HomeMy WebLinkAbout15-01 - ADMIN Resolution - Economic Development Authority - 2015/02/02ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 15-01
RESOLUTION APPROVING PURCHASE AGREEMENT BETWEEN
THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
AND DMD PROPERTIES, LLC
BE IT RESOLVED BY the Board of Commissioners ("Board") of the St. Louis Park
Economic Development Authority (the "Authority") as follows:
Recitals.
1.01. The Authority and DMD Properties, LLC (the "Seller") desire to enter into a
purchase agreement (the "Purchase Agreement") pursuant to which the Authority will acquire
certain property in the City (the "Property") from the Seller for economic redevelopment purposes
through a contract for deed. The Property is described in Exhibit A attached hereto.
1.02. Pursuant to the Purchase Agreement, the Authority will purchase the Property from
the Seller for a purchase price of $2,750,000 plus related closing costs.
1.03. The Authority finds that acquisition of the Property is consistent with Chapter IV,
Section C., "Economic Development and Redevelopment," of the City's Comprehensive Plan,
dated December 2009, and with the Southwest Corridor Investment Framework and Transitional
Station Area Action Plan for Wooddale Station, prepared by Hennepin County and accepted by the
City on April 21, 2014, and that such acquisition will facilitate the economic redevelopment and
revitalization of this area of the City.
Section 2. Purchase Agreement Approved.
2.01. The Authority hereby approves the Purchase Agreement in substantially the form
presented to the Authority and on file at City Hall, 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 Purchase Agreement by those officials shall be conclusive
evidence of their approval.
2.02. Authority staff and officials are authorized to take all actions necessary to perform
the Authority's obligations under the Purchase Agreement as a whole, including without
limitation execution of any documents to which the Authority is a party referenced in or attached
to the Purchase Agreement, and any contract for deed or other documents necessary to acquire
th operty from the Seller, all as described in the Purchase Agreement.
A pro ed this 2nd day of February, 2015, by the Board of Commissioners of the St. Louis Park
Ec nomic Development Authority.
Revie od fc�1� Administration: Adopted by the Economic Development
I \ Authority February 2, 2015
Exlecutike Pirector 1 President
Attest