HomeMy WebLinkAbout10-04 - ADMIN Resolution - Economic Development Authority - 2010/04/05ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 10-04
RESOLUTION APPROVING A TERMINATION AGREEMENT BETWEEN
THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
AND OAK HILL 7100 LLC
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 has approved and
executed that certain Contract for Private Redevelopment dated October 15, 2007, as amended ( the
"Contract") , between the Authority and Oak Hill 7100 LLC (the "Redeveloper").
1.02. The Redeveloper has failed to construct the Minimum Improvements as defined in
the Contract pursuant to the timeline stated in the Contract, and has been served with a Notice of
Default by Authority staff. The Redeveloper agrees that Redeveloper has been unable to fulfill its
obligations to construct the Minimum Improvements and is therefore in default as that term is
defined in the Contract.
1.03, The Authority and Redeveloper agree it is in each party's best interests to terminate
the Contract and release each other from further performance of the respective obligations under the
Contract.
1.04. The Authority Board has reviewed the Termination of Contract Agreement and
Release (the "Agreement") by and between the Authority and the Redeveloper 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 Approval; Other Proceedings.
2.01. The Termination of Contract Agreement and Release 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 of the Authority are hereby authorized to execute
on behalf of the Authority the Agreement 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. 10-04 -2-
2.03. Authority staff and consultants are authorized to take any actions necessary to carry out the
inient of this resolution.
Attest
for Administration: Adopted by the Economic Development Authority
I April 5, 2010
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