HomeMy WebLinkAbout25-058 - ADMIN Resolution - City Council - 2025/05/19
Resolution No. 25-058
Approving a business subsidy by the St. Louis Park Economic
Development Authority
Be it resolved by the city council (the “city council”) of the City of St. Louis Park,
Minnesota (the “city”) as follows:
Section 1. Recitals; authorization.
1.01. The St. Louis Park Economic Development Authority (the “authority”) and Beltline
Mixed Use LLC, a Delaware limited liability company (the “developer”), intend to enter into an
amended and restated contract for private development (the “agreement”) pursuant to which the
developer will acquire certain property located within the city (the “development property”) and
construct thereon (a) a building to include approximately 146 units of market rate housing with
approximately 96 underground parking spaces an affordable rental housing facility (the
“market-rate housing component”); (b) a building to include approximately 152 units of market
rate rental housing and approximately 18,200 rentable square feet of commercial space (the
“mixed-use component”); and (c) an approximately 571-space parking ramp with approximately
1,850 square feet of commercial space (including approximately 208 spaces to serve the 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,” and collectively with the market-rate housing
component and the mixed-use component, the “minimum improvements”). To make the
market-rate housing component and the mixed-use component of the minimum improvements
economically feasible, the authority will issue separate tax increment revenue notes
(individually, the “market-rate housing TIF note” and the “mixed-use component TIF note,” and
together, the “TIF notes”).
1.02. In addition to the TIF notes, the authority has proposed to provide a grant to the
developer (the “authority TIF grant”) from spending plan tax increment. The authority has also
proposed a loan for the acquisition of land for the mixed-use component and market-rate
housing component property payable from a purchase price note (the “purchase price note”) to
evidence the developer’s obligation to repay the loan.
1.03. The mixed-use component TIF the authority TIF grant, and the purchase price note
allocable on a pro rata basis to the commercial component of the mixed-use component,
constitute a business subsidy (the “business subsidy”) pursuant to Minnesota Statutes, Sections
116J.993 to 116J.995, as amended (the “business subsidy act”). In connection therewith the
developer and the authority will execute the Agreement in accordance with the proposed
terms on file with the city, which constitutes a “business subsidy agreement” as required under
the business subsidy act (the “business subsidy agreement”).
1.04. As required by Section 116J.994, subdivision 5 of the business subsidy act, on the
date hereof, the board of commissioners of the authority conducted a duly noticed public
hearing on the proposed business subsidy to be provided to the developer and setting the wage
and job goals at zero in accordance with the business subsidy act. In accordance with Section
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116J.994, subdivision 3(d), of the business subsidy act, the city council is required to approve
the business subsidy agreement contained in the agreement.
Section 2. Approvals.
2.01. The city council hereby approves the proposed business subsidy and the
business subsidy agreement contained in the agreement.
2.02. The city council hereby authorizes the president and the executive director of
the authority, in their discretion and at such time, if any, as they may deem appropriate, to
execute the business subsidy agreement (together, the “authority 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 authority documents shall be in
substantially the form on file with the city and the approval hereby given to the authority
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 city and 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 authority documents shall not be effective
until the date of execution thereof as provided herein.
Section 3. Effective Date. This resolution shall be effective upon approval.
Reviewed for administration: Adopted by the city council May 19, 2025:
Kim Keller, city manager Nadia Mohamed, mayor
Attest:
Melissa Kennedy, city clerk
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