HomeMy WebLinkAbout25-12 - ADMIN Resolution - Economic Development Authority - 2025/05/19EDA Resolution No. 25-12
Approving an amendment to the cooperative construction agreement
with Metropolitan Council
Be it resolved by the board of commissioners (the “board”) of the St. Louis Park
Economic Development Authority (the “authority”) as follows:
Section 1. Recitals.
1.01. The authority and city council (the “city council”) of the City of St. Louis Park,
Minnesota (the “city”) have heretofore approved the establishment of the Beltline Station Tax
Increment Financing District No. 1 (the “TIF district no. 1”), a housing district, and Beltline Station
Tax Increment Financing District No. 2 (the “TIF district no. 2” and together with TIF district no. 1,
the “TIF districts”), a renewal and renovation district, within Redevelopment Project No. 1 (the
“project”).
1.02. The authority, and Beltline Development LLC, or an entity related thereto or
affiliated therewith (the “developer”), each own portions of certain property within the project
(the “development property”), which has been the subject of various agreements between the
parties for purposes of constructing a mixed-use development and related parking, including a
parking ramp serving in part as a park & ride facility for Metro Transit’s proposed Southwest
Light Rail Transit Beltline station on certain property in the project (the “development”).
1.03. The development includes an approximately 571-space parking ramp with
approximately 1,850 square feet of commercial space (including approximately 208 spaces to
serve mixed use component, approximately 95 spaces to serve the market rate housing
component, and approximately 268 spaces to be dedicated as public transit park & ride spaces)
and driver restroom (the “parking ramp component”).
1.04. Metropolitan Council and the authority entered into a cooperative construction
agreement, dated December 15, 2020, as amended by a first amendment to the cooperative
construction agreement, dated March 31, 2021 and a second amendment to the cooperative
construction agreement, dated July 24, 2023 (as heretofore amended, the “original cooperative
construction agreement”), which described the responsibilities of Metropolitan Council and the
authority with respect to the construction of the public transit parking ramp.
1.05. The authority and Metropolitan Council have negotiated and now propose to
execute amendment number three to the cooperative construction agreement (the “third
amendment to cooperative construction agreement”) to reflect the Metropolitan Council’s
increased contribution for total assistance in the amount of $3,484,167.
Section 2. Approval of documents.
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2.01. The board hereby approves the third amendment to cooperative construction
agreement in substantially the form presented to the board, together with any related documents
necessary in connection therewith, including without limitation all documents, exhibits,
certifications, or consents referenced in or attached to such documents (collectively, the “grant
documents”).
2.02. The board hereby authorizes the president and executive director, in their
discretion and at such time, if any, as they may deem appropriate, to execute the grant documents
on behalf of the authority, and to carry out, on behalf of the authority, the authority’s obligations
thereunder when all conditions precedent thereto have been satisfied. The grant documents shall
be in substantially the forms on file with the authority and the approval hereby given to the grant
documents includes approval of such additional details therein as may be necessary and
appropriate and such modifications thereof, deletions therefrom and additions thereto as may be
necessary and appropriate and approved by legal counsel to the authority and by the officers
authorized herein to execute said documents prior to their execution; and said officers are hereby
authorized to approve said changes on behalf of the authority. The execution of any instrument by
the appropriate officers of the authority herein authorized shall be conclusive evidence of the
approval of such document in accordance with the terms hereof. This resolution shall not
constitute an offer and the grant documents shall not be effective until the date of execution
thereof as provided herein.
2.03. In the event of absence or disability of the officers, any of the documents
authorized by this resolution to be executed may be executed without further act or authorization
of the board by any duly designated acting official, or by such other officer or officers of the board
as, in the opinion of the city attorney, may act in their behalf. Upon execution and delivery of the
grant documents, the officers and employees of the Board are hereby authorized and directed to
take or cause to be taken such actions as may be necessary on behalf of the board to implement
the grant documents.
Section 3. Effective Date. This resolution shall be effective upon approval.
Reviewed for Administration: Adopted by the Economic Development
Authority May 19, 2025:
Karen Barton, executive director Sue Budd, president
Attest:
Melissa Kennedy, secretary
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