HomeMy WebLinkAbout12-14 - ADMIN Resolution - Economic Development Authority - 2012/09/24ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 12-14
APPROVING PRELIMINARY DEVELOPMENT AGREEMENT
BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
AND 9920 HOTELS, LLC
BE IT RESOLVED by the Board of Commissioners of the St. Louis Park, Economic
Development Authority ("Authority") as follows:
Backaround.
1.01. 9920 Hotels, LLC (the "Developer") owns certain property (the "Property") in the
City of St. Louis Park (the "City") which Property is occupied by a building found to be in
substandard condition by City inspectors and for which demolition has been ordered.
1.02. The Authority and the Developer have determined to enter into a preliminary
development agreement (the "PDA"), providing for negotiation of a definitive development
contract that will address (among other things) terms under which the Developer will market the
Property to a third -party developer acceptable to the Authority, and the Authority may provide
certain financial assistance if warranted to make development by such third -party developer
financially feasible.
1.03. The Board has reviewed the PDA, and has determined that it is in the best interests
of the Authority to approve and execute the PDA.
2. Approval of PDA.
2.01. The Authority approves the PDA, and authorizes and directs the President and
Executive Director to execute same in substantially the form on file, subject to modifications that
do not alter the substance of the transaction and are approved by the President and Executive
Director, provided that execution of the PDA by such officials will be conclusive evidence of
their approval.
2.02. Authority officials and consultants are authorized to take any other actions
to carry out the Authority's obligations under the PDA, and to bring a proposed
development contract before the Authority.
Adopted by the Economic Development
Authority September 24, 2012
2Q / s
resident
Attest: