HomeMy WebLinkAbout25-16 - ADMIN Resolution - Economic Development Authority - 2025/05/19
EDA Resolution No. 25-16
Approving an early start agreement with Beltline Development LLC
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; authorization.
1.01. The authority is the owner of certain real property located within the city (the
“property”).
1.02. The authority and Beltline Development LLC, a Minnesota limited liability
company (“beltline development”), entered into a purchase agreement, dated July 7, 2022, as
amended, and intend to enter into an amended and restated purchase agreement (collectively,
the “purchase agreement”), to acquire the property from the authority. Beltline development,
or its affiliates (the “developer”) will construct 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 the property (the “development”).
1.03. Under the purchase agreement, the authority will transfer title to the property to
the developer on which the developer is obligated to construct the development.
1.04. The conditions for conveyance of the property to developer have not yet been fully
satisfied, but developer desires to commence various site preparation activities in preparation for
construction of the development on the property prior to the transfer of title of such property to
developer, and has requested that the parties enter into an early start agreement (the
“agreement”) setting forth the terms and conditions for performance of such site preparation
activities by the developer.
1.05. The parties have negotiated the agreement in the form presented to the board, and
the board finds that the approval and execution thereof and performance of the authority's
obligations thereunder are in the best interest of the city and its residents.
Section 2. Approval of agreement.
(a) The board approves the 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 the agreement (the “documents”).
(b) 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 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
documents shall be in substantially the form on file with the authority and the approval hereby
given to the documents includes approval of such additional details therein as may be
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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 documents shall not be effective until the
date of execution thereof as provided herein.
(c) 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 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 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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