HomeMy WebLinkAbout15-24 - ADMIN Resolution - Economic Development Authority - 2015/11/02ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 15-24
RESOLUTION APPROVING A FIRST AMENDMENT OF A CONTRACT FOR
PRIVATE REDEVELOPMENT BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY AND SHOREHAM 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 Shoreham 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 and Shoreham Apartments LLC (the "Redeveloper") executed a
Contract for Private Redevelopment, dated as of August 17, 2015 (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"), and the
disbursement of various grants for environmental remediation and transit -oriented development in
connection with the Redevelopment Property, including two grants from Hennepin County (the
"County Grants").
1.03. The parties have negotiated and propose to execute a First Amendment to the
Contract (the "First Amendment") to expand upon the terms, purposes, and disbursement process
for the County Grants and to allow for the Redeveloper to acquire the Redevelopment Property
through a tax-deferred exchange under Section 1031 of the Internal Revenue Code of 1986, as
amended.
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.
Executive
Attest
Na§
Adopted by the Economic Development
Authority November 2, 2015
President