HomeMy WebLinkAbout10-11 - ADMIN Resolution - Economic Development Authority - 2010/06/28EDA RESOLUTION NO. 10-11
RESOLUTION APPROVING AN AMENDMENT TO
CERTAIN TERMS OF THE AUTHORITY'S TAXABLE TAX
INCREMENT REVENUE NOTE (HOIGAARD VILLAGE
PROJECT), SERIES 2006
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 of August 17, 2009 (collectively, the
"Agreement"), pursuant to which, among other things, the Authority issued its Taxable Tax Increment
Revenue Note (Hoigaard Village Project), Series 2006 (the "Series 2006 Note") on August 30, 2006, to
reimburse the Redeveloper for certain costs of redevelopment of the Redevelopment Property.
1.03. Pursuant to the Agreement, the Redeveloper may request that the Authority refinance
the outstanding principal amount of any of its initial taxable tax increment revenue notes, including the
Series 2006 Note, by issuing tax-exempt tax increment revenue notes or bonds, provided that the
Redeveloper is responsible for securing a purchaser for any such notes or bonds.
1.04. The Redeveloper has identified a refinancing plan for two tax-exempt notes to refund
its outstanding initial taxable tax increment revenue notes, including the Series 2006 Note. In order
to successfully complete negotiations to implement such refinancing plan and proceed to the
Authority and City approvals required for such refunding, the Redeveloper previously requested that
the Authority extend the Maturity Date (as defined in the Agreement) of the Series 2006 Note from
February 1, 2010 to July 1, 2010, and due to slower -than -anticipated negotiations, has now
requested that the Authority extend the Maturity Date of the Series 2006 Note from July 1, 2010 to
November 1, 2010.
1.05. Dougherty Funding LLC, as Registered Owner and placement agent of the Series
2006 Note, has requested consent to extension of the Maturity Date from its participating investor
(the "Participating Bank").
EDA Resolution No. 10-11 -2-
Section 2. Extension of Maturity Date Approved.
2.01. The extension of the Maturity Date of the Series 2006 Note to November 1, 2010,
as presented to the Board, is hereby approved, subject to receipt by the Authority of consent to such
extension by the Participating Bank.
2.02. Subject to the above -referenced consent, Authority staff and officials are authorized to
take all actions necessary to extend the Maturity Date of the Series 2006 Note, including without
li Ajation preparation and execution of a substitute Note and any other documents necessary for this
for Administration;
Executive
Attest
Secretary
Adopted by the Economic Development Authority
June 28, 2010 '7 ��j '/ ,
—N` l I/ . /, U.r ln'
Piesident