HomeMy WebLinkAbout10-10 - ADMIN Resolution - Economic Development Authority - 2010/06/07ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 10-10
RESOLUTION APPROVING CONTRACT FOR PRIVATE
REDEVELOPMENT WITH 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 ("Authority") as follows:
Section 1. Recitals.
1.01. On August 2, 2004, the Authority and the City of St. Louis Park approved the
establishment of the Elmwood Village Tax Increment Financing District (the "TIF District") within
Redevelopment Project No. 1 (the "Project") and adopted a tax increment financing plan for the
purpose of financing certain improvements within the Project, all pursuant to Minnesota Statutes,
Sections 469.001 to 469.047, Sections 469.090 to 469.1082, and Sections 469.174 to 469.1799, as
amended.
1.02. The Authority and Wooddale Catered Living, LLC (the "Redeveloper") have proposed
to enter into a Contract for Private Redevelopment (the "Contract"), setting forth the terms and
conditions of redevelopment of certain property within the Project and the TIF District, including tax
increment financing assistance to the Redeveloper.
1.03. The Authority has reviewed the tax increment financing plan for the TIF District and
finds that the improvements to be assisted through tax increment do not require any amendments or
modifications of the tax increment financing plan for the TIP District.
1.04. By Resolution No. 09-06, the Authority approved a version of the Contract on April
20, 2009, but such version was not fully executed. The parties have negotiated several changes to the
terms of the Contract since initial approval, which changes are as set forth in the Contract presented to
the Board.
1.05. The Board has reviewed the Contract and finds that the execution thereof and
performance of the Authority's obligations thereunder are in the best interest of the City and its
residents.
Section 2. Authority Approval; Further Proceedings.
2.01, The Board hereby approves the Contract as presented to the Board, 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 Contract by those officials shall be conclusive
evidence of their approval.
EDA Resolution No. 10-10 -2-
2.02. Authority staff and officials are authorized to take all actions necessary to perform the
Vs obligations under the Contract as a whole, including without limitation execution of any
nts to which the Authority is a party referenced in or attached to the Contract.
for Administration: Adopted by the Economic Development Authority
June 7, 2010
President
Attest