HomeMy WebLinkAbout15-05 - ADMIN Resolution - Economic Development Authority - 2015/04/20ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 15-05
RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION
OF REDEVELOPMENT CONTRACT BETWEEN
CENTRAL PARI{ WEST, LLC AND OP4 SLP, 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 hicrement 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 proposes to convey a portion of the property that is the subject of the Contract
(the "Subject Property") to OP4 SLP, LLC (the "Assignee"), and the Assignee intends to construct
the office phases of development, defined in the Contract as Central Park West Phase IV and
Central Park West Phase V, on the Subject Property. 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 Abr ty the Consent attached to the Assignment and any other documents requiring execution
by th Auth rity ,Corder to carry out the transaction described in the Assignment.
2.03. Authority staff and consultants are authorized to take any actions necessary to carry
out the intent this resolution.
Reviewed inistration: Adopted by the Economic Development Authority
d� April 20, 2015
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President
Attest
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