HomeMy WebLinkAbout11-13 - ADMIN Resolution - Economic Development Authority - 2011/11/07EDA RESOLUTION NO. 11-13
RESOLUTION APPROVING A FIRST AMENDMENT OF A
t CONTRACT FOR PRIVATE DEVELOPMENT BY AND
BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY AND M & L ANODIZING
PROPERTIES, LLC
BE IT RESOLVED BY the Board of Commissioners ("Board") of the St. Louis Park
Economic Development Authority, St. Louis Park, Minnesota (the "Authority") as follows:
Recitals.
1.01. The Authority currently administers Redevelopment Project No. 1 (the "Project"),
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act") within an area
located in the City, and has approved a Tax hicrement Financing Plan for the Hardcoat Tax
Increment Financing District pursuant to Minnesota Statutes, Sections 469.174 to 469.1791 (the
"TIF Act"), made up of certain property within the Project (the `Development Property") to be
developed by M & L Anodizing Properties, LLC (the "Developer").
1.02. The Authority and Developer executed a certain Contract for Private Development,
dated as of December 20, 2010 (the "Contract"), pursuant to which the Authority agreed to grant
assistance to the Developer in the form of a CAP Loan upon construction by the Developer of
certain Minimum Improvements on the Development Property (as such terms are defined in the
Contract).
1.03. The parties have negotiated and propose to execute a First Amendment to the
Contract (the "First Amendment") to modify certain provisions of the Contract, notably the
maximum principal amount of the CAP Loan and the dates of commencement and completion of
construction of the Minimum Improvements.
Section 2. First Amendment Approved.
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 document by
such o cials shall be conclusive evidence of approval. The President and Executive Director
are h reb authorized to execute, on behalf of the Authority, the First Amendment.
Administration: Adopted by the Economic Development
Authority
nNovember 7, 2011 p
Attest
Secretary