Loading...
HomeMy WebLinkAbout11-03 - ADMIN Resolution - Economic Development Authority - 2011/04/04EDA RESOLUTION NO. 11-03 RESOLUTION APPROVING A FIRST AMENDMENT OF A CONTRACT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND WOODDALE CATERED LIVING 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: 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, LLC (the "Redeveloper"). 1.02. The Authority and Wooddale Catered Living, LLC executed a certain Contract for Private Redevelopment, dated as of June 7, 2010 (the "Agreement"). 1.03. The Authority pledged Available Tax Increment (as defined in the Agreement) to pay or reimburse certain costs incurred by the Redeveloper in connection with the development of a mixed-use retail and residential housing facility on the Redevelopment Property (the "Minimum Improvements"). 1.04. The parties have negotiated and propose to execute a First Amendment to the Agreement (the "First Amendment") to modify certain provisions of the Agreement, notably 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 s cials shall be conclusive evidence of approval. The President and Executive Director e herebA authorized to execute, on behalf of the Authority, the First Amendment. Reviewed or Administration: Adopted by Economic Development Authority April 4, 2011 AOU Execu ' e Di o sident Attest: EDA Resolution No. 11-03 -2- FIRST AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT This agreement is made as of 2011, by and between the ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY, a public body politic and corporate (the "Authority") and WOODDALE CATERED LIVING, LLC, a Minnesota limited partnership (the "Redeveloper"). WHEREAS, the Authority and Wooddale Catered Living, LLC entered into that certain Contract for Private Redevelopment dated as of June 7, 2010 (the "Contract") providing, among other things, for the construction of certain improvements (the "Minimum Improvements") on the property legally described within the Contract (the "Development Property"); and WHEREAS, the parties have determined to extend the dates of commencement and completion of construction of the Minimum Improvements and modify certain other provisions of the Contract. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1. Amendment to Section 3.3(c) of the Contract. Section 3.3(c) of the Contract is amended as follows: (c) Termination of right to Note. All conditions for delivery of the Note must be met by no later than * September 30, 2012, which date is less than ten (10) years after the date of certification of the TIF District by the County and complies with the so-called five-year rule under Section 469.1763, subd. 3(c) of the TIF Act, as amended during the 2009 State legislative session. If the conditions for delivery of the Note are not satisfied by the date described in this paragraph, the City has no further obligations under this Section 3.3. 2. Amendment to Section 3.4 of the Contract. Section 3.4 of the Contract is amended as follows: (b) The Authority will pay or reimburse the Redeveloper for Grant -Eligible Costs from and to the extent of the grant proceeds, , in accordance with the terms of the grant agreement between the Authority and County and the terms of this section. Notwithstanding anything to the contrary herein, if Grant -Eligible Costs exceed the amount to be reimbursed under this Section, such excess shall be the sole responsibility of the Redeveloper (except to the extent reimbursable under the Note). 3. Amendment to Section 4.3(a) of the Contract. Section 4.3(a) of the Contract is amended as follows: EDA Resolution No. 11-03 -3- (a) Subject to Unavoidable Delays, the Redeveloper must commence construction of the Minimum Improvements by Bei -31, 20W July 1. 2011, and substantially complete construction of the Minimum Improvements by Mafe� September 30, 2012. All work with respect to the Minimum Improvements to be constructed on the Redevelopment Property shall be in substantial conformity with the Construction Plans as submitted by the Redeveloper and approved by the Authority. 4. Amendment to Section 6.3(a) of the Contract. Section 6.3(a) of the Contract is amended as follows: (a) Upon execution of this Agreement, the Redeveloper shall, with the Authority, execute an Assessment Agreement pursuant to Minnesota Statutes, Section 469.177, subd. 8, specifying an assessor's minimum Market Value for the Redevelopment Property and Minimum Improvements constructed thereon. The amount of the minimum Market Value shall be $2,050,000 as of January 2, 2814 2012, and $13,650,000 as of January 2, 24Q 2013 and each January 2 thereafter, notwithstanding the status of construction by such dates. 5. Miscellaneous. Except as amended by this Amendment, the Contract shall remain in full force and effect. Upon execution, Redeveloper shall reimburse the Authority for all out -of pocket -costs incurred by the Authority in connection with negotiating, drafting and approval of this Amendment. (Remainder of this page intentionally left blank.) EDA Resolution No. 11-03 Dated this day of April, 2011. Wooddale Catered Living, LLC By: Its THIS DOCUMENT DRAFTED BY: Kennedy & Graven, Chartered 470 US Bank Plaza 200 South Sixth Street Minneapolis, Mn 55402 (612)337-9300 ME St. Louis Park Economic Development Authority By: Its President BY: Its Executive Director