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HomeMy WebLinkAbout10-13 - ADMIN Resolution - Economic Development Authority - 2010/09/07EDA RESOLUTION NO. 10-13 RESOLUTION APPROVING A SECOND AMENDMENT TO THE CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY AND ELLIPSE ON EXCELSIOR 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 Ellipse on Excelsior 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 Ellipse on Excelsior LLC (the "Redeveloper"). 1.02. The Authority and the Redeveloper have executed a certain Contract for Private Redevelopment, dated as of February 2, 2009, as amended by that First Amendment thereto dated as of April 19, 2010 (the "Agreement"), whereunder the Authority pledged Available Tax Increment (as defined in the Contract) 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"). 1.03. The Redeveloper has requested and the Authority has agreed to the use by Redeveloper of an adjacent parcel owned by the Authority for overflow parking purposes related to the commercial components of the Minimum Improvements. The parties have negotiated and propose to execute a Second Amendment to the Agreement (the "Second Amendment") to modify certain provisions of the Agreement to allow such use. 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 'Inclusive evidence of approval. The President and Executive Director are hereby authorized to execu e, on behalf of the Authority, the Second Amendment. Administration: Adopted by the Economic Development Authority September 7, 2010 'ector Pre dent Attest: