HomeMy WebLinkAbout15-30 - ADMIN Resolution - Economic Development Authority - 2015/11/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 15-30
RESOLUTION APPROVING A FIRST AMENDMENT OF
A CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE
ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY,
THE CITY OF ST. LOUIS PARK,
AND CEDAR LAKE ROAD APARTMENTS LLC
BE IT RESOLVED BY the Board of Commissioners ('Board") of the St. Louis Park
Economic Development Authority, St. Louis Park, Minnesota (the "Authority") as follows:
Recitals.
1.01. Pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1082
and 469.174 to 469.1794, as amended, the Authority created the Eliot Park Tax Increment
Financing District within its Redevelopment Project No. 1 (the "Project'), for the purpose of
facilitating the redevelopment of certain substandard property within the Project.
1.02. The Authority, the City of St. Louis Park (the "City"), and Cedar Lake Road
Apartments LLC (the "Redeveloper") executed a Contract for Private Redevelopment, dated as of
July 1, 2014 (the "Contract'), providing, among other things, for the construction of certain
improvements (the "Minimum Improvements") on the property legally described within the
Contract (the "Redevelopment Property").
1.03. The parties have negotiated and propose to execute a First Amendment to the
Contract (the "First Amendment') to extend the deadline for the completion of construction of a
portion of the Minimum Improvements.
Section 2. First Amendment Approved.
2.01. The First Amendment 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 First
Amendment by such officials shall be conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf
of the Authority the First Amendment and any documents referenced therein requiring execution
by the Authority, and to carry out, on behalf of the Authority, its obligations thereunder.
2.03. Authority staff and consultants are authorized to take any actions necessary to
it the intent of this resolution.
Administration: Adopted by the Economic Development
Authority November 16, 2015
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ector President
Attest
Secotary /