennepin
County, Minnesota, lying northerly of a line drawn from the angle point in the east line of said Lot 1
distant 188.32 feet south of the northeast corner of said Lot 1, to a point on the west line of said Lot
1 distant 185.20 feet south of the northwest corner of said Lot 1;
And,
That part of the vacated alley and vacated 2nd Street N.W. adjacent to and easterly of said Lot 1,
Block 7, which lies west of the center line of said alley and its extension northerly and which lies
between a line drawn between the angle points in said alley and the south line of Lot 1, Block 6,
said OAK PARK VILLAGE.
SJB 128147 A_1
MN140-86