HomeMy WebLinkAbout04-10 - ADMIN Resolution - Economic Development Authority - 2004/10/04EDA RESOLUTION NO. 04-10
RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT
BETWEEN ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND
AQUILA SENIOR, 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. The Authority and Aquila Senior, LLC (the "Redeveloper") have proposed to enter
into a Contract for Private Redevelopment (the "Contract"), setting forth the terms and conditions of
redevelopment of certain property within the Redevelopment Project, generally described as the
former Talmud Torah School site.
1.03. 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 pproval; Further Proceedings.
2.01. The 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 Contract and any documents referenced therein requiring execution by the
Au)hmity, and to carry out, on behalf of the Authority its obligations thereunder.
ved by the Board of Commissioners of the St. Louis Park Economic Development
4th day of October, 2004.
X1/
President
ATTEST:
Se tary