HomeMy WebLinkAbout14-04 - ADMIN Resolution - Economic Development Authority - 2014/12/15ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 14-04
RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION OF
REDEVELOPMENT CONTRACT BETWEEN 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 (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.
1.03. The Redeveloper proposes to convey a portion of the property that is the subject of
the Contract (the "Subject Property") to Central Park West, LLC (the "Assignee"), and the Assignee
intends to construct certain future phases of development on the Subject Property. In connection
with such conveyance, Redeveloper seeks to assign certain obligations of Redeveloper 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 Redeveloper and Assignee
(the "Assignment"). Assignee's obligation to construct the future phases of development will be
memorialized in a Second Amendment to Amended and Restated Contract for Private
Redevelopment, to be executed contemporaneously with 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 pproval; Other Proceedings.
2.01. The Assignment, including the attached Consent, Estoppel and Agreement 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, Estoppel and Agreement attached to the Assignment and any other
documents requiring execution by the Authority in order 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 of this resolution.
Resolution No. 14-04
Administration: Adopted by the Economic Development
Authority December 15, 2014
President
Attest
Secretary