HomeMy WebLinkAbout14-05 - ADMIN Resolution - Economic Development Authority - 2014/12/15ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 14-05
RESOLUTION APPROVING A SECOND AMENDMENT TO AMENDED AND
RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT AMONG THE CITY OF
ST. LOUIS PARK, THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY,
DUKE REALTY LIMITED PARTNERSHIP, AND CENTRAL PARK WEST, 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 ("Duke") entered into an Amended and Restated Contract for Private Redevelopment
Dated as of May 17, 2010 (the "Contract"), regarding redevelopment of a portion of the property
within the TIF District.
1.03. In connection with an Assignment and Assumption of Contract pursuant to which
Duke will assign certain of its obligations under the Contract to Central Park West, LLC ("CPW"),
the parties to the Contract have determined to a need to revise the Contract in certain respects, and
to that end have prepared a Second Amendment to Amended and Restated Contract for Private
Redevelopment (the "Second Amendment"), by and among the Authority, the City, Duke, and
CPW.
1.04. The Board has reviewed the Second Amendment and finds that the approval and
execution thereof and performance of the Authority's obligations thereunder are in the best interest
of the City and its residents.
Section 2. Authority Approval; Other Proceedings.
2.01. The Second Amendment 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 documents 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 uthority the Second Amendment and any documents referenced therein requiring execution by
the A thority, and to carry out, on behalf of the Authority its obligations thereunder.
V.03. Authority staff and consultants are authorized to take any actions necessary to carry
out the Atent of this resolution.
for Administration: Adopted by the Economic Development
Authority December 15, 2014
President
Attest