HomeMy WebLinkAbout15-06 - ADMIN Resolution - Economic Development Authority - 2015/05/04ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 15-06
RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION OF
REDEVELOPMENT CONTRACT BETWEEN
CENTRAL PARK WEST, LLC AND RISLP, 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 West End Tax Increment Financing District ("TIF District").
1.02. The Authority, the City of St. Louis Park ("City") and Duke Realty Limited
Partnership (the "Redeveloper") entered into an Amended and Restated Contract for Private
Redevelopment Dated as of May 17, 2010, as amended (the "Contract"), regarding redevelopment
of a portion of the property within the TIF District, which has been assigned in part to Central Park
West, LLC ("CPW").
1.03. CPW previously proposed to convey a portion of the property that is the subject of
the Contact (the "Subject Property") to Regalia Suites of Minneapolis, LLC and received the
Authority's consent to such conveyance, but has now determined that it is in the best interest of the
Project and TIF District to convey the Subject Property to RISLP, LLC (the "Assignee"), The
Assignee intends to construct the hotel phase of development on the Subject Property defined in the
Contract as Central Park West Phase III. In connection with such conveyance, CPW seeks to assign
certain obligations of CPW related to the Subject Property to the Assignee, and the Assignee agrees
to accept such obligations, all pursuant to an Assignment and Assumption of Redevelopment
Contract between CPW and 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 attached 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
the Authority the Consent attached to the Assigmnent and any other documents requiring execution
by the Authority in order to carry out the transaction described in the Assignment.
2.03. The Authority's prior consent to the Assignment and Assumption of Redevelopment
Contact between CPW and Regalia Suites of Minneapolis, LLC is hereby revoked.
EDA Resolution No. 15-06
2.04. Authority staff and consultants are authorized to take any actions necessary to carry
intent of this resolution.
Adopted by the Economic Development
inistration: Authority May 4, 2015
President