HomeMy WebLinkAbout13-05 - ADMIN Resolution - Economic Development Authority - 2013/05/20ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 13-05
RESOLUTION APPROVING A CONTRACT FOR PRIVATE
REDEVELOPMENT WITH ELIOT PARK APARTMENTS, LLC
BE IT RESOLVED by the Board of Commissioners ("Board') of the St. Louis Park
Economic Development Authority, St. Louis Park, Minnesota ("Authority") as follows:
Section 1. Recitals.
1.01. On May 6, 2013, the Authority and the City of St. Louis Park approved the
establishment of the Eliot Park Tax Increment Financing District (the "TIF District") within
Redevelopment Project No. 1 (the "Project") and adopted a tax increment financing plan for the
purpose of financing certain improvements within the Project, all pursuant to Minnesota Statutes,
Sections 469.001 to 469.047, Sections 469.090 to 469.1082, and Sections 469.174 to 469.1799, as
amended.
1.02. To facilitate the redevelopment of certain property within the Project and TIF
District, the Authority, the City, and Eliot Park Apartments, LLC (the "Redeveloper") have
proposed to enter into a Contract for Private Redevelopment (the "Contract"), setting forth the terms
and conditions of redevelopment of certain property within the Project and the TIF District,
including tax increment financing assistance to the Redeveloper.
1.03. The Board has reviewed the Contract and finds that the 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; Further Proceedings.
2.01. The Board hereby approves the Contract in substantially the form presented to the
Board, subject to modifications that do not materially alter the substance of the transaction and that
are approved by the President and Executive Director, provided that execution of the Contract 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 Contract as a whole or reasonably necessary to implement the
Contract, including without limitation execution of any documents to which the Authority is a party
referenced in or attached to the Contract.
Attest
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Adopted by the Economic Development
Authority, May 20, 2013
President