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HomeMy WebLinkAbout18-16 - ADMIN Resolution - Economic Development Authority - 2018/10/15EDA Resolution No. 18-16 Resolution approving a revised purchase and redevelopment contract between the St. Louis Park Economic Development Authority and SLP Park Ventures LLC 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. Pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1082, as amended, the Authority administers its Redevelopment Project No. 1 (the "Project"), for the purpose of facilitating the redevelopment of certain substandard property within the Project. The Authority owns certain property (the "Authority Parcels") within the Project, which the Authority proposes to convey to SLP Park Ventures LLC (the "Redeveloper") for purposes of constructing a mixed-use (multi -family residential and hotel) development on the Authority Parcels and certain other property owned by the Redeveloper (together with the Authority Parcels, the "Redevelopment Property"), and to that end the parties negotiated a Purchase and Redevelopment Contract (the "Contract"). The Authority Parcels are described on Exhibit A attached hereto. 1.03. On August 6, 2018, the Authority approved the Contract and the sale of the Authority Parcels thereunder, and authorized the issuance of certain tax increment revenue notes (the "TIF Notes") pursuant to its Resolution No. 18-07 (the "Prior Resolution"). The Contract has not been fully executed. 1.04. The parties have now negotiated various modifications to the Contract, pursuant to which (a) the Redeveloper may opt for separate dates of closing on the Authority Parcels to coincide with phased construction of the two components of the Development; (b) the closing on the Authority Parcels must take place by June 30, 2019; (c) the Redeveloper must provide evidence of a binding title commitment sufficient for construction of the applicable component of the Development prior to closing on that component, but is not required to close on the construction financing at or prior to closing; and (d) the Redeveloper must remove all billboards from the Redevelopment Property prior to any closing on the Authority Parcels (incorporation of such revisions constituting the "Revised Contract"). Section 2. Revised Contract Approved. 2.01. The Revised 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 Revised Contract by such officials shall be conclusive evidence of approval. 2.02. The approvals contained in the Prior Resolution, approving the conveyance of the Authority Parcels and authorizing issuance of the TIF Notes, are ratified and confirmed in all respects. EDA Resolution No. 18-16 2.03. The President and Executive Director are hereby authorized to execute on behalf of the Authority the Revised Contract and any documents referenced therein requiring execution by the Authority, including without limitation any deed, and to carry out, on behalf of the Authority, its obligations thereunder. 2.04. Authority staff and consultants are authorized to take any actions necessary to out the intent of this resolution. Administration: Adopted by the Economic Development AuthorOctober 15, 2018 l rmening, Steve Hallfin, P i EDA Resolution No. 18-16 Exhibit A Authority Parcels Authority Parcel A: That part of Trunk Highway No. 12 as shown on MINNESOTA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY PLAT NO. 27-23 described as follows: Beginning at right of way Boundary corner 133; thence on an assumed azimuth of 1 degree 05 minutes 15 seconds along the boundary line of said plat a distance of 86.85 feet to Right of Way Boundary Corner 64; thence deflect to the right 83.74 feet along a non-tangential curve concave to the northwest and passing through Right of Way Boundary Corner B5, having a radius of 2083.24 feet, central angle of 2 degrees 18 minutes 11 seconds, chord azimuth of 48 degrees 18 minutes 24 seconds and chord distance of 83.73 feet; thence on an azimuth of 91 degrees 27 minutes 32 seconds a distance of 98.89 feet; thence southwesterly deflecting to the right on a non- tangential curve concave to the northwest having a radius of 788.53 feet, delta angle of 15 degrees 42 minutes 58 seconds, and a chord azimuth of 229 degrees 07 minutes 59 seconds and chord distance of 215.62 feet to the East line of parcel 44 as shown on said plat 27- 23; thence north along said East line of Parcel 44 to the point of beginning. and Authority Parcel B: That part of Trunk Highway No. 12 as shown on MINNESOTA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY PLAT NO. 27-23 which lies southwesterly and southerly of Line 1, said Line 1 being described as follows: Line 1: Commencing at Right of Way Boundary Corner 8212 as shown on said Plat No. 27-23; thence Northerly on an azimuth of 00 degrees 13 minutes 27 seconds along the West line of the boundary of said Plat No. 27-23 a distance of 484.26 feet to Right of Way Boundary Corner 8211 and the point of beginning of the line being described; thence Easterly on an azimuth of 101 degrees 20 minutes 23 seconds along the boundary of said Plat No. 27-23 a distance of 214.28 feet to Right of Way Boundary Corner 131; thence continue on an azimuth of 101 degrees 20 minutes 23 seconds 93.00 feet; thence deflect to the left 350.87 feet on a non- tangential curve, concave to the North and passing through Right of Way Boundary Corner B2 as shown on said Plat No. 27-23, having a radius of 763.94 feet, a delta angle of 26 degrees 18 minutes 56 seconds, and a chord azimuth of 70 degrees 47 minutes 34 seconds to the Easterly line of said Parcel 44; thence on an azimuth of 01 degree 05 minutes 15 seconds 7.37 feet to Right of Way Boundary Corner B3 as shown on said Plat No. 27-23 and there terminating. EDA Resolution No. 18-16 4 And northerly of the following described line and its easterly extension: Commencing at the point of intersection of the West line of the Southeast Quarter of the Northeast Quarter of said Section 1 with the most southerly line of Lot 1, Block 7, SHELARD PARK; thence on an assumed bearing of South 0 degrees 39 minutes 11 seconds West along said West line a distance of 187.99 feet to the point of beginning of the line being described; thence along a non-tangential curve concave to the northeast having a radius of 788.53 feet, central angle of 7 degrees 43 minutes 57 seconds, chord bearing of South 78 degrees 42 minutes 56 seconds East to its intersection with the most westerly extension of the southerly line of said Parcel 44; thence easterly along said extension of the most southerly line of said Parcel 44 to its intersection with Line 1 described above, and said line there ending.