HomeMy WebLinkAbout10-07 - ADMIN Resolution - Economic Development Authority - 2010/05/17ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 10-07
RESOLUTION APPROVING AN AMENDED AND RESTATED
CONTRACT FOR PRIVATE REDEVELOPMENT AMONG THE CITY OF
ST. LOUIS PARK, THE ST. LOUIS PARK ECONOMIC DEVELOPMENT
AUTHORITY AND DUKE REALTY LIMITED PARTNERSHIP
BE IT RESOLVED By the Board of Commissioners ('Board") of the St. Louis Park
Economic Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority is currently administering its Redevelopment Project No. 1 ("Project')
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act'), and within the Project has
established The West End Tax Increment Financing District ("TIF District').
1.02. The Authority and the City of St. Louis Park ("City") entered into a Contract for Private
Redevelopment Dated as of December 17, 2007 (rhe "Original Contract'), regarding redevelopment of
a portion of the property within the TIF District.
1.03. In light of changing market conditions, the parties have agreed to revise certain terms of
the Original Contract, and to that end have prepared an Amended and Restsated Contract for Private
Redevelopment (the "Amended Contract').
1.04. The Board has reviewed the Amended Contract and finds that the approval and
execution thereof and performance of the Authority's obligations thereunder are in the best interest of
the City and its residents.
Section 2. Authority pproval; Other Proceedings.
2.01. The Amended Contract 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 documents by such officials shall be
conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf of the
Authority the Amended Contract and any documents referenced therein requiring execution by the
Authority, and to carry out, on behalf of the Authority its obligations thereunder.
EDA Resolution No. 10-07 2-
2.03. Authority staff and consultants are authorized to take any actions necessary to carry out
nt of this resolution.
for Administration: Adopted by the Economic Development Authority
May 17, 2010
1
ector President
Attest