HomeMy WebLinkAbout11-15 - ADMIN Resolution - Economic Development Authority - 2011/11/07EDA RESOLUTION NO, 11-15
RESOLUTION APPROVING A THIRD AMENDMENT TO CONTRACT FOR
PRIVATE REDEVELOPMENT BETWEEN THE ST. LOUIS PARK
ECONOMIC DEVELOPMENT AUTHORITY, PNMC HOLDINGS,
AND PARK NICOLLET HEALTH SERVICES
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
the Park Nicollet Hazardous Substance Subdistrict ("the "HSTI District").
1.02. The Authority entered into a Contract for Private Redevelopment with PNMC Holdings
and Park Nicollet Health Services dated as of March 3, 1993, as amended by a First Amendment thereto
dated February 27, 1997 and a Second Amendment thereto dated May 7, 2001 (together, the "Original
Contract"), regarding redevelopment of a portion of the property within the HSTI District.
1.03. The parties have agreed to revise certain terms of the Original Contract, and to that end
have prepared a Third Amendment to Contract for Private Redevelopment (the "Third Amendment").
1.04. The Board has reviewed the Third 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 Annroval; Other 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.
2.02. The President and Executive Director are hereby authorized to execute on behalf of the
Authority the Third Amendment, and any documents referenced therein or otherwise required to carry
out the transactions described in the Third Amendment, and to carry out, on behalf of the Authority its
6hliRations thereunder.
03. Authority staff and consultants are authorized to take any actions necessary to carry out
the intent 6f this resolution.
Adopted by the Economic Development
Authority r vempd&�
Pr sident
Attest
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Secretary