HomeMy WebLinkAbout15-20 - ADMIN Resolution - Economic Development Authority - 2015/10/19ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 15-20
RESOLUTION APPROVING AN ASSIGNMENT AND SUBORDINATION
OF CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN
THE ECONOMIC DEVELOPMENT AUTHORITY, UNION LAND Il, LLC AND
RELATED ENTITIES, AND LINCOLN BENEFIT LIFE COMPANY
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 Elmwood Village Tax Increment Financing District ("TIF District').
1.02, The Authority and Union Land II, LLC and various assigns (together, the
"Redeveloper") entered into a Contract for Private Redevelopment Dated as of March 6, 2006, as
amended (the "Contract'), regarding redevelopment of a portion of the property within the TIF
District (the "Redevelopment Property").
1.03. The Redeveloper proposes to refinance certain mortgage financing related to the
improvements constructed on the Redevelopment Property through its lender, Lincoln Benefit Life
Company (the "Lender"), and has requested that the Authority approve an Assignment and
Subordination of Contract for Private Redevelopment (the "Assignment') as authorized pursuant to
Section 7.2 of the Contract.
�. 1.04. The Board has reviewed the Assignment and finds that the approval and execution of
the Assignment are in the best interest of the City and its residents.
Section 2. Authority Approval, Other Proceedings.
2.01, The Assignment 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 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
the Authority the Assignment and any other documents requiring execution by the Authority in
ordlu,to carry out the transaction described in the Assignment.
\ V.03. Authority staff and consultants are authorized to take any actions necessary to carry
out the i teat of this resolution.
Adopted by the Economic Development
Authority October 19, 2015
President
Attest
Secre ary