HomeMy WebLinkAbout10-19 - ADMIN Resolution - Economic Development Authority - 2010/10/18EDA RESOLUTION NO. 10-19
RESOLUTION APPROVING A FIFTH AMENDMENT OF A
CONTRACT FOR PRIVATE REDEVELOPMENT BY AND
BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY AND UNION LAND II 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 modified 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 the area to be developed by Union Land II LLC, KAN &
Associates, LLC, Webster Group, LLC, and Camerata, LLC (collectively, the "Redeveloper") and
certain other property within the Project (the "Redevelopment Property").
1.02. . The Authority and the Redeveloper executed a certain Contract for Private
Redevelopment, dated as of March 6, 2006, as amended by a First Amendment thereto dated as of July
10, 2006, a Second Amendment thereto dated as of March 5, 2007, a Third Amendment thereto dated
as of April 28, 2008, and a Fourth Amendment thereto dated as ofAugust 17, 2009 (the "Agreement"),
whereunder the Authority pledged Available Tax Increment (as defined in the Contract) to pay or
reimburse certain costs incurred by Union Land in connection with the development of four stages of
minimum improvements to the Redevelopment Property (the "Minimum Improvements").
1.03. Due to delays in construction of the Minimum Improvements and continued
instability in the market for condominium units, the parties propose to execute a Fifth Amendment
to the Agreement (the "Fifth Amendment") to modify certain provisions of the Agreement.
Section 2. Fifth Amendment Approved.
2.01. The Fifth 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
th President and Executive Director, provided that execution of the documents by such officials
s allb conclusive evidence of approval. The President and Executive Director are hereby authorized
t execu e, on behalf of the Authority, the Fifth Amendment.
Adopted by the Economic Development Authority
October 18, 2010 �—
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PresicYent
Attest