HomeMy WebLinkAbout13-11 - ADMIN Resolution - Economic Development Authority - 2013/08/19ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 13-11
RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION OF
REDEVELOPMENT CONTRACT BETWEEN DUKE REALTY LIMITED
PARTNERSHIP AND DOLCE LIVING INVESTMENTS, 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 (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 Dolce Living Investments, LLC (the "Assignee"), and the
Assignee is seeking to redevelop the Subject Property with housing.
1.04. hi 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").
1.05. 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. 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.
EDA Resolution No. 13-11
Attest
Adop d by
the Economic Development
A ho ity Au 9, 2013
resident