HomeMy WebLinkAbout11-16 - ADMIN Resolution - Economic Development Authority - 2011/11/21EDA RESOLUTION NO. 11-16
RESOLUTION APPROVING A FIRST AMENDMENT TO AMENDED AND RESTATED
CONTRACT FOR PRIVATE REDEVELOPMENT AMONG THE CITY OF ST. LOUIS
PARK, THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND DUKE
REALTY LIMITED PARTNERSHIP
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 C TIF District").
1.02. The Authority and the City of St. Louis Park ("City") 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 parties have determined to a need to revise the Contract in certain respects, and to
that end have prepared a First Amendment to Amended and Restated Contract for Private
Redevelopment (the "First Amendment').
1.04. The Board has reviewed the First Amendment and finds that the approval and
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: Other Proceedings.
2.01. The First 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.
2.02. The President and Executive Director are hereby authorized to execute on behalf of
the Authority the First Amendment and any documents referenced therein requiring execution by
the Authority, and to carry out, on behalf of the Authority its obligations thereunder.
2.03. Authority staff and consultants are authorized to take any actions necessary to carry
intent of this resolution.
for Administration: Adopted by the Economic Development
Authority November 21, 2011
President
Attest
Secretary