HomeMy WebLinkAbout15-31 - ADMIN Resolution - Economic Development Authority - 2015/11/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 15-31
RESOLUTION APPROVING A PARTIAL ASSIGNMENT AND ASSUMPTION
OF REDEVELOPMENT CONTRACT BETWEEN
CEDAR LAKE ROAD APARTMENTS, LLC AND
LAKE WEST DEVELOPMENT CO., 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 is currently administering its Redevelopment Project No. 1 ('Project")
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act"), and within the Project
has established the Eliot Park Tax Increment Financing District ("TIF District").
1.02. The Authority, the City of St. Louis Park ("City") and Cedar Lake Road Apartments
LLC (the "Redeveloper") entered into a Contract for Private Redevelopment dated as of July 1,
2014, as amended (the "Contract"), regarding the construction on the Redevelopment Property
within the TIF District of certain Minimum Improvements consisting of an Apartments component
and a Single -Family Homes component, as such terms are defined in the Contract.
1.03, The Redeveloper has now determined that it is in the best interest of the Project and
TIF District to assign its obligations under the Contract solely as to the Single -Family Homes
component to Lake West Development Co., LLC (the "Assignee"), and the Assignee intends to
construct the Single -Family Homes on the Redevelopment Property in accordance with the terms of
the Contract, all pursuant to an Assignment and Assumption of Redevelopment Contract between
the Redeveloper and the Assignee (the "Assignment").
1.04. The Board has reviewed the Assignment and finds that the approval and execution of
the Authority's consent thereto are in the best interest of the City and its residents.
Section 2. Authority Approval; Other Proceedings.
2.01. The Assignment, including the Consent of the Authority related thereto, 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 consent to the Assignment by such officials shall be conclusive evidence of
approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf of
ithority the Consent related to the Assignment and any other documents requiring execution
Authority in order to carry out the transaction described in the Assignment.
03. Authority staff and consultants are authorized to take any actions necessary to cant'
out the intent of this resolution.
Adopted by the Economic Development
Authority November 16, 2015A
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President
Attest
Secrc6ary