HomeMy WebLinkAbout10-01 - ADMIN Resolution - Economic Development Authority - 2010/02/02EDA RESOLUTION NO. 10-01
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, I AN &
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. The Redeveloper has requested that the Authority extend the Maturity Date (as
defined in the Agreement) of the Series 2006 Note from February 1, 2010 to May 1, 2010.
1.04. 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").
Section 2. Extension of Maturity Date Approved.
2.01. The extension of the Maturity Date of the Series 2006 Note to May 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.
EDA Resolution No. 10-01
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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
limitation preparation and execution of a substitute Note and any other documents necessary for this
purpose.
ReJie�ed for Administration:
Exec e r cto
Attest
Secretary
Adopted by the Economic Development Authority
February 2, 2010
Presi nt