HomeMy WebLinkAbout12-04 - ADMIN Resolution - Economic Development Authority - 2012/02/06EDA RESOLUTION NO. 12-04
RESOLUTION APPROVING A PURCHASE AND REDEVELOPMENT CONTRACT
WITH ELLIPSE II LLC AND THE CONVEYANCE OF CERTAIN LAND
IN CONNECTION THEREWITH
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. The Authority and the City of St. Louis Park have previously approved the
establishment of the Ellipse on Excelsior Tax Increment Financing District (the "TIF District")
within Redevelopment Project No. 1 (the "Project") and have 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 and Ellipse II LLC (the "Redeveloper") have proposed to enter into a
Purchase and Redevelopment Contract (the "Contract"), under which, among other things, the
Authority will convey the property described in Exhibit A (the "Redevelopment Property") to the
Redeveloper.
1.03. The Authority finds and determines that conveyance of the Redevelopment Property
to the Redeveloper has no relationship to the City's comprehensive plan.
1.04. The Authority has on this date conducted a duly noticed public hearing regarding the
conveyance of the Redevelopment Property to the Redeveloper, at which all interested parties were
given an opportunity to be heard.
1.05. The Board has reviewed the Contract and finds that the execution thereof and
performance of the Authority's obligations thereunder, including the conveyance of the
Redevelopment Property to the Redeveloper, 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 as presented to the Board, including
conveyance of the Redevelopment Property to the Redeveloper, 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 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, including without limitation execution of
any documents to which the Authority is a party referenced in or attached to the Contract, and any
deed or other documents necessary to convey the Redevelopment Property to Redeveloper, all as
described in the Contract.
Attest
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Adopted by the Economic Development
Authority Feb i ary 61 2012
resident