HomeMy WebLinkAbout04-14 - ADMIN Resolution - Economic Development Authority - 2004/11/01EDA RESOLUTION NO. 04-14
RESOLUTION CONVEYANCE OF LAND BY THE ST. LOUIS PARD
ECONOMIC DEVELOPMENT AUTHORITY TO
EXCELSIOR & GRAND IV 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, a
Second Amendment thereto dated September 15, 2003, and a Third Amendment thereto dated
October 7, 2003 (the "Contract") setting forth the parties' respective responsibilities in the
redevelopment of certain property in the City; and
WHEREAS, the parties have determined to enter into a Fourth Amendment to the
Contract in connection with Phase E of the development described (further described below);
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 proposes to assignee certain of its rights and obligations
under the Contract to Excelsior & Grand IV LLC ("Redeveloper"); and
WHEREAS, under the Contract, as modified by the proposed Fourth Amendment, the
Authority agrees to convey to the Redeveloper, as assignee of Meridian, certain property
referred to generally as Phase E and legally described as Lot 1, Block 1, Park Commons East
3"d Addition (the "Phase E Property"), subject to certain terms and conditions; and
WHEREAS, the Authority has on this date held a public hearing regarding
conveyance of the Phase E 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 E 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 E Property to the
Redeveloper, subject to satisfaction of all terms and conditions of the Contract, as
amended, and authorizes and directs the President and Executive Director to execute the
deed and related documents necessary to carry out such real estate transaction.
EDA Resolution No. 04-14 -2-
ved by the Board of Commissioners of the St. Louis Park Economic
Authority this I" day of November, 2004.
Administration:
,ct r President
Attest
cretary