HomeMy WebLinkAbout13-14 - ADMIN Resolution - Economic Development Authority - 2013/09/03ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 13-14
RESOLUTION APPROVING AMENDED AND RESTATED
SUBORDINATION AGREEMENT IN CONNECTION WITH
EXCELSIOR &i GRAND PHASE I REFINANCING
WHEREAS, the St. Louis Park Economic Development Authority (the "Authority") and
the City of St. Louis Park ("City") entered into an Amended and Restated Contract for Private
Redevelopment with Meridian Properties Real Estate Development LLC ("Meridian") dated July
23, 2001, as amended by a First Amendment thereto dated March 3, 2003, a Second Amendment
thereto dated September 15, 2003, a Third Amendment thereto dated October 7, 2003, a Fourth
Amendment thereto dated November 1, 2004, and a Fifth Amendment thereto dated January 17,
2006 (as so amended, the "Contract") setting forth the parties' respective responsibilities in the
redevelopment of certain property (the "Redevelopment Property") in the City;
WHEREAS, the development described in the Contract is consistent with the Authority's
Redevelopment Project No. 1 ("Project"), administered by the Authority under Minnesota Statutes,
Section 469.001 to 469.047;
WHEREAS, pursuant to an Assignment and Assumption Agreement dated December 1,
2001, Meridian assigned certain of its rights and obligations under the Contract to Excelsior &
Grand LLC ("Redeveloper") for the construction of the improvements on the Redevelopment
Property known as "Phase I";
WHEREAS, Glaser Financial Group, Inc. ("Glaser") made a loan to the Redeveloper for
the construction of the Phase I improvements (the "Loan"), and in connection with the Loan, Glaser,
the City, the Authority and Redeveloper entered into a Subordination Agreement dated December 1,
2013 (the "Subordination Agreement"); and
WHEREAS, the Redeveloper now desires to refinance the Loan (the "Refinancing")
through Oak Grove Commercial Mortgage, LLC (the "Lender") and has requested that the
Authority and City enter into an Amended and Restated Subordination Agreement with the Lender
and Redeveloper in connection with the Refinancing.
NOW, THEREFORE, be it resolved by the Board of Commissioners of the St. Louis Park
Economic Development Authority as follows:
1. The Authority finds that execution of the Amended and Restated Subordination
Agreement is in the public interest because it will further the objectives of the redevelopment plan
for the Project.
2. The Authority approves the execution of the Amended and Restated
Subordination Agreement, and authorizes and directs the President and Executive Director to
execute the Amended and Restated Subordination Agreement in substantially the form on file
with the Authority, subject to modifications approved by those officials that do not alter the
substance of the transaction, which approval shall be conclusively evidenced by the execution
thereof.
EDA Resolution No. 13-14
Attest
Adopted by the Economic Development
Authority September 3, 2013
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