HomeMy WebLinkAbout15-03 - ADMIN Resolution - Economic Development Authority - 2015/02/02ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 15-03
RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION
OF REDEVELOPMENT CONTRACT BETWEEN
MSP SLP APARTMENTS, LLC AND SIDAL CROSSROADS CO., 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 its Mill City Tax Increment Financing District ("TIF District").
1.02. The Authority, the City of St. Louis Park ("City") and MSP SLP Apartments, LLC
(the "Redeveloper") entered into a Contract for Private Redevelopment Dated as of April 3, 2000
(the "Contract"), regarding redevelopment of a portion of the property within the TIF District.
1.03. The Redeveloper proposes to convey the property that is the subject of the Contract
(the "Subject Property") to Sidal Crossroads Co., LLC (the "Assignee"), and the Assignee intends
to purchase the Subject Property.
1.04. In connection with such conveyance, Redeveloper seeks to assign the rights and
obligations of Redeveloper under the Contract, including assignment of the Tax Increment Revenue
Note, Series 2000A, dated November 20, 2000, issued to Redeveloper by the Authority (the
"Note"), to the Assignee, and the Assignee agrees to accept such rights and obligations, all pursuant
to an Assignment and Assumption of Contract for Private Redevelopment between Redeveloper and
Assignee (the "Assignment"), Pursuant to the Contract, the Redeveloper must seek approval from
the Authority prior to making any assignment of the Contract or Note.
1.05. The Contract and Note are subject to a previous collateral assignment (the
"Collateral Assignment") by Redeveloper to CWCapital (the "Lender"), to which the Authority
consented by motion on May 16, 2011. Pursuant to the Collateral Assignment, the Redeveloper
must receive written approval from the Lender or its permitted assigns prior to making any further
assignment of the Contract or Note.
1.06. 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. Subject to receipt by the Authority of written Lender approval, the Assignment,
including the 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.
EDA Resolution No. 15-03
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
W he Authority in order to carry out the transaction described in the Assignment.
L/6 2.03. Authority staff and consultants are authorized to take any actions necessary to carry
t tete intent of this resolution.
Administration; Adopted by the Economic Development
Authority February 2, 2015
President
Attest
Secretary