HomeMy WebLinkAbout11-07 - ADMIN Resolution - Economic Development Authority - 2011/07/18EDA RESOLUTION NO. 11-07
RESOLUTION APPROVING A SECOND AMENDMENT OF
A CONTRACT FOR PRIVATE REDEVELOPMENT
BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY AND WOODDALE
CATERED LIVING OWNER, LP
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:
Section 1. 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 Increment Financing Plan for the Elmwood Village
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 "Redevelopment Property") to be
developed by Wooddale Catered Living Owner, LP (the "Redeveloper").
1.02. The Authority and Wooddale Catered Living, LLC executed a Contract for Private
Redevelopment dated as of June 7, 2010, as amended by a First Amendment thereto dated as of
April 4, 2011 (the "Contract"), which Contract was duly assigned to the Redeveloper by an
Assignment and Assumption dated as of May 16, 2011.
1.03. The parties have negotiated and propose to execute a Second Amendment to the
Contract (the "First Amendment") to modify certain provisions of the Contract, notably
provisions concerning the receipt of grant funds for environmental remediation, the dates of
commencement and completion of construction of the Minimum hnprovements and the
modification of related provisions for consistency with such modified dates.
Section 2. Second Amendment Approved.
2.01. The Second 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 officials shall be conclusive evidence of approval. The President and Executive Director
e h eby authorized to execute, on behalf of the Authority, the First Amendment.
for Administration: Adopted by the Economic Development
N Authority July 18, 2011
Kesident
Attest