HomeMy WebLinkAbout11-17 - ADMIN Resolution - Economic Development Authority - 2011/11/21EDA RESOLUTION NO. 11-17
RESOLUTION APPROVING THIRD AMENDMENT TO CONTRACT FOR PRIVATE
REDEVELOPMENT BETWEEN ST. LOUIS PARK ECONOMIC DEVELOPMENT
AUTHORITY AND AQUILA SENIOR, 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 has determined a need to exercise the powers of a housing and
redevelopment authority, pursuant to Minnesota Statutes, Sections. 469.090 to 469.108 ("EDA
Act"), and is currently administering Redevelopment Project No. 1 ("Redevelopment Project")
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act").
1.02. The Authority and Aquila Senior, LLC (the "Redeveloper") have entered into that
certain Contract for Private Redevelopment dated as of October 4, 2004. (the "Contract"), setting
forth the terms and conditions of redevelopment of certain property within the Redevelopment
Project, generally described as the former Talmud Torah School site.
1.03. The Authority and the Redeveloper have entered into that certain First Amendment
to Contract for Private Redevelopment dated as of May 16, 2005 (the "First Amendment").
1.04. The Authority and the Redeveloper have entered into that certain Second
Amendment to Contract for Private Redevelopment dated as of March 20, 2006 (the "Second
Amendment").
1.05. The Redeveloper has determined that due to the ongoing economic downturn the
asset and income requirements of the Project significantly impact the ability to initially market
and sell new units, and resell units under the original and revised asset and income requirements
of the Project.
1.06. The Board has reviewed the Third Amendment to Contract for Private
Redevelopment (the "Third Amendment") providing for revision of the asset and income
requirements in 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 Third Amendment 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 documents by such officials
shall be conclusive evidence of approval.
EDA Resolution No. 11-17 -2-
2.02. The President and Executive Director are hereby authorized to execute on behalf of
the Authority the Contract and any documents referenced therein requiring execution by the
Authority, and to cant' out, on behalf of the Authority its obligations thereunder.
Attest
Adopted by the Economic Development
Authority November 21, 2011
--P69P
President