HomeMy WebLinkAbout15-04 - ADMIN Resolution - Economic Development Authority - 2015/04/20ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 15-04
RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION
OF REDEVELOPMENT CONTRACT BETWEEN CENTRAL PARK WEST, LLC
AND REGALIA SUITES OF MINNEAPOLIS, 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 proposes to convey a portion of the property that is the subject of the Contract
(the "Subject Property") to Regalia Suites of Minneapolis, LLC (the "Assignee"), and 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 Assignment and any other documents requiring execution
by the Authority in order to carry out the transaction described in the Assignment.
03. Authority staff and consultants are authorized to take any actions necessary to carry
out he i ent of this resolution.
Administration: Adopted by the Economic Development Authority
A A April 20, 2015
President